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Verde Resources Inc (VRDR-3.47%). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details the company's operations, focusing on its transition to green technology and sustainable building materials. The company operates through its subsidiary, Verde Renewables Inc., and has been developing its Biochar-Asphalt technology.
Verde Resources reported a net loss of $2,694,329 for the three months ended December 31, 2024, compared to a net loss of $526,338 for the same period in 2023. The increase in net loss is attributed to a special bonus paid to the CEO and increased consultancy fees.
Revenue for the three months ended December 31, 2024, was $2,423, a decrease from $5,192 in the previous year. The decrease is due to the cessation of operations in the production and distribution of renewable commodities.
Selling, general, and administrative expenses increased to $2,383,949 from $523,588 in the previous year, primarily due to a $1.25 million bonus to the CEO and increased share-based compensation expenses.
The company has been focusing on its Biochar-Asphalt technology, which aims to enhance sustainability in road construction. The technology was successfully demonstrated at the NCAT Test Track in December 2024.
Verde Resources has entered into several strategic partnerships and agreements, including with CRH Ventures and C-Twelve Pty Ltd, to commercialize its technology and expand its market reach.
The company has also engaged AUM Media Inc. to assist with preparations for an equity raise and a planned uplisting to NASDAQ.
Verde Resources continues to focus on its sustainability initiatives and aims to generate revenue through carbon removal credits and licensing agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Verde Resources Inc quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.