Aduro Clean Technologies Reports 2024 Financial Results and Provides End of Year Update

Financial Highlights:

• Revenue Growth: Achieved a 208% year-over-year increase in revenue, totaling $337,516 for fiscal year 2024.
• Operational Loss: Reported a loss from operations of $7,436,861 for fiscal year 2024, compared to $5,863,317 in fiscal year 2023.
• Asset Investment: Increased property, plant, and equipment carrying costs to $3.6 million as of May 31, 2024, reflecting a $1.0 million investment in research equipment and expanded facilities in London, Ontario.
• Cash Position: Maintained a cash balance of $2,814,576 as of May 31, 2024.
• Post-Year-End Financing: Secured approximately $3.5 million through a non-brokered private placement and an additional $2.0 million from the exercise of options and warrants after May 31, 2024.

Corporate Developments:

• Patent Application: Filed a new patent for a process that transforms waste plastics and renewable oils into high-value BTX chemicals, aiming for a more efficient and cost-effective production method.
• Collaboration with TotalEnergies: Advanced to a new phase of research and development collaboration with TotalEnergies, focusing on optimizing processes for managing variable and hard-to-recycle feedstocks.
• Next Generation Process (NGP): Initiated semi-industrial scale experiments to finalize reactor configurations for the NGP, with plans to complete the design by the end of 2024.
• Testing of Crosslinked Polymers: Reported promising preliminary test results, achieving yields up to 84% of lower-molecular-weight hydrocarbons from hard-to-recycle crosslinked polymers, demonstrating the company’s capability to process challenging materials.