- Revenue: Not disclosed for QQ1 2024; no topline data reported. Incredibly low visibility on revenue trajectory given the company’s pre-revenue status in a capital-intensive sector.
- Gross Profit / Margin: CAD -21,909 gross profit; gross margin not calculable due to revenue absence. The negative gross result reflects the current R&D/G&A-heavy expense structure rather than scale economics.
- EBITDA: CAD -2,675,000; indicates operating inefficiency at this stage, dominated by R&D and G&A spending.
- Operating Income: CAD -2,705,000; operating loss persists as the primary driver of the bottom line.
- Net Income / EPS: CAD -2,911,000 and -0.15 per share (basic and diluted) for QQ1 2024; YoY and QoQ metrics show exacerbated negative momentum given base effects and ongoing spend.
- Cash Flow: Net cash from operating activities CAD -1,475,000; free cash flow CAD -1,475,000 (reflects cash burn).
- Investing Activities: Capital expenditures not disclosed; none reported in the period.
- Financing Activities: Cash inflow from common stock issued CAD 3,947,000; net cash provided by financing CAD 3,481,000; total net cash change CAD 2,006,000.
- Liquidity: Cash and cash equivalents CAD 3,822,000 at period end; current ratio 4.05; cash ratio 2.58; net debt CAD -3,761,000 implying net cash position despite high liabilities.
- Balance Sheet Health: Total assets CAD 6.238 million vs total liabilities CAD 28.370 million; stockholders’ equity CAD -22.133 million. Despite a healthy short-term liquidity ratio, the large negative equity and substantial non-current liabilities raise concern about long-term solvency absent continued financing.
- Burn Runway: With a quarterly cash burn of roughly CAD 1.48 million (operating), the company’s near-term runway is contingent on ongoing equity or debt financing beyond QQ1 2024 if revenue generation remains delayed.