ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB US: ZEFIF) recently announced its financial results for the fiscal quarter ending December 31, 2024. The Company reported revenue of $7.5 million USD for the quarter, representing a 9% increase compared to the same period in 2023. The seasonal impact of adverse weather conditions on environmental remediation operations was mitigated by the Company’s expansion into Texas, Oklahoma, and Louisiana.
In fiscal quarter 2, Zefiro achieved a gross profit of $0.6 million USD. The revenue for the second half of 2024 showed an 18% increase to $17.5 million USD compared to the previous year, demonstrating growth in core operations.
Zefiro’s strategic updates include entering new marketplaces with significant opportunities and publicly available funding. The Company’s subsidiary, Plants & Goodwin (P&G), received certification to conduct oil and gas well remediation operations in Texas. With Texas allocating significant federal grants for well remediation projects, Zefiro is now permitted to participate in various bidding opportunities, expanding its operational footprint.
Furthermore, Zefiro has strengthened its operations in Ohio and continues to plug methane leaks from oil and gas wells in states across Appalachia. The Company also completed its first gas well remediation project in Oklahoma, producing American Carbon Registry-approved offset products to address emissions from energy producers and technology companies.
Additionally, Zefiro has expanded internationally by securing a membership position within the Drilling and Completion Committee’s Mature Asset Strategy Working Group in Alberta, Canada. The Working Group aims to address the proliferation of orphaned and marginal oil and gas wells in the region.
The Company’s financial highlights for the second fiscal quarter include revenue of $7,481,927, a gross profit of $582,214, and a net loss of $4,248,845. Zefiro’s cash position as of December 31, 2024, was $282,119, with total assets of $24,624,460 and total liabilities of $19,234,722.
Zefiro Methane Corp. is an environmental services company specializing in methane abatement, striving to be a key player in Active Sustainability. By leveraging operational expertise and innovative solutions, Zefiro aims to clean up air, land, and water impacted by methane leaks. The Company is dedicated to generating long-term economic, environmental, and social returns.
For further information, investors can contact Zefiro’s Investor Relations at 1 (800) 274-ZEFI or media inquiries can be directed to Rich Myers at +1 (347) 774-1125. Zefiro’s forward-looking statements and non-IFRS financial measures are detailed in the press release, and additional disclosures about investor relations firms can be found on the Company’s SEDAR+ profile.