Northstar Clean Technologies, Inc. (TSE:ROOF)
:ROOF
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Northstar Clean Technologies
(ROOF)
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Rating:41Neutral
Price Target:
C$0.21
▲(5.00% Upside)
Action:ReiteratedDate:12/19/25
Northstar Clean Technologies is facing significant financial challenges, with negative profitability and cash flow issues being the most impactful factors. The technical analysis indicates bearish momentum, further weighing on the stock's prospects. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield. These factors collectively result in a low overall stock score.
Positive Factors
Diversified revenue model
A multi-pronged revenue model (tipping/processing fees, sale of recovered products, licensing/project income, and potential incentives) creates durable optionality. Over months this reduces dependency on any single income source, supports cash inflows from processing volumes and licensing opportunities.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flows indicate ongoing cash burn and limited internal funding for operations or expansions. Over several months this increases reliance on external financing, raising dilution or debt risk and constraining strategic flexibility and project rollouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue model
A multi-pronged revenue model (tipping/processing fees, sale of recovered products, licensing/project income, and potential incentives) creates durable optionality. Over months this reduces dependency on any single income source, supports cash inflows from processing volumes and licensing opportunities.
Read all positive factors
Northstar Clean Technologies (ROOF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$31.43M
Dividend YieldN/A
Average Volume (3M)251.09K
Price to Earnings (P/E)―
Beta (1Y)0.26
Revenue Growth12.06%
EPS Growth-52.13%
CountryCA
Employees16
SectorBasic Materials
Sector Strength58
IndustryWaste Management
Share Statistics
EPS (TTM)-0.02
Shares Outstanding157,169,000
10 Day Avg. Volume299,435
30 Day Avg. Volume251,091
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)-38.34
Price to Sales (P/S)79.82
P/FCF Ratio-2.10
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 Clean Technologies generates revenue through a combination of product sales, service contracts, and licensing agreements. The primary revenue stream comes from the sale of recycled roofing materials, which are produced from processed asp...
Northstar Clean Technologies Earnings Call Summary
Earnings Call Date:Nov 29, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Apr 28, 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
15
Very Negative
Balance Sheet
20
Very Negative
Cash Flow
25
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 605.12K | 640.57K | 206.44K | 0.00 | 0.00 | 0.00 |
| Gross Profit | -559.22K | -1.22M | -913.84K | -1.08M | -461.97K | -323.62K |
| EBITDA | -8.57M | -5.49M | -5.18M | -7.14M | -6.45M | -6.10M |
| Net Income | -13.20M | -9.33M | -6.67M | -8.20M | -7.21M | -6.60M |
Balance Sheet | ||||||
| Total Assets | 46.83M | 45.73M | 17.88M | 6.83M | 12.37M | 4.86M |
| Cash, Cash Equivalents and Short-Term Investments | 1.97M | 10.23M | 7.71M | 1.18M | 6.01M | 2.03M |
| Total Debt | 47.52M | 39.19M | 7.34M | 2.76M | 2.34M | 2.16M |
| Total Liabilities | 53.06M | 47.06M | 12.44M | 4.04M | 3.10M | 2.50M |
| Stockholders Equity | -6.23M | -1.33M | 5.44M | 2.78M | 9.27M | 2.36M |
Cash Flow | ||||||
| Free Cash Flow | -24.65M | -24.39M | -6.38M | -6.43M | -4.86M | -553.00K |
| Operating Cash Flow | -7.83M | -5.13M | -4.68M | -5.69M | -4.09M | -117.49K |
| Investing Cash Flow | -15.28M | -18.93M | -1.59M | -647.89K | -1.14M | 1.54M |
| Financing Cash Flow | 9.49M | 26.42M | 12.72M | 1.50M | 9.21M | 555.25K |
Northstar Clean Technologies Technical Analysis
Neutral
0.20
Price Trends
0.21
Negative
0.24
Negative
0.29
Negative
Market Momentum
>-0.01
Negative
49.88
Neutral
51.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ROOF, the sentiment is Neutral. The current price of 0.2 is above the 20-day moving average (MA) of 0.20, below the 50-day MA of 0.21, and below the 200-day MA of 0.29, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.88 is Neutral, neither overbought nor oversold. The STOCH value of 51.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ROOF.
Northstar Clean Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$480.55M | -85.93 | 36.36% | ― | 28.43% | 80.34% | |
49 Neutral | C$34.75M | -10.14 | -17.79% | ― | -27.40% | 23.40% | |
41 Neutral | C$36.29M | -5.91 | 5297.73% | ― | 135.68% | 68.99% | |
41 Neutral | C$12.49M | -5.76 | -352.14% | ― | ― | -72.78% | |
41 Neutral | C$31.43M | -3.11 | 307.55% | ― | 12.06% | -52.13% |
* Basic Materials Sector Average
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Northstar Clean Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Northstar Raises $1 Million to Accelerate Calgary Shingle-Recycling Ramp-Up
Positive
Jan 28, 2026
Northstar Clean Technologies has raised $1 million through a second closing of unsecured debentures, issued in 200 units of $5,000 each and carrying a 9% coupon with attached non-transferable warrants exercisable at $0.35 over 36 months. The finan...
Business Operations and StrategyPrivate Placements and Financing
Northstar Picks Baltimore for First U.S. Plant, Converts More Debt to Equity
Positive
Jan 13, 2026
Northstar Clean Technologies has selected Baltimore, Maryland, as the site of its first U.S. commercial facility, agreeing to a non-binding lease for a 54,000-square-foot building with additional outside storage and a 10-year term plus renewal opt...
Business Operations and StrategyProduct-Related Announcements
Northstar Books First Asphalt Sale From New Calgary Shingle-Recycling Plant
Positive
Dec 23, 2025
Northstar Clean Technologies has completed its first sale of liquid asphalt to McAsphalt Industries, a subsidiary of Colas Canada, marking the inaugural revenue-generating transaction from its newly built Empower Calgary Facility. The shipment, pr...
Business Operations and StrategyPrivate Placements and Financing
Northstar Clean Technologies Boosts Capital for Sustainable Operations
Positive
Dec 9, 2025
Northstar Clean Technologies has announced initiatives to enhance its working capital reserves, securing $1.74 million in total. This includes a $1 million non-brokered unit financing and a $735,000 payment from Emission Reduction Alberta, which w...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Northstar Clean Technologies Reports Q3 2025 Results and Announces Key Developments
Positive
Nov 25, 2025
Northstar Clean Technologies reported its third-quarter 2025 financial results, highlighting significant operational achievements, including the production of liquid asphalt and solid asphalt pellets from recycled shingles. These advancements demo...
Business Operations and Strategy
Northstar Secures Landmark Contract and Opens Pioneering Facility in Calgary
Positive
Nov 12, 2025
Northstar Clean Technologies has secured a five-year contract with the City of Calgary to reprocess waste asphalt shingles, marking a significant step in advancing the city’s waste diversion goals. The contract, alongside existing 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.