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Northstar Clean Technologies, Inc. (TSE:ROOF)
:ROOF
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Northstar Clean Technologies (ROOF) AI Stock Analysis

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TSE:ROOF

Northstar Clean Technologies

(ROOF)

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Neutral 48 (OpenAI - 4o)
Rating:48Neutral
Price Target:
C$0.50
▲(47.06% Upside)
The overall stock score of 47.6 reflects significant financial challenges faced by Northstar Clean Technologies, with declining revenues, high leverage, and cash flow difficulties being the most impactful factors. Technical analysis provides some positive short-term signals, but the negative P/E ratio and lack of dividend yield highlight valuation concerns. The absence of earnings call insights and corporate events does not affect the score.

Northstar Clean Technologies (ROOF) vs. iShares MSCI Canada ETF (EWC)

Northstar Clean Technologies Business Overview & Revenue Model

Company DescriptionNorthstar 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 destined for already over-crowded landfills, and extracting the liquid asphalt, aggregate sands, and fiber for usage in new hot mix asphalt, construction products, and other industrial applications. Northstar Clean Technologies Inc. is based in Delta, Canada.
How the Company Makes MoneyNorthstar Clean Technologies generates revenue through the processing and sale of repurposed materials derived from recycled asphalt shingles. The company operates a proprietary processing facility where it converts waste shingles into reusable products, which are sold to industries requiring raw materials for construction and manufacturing. Key revenue streams include the sale of liquid asphalt, aggregate, and fiber. Additionally, the company may benefit from partnerships with roofing manufacturers, municipalities, and construction companies that are focused on sustainability and reducing landfill waste. Regulatory incentives and environmental policies promoting recycling and waste reduction also play a role in enhancing the company’s revenue opportunities.

Northstar Clean Technologies Earnings Call Summary

Earnings Call Date:Aug 27, 2025
(Q3-2024)
|
% Change Since: |
Next Earnings Date:Nov 19, 2025
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.
Q3-2024 Updates
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.
Empower Calgary Facility Development
Northstar incurred CAD 15.1 million in cumulative costs for the Empower Calgary facility, with significant sources of financing available for its completion, including CAD 5.7 million from Emissions Reduction Alberta and CAD 2.4 million from TAMKO.
Patent and Strategic Partnerships
Northstar received a front-end patent from the Canadian Patent Office and announced a strategic financing arrangement with CVW Cleantech, providing a strong flexible financing alternative.
Hamilton Facility Announcement
Northstar signed a letter of intent for a long-term lease for a planned site in Hamilton, Ontario, marking a strategic development in Southern Ontario with strong infrastructure access.
Team Strengthening
Northstar announced a new CFO and VP of Corporate Development, strengthening its management team with expertise in oil, gas, mining, and capital markets.
Negative Updates
Technical Difficulties During Presentation
The earnings call experienced technical issues with the presentation slides, requiring additional assistance to navigate the slides.
Extended Timeline for Calgary Facility Commissioning
The commissioning of the Calgary facility is set for mid-2025, which some investors perceive as a lengthy timeline due to the unique nature of the facility.
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
Northstar Clean Technologies is facing significant financial challenges with persistent losses, high leverage, and negative cash flows. Despite some revenue growth, operational inefficiencies and financial instability are prominent, necessitating urgent strategic changes.
Income Statement
20
Very Negative
The income statement of Northstar Clean Technologies shows significant challenges, including negative gross and net profit margins, indicating that the company is operating at a loss. Revenue growth is positive but from a low base, and both EBIT and EBITDA margins are deeply negative, reflecting operational inefficiencies and high costs relative to revenue.
Balance Sheet
15
Very Negative
The balance sheet reveals a concerning financial structure with negative stockholders' equity, indicating insolvency risks. The debt-to-equity ratio is undefined due to negative equity, and liabilities exceed assets, reflecting high leverage and financial instability. The company's equity ratio is negative, suggesting potential solvency issues.
Cash Flow
25
Negative
Cash flow analysis indicates substantial negative free cash flow, highlighting cash outflows exceeding inflows from operations. The operating cash flow to net income ratio is negative, reflecting inefficiency in converting operational activities into cash. Financing activities have been a primary source of cash, which may not be sustainable long-term.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue647.86K640.57K206.44K0.000.000.00
Gross Profit-281.55K-1.22M-913.84K-1.08M-461.97K-323.62K
EBITDA-8.13M-5.49M-5.18M-7.14M-6.45M-6.10M
Net Income-12.46M-9.33M-6.67M-8.20M-7.21M-6.60M
Balance Sheet
Total Assets46.30M45.73M17.88M6.83M12.37M4.86M
Cash, Cash Equivalents and Short-Term Investments2.04M10.23M7.71M1.18M6.01M2.03M
Total Debt47.62M39.19M7.34M2.76M2.34M2.16M
Total Liabilities52.44M47.06M12.44M4.04M3.10M2.50M
Stockholders Equity-6.14M-1.33M5.44M2.78M9.27M2.36M
Cash Flow
Free Cash Flow-25.34M-24.39M-6.38M-6.43M-4.86M-553.00K
Operating Cash Flow-6.58M-5.13M-4.68M-5.69M-4.09M-117.49K
Investing Cash Flow-17.69M-18.93M-1.59M-647.89K-1.14M1.54M
Financing Cash Flow20.67M26.42M12.72M1.50M9.21M555.25K

Northstar Clean Technologies Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.34
Price Trends
50DMA
0.33
Positive
100DMA
0.34
Negative
200DMA
0.35
Negative
Market Momentum
MACD
<0.01
Negative
RSI
57.35
Neutral
STOCH
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ROOF, the sentiment is Positive. The current price of 0.34 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.33, and below the 200-day MA of 0.35, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.35 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ROOF.

Northstar Clean Technologies Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
52
Neutral
C$44.98M-97.58-2.61%63.49%-133.70%
48
Neutral
C$50.98M-2757.94%47.59%-92.07%
41
Neutral
C$25.79M-2.78-1766.52%-27.40%23.40%
40
Neutral
C$45.36M-22.99-122.86%114.81%71.94%
22
Underperform
C$6.76M-9.7264.71%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ROOF
Northstar Clean Technologies
0.34
0.13
61.90%
TSE:BAC
BacTech Environmental
0.04
0.00
0.00%
TSE:BLM
BluMetric Environmental
1.24
0.50
67.57%
TSE:BQE
BQE Water
54.11
-6.01
-10.00%
TSE:ECM
Ecolomondo Corporation
0.20
0.02
11.11%
TSE:YES
CHAR Technologies
0.20
-0.04
-16.67%

Northstar Clean Technologies Corporate Events

Business Operations and StrategyProduct-Related Announcements
Northstar Achieves Milestone in Asphalt Shingle Reprocessing
Positive
Sep 10, 2025

Northstar Clean Technologies has successfully produced high-quality solid asphalt pellets from end-of-life tear-off shingles at its Calgary facility. This achievement not only confirms the robustness of Northstar’s proprietary technology but also opens up significant market opportunities by transforming liquid asphalt into a globally transportable solid form. The company’s ability to process both manufacturing waste and tear-off shingles into high-specification asphalt supports its business objective of offering compelling value to customers and shareholders, while contributing to sustainable waste management.

The most recent analyst rating on (TSE:ROOF) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Northstar Clean Technologies stock, see the TSE:ROOF Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Northstar Clean Technologies Advances with New Patent and Facility Developments in Q2 2025
Positive
Aug 27, 2025

Northstar Clean Technologies reported its financial and operating results for Q2 2025, highlighting significant advancements in its business operations. The company received a second Canadian patent for its asphalt reprocessing technology, enhancing its market position. Key developments included successful commissioning of processes at the Calgary Empower Facility, completion of a milestone with Emissions Reduction Alberta, and securing financial support from Export Development Canada for expansion into the U.S. These achievements are expected to bolster Northstar’s operational capabilities and support its growth strategy.

The most recent analyst rating on (TSE:ROOF) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Northstar Clean Technologies stock, see the TSE:ROOF Stock Forecast page.

Business Operations and StrategyShareholder Meetings
Northstar Clean Technologies Secures Shareholder Approval at 2025 AGM
Positive
Jul 31, 2025

Northstar Clean Technologies Inc. announced the approval of all matters presented at its 2025 annual general and special meeting, including the re-election of directors, reappointment of auditors, and approval of its 2025 Equity Incentive Plan, pending final approval from the TSX Venture Exchange. This development supports Northstar’s strategic goals as it continues to position itself as a leader in the sustainable processing of asphalt shingles, with plans to scale up its operations in Calgary, Alberta, and address stakeholder objectives in North America.

Business Operations and StrategyPrivate Placements and Financing
Northstar Secures $3.6 Million for Expansion and Commercial Operations
Positive
Jul 28, 2025

Northstar Clean Technologies has successfully closed a $3.6 million private placement to support its transition to commercial operations and future facility development. This funding will aid in achieving production targets at its Calgary facility and support business development in Hamilton and the first US site, highlighting strong shareholder support and strategic expansion plans.

Business Operations and StrategyProduct-Related Announcements
Northstar Achieves Milestone with First Liquid Asphalt Production at Calgary Facility
Positive
Jul 10, 2025

Northstar Clean Technologies has successfully produced its first liquid asphalt at its new Calgary facility, marking a significant milestone in the commissioning of its asphalt shingle reprocessing plant. This achievement demonstrates the effectiveness of Northstar’s technology and positions the company to increase production levels, meeting and potentially exceeding the Emission Reduction Alberta Commissioning Milestone 3. The high-quality asphalt produced is expected to meet commercial agreements, enhancing Northstar’s market positioning and stakeholder value.

Business Operations and StrategyPrivate Placements and Financing
Northstar Secures Potential Funding for U.S. Expansion
Positive
Jun 30, 2025

Northstar Clean Technologies has received a non-binding Letter of Interest from Export Development Canada for potential funding to support the establishment of up to four asphalt shingle reprocessing facilities in the United States. This potential funding aligns with Northstar’s growth strategy in the U.S. market, aiming to reduce project costs and enhance shareholder returns, while advancing site selection and securing supply agreements.

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: Sep 27, 2025