Northstar Clean Technologies, Inc. (TSE:ROOF)
:ROOF
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Northstar Clean Technologies
(ROOF)
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Rating:44Neutral
Price Target:
C$0.19
▼(-3.00% Downside)
Action:ReiteratedDate:05/01/26
The score is primarily held down by weak financial performance: minimal and declining revenue, negative gross profit, widening losses, rising leverage, negative equity, and persistent cash burn. Technical indicators are relatively neutral with mild negative momentum, while valuation is constrained by a negative P/E and lack of dividend yield data.
Positive Factors
Diversified revenue model
Multiple potential revenue streams (tipping fees, product sales, licensing and incentives) create structural optionality: tipping fees provide recurring margin once volumes scale, product sales can grow with offtakes, and licensing scales revenue without equivalent capex, improving long-term economics.
Negative Factors
Declining revenue & negative margins
Very low and falling revenue with deeply negative gross profit shows unit economics haven't been proven. Structural viability depends on achieving cost reductions or higher-value recovered products; until then the business cannot self-fund growth and scale will remain constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue model
Multiple potential revenue streams (tipping fees, product sales, licensing and incentives) create structural optionality: tipping fees provide recurring margin once volumes scale, product sales can grow with offtakes, and licensing scales revenue without equivalent capex, improving long-term economics.
Read all positive factors
Northstar Clean Technologies (ROOF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$30.66M
Dividend YieldN/A
Average Volume (3M)251.09K
Price to Earnings (P/E)―
Beta (1Y)0.28
Revenue Growth-7.33%
EPS Growth-42.15%
CountryCA
Employees16
SectorGeneral
Sector StrengthN/A
IndustryWaste Management
Share Statistics
EPS (TTM)-0.10
Shares Outstanding161,376,480
10 Day Avg. Volume299,435
30 Day Avg. Volume251,091
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)-3.73
Price to Sales (P/S)58.62
P/FCF Ratio-2.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.03
Revenue Forecast (FY)C$9.08M
Northstar Clean Technologies Business Overview & Revenue Model
Company Description
Northstar Clean Technologies Inc., a clean technology company, focuses on the recovery and repurposing of single-use asphalt shingles in North America. The company has developed a proprietary design process for taking discarded asphalt shingles or...
How the Company Makes Money
Northstar’s revenue model is based on monetizing the processing of asphalt-shingle/asphalt waste and the sale of recovered outputs generated by its recycling process. Specifically: (1) Tipping/processing fees: The company can earn fees for accepti...
Northstar Clean Technologies Earnings Call Summary
Earnings Call Date:Nov 29, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:May 29, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant strategic progress in financing, facility development, and partnerships, with some technical and timeline challenges. The sentiment is largely positive due to the strong financial position and strategic advancements.Positive Updates
Financial Position and Strategic Financing
Northstar Clean Technologies ended Q3 2024 with CAD 15.5 million cash, reflecting significant financing transactions, including a CAD 14 million convertible Royalty Debenture with CVW Cleantech. Additionally, the company accessed CAD 1.6 million and CAD 2.7 million from its senior secured debt facility with BDC.
Negative Updates
Technical Difficulties During Presentation
The earnings call experienced technical issues with the presentation slides, requiring additional assistance to navigate the slides.
Read all updates
Q3-2024 Updates
Positive
Negative
Financial Position and Strategic Financing
Northstar Clean Technologies ended Q3 2024 with CAD 15.5 million cash, reflecting significant financing transactions, including a CAD 14 million convertible Royalty Debenture with CVW Cleantech. Additionally, the company accessed CAD 1.6 million and CAD 2.7 million from its senior secured debt facility with BDC.
Read all positive updates
Company Guidance
During Northstar Clean Technologies' Q3 2024 earnings call, significant financial metrics and strategic developments were discussed. The company reported a cash position of CAD 15.5 million as of September 30, 2024, bolstered by a CAD 14 million convertible Royalty Debenture with CVW Cleantech and CAD 1.6 million drawn from an CAD 8.7 million senior secured debt facility with the Business Development Bank of Canada (BDC). Subsequent to the quarter's end, an additional CAD 2.7 million was drawn from the BDC facility. Northstar has incurred CAD 15.1 million in cumulative costs for its Empower Calgary facility. The company generated CAD 165,000 in revenue from shingle collections in Q3, contributing to a year-to-date total of CAD 475,000. General and administrative expenditures remained stable at CAD 1.5 million for the quarter. Looking ahead, Northstar plans to achieve mechanical completion of its Calgary facility by year-end, with operations expected by mid-2025. The company also announced a new site in Hamilton, Southern Ontario, aimed at development through 2025 and 2026, supported by strategic partnerships and government engagement.Northstar Clean Technologies Financial Statement Overview
Summary
Income Statement
6
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
7
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 593.59K | 640.57K | 206.44K | 0.00 | 0.00 |
| Gross Profit | -1.20M | -1.22M | -913.84K | -1.08M | -461.97K |
| EBITDA | -8.40M | -5.49M | -5.18M | -7.14M | -6.45M |
| Net Income | -14.75M | -9.33M | -6.67M | -8.20M | -7.21M |
Balance Sheet | |||||
| Total Assets | 45.23M | 45.73M | 17.88M | 6.83M | 12.37M |
| Cash, Cash Equivalents and Short-Term Investments | 457.09K | 10.23M | 7.71M | 1.18M | 6.01M |
| Total Debt | 48.01M | 39.19M | 7.34M | 2.76M | 2.34M |
| Total Liabilities | 54.55M | 47.06M | 12.44M | 4.04M | 3.10M |
| Stockholders Equity | -9.32M | -1.33M | 5.44M | 2.78M | 9.27M |
Cash Flow | |||||
| Free Cash Flow | -15.04M | -24.39M | -6.38M | -6.43M | -4.86M |
| Operating Cash Flow | -6.96M | -5.13M | -4.68M | -5.69M | -4.09M |
| Investing Cash Flow | -5.61M | -18.93M | -1.59M | -647.89K | -1.14M |
| Financing Cash Flow | 2.80M | 26.42M | 12.72M | 1.50M | 9.21M |
Northstar Clean Technologies Technical Analysis
Negative
0.20
Price Trends
0.20
Negative
0.22
Negative
0.28
Negative
Market Momentum
<0.01
Positive
47.20
Neutral
11.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ROOF, the sentiment is Negative. The current price of 0.2 is below the 20-day moving average (MA) of 0.20, below the 50-day MA of 0.20, and below the 200-day MA of 0.28, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.20 is Neutral, neither overbought nor oversold. The STOCH value of 11.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ROOF.
Northstar Clean Technologies Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | C$554.61M | 6.66 | -11.74% | ― | 61.39% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | C$42.11M | -10.14 | -17.79% | ― | -24.05% | 88.61% | |
46 Neutral | C$17.87M | -5.76 | -352.14% | ― | ― | 66.50% | |
44 Neutral | C$30.66M | -1.97 | 307.55% | ― | -7.33% | -42.15% | |
41 Neutral | C$34.70M | -5.91 | 5297.73% | ― | 135.68% | 68.99% |
* General Sector Average
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Northstar Clean Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Northstar Completes Final Tranche of US$10 Million Convertible Debenture Financing
Positive
Apr 6, 2026
Northstar Clean Technologies has closed the second and final tranche of its previously announced US$10 million non-brokered private placement of unsecured convertible debentures, raising an additional US$1 million. The debentures carry a five-year...
Business Operations and StrategyPrivate Placements and Financing
Northstar Raises US$9 Million in Convertible Debenture Financing to Support Growth
Positive
Mar 31, 2026
Northstar Clean Technologies has closed the first tranche of its previously announced US$10 million non-brokered private placement of unsecured convertible debentures, raising US$9 million and signing a definitive subscription agreement for the re...
Business Operations and StrategyPrivate Placements and Financing
Northstar Advances Calgary Ramp-Up and Secures US$10 Million Term Sheet for Expansion
Positive
Mar 12, 2026
Northstar Clean Technologies reported continued ramp-up at its Empower Calgary asphalt shingle recycling plant, resolving key material transfer and water processing bottlenecks and targeting near-term throughput of 100–150 tonnes per day. Th...
Business Operations and Strategy
Northstar Sets March Webcast for Strategic and Operational Update
Positive
Feb 26, 2026
Northstar Clean Technologies Inc. will host a webcast on March 12, 2026, to deliver a comprehensive strategic update, including operational progress at its Empower Calgary facility. Management aims to address investor expectations by outlining cur...
Business Operations and StrategyPrivate Placements and Financing
Northstar Extends Debenture Maturities and Issues Shares to Bolster Balance Sheet
Positive
Feb 17, 2026
Northstar Clean Technologies Inc., a Canadian waste-to-value technology firm, focuses on recovering and reprocessing discarded asphalt shingles into reusable asphalt, aggregate and fiber for construction and roofing applications. Its first commerc...
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.