"During the third fiscal quarter of 2026, Aduro continued to advance its scale-up and commercialization pathway across multiple programs," said Ofer Vicus, Chief Executive Officer of Aduro. "The completion of commissioning and transition of the Next Generation Process ("NGP") pilot plant into operating campaigns represents an important step forward, moving the Company from system readiness to active process operation. This phase enables the generation of integrated operating data, evaluation of real-world feedstocks, and refinement of process conditions under continuous operation."
"In parallel, we progressed the First-of-a-Kind ("FOAK") industrial program following site selection at Chemelot, while also advancing commercialization activities through partner engagement, downstream validation efforts, and early steps toward establishing a licensing package. These elements are increasingly interconnected, with pilot operations, engineering development, and market engagement mutually informing one another as we move toward industrial deployment."
"During the period, Aduro maintained a disciplined focus on capital allocation aligned with the Company's core execution priorities," said Mena Beshay, Chief Financial Officer of Aduro. "The completion of the U.S. public offering in December 2025 and subsequent exercise of the over-allotment option in January 2026, strengthened the Company's financial position and provides flexibility to support NGP pilot plant operations, FOAK project development, and ongoing commercialization initiatives."
Third Quarter Fiscal 2026, Financial Highlights (three and nine months ended February 28, 2026)
Quarterly revenue for Q3 2026 was nil compared to $63,399 in Q3 2025. Year-to-date revenue for the nine-months ending February 28, 2026, was $167,206, a net increase of 7% compared to $156,542 for the nine-months ending February 28, 2025. The Company's current revenue is earned through the completion of services under Customer Engagement Programs ("CEP") for evaluation of the Company's technology and collaboration work. This revenue is non-recurring and varies with the timing and scope of the evaluation projects. Quarter-over-quarter differences reflect the balance of the Company's resources allocated between scale-up activities, ongoing technical analysis, and customer evaluation programs.
Loss from operations was $1,628,916 for Q3 2026, compared to $2,851,772 for Q3 2025. Year-to-date loss for the nine-months ending February 28, 2026, was $14,415,921 compared to $8,429,016 for the nine-months ending February 28, 2025. This increase was primarily driven by higher non-cash share-based compensation, a non-cash loss resulting from the revaluation of the Company's derivative financial liability, increased research and development and technology scale-up activities, the hiring of additional employees to support growth, marketing and public relations expenditures, and additional corporate expenses associated with the Company's Nasdaq listing.
Adjusted EBITDA was $(2,772,463) for Q3 2026, compared to $(1,840,271) for Q3 2025. Year-to-date adjusted EBITDA for the nine-months ending February 28, 2026, was $(8,325,873) compared to $(5,474,769) for the nine-months ending February 28, 2025.
As at February 28, 2026, the carrying value of property, plant, and equipment was $ 9.6 million compared to $5.1 million at Q4 2025, representing an increase of $4.5 million. This increase was primarily driven by the construction of the Company's NGP pilot plant.
The Company strengthened its cash position to $39.42 million as of February 28, 2026, compared to $6.96 million in Q4 2025. This increase was primarily driven by the recent US public offering, which closed in Q3 FY2026 and generated net cash proceeds of $28.74 million.
Reconciliation of Adjusted EBITDA (Non-GAAP) to Loss from Operations (GAAP)
(CAD $)
Q3 FY2026
Q3 FY2025
YTD FY 2026
YTD FY 2025
Loss from operations (GAAP)
$(1,628,916
)
$(2,851,772
)
$(14,415,921
)
$(8,429,016
)
Add: Share-based compensation(non-cash)
1,226,958
932,676
5,548,758
2,543,994
Add: Change in fair value of derivative financial liability (non-cash)
(2,146,127
)
(47,342
)
686,956
27,226
Add: Depreciation and amortization
180,609
139,218
472,288
