Aduro loses money, says technology being finalized

London, Ontario, Canada-based Aduro Clean Technologies Inc. recorded less than CA$65,000 ($47,000) in revenue in its financial quarter running from December 2024 through February of this year. That figure marked a 39 percent reduction from the revenue it recorded one year earlier.

The three-month period straddling 2024 and 2025 is the third quarter of Aduro’s 2025 fiscal year. In addition to experiencing lower year-on-year revenue, Aduro, which is developing a chemical recycling technology to convert plastic scrap, heavy bitumen and certain oils into marketable materials, reported a larger year-on-year operating loss during its recently completed quarter.

The firm’s third quarter 2025 loss from operations of more than $2.05 million was about 40 percent higher compared with the figure from one year earlier. “This was primarily driven by the company’s growth and the hiring of new employees, increase in non-cash share-based compensation, as well as corporate expenses associated with our Nasdaq listing in November 2024,” states Aduro.

In comments accompanying the company’s results, Aduro CEO Ofer Vicus portrays the firm as on track with its business plan. “During the third fiscal quarter, Aduro continued to execute toward its 2025 strategic goals by expanding engineering capacity and leadership while maintaining momentum in its customer engagement and commercial scale-up programs,” says Vicus.

Comments Mena Beshay, chief financial officer of Aduro, “Following our Nasdaq listing in November 2024, Aduro remains focused on advancing its growth strategy and scale-up program. With a strong cash position and a seasoned management team, the company is well positioned to execute on its strategic priorities through the remainder of fiscal 2025 and beyond.”

The firm says as of this Feb. 28 it had more than $6 million of cash on hand and “the carrying cost of property, plant and equipment was $4.2 million.”

The company also expresses optimism regarding its memorandum of understanding with Ontario-based NexGen Polymers creating “a framework for a proposed collaboration to develop a demonstration-scale Hydrochemolytic Technology (HCT) plant, including securing feedstock supply, potential site selection, and plant operations to optimize data generation for the future development of configurable commercial solutions.”