PureBase Corporation has reported its financial results for the third quarter and nine months ended August 31, 2025, revealing a significant decline in revenue and an increase in operating losses compared to the previous fiscal period. For the three months ended August 31, 2025, the company generated $86,814 in net revenue, a decrease of 58% from $204,314 in the same period last year. For the nine-month period, revenue totaled $285,435, down 8% from $310,036 in the prior year. The decrease in revenue is attributed to cooler weather conditions affecting product sales.
The company's cost of goods sold also decreased, amounting to $20,190 for the third quarter, down from $47,178 a year earlier, while for the nine months, it fell to $72,933 from $80,253. Despite this reduction, total operating expenses increased by 8% to $442,363 for the third quarter, driven by higher general and administrative costs and stock-based compensation. The net loss for the third quarter was $480,699, compared to a loss of $276,838 in the same quarter of 2024. For the nine months, the net loss widened to $1,308,958 from $1,108,700.
In terms of strategic developments, PureBase has decided to discontinue its pursuit of the supplementary cementitious materials (SCM) market, opting instead to focus on expanding its agricultural sector, which is expected to yield higher margins. The company has entered into a master agreement with US Mine Corporation (USMC) to purchase mining rights for metakaolin materials, which aligns with its agricultural product development strategy. Additionally, PureBase has secured bridge loans totaling $703,000 from J.J. Astor & Co. to support its working capital needs.
Operationally, PureBase reported a working capital deficiency of $749,973 as of August 31, 2025, an improvement from $1,093,058 at the end of the previous fiscal year. The company had cash and cash equivalents of $97,921, a significant increase from $28,100 at the end of November 2024. However, the company continues to face challenges, including reliance on a limited number of customers for revenue, with four customers accounting for 100% of total revenue for the nine months ended August 31, 2025.
Looking ahead, PureBase anticipates continued operating losses as it executes its development plans for 2025 and 2026. The company is exploring options to meet its short-term cash requirements, including bridge loans and equity financing. However, there is substantial doubt about its ability to continue as a going concern if it cannot generate sufficient revenue or secure additional financing. The management remains committed to promoting its products and believes that the revenue generated from operations, along with potential financing, will provide the necessary funding for the next twelve months.
About PureBase Corp
PureBase Corporation is an industrial mineral and natural resource company serving the agriculture and construction markets in the U.S. It develops mineral-based products such as soil amendments, fertilizers, and cement substitutes, primarily through subsidiaries and third-party mining services. The company focuses on sustainable agricultural solutions and eco-friendly construction materials, leveraging mineral resources, distribution networks, and regulatory compliance to provide innovative, environmentally conscious products.
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