- Cielo Waste Solutions Corp (TSXV: CMC) began trending red hot on the stock markets on Monday, March 21.
- The waste-to-fuel technology company saw its stocks slip by about eight per cent at one point this morning.
- CMC stock swelled by roughly 73 per cent year-to-date.
Cielo Waste Solutions Corp (TSXV: CMC) began trending red hot on the stock markets on Monday, March 21, as it released its third-quarter results for fiscal 2022.
The waste-to-fuel technology company saw its stocks slip by about eight per cent at one point this morning.
Let us take a peek at Cielo Waste’s overall performance.
Cielo Waste Solutions (TSXV: CMC) financial performance in Q3 FY2022
The renewable fuel manufacturer expanded its total assets by C$ 6.7 million to C$ 51.85 million as of January 31, 2022, compared to April 30, 2021. Its liabilities, on the other hand, were down by C$ 2.6 million at the end of Q3 FY2022.
Cielo’s working capital deficiency stood at C$ 10.15 million as of the end of January 2022.
The company said that it spent C$ 0.77 million in research and development in Q3 FY2022 compared to C$ 0.59 million a year ago. Its Q3 net loss was C$ 4.36 million in the latest quarter compared to C$ 1.62 million in Q3 2021.
Cielo Waste‘s operational highlights
The waste management company, which records operational updates according to calendar quarters, said it produced 20,000 liters of distillates in the fourth quarter of fiscal 2021. It expects to achieve the production target in the first quarter of fiscal 2021.
Cielo Waste said that it remains focused on building its Fort Saskatchewan facility to transform waste into fuels. However, it also plans to reduce its capital expenditure if it fails to raise sufficient funds and prioritize its Aldersyde facility.
Cielo Waste stock performance
Having closed at C$ 0.38 on Friday, Cielo Waste stock was trading at C$ 0.34 apiece at 11:07AM EST on Monday. CMC stock swelled by roughly 73 per cent year-to-date (YTD).
Cielo Waste Solutions said that is planning on improving its waste-to-fuel operations, which can significantly strengthen its financials. However, it is necessary to keep track of a company’s developments to evaluate its future potential.