Aduro posts CA$3M loss in most recent quarter

London, Ontario-based Aduro Clean Technologies Inc. has reported a loss of about CA$3.1 million ($2.16 million) in its fiscal year 2025 second quarter, which ran from Sept. 1 to Nov. 30, 2024.

The company, which describes itself as a developer of water-based technologies designed to chemically recycle discarded plastics and oil industry byproducts into marketable oils and chemicals, says its revenue of around CA$38,140 ($26,585) in the autumn of 2024 marked a 48 percent decrease from the revenue it garnered in the same three-month time frame in 2023.

The company’s CEO describes Aduro as continuing to take steps and make progress in its effort to boost its waste conversion technology to commercial scale.

“This quarter marked a period of transformative growth for Aduro as we achieved several critical milestones on our path to commercialization,” CEO Ofer Vicus says.

Vicus says one step forward is Aduro’s “engagement with Zeton, a global leader in the design and fabrication of pilot plants, to develop our Hydrochemolytic pilot facility. This facility will serve as a cornerstone in demonstrating the scalability and commercial viability of our technology.” That pilot plant is being set up near Aduro’s headquarters.

The CEO says Aduro also strengthened its collaborative efforts by signing a memorandum of understanding with GF Building Flow Solutions Americas “to address recycling challenges for crosslinked polyethylene (PE) production waste, building on prior technical successes.”

Plant design and fabricating company Zeton Inc. is based in Markham, Ontario. Minnesota-based GF Building Flow Solutions Americas is part of Switzerland-based Georg Fischer Ltd.

Despite the late 2024 financial loss, Aduro Chief Financial Officer Mena Beshay describes the Aduro balance sheet as “significantly strengthened” after the firm raised more than $4.5 million from a United States public offering on the Nasdaq Capital Market.

“These financial advancements not only underscore our commitment to operational excellence but also provide the resources to drive our research, development and commercialization efforts forward, ensuring Aduro is well positioned for sustainable growth and market expansion,” Beshay says.

Aduro says a portion of its 2024 financial loss “was mainly due to the company’s growth and the hiring of new employees, the increase in non-cash share-based compensation [and] corporate expenses associated with our Nasdaq uplisting process.”