SusGlobal Energy Corp. reported a net loss of $4.5 million for the nine-month period ending September 30, 2025, compared to a loss of $3.6 million during the same period in 2024. The company did not generate any revenue in the third quarter of 2025, maintaining the same trend from the previous year. For the nine-month period, total revenue was $32,340, down from $38,575 in 2024, primarily due to the cessation of waste acceptance at its Belleville Facility since January 2024, following compliance issues with the Ministry of the Environment, Conservation and Parks (MECP).
The company's total assets increased slightly to $8.78 million as of September 30, 2025, from $8.71 million at the end of 2024. However, total liabilities rose significantly to $38.72 million, up from $33.51 million, resulting in a working capital deficit of $38.67 million. The accumulated deficit also increased to $50.93 million from $46.43 million. The increase in liabilities was attributed to higher accounts payable and accrued liabilities, as well as increased interest expenses related to convertible promissory notes and mortgages.
Operationally, SusGlobal has faced challenges, including a halt in waste processing operations and ongoing compliance issues that require significant investment to address. The company has been actively seeking funding to cover its operational costs and to fulfill compliance requirements. As of September 30, 2025, the company had a cash balance of $5,411, a significant increase from $1,295 at the end of 2024, but still insufficient to meet its current obligations.
In terms of strategic developments, SusGlobal received a conditional offer to purchase its Hamilton Facility on October 16, 2025, which could provide necessary capital. The company has also engaged in private placements, raising $220,000 during the nine-month period, although this is not sufficient to cover its extensive liabilities. The company continues to explore options for financing and operational restructuring to ensure its viability moving forward.
Looking ahead, SusGlobal's management has expressed concerns regarding the company's ability to continue as a going concern, emphasizing the need for significant new funding to meet its obligations and achieve profitable operations. The company is currently focused on securing the necessary financing to address its operational challenges and comply with regulatory requirements, with no assurance that such funding will be available on acceptable terms.
About SusGlobal Energy Corp.
SusGlobal Energy Corp. specializes in waste-to-energy and regenerative products, focusing on organic waste management, anaerobic digestion, and composting. It provides services to municipalities and commercial clients, converting organic residuals into biogas, fertilizers, and carbon credits. The company leverages proprietary technologies, environmental permits, and a circular economy approach to reduce greenhouse gases and promote sustainable waste solutions globally.
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