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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Recent update highlights a proven and replicable cash- generating business model.</li><li>In the two-plus years since its founding, Base Carbon has successfully sourced, invested, and developed three projects that are on time, on budget, and are either producing credits or will be in the coming quarters.</li><li>Credit sales from Vietnam have already generated ~$18 million in cash, Rwanda has produced its first credits, and the Indian ARR project is on track to deliver its first credits in early 2025.</li></ul>

Recent update highlights a proven and replicable cash- generating business model.In the two-plus years since its founding, Base Carbon has successfully sourced, invested, and developed three projects that are on time, on budget, and are either producing credits or will be in the coming quarters.Credit sales from Vietnam have already generated ~$18 million in cash, Rwanda has produced its first credits, and the Indian ARR project is on track to deliver its first credits in early 2025.

Base Carbon, Inc. - Continued Execution Across All Projects

<ul><li>Base Carbon reported 2023 results that highlight the milestone year for the company, which saw the first issuance of carbon credits from one of its projects, cash received from the sale of its credits to a third party, and the diversification into carbon removal projects.</li><li>Net profit was $98.3 million, driven by $6.4 million realized and $104.7 million in unrealized gains in its carbon credit projects portfolio.</li><li>Vietnam project expected to deliver ~$29.1 million in cash flow in 2024.</li></ul>

Base Carbon reported 2023 results that highlight the milestone year for the company, which saw the first issuance of carbon credits from one of its projects, cash received from the sale of its credits to a third party, and the diversification into carbon removal projects.Net profit was $98.3 million, driven by $6.4 million realized and $104.7 million in unrealized gains in its carbon credit projects portfolio.Vietnam project expected to deliver ~$29.1 million in cash flow in 2024.

Base Carbon, Inc. - 2023 Results Show Leverage of Business Model

<ul><li>Base Carbon is a leading provider of high-quality carbon offsets that can be purchased by third parties to meet their carbon offset goals.</li><li>Through a disciplined underwriting process, a strong balance sheet, and an experienced team, the company seeks to be the preferred carbon project partner for developers and buyers of carbon credits.</li><li>Robust portfolio of existing projects. Base Carbon has invested in three successful projects that are either currently generating credits and cash or will soon be producing credits that can be sold. </li></ul>

Base Carbon is a leading provider of high-quality carbon offsets that can be purchased by third parties to meet their carbon offset goals.Through a disciplined underwriting process, a strong balance sheet, and an experienced team, the company seeks to be the preferred carbon project partner for developers and buyers of carbon credits.Robust portfolio of existing projects. Base Carbon has invested in three successful projects that are either currently generating credits and cash or will soon be producing credits that can be sold. 

Base Carbon, Inc. - A Leading Player in the Growing Carbon Marketplace

Canada

Base Carbon Inc. provides carbon credit solutions. The Company offers capital, development expertise, and management operating resources to projects involved primarily in voluntary carbon markets and the broader ESG economy. Base Carbon serves customers worldwide.

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Base Carbon (BCBNF US)

Base Carbon, Inc. - Continued Execution Across All Projects

Credit sales from Vietnam have already generated ~$18 million in cash, Rwanda has produced its first credits, and the Indian ARR project is on...

Water Tower Research

Base Carbon, Inc. - 2023 Results Show Leverage of Business Model

Base Carbon reported 2023 results that highlight the milestone year for the company, which saw the first issuance of carbon credits from one of its...

Water Tower Research

Base Carbon, Inc. - A Leading Player in the Growing Carbon Marketplace

Base Carbon is a leading provider of high-quality carbon offsets that can be purchased by third parties to meet their carbon offset goals.

Water Tower Research

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