ADUR — FY2026 Annual Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop
Aduro's FY2026 (year to May 2026) net loss more than doubled to C$26.8M, mostly on a non-cash warrant revaluation and share-based pay; cash burn rose ~10% and C$38.3M in cash funds its Dutch first-plant plans, with no commercial contract yet.
- Revenue
- CAD 167K
- -27.7% YoY
- Net income
- -CAD 27M
- -121.1% YoY
- Diluted EPS
- CAD -0.83
- -87.2% YoY
This period vs a year ago
- Same period last year
- This period
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Loss more than doubles to C$26.8M, but most of the increase never left the bank account
Aduro Clean Technologies is a pre-commercial company based in London, Ontario. It has developed a water-based chemical process, which it calls Hydrochemolytic Technology (HCT), that breaks down waste plastics that can't be mechanically recycled (mixed or contaminated packaging, for example) into a liquid hydrocarbon oil. That oil can be fed back into petrochemical plants to make new plastics or fuels. The company is also testing the same chemistry on heavy crude such as bitumen, waxy crude and renewable oils. It hopes to earn money by licensing the process and collecting royalties, but it has no commercial agreements yet. The MD&A (management's discussion of the results) says so directly: "we currently do not have any commercial partnership agreements in place."
For the fiscal year ended May 31, 2026 (Aduro's FY2026), the net loss rose to C$26.85 million from C$12.15 million. That headline mostly reflects two accounting charges that used no cash. The first is a C$9.98 million loss from revaluing warrants: Aduro sold warrants (rights to buy its shares later at a fixed price) alongside its share offerings, and their accounting value rose with the share price. The second is C$6.36 million of share-based pay. The cash actually used to run the business rose far less, from C$8.98 million to C$9.86 million. Two share offerings raised a combined C$39.95 million net during the year, so cash ended at C$38.30 million, up from C$6.96 million. All figures are in Canadian dollars under IFRS, the international accounting standards Aduro reports under.
At a glance
- C$9.86M cash used in operations (+9.7%): day-to-day spending grew slowly. The big jump in the reported loss came from non-cash items.
- C$38.30M cash at year-end: that is roughly 2.6 years of spending at FY2026's combined rate of operating cash use plus equipment purchases (C$14.67M). A further US$22.2M gross was raised in June 2026, after year-end.
- C$0.17M revenue (−27.7%): this is small, one-off payment for test work done for prospective customers. No revenue at all was recorded in the last two quarters (December 2025 to May 2026).