Base Carbon Reports Third-Quarter 2025 Results

Executive Summary

• Base Carbon Inc. reported Q3 2025 consolidated results, posting quarterly EPS of $0.02 (up from $0.00 in Q3 2024) and total assets of $111.8 M.
• The Rwanda Cookstoves project received Verra approval to migrate to the CORSIA‑compliant VM0050 methodology, increasing the company’s carbon credit inventory to an estimated 1.1 million credits plus a revenue‑share pool of ~244 k credits.
• Expansion options were added to the India ARR afforestation project, allowing BCCPC to fund and acquire carbon credits from up to 20 M additional trees over the next 20 years.

Key Details

• Financial Highlights
• Quarterly EPS: $0.02 (vs. $0.00 in Q3 2024).
• Total assets as of Sep 30 2025: $111,751 k (down slightly from $112,068 k YoY).
• Cash & cash equivalents: $7,987 k (down from $14,799 k YoY).
• Carbon credit inventory: $23,085 k (down from $25,633 k YoY).
• Current investment in carbon credit projects: $11,385 k (up from $8,816 k YoY).

• Non‑current investment in carbon credit projects: $65,205 k (up from $61,068 k YoY).

• Share Repurchase

• Repurchased ~7 M shares YTD under normal course issuer bid program at an average price of C$0.54 per share (≈ US$0.38/share).

• Rwanda Cookstoves Project

• Verra approved migration to methodology VM0050 (CORSIA‑compliant).
• Anticipated inventory post‑migration: ~1.1 M VM0050 credits plus ~244 k credits under a revenue‑share agreement.

• Recognized unrealized gain of $11,831,994 during the quarter due to higher credit count and pricing expectations.

• Vietnam Household Devices Project

• Phase 2 underway; BCCPC holds option to purchase all future credits at US$5 per credit.

• Received ≈US$36.3 M cash proceeds from prior credit sales, fully returning capital and generating a cash gain of ~US$15.5 M.

• India Afforestation, Reforestation & Revegetation (ARR) Project

• Added two expansion options, each covering 10 M additional trees (total 20 M), exercisable over the project’s 20‑year life on terms similar to the original agreement.

• Received comments from Verra on validation submission; timelines remain consistent with expectations.

• Auditor Appointment

• Board appointed BDO Canada LLP as auditor for FY 2025, replacing prior auditor per Audit Committee recommendation.

Notable Quotes

“This engagement underscores the Company’s ongoing dedication to best‑in‑class corporate governance standards, and we are excited to collaborate with an audit firm possessing deep industry expertise and focus on environmental markets,” – Kwesi Marshall, CFO, Base Carbon.