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
