Zefiro Methane Corp. Announces Quarterly Earnings Report and Provides Corporate Activities Update

The Company generated record revenue of $8.5 million USD and positive adjusted EBITDA for Q1 of 2024

FORT LAUDERDALE, Fla., May 16, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (the “Company”, “Zefiro”, or “ZEFI”) today announced the Company’s consolidated financial results for the fiscal quarter ended March 31, 2024 (“FQ3 2024”). For the quarter, the Company generated record consolidated revenues of $8.5 million USD, an approximate 10% increase from the quarter that ended on December 31, 2023, resulting in a gross profit of $2.7 million USD (approximate 31% gross profit margin). ZEFI also generated adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of $407,000 USD.

Recent Highlights:

  • The Company generated record consolidated quarterly revenues and Adjusted EBITDA for the quarter ended March 31, 2024.
  • The Company completed the listing of its first two methane abatement projects with the ACRcarbon registry.


In a video on the Company’s YouTube channel, Zefiro Founder and Chief Executive Officer Talal Debs discusses key points about ZEFI’s inaugural quarterly earnings report. To view the video, please click here.

Readers using news aggregation services may be unable to view the media above. Please access SEDAR+ or the Investors section of the Company’s website for a version of this press release containing all published media.

Zefiro Founder and Chief Executive Officer Talal Debs PhD commented, “We are absolutely thrilled about Zefiro’s continued outstanding performance, as reflected in the Company’s first quarterly earnings report as a publicly traded Company. In just a matter of months, Zefiro’s comprehensive and fully integrated business model as an environmental services company has had a measurable impact on American communities, while also driving robust and scalable value for shareholders. I believe these results signal to the market that Zefiro’s operations are sustainable and profitable, aligning quite well with investors’ objectives.”

First Quarter 2024 Business Highlights:

  • On February 28, 2024, the Company completed the 90-day integration of its acquisition of Appalachian Well Surveys. The acquisition of the decades-old wireline company was consummated by Zefiro’s consolidated subsidiary, Plants & Goodwin, and expands the Company’s fully integrated asset retirement services.
  • On February 28, 2024, the Company announced the completion of an environmental remediation project within the Cuyahoga Valley National Park near Akron, Ohio. Zefiro and its partners were tasked by the National Park Service to ensure that the unplugged sites would not develop into environmental hazards that could threaten the health of the park’s staff and visitors.
  • On March 13, 2024, the Company co-hosted the Wall Street Green Summit at the Cornell Club in New York City. The event, which featured Zefiro board member Catherine Flax as a program speaker, was organized to highlight unique opportunities throughout the energy sector that promote a more sustainable future.

Events Subsequent to March 31, 2024:

  • On April 29, 2024, the Company announced its first successful listing on the ACRcarbon registry. The listing represented the completion of a multi-month-long application process and served as an important milestone in Zefiro’s efforts to monetize their methane reduction activities throughout the United States.
  • On May 6, 2024, the Company announced that its common shares were listed on the Frankfurt Stock Exchange (“FSE”) under the symbol “Y6B”. Zefiro’s shares officially began trading on the FSE on May 2, 2024.
  • On May 7, 2024, the Company announced the opening of a new operations facility in Buckhannon, West Virginia. The facility will allow the Company to expand their abandoned oil and gas well plugging operations by strategically aligning the Company’s goal of efficiently deploying portions of the $29.2 million USD Phase 1 Bipartisan Infrastructure Law funds in West Virginia. There are over 6,300 orphaned oil and gas wells in West Virginia (source: DOI.gov “Annual Report to Congress”, December 2021).

First Quarter 2024 Financial Highlights (in USD):

For the three months endedMarch 31,
December 31,
March 31,
Gross profit$2,657,229$1,798,778$Nil
Total operating expenses($3,448,913)($3,690,910)($966,271)
Net loss and comprehensive loss for the period($885,370)($1,993,747)($960,960)
Basic and diluted loss per share for the period($0.01)($0.03)($0.02)
Weighted average shares outstanding63,826,97361,804,82658,472,000
Net loss for the period(949,890)(1,905,990)($971,443)
Interest expense396,413192,497-
Share-based compensation7,68219,828238,444
Gain on debt modification(73,737)--
Loss on sale of equipment54,884--
Change in fair value of investments7,444(7,444)-
Income tax recovery(116,198)(108,279)-
One-time transaction expenses378,631924,922-
Adjustment for non-controlling interest(198,424)(157,043)-
Adjusted EBITDA1$407,321($183,475)($731,063)

As at
March 31,
June 30,
Current assets$8,469,797$7,386,935 
Total assets$27,223,514$23,180,219 
Total liabilities$18,258,775$12,234,157 
Total equity$8,964,739$10,946,062 

About Zefiro Methane Corp.

Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force towards Active Sustainability. Leveraging decades of operational expertise, Zefiro is building a new toolkit to clean up air, land, and water sources directly impacted by methane leaks. The Company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality U.S.-based methane offsets, Zefiro aims to generate long-term economic, environmental, and social returns.

On behalf of the Board of Directors of the Company,


“Talal Debs”

Talal Debs, Founder & CEO

For further information, please contact:

Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)

For media inquiries, please contact:

Rich Myers – Profile Advisors (New York)
+1 (347) 774-1125

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “seeks”, “believes”, “plans”, “expects”, “intends”, “estimates”, “anticipates” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. In particular, this news release contains forward-looking information including statements regarding: the Company’s intention to reduce emissions from end-of-life oil and gas wells and eliminate methane gas; the Company’s partnerships with industry operators, state agencies, and federal governments; the Company’s expectations for continued increases in revenues and EBITDA growth as a result of these partnerships; the Company’s intentions to build out its presence in the United States; the anticipated federal funding for orphaned well site plugging, remediation and restoring activities; the Company’s expectations to become a growing environmental services company; the Company’s ability to provide institutional and retail investors alike with the opportunity to join the Active Sustainability movement; the Company’s ability to generate long-term economic, environmental, and social returns; and other statements regarding the Company’s business and the industry In which the Company operates. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: (i) adverse general market and economic conditions; (ii) changes to and price and volume volatility in the carbon market; (iii) changes to the regulatory landscape and global policies applicable to the Company's business; (iv) failure to obtain all necessary regulatory approvals; and (v) other risk factors set forth in the Company’s Prospectus dated April 8, 2024 under the heading “Risk Factors”. The Company operates in a rapidly evolving environment where technologies are in the early stage of adoption. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The forward-looking information included in this news release is made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-IFRS Financial Measures

Zefiro has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including: (a) Adjusted EBITDA. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.

(a) Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure which excludes from net income (loss): amortization, interest expense, share-based compensation, gains or losses on debt modification, gains or losses on sale of equipment, changes in fair value of investments held, income tax expense or recovery, non-recurring expenses related to the Company’s IPO transaction, and net income (loss) attributable to the Company’s non-controlling interest in its subsidiaries. Management uses Adjusted EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company presents Adjusted EBITDA as it believes that certain investors use this information to evaluate the Company’s performance in relation to its peers who present on a similar basis (though Adjusted EBITDA does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers). However, Adjusted EBITDA does not represent and should not be considered an alternative to net income (loss) or cash flow provided by operating activities as determined under IFRS.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by Zefiro Methane Corp. can be found under the Company's profile on SEDAR+ at www.sedarplus.ca/.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ac2c6a3-9e2e-444a-bfae-4fec0e2f6b2b

1 See Non-IFRS Financial Measures