TORONTO, May 15, 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 months ended March 31, 2024. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Friday, May 17, 2024. Carbon Streaming CEO Justin Cochrane stated: "In the first quarter of 2024, Carbon Streaming continued its focus on enhancing operational efficiency, resulting in improvements to operating cash flow compared to the comparative quarter. We remain dedicated to generating cash flows from sales and identifying further cost-saving measures going forward. Regarding the revocation of the concession license at the Rimba Raya project, we intend to evaluate all legal avenues to protect our investment and enforce our rights. Additionally, moving into 2024, our priority is ramping up credit issuance and sales, safeguarding our strong, debt-free balance sheet and pursuing strategic initiatives while providing support to our project partners." Quarterly Highlights Recognized a loss on revaluation of carbon credit streaming and royalty agreements of $33.1 million for the three months ended March 31, 2024 (three months ended March 31, 2023 - gain of $0.7 million). The current period loss on revaluation was primarily related to the write-down of the value of the Rimba Raya Stream to $nil. Ended the year with $49.0 million in cash and no corporate debt. Continued the previously-announced corporate restructuring plan focused on cash flow optimization, including reducing operating expenses and reviewing existing streams and royalties, resulting in reduced ongoing operating expenses and a $1.4 million restructuring charge for the three months ended March 31, 2024 (three months ended March 31, 2023 - $nil). Generated $0.4 million in settlements from carbon credit streaming and royalty agreements for the three months ended March 31, 2024 (three months ended March 31, 2023 - $4 thousand). Recognized net loss of $35.8 million for the three months ended March 31, 2024 (three months ended March 31, 2023 - net loss of $1.0 million). Adjusted net loss of $1.6 million for the three months ended March 31, 2024 (three months ended March 31, 2023 - adjusted net loss of $2.9 million) (see the "Non-IFRS Measures" section of this news release). Operating loss of $36.8 million for the three months ended March 31, 2024 (three months ended March 31, 2023 - operating loss of $2.7 million). Paid $0.4 million in upfront deposits for carbon credit streaming and royalty agreements for the three months ended March 31, 2024 (three months ended March 31, 2023 – paid $1.5 million in upfront deposits for carbon credit streaming and royalty agreements). Financial Highlights Summary (Dollar figures expressed in USD thousands) Three monthsended March 31,2024 Three monthsended March 31,2023 Carbon credit streaming agreements     Revaluation of carbon credit streaming and royalty agreements $ (33,136 ) $ 711   Settlements from carbon credit streaming and royalty agreements1   406     4   Purchased carbon credits     Revenue from sale of purchased carbon credits $ 488   $ 21   Number of purchased carbon credits sold (carbon credits)2   93,772     2,496   Average realized price per purchased carbon credit sold ($/carbon credit)   5.20     8.46   Cost per purchased carbon credit sold ($/carbon credit)   4.26     5.00   Other financial highlights     Other operating expenses   3,709     3,405   Operating loss   (36,756 )   (2,685 ) Net loss   (35,771 )   (972 ) Loss per share (Basic and Diluted) ($/share)   (0.75 )   (0.02 ) Adjusted net loss3   (1,596 )   (2,864 ) Adjusted net loss per share (Basic and Diluted) ($/share)3   (0.03 )   (0.06 ) Statement of financial position     Cash4   49,008     65,756