Aduro reports decline in sales for Q1 2026

London, Ontario-based chemical recycler Aduro Clean Technologies Inc. has reported its financial results for the first quarter of fiscal 2026, ending Aug. 31.

Revenue for the first quarter was CA$44,500 ($31,685), a 19 percent decrease compared with CA$55,000 ($39,162) the previous period.

However, Aduro also advanced construction of its next generation process (NGP) pilot plant during the first quarter. The second phase of commissioning began in October with its product recovery system.

“Aduro has continued its momentum towards commercial readiness, making strong progress over the first quarter of fiscal 2026,” Aduro CEO Ofer Vicus says. “We made headway on construction of our NGP pilot plant, positioning the project for the start of commissioning activities, which we commenced in September.”

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Aduro reports a CA$6.33 million ($4.51 million) loss from operations in the first quarter, a decrease from the CA$2.46 million ($1.75 million) loss in 2025. The firm says the decline was primarily driven by an increase in noncash share-based compensation and a noncash loss resulting from the revaluation of the company’s derivative financial liability. It also cites increased research and development and technology scale-up activities, the hiring of additional employees in line with the company’s growth and additional corporate expenses associated with Aduro’s NASDAQ listing in November 2024.

The carrying cost of property, plant and equipment was CA$6.7 million ($4.77 million), representing an increase of CA$1.6 million ($1.14 million) compared with 2025, driven primarily by capital work in progress related to the construction of Aduro’s NGP pilot plant.

The firm reports a decline adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to CA$2.25 million ($1.6 million), down from CA$1.75 million ($1.25 million) through the first three months of 2025.

The company’s cash position increased to CA$15.1 million ($10.6 million) as of Aug. 31 compared with $6.96 million ($4.96 million) through fiscal 2025.

Aduro says it also laid the groundwork for its demonstration plant program, beginning a global site-selection process with a focus on locations in Canada, Europe and Mexico. The company completed initial testing of synthetic turf waste as a potential feedstock for its proprietary Hydrochemolytic technology (HCT).

In June 2025, Aduro completed an underwritten U.S. public offering, raising gross proceeds of approximately $9.2 million through the sale of about 1.09 million common shares and accompanying warrants. Aduro says the offering enhanced its capital position and provided funding to support the commissioning of its NGP pilot plant, advance demonstration-scale planning and expand ongoing research and development initiatives.

“With the addition of key leadership, deepening of industry partnerships and increased visibility through technical and investor engagements, Aduro is well-positioned as we continue through the second quarter of fiscal 2026,” Vicus says.