TORONTO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") today reported its financial results for the three and six months ended June 30, 2024. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live webcast and audio call at 10:00 a.m. ET on Tuesday, August 13, 2024. Carbon Streaming interim CEO Christian Milau stated: "In the second quarter of 2024, Carbon Streaming continued its focus on cash flow optimization and working towards breakeven on an operating cash flow basis, which could be achieved in 2025 depending on carbon market conditions. The recent changes in senior management and the Board, as well as the termination of consulting contracts and certain other costs, are expected to decrease ongoing operating expenses by over $1 million per year. As we progress into the second half of 2024, we remain dedicated to generating cash flows from credit sales, identifying further cost saving opportunities, and optimizing our portfolio to improve economics. We are pleased to have received over half a million dollars in stream and royalty proceeds in the quarter and almost $1 million in the year to date. We are optimistic about the increasing carbon credit profile over the next six to 18 months. And at Rimba Raya we are continuing to work with local partners to try and find a negotiated solution, as well as to protect our investment and enforce our rights." Second Quarter Highlights Ended the quarter with $43.5 million in cash and no corporate debt. Continued the previously-announced corporate restructuring plan, with recent actions expected to further cut ongoing operating expenses by over $1 million per year. Generated $0.5 million in settlements from carbon credit streaming and royalty agreements (settlements of $38 thousand in Q2 2023). Recognized net loss of $2.8 million (net loss of $9.2 million in Q2 2023). Adjusted net loss was $1.7 million (adjusted net loss of $0.8 million in Q2 2023) (see the "Non-IFRS Measures" section of this news release). Operating loss of $3.0 million (operating loss of $14.8 million in Q2 2023). Paid $4.4 million in upfront deposits for carbon credit streaming and royalty agreements (paid $3.4 million in upfront deposits in Q2 2023). Financial Highlights Summary (Dollar figures expressed in USD thousands) Three months ended June 30, 2024 Three months ended June 30, 2023 Six months ended June 30, 2024 Six months ended June 30, 2023 Carbon credit streaming and royalty agreements         Revaluation of carbon credit streaming and royalty agreements $ (129)   $ (11,448)   $ (33,265)   $ (10,737)   Settlements from carbon credit streaming and royalty agreements1   507     38     913     42   Purchased carbon credits         Revenue from sale of purchased carbon credits $ 54   $ 44   $ 542   $ 65   Number of purchased carbon credits sold (carbon credits)2   7,882     6,646     101,654     9,142   Average realized price per purchased carbon credit sold ($/carbon credit)   6.85     6.60     5.33     7.11   Cost per purchased carbon credit sold ($/carbon credit)   4.00     5.00     4.24     5.00   Other financial highlights         Other operating expenses   2,918     3,330     6,627     6,735   Operating loss   (3,025)     (14,768)     (39,781)     (17,453)   Net loss   (2,772)     (9,155)     (38,543)     (10,127)   Loss per share (Basic and Diluted) ($/share)   (0.06)     (0.19)     (0.81)     (0.22)   Adjusted net loss3   (1,650)     (798)     (3,246)     (3,662)   Adjusted net loss per share (Basic and Diluted) ($/share)3   (0.03)     (0.02)     (0.07)     (0.08)   Statement of financial position         Cash4   43,458     59,399     43,458     59,399   Carbon credit streaming and royalty agreements4   31,371     78,165