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Charbone Hydrogen Corporation (TSE:CH)
:CH
Canadian Market

Charbone Hydrogen Corporation (CH) AI Stock Analysis

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TSE:CH

Charbone Hydrogen Corporation

(CH)

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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
C$0.13
▼(-33.68% Downside)
The score is primarily driven by very weak financial performance, including declining revenue, persistent losses, and negative equity with high leverage. Technical indicators also lean bearish (negative MACD and price below key moving averages), reinforcing near-term risk. Valuation is difficult to assess due to negative earnings and no dividend data, offering limited offset.
Positive Factors
Industry Position / Structural Tailwinds
Charbone's focus on green hydrogen via electrolysis aligns with durable global decarbonization trends and rising industrial fuel demand. Structural growth in low-carbon hydrogen markets supports multi-year addressable demand, enabling long-term revenue opportunities if scale and execution follow.
Contracted Revenue Model
A business model centered on long-term offtake contracts and strategic partnerships provides predictable demand and revenue visibility over years. That contractual backbone improves project financing prospects, lowers commercialization risk, and supports steady capacity utilization as projects scale.
Cash Generation vs Accounting Losses
A free cash flow to net income ratio above 1 indicates the company converts operations into cash even while reporting accounting losses. Durable cash generation helps fund near-term operations and project execution, reducing immediate refinancing pressure while management works to restore profitability.
Negative Factors
Declining Revenue Trend
Sustained and material revenue declines reduce scale benefits and impair unit economics over time. A shrinking top line pressures margins, weakens bargaining leverage with suppliers and customers, and complicates financing and investment decisions needed to scale hydrogen facilities profitably.
Negative Profitability / Margins
Deeply negative gross and net margins indicate the core operations are loss-making, not temporary. Persistent negative margins erode equity and cash reserves, hinder the firm's ability to self-fund capital projects, and require structural improvements in technology, pricing, or cost base to achieve sustainable profitability.
Weak Balance Sheet & High Leverage
Negative equity and a highly negative debt-to-equity ratio signal a fragile financial foundation. High leverage constrains access to new debt or equity, increases refinancing and solvency risk, and limits the company's ability to fund capital-intensive hydrogen projects over the medium term without external recapitalization.

Charbone Hydrogen Corporation (CH) vs. iShares MSCI Canada ETF (EWC)

Charbone Hydrogen Corporation Business Overview & Revenue Model

Company DescriptionCharbone Hydrogen Corporation manages clean and sustainable hydroelectric power plants and generate renewable electricity. It also produces hydrogen for agriculture, paper, plastics, and metal treatment industries, as well as transportation and energy. CHARBONE Hydrogen Corporation was incorporated in 2019 and is based in Brossard, Canada.
How the Company Makes MoneyCharbone Hydrogen Corporation generates revenue primarily through the production and sale of green hydrogen to various industries, including transportation, power generation, and manufacturing. Their revenue model is based on long-term contracts with clients who require hydrogen for fuel cells or as a feedstock in chemical processes. Additionally, the company may earn income from selling excess renewable energy generated at its hydrogen production facilities. Strategic partnerships with renewable energy providers and industrial clients enhance their market position and ensure a steady demand for their products. Furthermore, government incentives and grants for clean energy initiatives can also contribute positively to their revenue streams.

Charbone Hydrogen Corporation Financial Statement Overview

Summary
Financial statements indicate severe weakness: revenue declined sharply (TTM revenue growth -32.75%), profitability is deeply negative (gross margin -39.27%, net margin -28.65%), and the balance sheet shows negative equity with high leverage (debt-to-equity -4.17). Cash flow is unstable despite free cash flow being positive relative to net losses (FCF to net income 1.11).
Income Statement
15
Very Negative
Charbone Hydrogen Corporation's income statement reveals significant challenges. The company has experienced a sharp decline in revenue, with a negative revenue growth rate of -32.75% in the TTM period. Profitability metrics are concerning, with gross profit margin at -39.27% and net profit margin at -28.65%, indicating substantial losses. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies. Overall, the income statement highlights severe financial distress and a need for strategic improvement.
Balance Sheet
20
Very Negative
The balance sheet of Charbone Hydrogen Corporation shows a precarious financial position. The debt-to-equity ratio is highly negative at -4.17, indicating a high level of leverage and negative equity. The return on equity is positive at 2.48%, but this is due to the negative equity base. The equity ratio is not directly calculable due to negative equity, but the overall financial stability is weak, with significant risks associated with high debt levels.
Cash Flow
25
Negative
The cash flow statement indicates some positive aspects, such as a free cash flow to net income ratio of 1.11, suggesting that the company generates cash flow relative to its net losses. However, the operating cash flow to net income ratio is negative, and free cash flow growth is volatile, with a slight positive growth in the TTM period. Overall, the cash flow situation is unstable, with potential liquidity challenges.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue115.29K325.75K282.72K22.48K0.000.00
Gross Profit-45.28K325.75K282.72K22.48K-70.31K0.00
EBITDA-2.67M-2.20M-2.49M-7.06M-1.29M-364.56K
Net Income-3.30M-2.84M-3.19M-7.38M-4.03M-388.64K
Balance Sheet
Total Assets9.77M6.85M4.25M4.42M2.81M139.76K
Cash, Cash Equivalents and Short-Term Investments486.30K452.74K55.12K0.000.00796.00
Total Debt4.77M4.48M2.64M2.12M5.33M576.21K
Total Liabilities10.91M8.21M5.87M4.48M7.23M752.87K
Stockholders Equity-1.14M-1.36M-1.62M-67.87K-4.42M-613.11K
Cash Flow
Free Cash Flow-1.73M-1.80M-1.64M-4.75M-602.46K-27.55K
Operating Cash Flow-1.55M-1.56M-1.51M-3.98M-546.26K-27.55K
Investing Cash Flow15.66K-87.47K240.44K-1.64M-877.88K-104.87K
Financing Cash Flow1.97M2.09M1.36M5.56M1.42M133.07K

Charbone Hydrogen Corporation Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.19
Price Trends
50DMA
0.19
Negative
100DMA
0.15
Negative
200DMA
0.10
Positive
Market Momentum
MACD
-0.02
Positive
RSI
37.65
Neutral
STOCH
40.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CH, the sentiment is Negative. The current price of 0.19 is above the 20-day moving average (MA) of 0.15, below the 50-day MA of 0.19, and above the 200-day MA of 0.10, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.65 is Neutral, neither overbought nor oversold. The STOCH value of 40.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CH.

Charbone Hydrogen Corporation Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
C$1.80B16.3514.30%4.73%10.20%-11.22%
66
Neutral
$5.02B14.469.35%1.87%-0.65%46.15%
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
51
Neutral
C$451.76M-39.65-10.65%-11.90%-0.32%
48
Neutral
C$37.53M-7.88-15.37%61.75%
44
Neutral
C$32.41M-4.68-65.20%12.85%
44
Neutral
C$5.35M-0.87-49.81%-96.10%-3.58%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:CH
Charbone Hydrogen Corporation
0.13
0.07
116.67%
TSE:MX
Methanex
64.97
-9.47
-12.72%
TSE:CHE.UN
Chemtrade Logistics
15.80
6.27
65.81%
TSE:FAT
Foremost Lithium Resource & Technology Ltd
2.60
0.91
53.85%
TSE:GRA
NanoXplore Inc
2.49
0.05
2.05%
TSE:HELI
First Helium Inc.
0.03
-0.03
-58.33%

Charbone Hydrogen Corporation Corporate Events

Business Operations and StrategyProduct-Related Announcements
Charbone Begins Supplying Clean Hydrogen to Power Film Sets in Ontario
Positive
Jan 22, 2026

Charbone Corporation has begun supplying clean Ultra High Purity hydrogen in Ontario to a specialized contractor serving the film and entertainment production industry, enabling hydrogen fuel cell generators to power movie and television production sets and related mobile infrastructure. The initiative gives the company a high-visibility commercial beachhead beyond traditional industrial uses by showcasing hydrogen as a practical, low-emission, low-noise alternative to diesel generators in mobile and temporary power applications, potentially strengthening Charbone’s market positioning in real-world clean energy deployments even though specific commercial terms are not being disclosed.

The most recent analyst rating on (TSE:CH) stock is a Sell with a C$0.15 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and Strategy
Charbone Wins First U.S. Order for Clean UHP Hydrogen in New York Tech Corridor
Positive
Jan 14, 2026

Charbone Corporation has secured its first U.S. order for clean Ultra High Purity hydrogen from a New York State customer affiliated with a major Japanese industrial conglomerate, marking a significant entry into the American market. The order, to be supplied from existing production capacity in a region known as America’s Tech Valley, is positioned as a key milestone in validating Charbone’s platform and product quality, and as a strategic step toward building long-term relationships with advanced technology and industrial clients amid limited regional supply and growing demand for clean UHP hydrogen.

The most recent analyst rating on (TSE:CH) stock is a Sell with a C$0.13 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Charbone Raises $3.1 Million to Expand Hydrogen Production at Sorel-Tracy
Positive
Jan 12, 2026

Charbone Corporation has closed a non-brokered private placement raising gross proceeds of $3.1 million, issuing 23,614,286 units at $0.13125 per unit, each comprising one common share and one warrant exercisable at $0.18 for 24 months, with an acceleration clause tied to share price performance. The funds will primarily support the purchase and installation of Phase 1B hydrogen production equipment at the company’s Sorel-Tracy site in Quebec and general working capital, enabling a 4.5-fold increase in clean ultra-high-purity hydrogen capacity to nearly one tonne per day, strengthening Charbone’s balance sheet and advancing its strategy to scale decentralized hydrogen production, subject to final approval from the TSX Venture Exchange.

The most recent analyst rating on (TSE:CH) stock is a Sell with a C$0.15 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Charbone Ships First Clean UHP Hydrogen Load, Kicking Off Production Revenues
Positive
Dec 22, 2025

Charbone Corporation has completed its first delivery of clean Ultra High Purity hydrogen from its Sorel-Tracy facility to an independent distributor in Ontario, marking the start of revenue generation for its production division. The shipment demonstrates the company’s capability to serve markets beyond Quebec from the outset and signals the beginning of a new phase of commercial growth, as Charbone seeks to expand its distribution network and solidify its presence in key industrial corridors in Eastern Canada and the U.S. Midwest amid tight supply and strong demand for reliable clean UHP hydrogen in North America.

The most recent analyst rating on (TSE:CH) stock is a Hold with a C$0.24 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Charbone Hydrogen Launches Commercial Production at Sorel-Tracy Facility
Positive
Dec 16, 2025

CHARBONE CORPORATION has announced the official start of commercial production at its Sorel-Tracy site, marking a significant milestone for the company and the clean UHP hydrogen industry in North America. This modular plant, the first of its kind in Quebec, is a key part of CHARBONE’s strategy to provide a reliable and sustainable supply of clean hydrogen to industrial clients. The launch supports the company’s vision of expanding its production and distribution network across Canada and the United States, reinforcing its position in the market and contributing to the shift towards localized clean energy solutions.

The most recent analyst rating on (TSE:CH) stock is a Hold with a C$0.24 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Charbone Corporation Strengthens Leadership with Key Appointment Ahead of First Revenue
Positive
Dec 9, 2025

Charbone Corporation has appointed Jean Watelle, an experienced engineer from Air Liquide, to strengthen its clean UHP hydrogen production team as it prepares for the first delivery from its flagship project in Sorel-Tracy, Quebec. Watelle’s expertise in industrial gases and operations management is expected to enhance Charbone’s transition to full-scale production, supporting the company’s strategic growth and shareholder value as it generates its first revenues from the project.

The most recent analyst rating on (TSE:CH) stock is a Hold with a C$0.34 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and Strategy
Charbone Corporation Announces Webinar and Market Maker Engagement
Positive
Dec 4, 2025

Charbone Corporation has announced a corporate update webinar scheduled for December 16, 2025, where its management will discuss the company’s operations, market insights, and future milestones. Additionally, Charbone has engaged Red Cloud Securities Inc. to provide market-making services to enhance the liquidity and stability of its stock on the TSX Venture Exchange. This strategic move is expected to strengthen Charbone’s market position and support its growth in the clean energy sector.

The most recent analyst rating on (TSE:CH) stock is a Sell with a C$0.34 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Charbone Corporation Achieves First Hydrogen Production Milestone in Quebec
Positive
Dec 1, 2025

CHARBONE CORPORATION has announced the successful completion of equipment installation and the production of its first hydrogen molecule at its Sorel-Tracy site in Quebec. This marks a significant milestone as it is the first local and decentralized clean UHP hydrogen production facility in Quebec, aligning with CHARBONE’s vision of building an integrated North American network for clean and strategic gases. The move into commercial production is expected to enhance CHARBONE’s industry positioning and support its goal of accelerating the shift to localized clean energy.

The most recent analyst rating on (TSE:CH) stock is a Hold with a C$0.18 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Charbone Corporation Reports Q3 2025 Financial Results and Strategic Advancements
Positive
Nov 28, 2025

Charbone Corporation announced its Q3 2025 financial results, highlighting a decrease in net operating loss by 17% and advancements in its Sorel-Tracy facility, which is set to begin hydrogen production soon. The company has secured new financial arrangements and partnerships, including an offtake agreement with a US Tier One industrial gases producer, marking its entry into the helium distribution market. These developments position Charbone to strengthen its role in the energy transition and expand its clean hydrogen and industrial gas distribution network.

The most recent analyst rating on (TSE:CH) stock is a Hold with a C$0.17 price target. To see the full list of analyst forecasts on Charbone Hydrogen Corporation stock, see the TSE:CH Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Charbone Corporation Advances Sorel-Tracy Hydrogen Facility Construction
Positive
Nov 12, 2025

Charbone Corporation has confirmed that the construction schedule for its Sorel-Tracy site is on track, with the equipment installation phase set to begin shortly. This site marks Charbone’s first local modular clean hydrogen production facility in Quebec, aligning with its vision to create a decentralized network for clean industrial gases. The project is progressing as planned, with major components to be installed by the end of the month, positioning Charbone as a leader in the transition to a low-carbon future.

Business Operations and StrategyExecutive/Board Changes
Charbone Corporation Appoints New Senior VP to Strengthen Strategic Affairs
Positive
Nov 5, 2025

Charbone Corporation has appointed Patrick Cuddihy as Senior Vice President of Strategic Affairs, formalizing his role after over a year of collaboration with the company’s CEO, Dave B. Gagnon. Cuddihy’s expertise has been instrumental in securing a Tier 1 strategic alliance in the United States and enhancing Charbone’s offerings in clean UHP hydrogen and industrial gases. His new role will involve supporting the executive management team and implementing strategic partnerships, furthering Charbone’s growth in Canada and the U.S.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 15, 2026