TORONTO, May 15, 2026 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. ("BCCPC", together, with affiliates, "Base Carbon", or the "Company"), is pleased to announce its first-quarter 2026 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.
Additionally, the Company is pleased to announce it will host an investor town hall on Thursday, May 28, 2026, at 11:00 a.m. Eastern Time.
Highlights:
- First CORSIA1 Carbon Credit Sales: Completed sales of CORSIA - First Phase, 2024-2026 Eligible ("CORSIA-eligible") carbon credits from the Rwanda cookstoves project in Q1 2026.
- Expanded Rwanda Inventory: In Q1 2026, over 0.6 million carbon credits were issued, bringing total quarter-end inventories to approximately 1.8 million carbon credits. Approximately 1.1 million carbon credits are held by Base Carbon with the balance held by project partner, the DelAgua Group ("DelAgua").
- Vietnam Regulatory Framework Formalized: Subsequent to quarter-end, the Government of Vietnam issued Decree No. 112/2026/ND-CP (the "Decree") establishing the process for international carbon credit transfers under Article 6.2 of the Paris Agreement and a pathway for potential compliance market eligibility, including CORSIA and Singapore's carbon tax regime.
- Shareholder-focused Capital Allocation: Within Q1 2026 the Company repurchased over 1.7 million shares pursuant to its normal course issuer bid ("NCIB"). Since inception, the Company has repurchased and cancelled an aggregate of approximately 27 million shares through the NCIB program and various share purchase agreements.
- Financial Results: The Company ended the quarter with total assets of approximately $106.1 million, including $2.9 million in cash and cash equivalents, $16.4 million in carbon credit inventory and $3.3 million in the carbon credit revenue participation asset. The Company reported a first-quarter 2026 loss per share of $0.01 (Q1 2025: breakeven).
"Completing our first CORSIA-eligible Rwanda sales, at a premium to market benchmarks, is a further validation of our business model and commercial strategy following the project's recent transition to the VM0050 methodology," said Michael Costa, CEO of Base Carbon. "In addition, the formalization of Vietnam's Article 6 framework represents a meaningful potential catalyst for our largest project. In India, our project continues to advance steadily toward first crediting under the newest VM0047 methodology. We remain steadfast in our commercial plan, and we believe our projects are well positioned to deliver meaningful and observable value for our shareholders, including ongoing exposure to structural supply-demand imbalances and pricing momentum."
Financial Highlights:
| (in thousands of United States Dollars) | March 31, 2026 | March 31, 2025 | ||||
| Total assets | - | 106,106 | - | 112,279 | ||
| Total liabilities | 7,881 | 8,925 | ||||
| Total shareholders' equity | 98,225 | 103,354 | ||||
| Breakdown of key assets | ||||||
| Cash and cash equivalents | - | 2,850 | - | 13,366 | ||
| Carbon credit inventory | 16,413 | 25,633 | ||||
| Current investment in carbon credit projects | 16,944 | 6,119 | ||||
| Carbon credit revenue participation asset | 3,326 | - | ||||
| Non-current investment in carbon credit projects | 64,776 | 65,346 | ||||
Rwanda Cookstoves Project
In the first quarter of 2026, DelAgua completed first sales of approximately 200,000 CORSIA-eligible carbon credits at a meaningful pricing premium to the quarter-end DEC26 CP12 futures contract. Net proceeds of approximately $0.7 million were remitted to the Company following the deduction of DelAgua's revenue share and the Company's pro rata share of insurance premiums applicable to all CORSIA-eligible inventories held by both parties. These sales represent the first monetization of Rwanda carbon credits following the project's VM0050 methodology transition and CORSIA-eligible tagging, further validating the project's quality, and standing within global carbon compliance markets.
As of the date of this release, pursuant to the project agreement and revenue sharing arrangement, the Company holds approximately 1.1 million VM0050 carbon credits in inventory, with an additional 0.7 million carbon credits held by project partner DelAgua. Going forward, approximately 2.6 million additional carbon credits are anticipated to be generated by the project in regular 6-month intervals.
Subsequent to quarter-end, BeZero, a leading carbon credit project rating agency, assigned the Rwanda cookstoves project a BBB rating3. A BBB rating from BeZero places the project among the top 10%4 of global cookstove projects rated by the agency, further bolstering the reputation, quality, and integrity of the carbon credits generated from the project.
Vietnam Household Devices Project
The Vietnam household devices project has now entered its second phase, under which the Company retains the option to purchase all future carbon credits generated by the project at US$5.00 per credit, subject to certain buyback options priced materially higher than the Company's option price. The Vietnam household devices project represents the Company's lowest-cost and most significant pipeline of carbon credits, with an estimated 11.0 million carbon credits now expected to be generated during the project's second phase. In addition, the Company estimates that up to 5.1 million carbon credits could be generated in connection with Base Carbon's project expansion option, bringing total potential production across all phases (including the expansion) to approximately 23.5 million carbon credits.
Subsequent to quarter-end, the Government of Vietnam issued the Decree, establishing a comprehensive regulatory framework formalizing Vietnam's corresponding adjustment process under Article 6.2 of the Paris Agreement. The Decree sets a maximum international transfer ratio of up to 90% for qualifying mitigation activities, with remaining carbon credits retained by Vietnam for sale within the domestic emissions trading scheme. Receipt of a letter of authorization for the project under the Decree would position the project's carbon credits for potential compliance market eligibility, including CORSIA and Singapore's carbon tax regime, replicating a compliance pathway similar to the one successfully established for the Company's Rwanda cookstoves project. SIPCO is actively preparing the required application documentation, and the Company believes the project is well positioned to advance through the approval process for a letter of authorization immediately following the Decree's effective date.
India Afforestation, Reforestation, and Revegetation (ARR) Project
During the three months ended March 31, 2026, the Company made milestone-based capital payments for the India ARR project totaling approximately $1.2 million for ongoing validation, verification, and project maintenance activities. The project continues to advance toward first carbon credit issuance under Verra's VM0047 methodology, the latest high-integrity methodology for afforestation, reforestation, and revegetation projects, in addition to targeting Verra's ABACUS label. ABACUS is a carbon credit quality designation which has been developed by an Amazon-led working group and adopted as the procurement standard for the Symbiosis Coalition, whose members include Google, Meta, Microsoft, and Salesforce. For context, the Symbiosis Coalition, an ARR carbon credit buyer's consortium, has pledged to contract up to 20 million tons of high-quality nature-based carbon removal credits by 2030.5
The project continues to progress as expected under the VM0047 timeline, advancing through field validation, monitoring, and reporting, with first issuance expected in early 2027.
Investor Town Hall
The management team will provide a business update and respond to investor questions via Zoom Webinar. Registration instructions are published below. The Company invites current and prospective shareholders to attend this business update call and Q&A session.
DATE: Thursday, May 28th, 2026
TIME: 11:00 a.m. ET
LOCATION: Zoom Webinar. To receive the meeting link and passcode, please register here.
QUESTIONS: Please submit questions ahead of time to: investorrelations@basecarbon.com.
About Base Carbon
Base Carbon provides capital, development expertise and management operating resources to projects involved in the global carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and reduction projects globally and, where appropriate, will utilize technologies within the evolving environmental industries to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.
Media and Investor Inquiries
Base Carbon Inc.
Investor Relations
Tel: +1 647 952 3979
E-mail: investorrelations@basecarbon.com
Media Inquiries
E-mail: media@basecarbon.com
Cautionary Statement Regarding Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws relating to the focus of Base Carbon's business, the expected issuance and timing of carbon credits, the future application of Article 6 of the Paris Agreement, the Article 6 Authorized label, the CORSIA-eligible label and the ABACUS label and market reaction thereto, the ability to monetize or sell carbon credits and the receipt of proceeds from the disposition of carbon credits or revenue sharing arrangements, the implementation of the CORSIA framework and timing of eligibility and participation of carbon credits and carbon credit methodologies thereunder, the market demand and price of CORSIA-eligible carbon credits including market demand from the Symbiosis Coalition, the receipt of a letter of authorization for the Vietnam cookstoves project, maintaining positive project ratings and market reaction hereto, the ability to transition the India afforestation, reforestation, and revegetation project methodology to VM0047, the ability to transition the Vietnam cookstoves project to methodology VM0050, the timing of project registration and first carbon credit issuance of the India afforestation, reforestation, and revegetation project and the potential exercise of contractual expansion options for the Vietnam cookstoves project and the India afforestation, reforestation, and revegetation project. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", "seeks" or variations of such words and similar expressions or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. These statements should not be read as guarantees of future performance, results, or achievements.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, readers should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information.
In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain factors that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) the Company has retained industry leading experts/consultants/advisors to assist with the evaluation, planning, negotiation and execution of such projects, (ii) the work product, including monitoring reports, of each project's validation and verification body, (iii) project carbon credit market prices, (iv) the verification of ongoing project monitoring reports and issuance of carbon credits by Verra, (v) changes to laws, regulation or policies in applicable jurisdictions, and (vi) the Company has sufficient funds on hand to make any required carbon credit purchase price payments.
In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain assumptions that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) distributed cookstoves and water purifiers perform to specification when used and participating households use the devices as contemplated by project estimates, (ii) the Company's in-country project partners, being the DelAgua Group in the case of the Rwanda cookstoves project and SIPCO and the project offtaker in the case of the Vietnam household devices project, perform their obligations in connection with the development and operation of the projects, (iii) there is no further changes in the project methodologies used by the applicable carbon credit registry or otherwise adopted by project proponents which results in less carbon credits being issuable, (iv) positive market recognition of the attributes linked to the Company's carbon credits (such as project methodologies and changes thereto) and acceptance of such carbon credits by emissions trading schemes or compliance programs such as CORSIA, and (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary and compliance carbon markets.
In respect of the India afforestation, reforestation, and revegetation project, certain factors that influence the commercial success of the project include, among other things: (i) the Company's expertise with respect to the evaluation, planning and negotiation of the project, (ii) the conduct of the project counterparties, including cooperation with local small-land owners, (iii) project costs and carbon credit market prices, (iv) ongoing project monitoring and issuance of carbon credits by Verra, (v) changes to laws and regulation in the Republic of India, and (vi) extreme weather event and natural disasters.
In respect of the India afforestation, reforestation, and revegetation project, certain assumptions that influence the commercial success of the project include, among other things: (i) the development of the project remains in line with anticipated timelines and costs, (ii) project counterparties, including project partner Value Network Ventures Pte. Ltd., its subcontractors and local small-land owners, perform their contractual and/or standard operating procedures, (iii) the survival of trees, (iv) the successful project validation and registration by Verra, (v) the waiver of any carbon credit ownership rights by local project participants, (vi) the growth rates of trees are consistent with the expectations under the project which is then reflected by monitoring reports accepted by Verra, (vii) the Company has sufficient funds to satisfy its capital commitments, (viii) over the life of the project, there is no change to the project methodology which results in less carbon credits being issuable from the operation of such project, and (ix) continued participant involvement and public support of the voluntary carbon market.
The forward-looking statements made herein are subject to a variety of risk factors and uncertainties, many of which are beyond the Company's control, which could cause actual events or results to differ materially and adversely from those reflected in the forward-looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the management's discussion and analysis for the Company's year ended December 31, 2025 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedarplus.ca) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
1 Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA").
2 ICE Futures Europe CORSIA Eligible Emissions Units (2024-2026) Futures, available at ice.com
3 Project 4150 BeZero rating, available at bezerocarbonnarkets.com.
4 As at April 23, 2026, based on internal analysis based of BeZero publicly available data.
5 Business Wire (May 2024). Tech giants pledge to contract up to 20M tons of high-quality nature-based carbon removal credits by 2030. Source: businesswire.com.
