Northstar Reports First Quarter 2022 Financial Results and Announces Details of Virtual Investor Webcast
- $3.9 million in cash as of March 31, 2022
- Working capital surplus of $3.7 million as of March 31, 2022 compared to a working capital surplus of $5.5 million as of December 31, 2021
- Completed Calgary FEED study results: total capital cost estimate of $11.75 million which includes a $2.0 million contingency
- Announced project economics including $7.6 million in estimated annual revenue per facility (1), $4.9 million in estimated annual gross profit per facility(1), and $4.0 million in potential annual EBITDA per facility(1)(2 and identified six areas of potential upside
- January 2022 – Northstar’s common shares commenced trading in the United States on the OTCQB under the symbol ‘ROOOF’.
- February 2022 – Appointed Ms. Kellie Johnston as Chief Sustainability Officer and General Counsel.
- February 2022 – Initiated steady state production at the Empower Pilot Facility in Delta, B.C., processing discarded shingles into “green asphalt”, fiber, and aggregate, confirming that these products can enter the circular economy while diverting waste from landfills.
- March 2022 – Validated two of its outputs, high quality liquid asphalt and aggregate, through positive third-party test results. The testing confirmed that the Company’s products meet its product specification objectives and can be used in a variety of applications.
- March 2022 – Selected Calgary, Alberta as the location for its expanded-capacity Empower Calgary Facility.
- March 2022 – Secured grant funding from Alberta Innovates for the engineering costs of the Empower Calgary Facility. This application to Alberta Innovates was Northstar’s first of a broad range of government funding applications Northstar is progressing related to the Calgary Empower Facility.
- March 2022 – Received the FEED design from BBA Inc., Northstar’s engineering consultant, for the Empower Calgary Facility. The FEED study outlined a total capital cost estimate of $11.75 million for the Calgary Empower Facility, which includes $9.75 million in direct and indirect costs, plus an additional $2.0 million contingency.
- April 2022 – Announced project economics for the Calgary Empower Facility based on the FEED design and detailed internal management-prepared financial analysis of the planned facility. Highlights include $7.6 million in estimated annual revenue per facility(1), $4.9 million in estimated annual gross profit per facility(1), and $4.0 million in potential annual EBITDA per facility(1)(2). Identified achievable targets for asphalt pricing, which recently eclipsed $1,000 per tonne, sustainability or ‘green’ premium, operational performance, carbon credit revenue, tipping fee revenue, and operating assumptions.
- May 2022 – Announced life cycle analysis for the Calgary Empower Facility demonstrating a 60% reduction in carbon dioxide equivalent emissions versus the base case of landfill and replacement with virgin production, based on the FEED design and detailed internal management-prepared financial analysis of the planned facility.
- Based on anticipated first full operational year.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is a Non-GAAP financial measure and refers to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA should not be construed as alternatives to net income/loss determined in accordance with International Financial Reporting Standards (“IFRS”). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.