- Kadestone Capital (TSXV: KDSX, OTCQB: KDCCF) reported a net loss of $4.65 million for 2024, compared to $1.79 million in 2023.
- Operating cash burn rose to $5.01 million in 2024, doubling from $2.38 million in the prior year.
- The company amended a $10 million term loan to $10.97 million and fully settled a convertible note valued at $5.74 million.
Kadestone Capital Corp. (TSXV: KDSX, OTCQB: KDCCF) announced its financial results for the fourth quarter and full year of 2024, reporting a significant increase in net loss to $4.65 million, or $0.10 per share, compared to $1.79 million, or $0.04 per share, in 2023.
The company experienced substantial increases in operating expenses, with major expenditures including salaries totaling $1.63 million, consulting fees of $1.56 million, interest expenses amounting to $1.36 million, and professional fees of $0.56 million. This rise in costs was partially offset by income from associates, which generated $0.83 million, and mortgage fund investments providing an additional $0.33 million.
Net cash used in operations more than doubled, reaching $5.01 million in 2024, up from $2.38 million the previous year. This surge indicates increased operational spending over the period.
Kadestone took significant financial steps during the year by amending its term loan from $10 million to $10.97 million and settling a convertible note in the aggregate amount of $5.74 million, marking the full repayment of both principal and accrued interest.
