Ostrom Climate Releases Q3 2024 Financials Amid Strategic Shift

Ostrom Climate Solutions Inc. has released its financial results for the third quarter of 2024. Revenue fell by 67% to $389,788, compared to the previous year's $1,314,302. This decline is attributed to VER unit retirements and consulting project timing. Ostrom reported a net loss of $1,268,728, contrasting with a net income of $57,053 in Q3 2023. The loss reflects R&D expenses for the Smart-Rice Project, decreased revenue recognition, and higher consulting fees.

The year-to-date revenue was $1,894,630, a slight decrease from $2,041,643 in 2023. Ostrom focused on Climate-Smart Agriculture projects, including the UPRIIS initiative. The company is advancing carbon reduction strategies through its Net Zero Solutions and Carbon Intelligence Services. Tejinder Virk, recently appointed CEO, aims to drive the company toward high-quality carbon projects.

Ostrom concluded Q3 with $516,613 in cash, down from $1,347,522 at the end of 2023. The company is addressing liquidity challenges by diversifying revenue and optimizing expenditures. Ostrom remains committed to sustainable revenue models and aligning operations with market opportunities.