TSXV: YES | OTC: CTRNF | FSE: 68K
CHAR Technologies Ltd.
Sector: Industrials / Cleantech | Industry: Waste Management / Renewable Energy
As of: June 8, 2026, ~3:51 PM ET | Market: TSXV CLOSED
In focus: CHAR Tech is at first commercial production at Thorold (Q2 2026 target), just closed the Elkem Saguenay biocarbon facility acquisition, and holds an Elkem offtake for 62,500 tonnes over five years. The stock is approaching a multi-month high while a key earnings date on June 3/August 27, 2026 will be the first read-through of actual production revenue.
Log
TSXV:YES | June 8, 2026 ~15:55 ET
| Source | Result | Data Captured |
| [1] Price & Volume: stockanalysis.com, Yahoo Finance | PARTIAL | Price $0.28 CAD (Jun 8 live), 52-week range, mkt cap, avg vol. Yahoo last close $0.31 (May 15). Delayed price on SA. |
| [2] Fundamentals: stockanalysis.com/financials + balance-sheet | SUCCESS | Full income statement TTM + FY2025, balance sheet TTM/FY2025, cash flow, margins, shares outstanding. |
| [3] Ownership & Short Interest: stockanalysis.com/statistics, Yahoo Finance | PARTIAL | Insider ownership 21.17%, float 108.74M, shares outstanding 150.73M. Short interest: N/A. Institutional: N/A. |
| [4] Insider Transactions: openinsider.com (blocked), web search | PARTIAL | March 2026 PP included insiders and directors. Bioveld Canada (BMI Group) 50% subscriber. No SEDI transaction detail obtained. |
| [5] Technicals: stockanalysis.com/statistics | PARTIAL | 50-DMA $0.29, 200-DMA $0.26, RSI 44.48, Beta 0.53. ATR not published; 52-week range $0.165-$0.35. |
| [6] Options Surface: Yahoo Finance, UnusualWhales | MISSING | TSXV-listed micro-cap. No exchange-traded options confirmed available. |
| [7] News & Catalysts: stockanalysis.com, press releases, SEDAR+ context | SUCCESS | Full news flow: Thorold commissioning (Mar 23), Elkem acquisition closed (Apr 20), Saguenay update (May 4), GazoTech EU license (Feb 4), Private placement closed $4.0M (Mar 19). |
| [8] Analyst Ratings: Yahoo Finance, StockInvest | PARTIAL | Yahoo consensus: Strong Buy, 1 analyst, price target $0.55 CAD. SimplyWallSt: analyst forecast revenue +65% p.a. Paradigm Capital mentioned but specific targets unconfirmed. |
| [9] Social Sentiment: StockTwits, web search | MISSING | No StockTwits scrape obtained. General retail tone from news context: cautiously constructive, commissioning-focused. |
| [10] Short Interest & Borrow: Fintel (blocked), ORTEX (partial) | MISSING | Short % of float: N/A. Borrow fee: N/A. ORTEX shows data only for subscribers. |
Current State
| Metric | Value | Freshness |
| Price (CAD) | $0.28 (+1.82% on day) | [PARTIAL] – SA delayed, last confirmed close $0.31 May 15 |
| Volume (day) | Not captured (trading day) | [MISSING] |
| Avg Volume (20-day) | 116,119 shares | [FRESH] |
| 52-Week Range | $0.165 – $0.350 CAD | [FRESH] |
| Current vs 52w Low | +70% above 52w low | [FRESH] |
| Market Cap | CAD $41.45M | [FRESH] |
| Float | 108.74M shares | [FRESH] |
| Shares Outstanding | 150.73M | [FRESH] |
| SSR Active | Unknown (TSXV) | [MISSING] |
| Beta | 0.53 (5Y) | [FRESH] |
Tape Read:
Price is up 70% from the 52-week low of $0.165 and trading near $0.28-$0.31, just below the 52-week high of $0.35. The stock has been in a steady uptrend since a March 9 pivot low, driven by a sequence of catalysts: private placement at $0.235, Elkem acquisition close, and Thorold commissioning updates. Volume at ~116K shares/day is thin for a micro-cap, meaning relatively small flows can move the price materially. The stock is consolidating just below its 52-week high, which is the dominant overhead level to watch.
Fundamentals
| Metric | TTM (Mar 26) | FY 2025 | FY 2024 | Freshness |
| Revenue (CAD M) | $2.37M | $2.20M | $3.16M | [FRESH] |
| Revenue Growth YoY | -16.3% | -30.6% | +58.1% | [FRESH] |
| Gross Profit (CAD M) | $0.81M | $0.85M | $0.63M | [FRESH] |
| Gross Margin | 34.1% | 38.7% | 20.0% | [FRESH] |
| Operating Income (CAD M) | -$5.11M | -$6.18M | -$8.12M | [FRESH] |
| Net Income (CAD M) | -$0.29M | -$1.12M | -$7.52M | [FRESH] |
| EPS (Diluted, CAD) | -$0.00 | -$0.01 | -$0.07 | [FRESH] |
| Free Cash Flow (CAD M) | -$5.71M (TTM Mar 26) | -$6.70M | -$7.44M | [FRESH] |
| EBITDA (CAD M) | -$3.80M | -$4.86M | -$7.02M | [FRESH] |
| Q1 FY2026 Revenue | CAD $604.6K (+49% YoY) | N/A | N/A | [FRESH] |
| Q1 FY2026 EPS Beat/Miss | +60.5% beat vs est. | N/A | N/A | [FRESH] |
Balance Sheet (TTM Mar 2026, CAD):
| Balance Sheet Item | TTM Mar 2026 | FY 2025 |
| Cash & Equivalents | CAD $782,551 | CAD $450K |
| Total Debt | CAD $700,663 | CAD $360K |
| Net Cash | CAD +$81,888 (near zero) | CAD +$90K |
| Shareholders’ Equity | CAD $7.62M | CAD $4.90M |
| Total Assets | CAD $11.53M | CAD $8.89M |
| Current Ratio | 1.06 | ~0.67 (est.) |
| Working Capital | CAD $196,924 | Negative |
Valuation Multiples:
| Metric | Value |
| P/S (TTM) | 17.5x [FRESH] |
| P/B | 5.44x [FRESH] |
| EV/Sales | 17.5x [FRESH] |
| P/E | N/A (loss-making) [FRESH] |
| EV/EBITDA | N/A (negative EBITDA) [FRESH] |
| Piotroski F-Score | 3/9 [FRESH] |
Dilution Watch:
Active dilution is significant. March 2026: 17,055,585 units issued at $0.235 CAD (one common share + half-warrant) for gross proceeds of CAD $4,008,062. Each full warrant exercisable at $0.35 CAD for 24 months from closing (expiry approx. March 2028). This adds up to ~8.5M potential additional shares from the March PP warrants alone. In connection with the April 2026 Elkem acquisition, CHAR entered a CAD $3.5M term loan with Bioveld Canada (BMI subsidiary) and issued 2M share purchase warrants to the lender. Shares outstanding grew 30.80% YoY and 20.68% over the TTM period — steady equity financing is the mode here, not debt. No ATM program found, but the serial private placement cadence (Dec 2025, March 2026, Elkem loan warrants April 2026) tells you ongoing dilution is structural, not episodic. [FRESH from press releases]
Fundamentals Read:
This is pre-revenue-ramp story, full stop. TTM revenue of $2.37M against a $41M market cap at 17.5x P/S only makes sense if you believe the Thorold Phase 1 facility starts generating biocarbon sales in H2 2026 and scales rapidly. The near-net-zero cash position ($82K net) is the single biggest structural risk — there’s no buffer for a commissioning delay without another equity raise. The positive sign is that the loss trajectory is improving sharply: Q1 FY2026 EPS was -$0.008 vs. -$0.016 a year ago, and Q1 revenue was up 49% YoY to $604K. If Thorold hits 5,000 tonnes/year at any reasonable biocarbon price (mid-$100s CAD/tonne is typical for metallurgical-grade biocarbon), you’re looking at $500K-$750K quarterly incremental revenue from that facility alone. That still doesn’t justify the current multiple on a DCF basis — you’re paying for a pipeline story that includes the $130M revenue claim from management’s four-project outlook.
Positioning & Ownership
| Metric | Value | Freshness |
| Short Interest (% float) | N/A | [MISSING] |
| Borrow Fee | N/A | [MISSING] |
| Institutional Ownership (%) | N/A (not reported) | [MISSING] |
| Insider Ownership (%) | 21.17% | [FRESH] |
| Float | 108.74M shares | [FRESH] |
| Shares Outstanding | 150.73M | [FRESH] |
| BMI Group / Bioveld Canada | 10M+ shares + 50% of March PP + loan warrants | [FRESH] |
Insider Activity (Last 90 Days):
SEDI transaction details were not obtained. However, from disclosed press releases: the March 2026 private placement was partially subscribed by existing shareholders, current and former directors, and executive officers. BMI Group (through Bioveld Canada and BMI Industrial) was the largest identified strategic investor, taking 50% of the initial $2M tranche and participating again in the upsized $4M offering. The Elkem acquisition loan (CAD $3.5M from Bioveld Canada) also came with 2M warrants to the lender, which is related-party territory given BMI’s position. No open-market insider buys or sells in the traditional SEDI sense were captured. [PARTIAL]
Positioning Read:
With 21.17% insider ownership and BMI Group holding a large strategic stake (10M+ shares plus warrants from multiple rounds), there’s meaningful aligned-interest holding in the float. The fact that BMI Group both co-owns Thorold (as a 50% LP) and provides the acquisition financing is a double-edged structure: it demonstrates conviction, but it also concentrates power in one related party whose interests may diverge from retail shareholders if the project hits cost overruns. Short interest data being entirely unavailable removes a key squeeze or pressure signal. The stock’s thin float (108M shares active) means any concentrated buying or selling will show up disproportionately in the price.
Technicals
| Indicator | Value | Freshness |
| Price (Jun 8, 2026) | CAD $0.28 | [PARTIAL – delayed] |
| 50-Day Moving Average | CAD $0.29 | [FRESH] |
| 200-Day Moving Average | CAD $0.26 | [FRESH] |
| RSI (14-day) | 44.48 (neutral, leaning soft) | [FRESH] |
| ATR (14-day) | [MISSING] – 52w range ~$0.185; daily swings typically $0.01-$0.02 | [EST] |
| Beta (5Y) | 0.53 | [FRESH] |
| 52-Week Range | $0.165 – $0.350 CAD | [FRESH] |
| 52-Week Price Change | +21.74% | [FRESH] |
| Key Support | $0.235 (March PP price) / $0.26 (200-DMA) | [EST] |
| Key Resistance | $0.35 (52-week high / warrant strike) | [EST] |
| Open Gaps | [MISSING] – no detailed chart data | [MISSING] |
| Chart Structure | Recovery / consolidation below 52w high | [EST from price context] |
Technicals Read:
Price is sandwiched between the 200-DMA at $0.26 (support) and the 50-DMA at $0.29, currently sitting just below the 50-DMA. The RSI of 44 suggests the stock is neither oversold nor has momentum behind it right now — it’s in a cooling period after a strong run from the March low near $0.19. The 52-week high of $0.35 is also the exact warrant strike price from the March PP, which creates a natural ceiling: if price touches $0.35, PP warrant holders have an incentive to sell the shares and exercise into new ones. Below $0.26 (200-DMA) is where the bull structure starts to break. A confirmed close above $0.31 on volume would put $0.35 back in play.
Catalyst Map
| Catalyst | Date / Window | Type | Source | Freshness |
| Thorold Phase 1 first commercial production revenue | Q2 2026 (Apr-Jun) | Operational | CHAR PR Mar 23 | [FRESH] |
| Quarterly earnings / first Thorold revenue disclosure | Jun 3 / Aug 27, 2026 | Earnings | StockEvents | [FRESH] |
| Elkem Saguenay facility ramp-up and production commencement | H2 2026 | Operational | CHAR PR Apr 20 | [FRESH] |
| Thorold Phase 2 construction decision (2nd kiln + RNG pipeline) | Post Phase 1 commissioning | Expansion | CHAR PR Mar 23 | [FRESH] |
| GazoTech Europe: equipment delivery / licence fee trigger | TBD / project-by-project | License revenue | CHAR PR Feb 4 | [FRESH] |
| Espanola 50,000 tonne project: $10M BMI commitment, engineering study | Engineering ongoing | Development | CHAR PR Jan 14 | [FRESH] |
| ArcelorMittal biocarbon offtake execution / first delivery | [MISSING – not confirmed in this session] | Offtake | [MISSING] | [MISSING] |
| Potential further PP / warrant exercise as price approaches $0.35 | Rolling | Dilution risk | PP terms | [FRESH] |
| TSXV AGM 2026 | Jun-Jul 2026 (announced Apr 9) | Corporate | CHAR PR Apr 9 | [FRESH] |
Macro Overlay:
Carbon markets and heavy industry decarbonization mandates are the macro tailwind. Canadian carbon pricing ($65/tonne CO2 in 2026, scheduled to increase) creates direct economic incentive for steel and silicon producers using CHAR’s biocarbon. No specific Fed/BoC dates create near-term catalyst, but any policy shifts on carbon pricing or cleantech incentives (particularly in Ontario and Quebec) would directly affect project economics. The EU market entry through GazoTech aligns with European carbon border adjustment mechanisms (CBAM) taking full effect, which increases biocarbon value in that market.
Catalyst Read:
The next 60 days are the highest-density catalyst window this stock has seen. Thorold Phase 1 was targeting commercial production ramp by end of Q2 (June 2026). If the June 3 earnings date produces actual biocarbon sales, this stock re-rates on fundamentals rather than just narrative. The challenge is that the story has already moved from $0.19 to $0.31 in 90 days. Most good news is priced in at current levels. A delay in Thorold achieving sustained output, or weak earnings showing no product revenue, would reset the technical support to the $0.235 PP price, which is the most logical institutional cost basis.
Flow & Sentiment
| Metric | Detail | Freshness |
| Options Flow | N/A – no exchange-traded options on TSXV micro-cap | [MISSING] |
| Put/Call Ratio | N/A | [MISSING] |
| Dark Pool Prints | Not captured | [MISSING] |
| Retail Sentiment (StockTwits) | Not scraped | [MISSING] |
| Retail Sentiment (Web context) | Constructive bias. Multiple investor-focused press releases, Frankfurt listing, investor update calls. Marketing campaign (OTBC, 6 months at $150K) initiated Mar 15. | [EST] |
| Volume Context | ~116K shares/day avg. Low absolute volume. Institutional ownership unknown. Predominantly retail and strategic holders. | [FRESH] |
Flow Read:
Without options or confirmed short data, there’s no conventional smart-money signal to read here. What’s telling is the organic sequence: management raised $4M at $0.235 in March, closed an acquisition in April, and then launched a paid IR campaign with OTBC (a well-known small-cap IR firm) at $150K for six months starting March 15. This is a deliberate profile-raising effort ahead of what they expect to be a transformative production milestone. The stock’s move from $0.19 to $0.31 since the March PP has outpaced peers in Canadian cleantech. Whether that’s legitimate accumulation or IR-driven retail momentum is the question the next earnings report will answer.
Thesis Stress Test
Bull Case Requires:
- Thorold Phase 1 achieves sustained commercial production in Q2/Q3 2026, generating first recognized biocarbon product revenue (target: 5,000 tpy at ~CAD $100-150/tonne = CAD $500K-750K/quarter contribution from Thorold alone)
- Saguenay facility ramps up after Elkem acquisition and the existing offtake contract (12,500 tpy at market pricing) generates meaningful cash within 12 months
- GazoTech licence fee is triggered by equipment delivery, demonstrating the asset-light royalty model works
- The company can fund ongoing operations through project-level equity (BMI Group) and government grants without another highly dilutive public offering below $0.30
- Revenue reaches analyst estimates of $5M+ for FY2026, bringing the P/S multiple down to ~8x from current 17.5x — a level at which $0.35+ is justifiable
Bull Case Dies If:
- Thorold commissioning is delayed beyond Q3 2026 and earnings show zero product revenue, triggering a re-rate back toward the $0.235 PP price (a -16% move from current)
- Cash position (currently barely positive at $82K net) forces another dilutive equity raise below $0.28, resetting the cost basis and pressuring longs who bought in the $0.25-$0.30 range
Bear Case Requires:
- Persistent production failures at Thorold (a first-of-kind HTP system — this is not a proven commodity production facility, it’s proprietary technology), extended commissioning timelines, and continued negative FCF with no clear path to cash generation
- Macro deterioration in Canadian carbon pricing or steel/silicon producer capex cuts that reduce the urgency of decarbonization for CHAR’s customer base
Bear Case Dies If:
- Q2/Q3 earnings confirm Thorold and Saguenay are both generating product revenue, validating the operational thesis and removing the ‘pre-revenue story’ discount
Base Case (30-90 Day):
The stock consolidates in the $0.26-$0.32 range through mid-June as the market waits for the next tangible update. The June 3 earnings date was either just passed or coming up (the data conflicts slightly between sources showing June 3 vs. August 27 as next date — [PARTIAL] on this). Assuming it already happened without major revenue disclosure, the next hard catalyst is an update confirming first Thorold biocarbon sales or the August 27 full earnings release. Absent a surprise press release on production commencement, the stock drifts sideways between its 200-DMA ($0.26) and its PP support ($0.235). Any confirmed production milestone PR sends it back toward $0.35. A negative surprise (delay or another equity raise below $0.26) puts $0.20 back in play.
Risk/Reward POV
The reward here is real but highly binary. If Thorold delivers commercial biocarbon production in Q2-Q3 2026 — which management has explicitly guided to — the stock likely retests $0.35 and breaks through toward $0.45-$0.55 (the analyst target range) over the next 3-6 months as the revenue ramp de-risks the story. That’s a 25-100% return from current levels. The risk is equally concrete: cash is nearly zero ($82K net), the stock is already up 70%+ from its 52-week low, and it trades at 17.5x P/S on a company burning $6M+ per year in FCF. The $0.235 PP price is the floor set by institutional cost basis — below that you’re in real trouble. A Thorold delay plus a sub-$0.235 equity raise is the scenario that sends this to $0.15. The current setup is asymmetric only if you believe the technology actually works at commercial scale, and right now that’s still the question. Thin volume means liquidity risk is real on the way out if the story breaks.
Entry & Exit Plan
Sized for: Swing Trade / Multi-Month Position. Adjust to your own risk tolerance.
Currency: All prices CAD. This is a TSXV-listed stock — Canadian account or ECN access required.
| Element | Level (CAD) | Logic |
| Entry Trigger (Preferred) | $0.265 – $0.27 | Pullback to 200-DMA zone. Better risk/reward than chasing $0.28-$0.30. Requires no fundamental news deterioration. |
| Entry Trigger (Momentum) | $0.315 on volume | Breakout above the prior closing high area. Only valid with volume 2x+ the 20-day average confirming institutional participation, not just retail. |
| Soft Stop | $0.245 | Below March PP investor cost basis ($0.235 + $0.01 buffer). If price trades here, the PP subscribers are underwater and further distribution likely. |
| Hard Stop | $0.22 | Thesis invalidation. Below pre-PP trading range. If the company is here, something has gone wrong with either production or financing. |
| Target 1 | $0.33 – $0.35 | 52-week high / warrant strike zone. First resistance. Take partial (50%) here. |
| Target 2 | $0.45 – $0.55 | Analyst price target range. Requires confirmed production revenue and revenue trajectory toward $5M+ FY2026. Run remainder post-T1. |
| Time Horizon | 3-6 months | Key catalysts: earnings (Aug 27), first production PR (could be any week now), Saguenay ramp update. |
Entry sizing note: If volume is below 50% of the 20-day average (58K), halve size. Short interest data is [MISSING] — unknown squeeze potential is a two-way risk, reduce size accordingly. No options available on this name, so no hedge structures apply. Given the thin float and micro-cap classification, limit order only — no market orders.
Risk Register
| Risk | Severity | Likelihood | Trigger / Watch Item |
| Thorold commissioning delay / failure | CRITICAL | MEDIUM | No production PR by end of June 2026. Watch for any commissioning update with language about “additional integration time.” |
| Cash shortfall / emergency equity raise below $0.26 | HIGH | MEDIUM-HIGH | Net cash of $82K with $6M annual FCF burn. Any delay at Thorold means another PP is coming. PP at a price below current is a hard negative catalyst. |
| Dilution from existing warrants (March PP: ~8.5M warrants at $0.35; Elkem loan: 2M warrants) | MEDIUM | HIGH | Monitor price approaching $0.35. Warrant holders will sell stock to finance exercise, creating structural resistance at that level. |
| Technology / operational risk (first-of-kind HTP at commercial scale) | HIGH | MEDIUM | Proprietary pyrolysis at 5,000 tpy is unproven at scale. Any production yield, quality, or downtime issues would be material. No independent third-party production verification obtained. |
| Related-party concentration (BMI Group / Bioveld Canada) | MEDIUM | MEDIUM | BMI is the LP partner, major equity investor, and now the term loan lender. They have priority claims and governance influence. If BMI’s interests diverge from retail shareholders, minority holders have limited recourse. |
| Liquidity gap / exit risk | MEDIUM | HIGH | 116K shares/day avg volume. A $50K position in this stock is already ~5% of daily turnover. Plan exit before entering. |
| Macro risk-off / carbon policy reversal | LOW-MEDIUM | LOW | Canadian carbon pricing policy is locked in by federal legislation. A change of government at the provincial level (Ontario) could affect grant funding but not the federal carbon floor. |
| Offtake customer concentration (Elkem is both supplier and offtaker post-acquisition) | MEDIUM | MEDIUM | Elkem is simultaneously an offtake partner and the entity that sold CHAR the Saguenay facility. A deterioration in Elkem’s own financial position or strategic pivot would be a double hit. |
Data Gaps Summary
All [MISSING] items from this report are consolidated below. These represent areas where the analysis is incomplete and where additional diligence should be conducted before trading decisions are made.
| Tag | Missing Data Point |
| [MISSING] | Short interest (% of float). ORTEX and Fintel both require login. Unknown squeeze potential is a material two-way risk given the thin float. |
| [MISSING] | Borrow fee. Cannot assess cost of carry for short sellers or squeeze severity without this. |
| [MISSING] | Institutional ownership breakdown. No 13F equivalent (Canadian NI 62-103 material change reports) detail was obtained. |
| [MISSING] | SEDI insider transaction data (Canadian insider reporting system). Specific open-market buys/sells by named insiders not captured. |
| [MISSING] | Options data. No exchange-traded options exist for this TSXV name. No alternative derivative exposure tracking available. |
| [MISSING] | StockTwits / Reddit retail sentiment detail. Anecdotal context only. |
| [MISSING] | Real-time volume for June 8, 2026 trading session. Price captured as delayed. |
| [MISSING] | ATR (14-day). Estimated from daily range context at approx. $0.01-$0.02 but not confirmed. |
| [MISSING] | ArcelorMittal offtake agreement details. Multiple sources reference this as a key partner but specific terms and timeline were not confirmed in this session. |
| [MISSING] | Clarification on next earnings date. Sources conflict between June 3, 2026 (already passed) and August 27, 2026. If June 3 results have been published, they were not obtained in this scrape. |
| [PARTIAL] | Price data. Most recent live price $0.28 CAD on StockAnalysis (delayed Jun 8), with Yahoo Finance showing $0.31 as of May 15 close. Exact current price requires direct TSXV quote. |
Not financial advice. DYOR. All data sourced via live API calls — see timestamps above. This report covers TSXV:YES (CAD). Currency risk applies for USD-based accounts.