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CHAR Technologies Inc (TSE:YES)
:YES
Canadian Market

CHAR Technologies (YES) AI Stock Analysis

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TSE:YES

CHAR Technologies

(YES)

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Neutral 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
C$0.26
▼(-19.06% Downside)
The score is primarily constrained by weak financial performance—continued net losses, negative gross margin in 2025, and consistently negative operating/free cash flow (heavy cash burn) despite improving EBITDA and a stronger leverage profile. Technical signals are generally soft (below short-term averages, negative MACD), and valuation provides limited support given negative earnings and no dividend yield.
Positive Factors
Proprietary pyrolysis technology
Owning a proprietary high-temperature pyrolysis process and a branded output (SulfaCHAR) provides a durable technological moat. It supports repeatable product sales across environmental/industrial uses and underpins potential licensing or project deployment revenue, driving long-term differentiation.
Dual product and project revenue model
Having both product sales and project/technology revenue diversifies income streams and reduces dependence on a single channel. Project fees and offtake arrangements can provide upfront or milestone cashflows while product sales generate ongoing revenue as sites scale, improving long-term resilience if execution holds.
Operational improvement in 2025
EBITDA turning positive and materially improved leverage in 2025 reflect meaningful operational progress and balance-sheet repair. If sustained, this trend can lower financing needs, enhance access to capital on better terms, and support gradual transition from restructuring to growth-focused execution.
Negative Factors
Persistent negative cash flow
Consistent operating and free cash flow deficits create ongoing reliance on external financing, raising dilution and refinancing risk. Heavy cash burn limits ability to reinvest in commercialization or capacity expansion and elevates funding uncertainty over the medium term absent sustained margin or revenue improvements.
Negative gross margin in 2025
A negative gross margin indicates that core unit economics are currently unprofitable, reflecting cost or scaling failures. This undermines long-term profitability prospects and means revenue growth alone may not translate to sustainable earnings unless production costs fall or pricing/realized yields materially improve.
Continued net losses and negative ROE
Repeated net losses and negative returns on equity impede capital accumulation and investor returns, constraining the company's ability to self-fund growth. Persistent losses increase sensitivity to economic shocks and make future capital raises more dilutive or expensive, raising long-term execution risk.

CHAR Technologies (YES) vs. iShares MSCI Canada ETF (EWC)

CHAR Technologies Business Overview & Revenue Model

Company DescriptionCHAR Technologies Ltd., a cleantech development and services company, engages in the conversion of organic waste into clean energy and biocarbon products. It offers SulfaCHAR, an activated biochar designed and developed to capture noxious hydrogen sulfide; Cleanfyre, a form of bio coal that allows large industrial users to switch from heavy greenhouse gas (GHG) emission fossil coal to GHG-neutral bio coal; and equipment for industrial water treatment. The company also provides environmental compliance and management, site investigation and remediation, engineering, and resource efficiency services. It serves food and beverage, industrial, and renewable gas project customers. CHAR Technologies Ltd. was founded in 2011 and is headquartered in Toronto, Canada.
How the Company Makes MoneyCHAR Technologies generates revenue primarily through the sale of its innovative carbon capture and conversion technologies, including the production of biochar and renewable energy from biomass. The company also earns income from consulting services related to its technologies and projects. Key revenue streams include direct sales of biochar to agricultural industries, partnerships with municipalities and waste management companies for waste-to-energy projects, and grants or funding from governmental and environmental organizations that support clean technology initiatives. Collaboration with industry partners and expansion into new markets further contribute to its earnings.

CHAR Technologies Financial Statement Overview

Summary
Improving trajectory in 2025 (losses narrowed and EBITDA turned positive) and leverage improved materially versus 2024, but the business remains loss-making with negative gross margin in 2025 and persistently negative operating/free cash flow indicating heavy ongoing cash burn and funding risk.
Income Statement
28
Negative
Revenue has grown materially from 2022 to 2024, but 2025 saw a decline. Profitability remains weak: net losses persist every year, and while 2025 shows a notable improvement versus 2024 (losses narrowed and EBITDA turned positive), gross margin also flipped negative in 2025, signaling ongoing cost/scale challenges. Overall, the trajectory is improving but still far from consistently profitable operations.
Balance Sheet
45
Neutral
Leverage has improved sharply: debt-to-equity fell from very high levels in 2024 to a much more manageable level in 2025, suggesting recapitalization and/or debt reduction. Equity is meaningful in 2025, which supports financial flexibility. However, returns on equity remain negative due to continued losses, and the prior year’s elevated leverage highlights balance-sheet volatility and financing risk.
Cash Flow
22
Negative
Cash generation remains a major weakness. Operating cash flow and free cash flow are consistently negative across the period, with 2025 showing large cash burn and a deterioration in free cash flow versus 2024. Despite net losses narrowing in 2025, cash outflows remain heavy, indicating the business is still reliant on external funding and has limited self-funding capacity.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue2.20M2.20M3.16M2.00M1.46M1.38M
Gross Profit547.44K-468.19K631.58K640.17K642.01K709.26K
EBITDA477.30K467.37K-6.08M-6.52M-5.10M-2.42M
Net Income-1.28M-1.28M-8.33M-8.43M-6.90M-3.26M
Balance Sheet
Total Assets8.89M8.89M15.35M18.87M9.95M10.32M
Cash, Cash Equivalents and Short-Term Investments453.69K453.69K948.69K6.09M460.48K3.00M
Total Debt1.21M1.21M5.04M3.81M886.90K308.57K
Total Liabilities3.65M3.65M14.88M11.93M5.25M4.78M
Stockholders Equity4.90M4.90M471.69K6.93M4.70M5.54M
Cash Flow
Free Cash Flow-6.70M-6.70M-7.44M-9.45M-7.82M-3.75M
Operating Cash Flow-5.63M-5.63M-3.99M-4.86M-5.03M-2.21M
Investing Cash Flow-796.44K-796.44K548.43K-8.60M-2.79M-1.55M
Financing Cash Flow5.93M5.93M2.30M15.09M5.28M6.63M

CHAR Technologies Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.32
Price Trends
50DMA
0.28
Positive
100DMA
0.24
Positive
200DMA
0.24
Positive
Market Momentum
MACD
>-0.01
Positive
RSI
46.67
Neutral
STOCH
29.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:YES, the sentiment is Neutral. The current price of 0.32 is above the 20-day moving average (MA) of 0.29, above the 50-day MA of 0.28, and above the 200-day MA of 0.24, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.67 is Neutral, neither overbought nor oversold. The STOCH value of 29.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:YES.

CHAR Technologies Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
54
Neutral
C$401.60M-16.3528.43%80.34%
44
Neutral
C$12.32M-0.22-352.14%-72.78%
42
Neutral
C$38.10M-15.75-419.23%-27.40%23.40%
41
Neutral
C$38.56M-14.95-1787.47%135.68%68.99%
41
Neutral
C$36.06M-2.2812.06%-52.13%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:YES
CHAR Technologies
0.29
0.09
50.00%
TSE:ECM
Ecolomondo Corporation
0.16
0.00
0.00%
TSE:CMC
Cielo Waste Solutions
0.07
-0.03
-30.00%
TSE:VTX
Vertex Resource Group Ltd.
0.18
-0.10
-36.36%
TSE:ROOF
Northstar Clean Technologies
0.22
-0.13
-38.03%
TSE:ANRG
Anaergia
2.18
1.04
91.23%

CHAR Technologies Corporate Events

Business Operations and Strategy
CHAR Technologies Starts Commissioning First Commercial Thorold Renewable Energy Plant
Positive
Jan 29, 2026

CHAR Technologies has begun commissioning its Thorold Renewable Energy Facility in Ontario, its first commercial-scale plant for producing renewable energy and biocarbon. The staged start-up starts with feedstock receiving and handling ahead of bringing the high-temperature pyrolysis kiln online, with the company targeting a Phase 1 biocarbon production run-rate of 5,000 tonnes per year by the end of the first quarter of 2026. As systems are sequentially tested and integrated, CHAR expects production volumes to ramp up, establishing operating performance, throughput and product quality. Following completion of Phase 1, the company plans a Phase 2 expansion to install a second kiln, double biocarbon capacity, add methanation equipment to upgrade syngas into renewable natural gas, and build an on-site pipeline injection point, deepening its role in low-carbon fuel and industrial decarbonization markets. The Thorold facility is held in a limited partnership with the BMI Group, in which CHAR holds a 50% stake, positioning the company to generate recurring revenues from both biocarbon and future RNG output.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and Financing
CHAR Technologies Narrows Loss, Strengthens Balance Sheet as Biocarbon Projects Advance
Positive
Jan 28, 2026

CHAR Technologies reported fiscal 2025 results marked by a sharp improvement in its balance sheet and progress in commercializing its clean energy technologies, driven by the transition of its Thorold biocarbon project into a limited partnership. While annual revenue declined to $2.2 million, gross profit increased and a gain of more than $4 million from contributing assets to a joint venture helped narrow the company’s pre-tax loss, alongside a near $11 million reduction in liabilities and a significant increase in shareholders’ equity. Operationally, CHAR commenced commercial biocarbon production at Thorold, advanced its Espanola biocarbon project with a reaffirmed $10 million funding commitment from BMI Group, and completed a six-month demonstration in Baltimore of a high-temperature pyrolysis system for PFAS destruction and syngas generation, positioning the company at the forefront of emerging waste-to-energy and biosolids treatment markets. Subsequent to year-end, CHAR raised $1 million in a private placement to support working capital and its project pipeline and listed its shares on the Frankfurt Stock Exchange to broaden its investor base and improve visibility among European institutional and retail investors, reinforcing its growth strategy and international expansion ambitions.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
CHAR Technologies Wins C$10 Million BMI Backing for Large-Scale Espanola Biocarbon Plant
Positive
Jan 14, 2026

CHAR Technologies has secured a C$10 million commitment from The BMI Group to advance engineering and design work on the Espanola biocarbon project in Northern Ontario, a planned facility capable of producing up to 50,000 tonnes of low-carbon biocarbon annually—five times the capacity of the partners’ existing Thorold Renewable Energy Facility. Located at BMI’s newly acquired Bioveld North site, the project aims to convert local wood waste and forestry residuals into biocarbon and synthetic gas, leveraging legacy pulp-and-paper infrastructure to accelerate redevelopment, create long-term industrial employment, support sustainable forestry supply chains, and position the site as a clean-energy anchor in one of Canada’s key forestry regions.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
CHAR Technologies Advances First Commercial Projects and Secures Frankfurt Listing as It Enters 2026
Positive
Dec 31, 2025

CHAR Technologies has capped 2025 by advancing multiple commercial-scale clean energy projects and securing a listing on the Frankfurt Stock Exchange under ticker 68K, widening its access to European retail and institutional investors and enhancing trading visibility as it courts opportunities on the continent. Operationally, the company is set to begin commissioning its Thorold Renewable Energy Facility in January 2026 with initial biocarbon output of 5,000 tonnes per year, while progressing a second phase focused on renewable natural gas, reviewing data from its PFAS destruction demonstration in Baltimore to support future commercial deployments, and targeting a 2026 construction start at its Lake Nipigon project, where biomass is already being stockpiled. CHAR also deepened its strategic partnership with The BMI Group, which completed a $2 million equity investment and approximately $8 million toward Thorold, and the partners are now expanding collaboration to an Espanola clean-energy initiative, underscoring CHAR’s transition from development to commercial operations and its positioning as an emerging player in decarbonization and waste-to-energy infrastructure.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and Strategy
CHAR Technologies Advances Thorold Biocarbon Plant and Hires European IR Firm
Positive
Dec 24, 2025

CHAR Technologies reported construction progress at its Thorold Renewable Energy Facility in Ontario, with recent delivery and ongoing installation of key systems including the kiln’s thermal management unit, biochar cooling conveyors, a cooling system, dust collection equipment and a specialty air-lock conveyor as the project moves toward its first phase of commercial biocarbon production. In tandem, the company has hired Germany-focused Apaton Finance GmbH for a 10-week, EUR 46,000 investor relations mandate to boost market awareness through multilingual digital content and distribution, aiming to broaden its European investor base and enhance visibility as it builds out its low-carbon energy infrastructure.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Private Placements and Financing
CHAR Technologies Reprices Fully Subscribed Private Placement
Positive
Dec 16, 2025

CHAR Technologies has announced a repricing of its previously announced private placement, now offering up to 4,550,000 units at $CDN 0.22 per unit, aiming to raise approximately $CDN 1 million. The decision follows a positive market response to a recent government grant. The offering remains fully subscribed with institutional investors, and the proceeds will support the company’s project pipeline and capital advisory services, enhancing its position in the sustainable energy sector.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Private Placements and Financing
CHAR Technologies Closes Fully Subscribed $1 Million Private Placement
Positive
Dec 12, 2025

CHAR Technologies Ltd. has successfully closed the order book on its non-brokered private placement, raising $1 million CAD through the sale of 5,000,000 units. The proceeds will be used for general working capital, ongoing project development, and investor relations services. This move is expected to support the company’s project pipeline and strengthen its position in the sustainable energy sector.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Private Placements and Financing
CHAR Technologies Announces C$1M Private Placement to Boost Sustainable Energy Projects
Positive
Dec 11, 2025

CHAR Technologies Ltd. announced a non-brokered private placement of up to 5,000,000 units at CDN$0.20 per unit, aiming to raise CDN$1,000,000. The proceeds will support general working capital, project development, and investor relations services, enhancing CHAR’s project pipeline and market positioning in sustainable energy solutions.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
CHAR Technologies Secures $2.25 Million Grant to Boost Biocarbon Pellet Production
Positive
Dec 10, 2025

CHAR Technologies Ltd. has been awarded a $2.25 million grant from the Ontario government to support the commercialization of biocarbon pellets at its Thorold Renewable Energy Facility. This funding will enhance the production capabilities of biocarbon pellets, which serve as a renewable alternative to fossil carbon in steelmaking and other industrial applications. The investment not only strengthens the market for forest biomass and supports local jobs but also positions CHAR Tech to expand its market reach to European countries, aligning with the increasing demand for low-carbon industrial fuels.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
CHAR Technologies Advances Thorold Facility with Kiln Installation
Positive
Dec 4, 2025

CHAR Technologies Ltd. has announced the commencement of kiln installation at its Thorold Renewable Energy Facility, marking a significant milestone in the construction of Phase 1. This phase aims to convert 35,000 tonnes of wood waste annually into over 5,000 tonnes of biocarbon, primarily for use by ArcelorMittal Dofasco under an existing agreement. The project is on schedule for commercial biocarbon production by January 2026. Following Phase 1, CHAR plans to double production capacity and enhance its facility with additional equipment to produce Renewable Natural Gas, with full-scale operations expected in 2026.

The most recent analyst rating on (TSE:YES) stock is a Buy with a C$0.55 price target. To see the full list of analyst forecasts on CHAR Technologies stock, see the TSE:YES Stock Forecast page.

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 31, 2026