SusGlobal Energy Corp. reported a significant decline in financial performance for the first quarter of 2025, with revenues dropping to $6,345 compared to $38,575 in the same period of 2024. The company attributed this decrease primarily to the cessation of waste acceptance at its Belleville Facility since January 10, 2024, due to compliance issues with the Ministry of the Environment, Conservation and Parks (MECP). The total cost of sales for the quarter was $450,720, leading to a gross loss of $444,375, which is a notable increase from the gross loss of $230,577 reported in the prior year.
The company's operating expenses also decreased to $709,930 from $1,183,723 year-over-year, largely due to reduced management compensation and professional fees. However, the net loss for the quarter increased to $1,881,658, compared to a loss of $1,525,744 in the previous year. This increase in net loss was influenced by a higher interest expense and a loss on the revaluation of convertible promissory notes, which amounted to $618,755 for the quarter.
In terms of operational developments, SusGlobal's total assets decreased to $8,633,271 as of March 31, 2025, down from $8,709,418 at the end of 2024. The company reported a working capital deficit of $35,167,772, reflecting ongoing financial challenges. As of the reporting date, the company had 137,332,019 common shares issued and outstanding, following a private placement that raised $120,000 in February 2025.
Looking ahead, SusGlobal Energy Corp. faces substantial uncertainty regarding its ability to continue as a going concern. The company is actively seeking funding to address its operational and compliance issues, particularly at the Belleville Facility, which requires significant investment to meet MECP orders and resume operations. Management has indicated that the continuation of operations is contingent upon securing necessary financing and achieving profitable operations, which remains uncertain given the current market conditions and the company's financial position.
About SusGlobal Energy Corp.
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