SusGlobal Energy Corp. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenue of $79,886, a decrease of approximately 87% from $610,461 in 2023. The company attributed this drop primarily to the cessation of waste acceptance at its Belleville Facility starting January 10, 2024, due to compliance issues with the Ministry of Environment, Conservation and Parks (MECP). The gross loss for the year was $1,212,940, compared to a gross loss of $1,558,564 in the previous year. The net loss for 2024 was $7,859,171, slightly improved from a net loss of $8,225,334 in 2023.
Operationally, SusGlobal faced several challenges, including increased operating expenses, which rose to $4,695,582 from $3,717,248 in 2023. This increase was driven by higher management compensation, professional fees, and interest expenses, which surged to $1,214,288 due to new mortgages and loans. The company also recorded a foreign exchange loss of $1,168,768, a stark contrast to a gain of $325,364 in the previous year, reflecting the impact of currency fluctuations on its financials.
In terms of strategic developments, SusGlobal made notable acquisitions, including a 2.03-acre site in Hamilton, Ontario, for $2,292,760, and signed a service agreement to rehabilitate its Belleville Facility. However, the company has been grappling with compliance issues, including a recent order from the Ministry of Labour regarding high ammonia levels, which has further complicated its operations. As of December 31, 2024, the company had a working capital deficit of $33,441,301 and total liabilities of $33,510,297, raising concerns about its ability to continue as a going concern.
Looking ahead, SusGlobal's management is focused on securing funding to address its operational challenges and compliance issues. The company is actively seeking investors to raise capital and refinance its obligations. However, the outlook remains uncertain, as the company has not yet been able to satisfy the financial assurance requirements set by the MECP, which could hinder its ability to resume operations at the Belleville Facility. The management's ability to navigate these challenges will be critical for the company's future viability and growth in the renewable energy sector.
About SusGlobal Energy Corp.
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