Aduro Clean Technologies reports FY2026 results and business update

LONDON, Ontario, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc . (“ Aduro ” or the “ Company ”) (Nasdaq: ADUR ) (TSX: ACT ) (FSE: 9D5 ), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21 st century, has filed its audited consolidated financial results for the year ended May 31, 2026, and is pleased to provide the following highlights. Unless otherwise indicated, all financial information in this press release is reported in Canadian dollars.

“Fiscal 2026 marked an important transition in Aduro’s development,” said Ofer Vicus, Chief Executive Officer of Aduro. “We moved the Next Generation Process (“NGP”) Pilot Plant from construction and commissioning into structured operating campaigns, while advancing the First-of-a-Kind (“FOAK”) Program at Chemelot and establishing clearer commercial pathways through offtake, licensing and downstream validation. These workstreams are increasingly connected: pilot operations are generating the data required to refine process conditions and equipment choices, while engagement with commercial and engineering organizations is helping define product requirements, project configuration and potential market pathways.”

“Subsequent to year-end, the latest NGP operating campaign demonstrated steady-state operation and strong liquid hydrocarbon recovery, while additional programs with AstroTurf and ECOCE expanded our work on complex plastic waste streams. We also advanced the paraffinic crude program into continuous-flow development. Together, these activities reflect a disciplined, data-driven approach to building technical confidence and preparing Aduro for the next stage of scale-up.”

“Fiscal 2026 was a year of deliberate investment in pilot plant operations, engineering, technical personnel and project development,” said Mena Beshay, Chief Financial Officer of Aduro. “We allocated capital to these priorities while strengthening the Company’s access to capital and broadening our capital-markets presence through our listing on the Toronto Stock Exchange. We maintained financial discipline throughout the year, closing fiscal 2026 with a cash position of $38.3 million. Subsequent to year end, Aduro received approximately $31 million in gross proceeds from a U.S. public offering and a non-brokered private placement further strengthening the balance sheet and increasing the resources available to support FOAK design, engineering and construction, ongoing research and development, and working capital. As we enter fiscal 2027, our focus remains on disciplined deployment of capital against defined technical and project milestones.”

Fourth Quarter Fiscal 2026 – Financial Highlights (three and twelve months ended May 31, 2026)

Loss from operations was $12,433,092 for Q4 2026, compared to $3,716,774 for Q4 2025. Year-to-date loss for the twelve months ended May 31, 2026, was $26,849,013 compared to $12,145,790 for the twelve months ended May 31, 2025. This increase was primarily driven by higher non-cash share-based compensation and a non-cash loss resulting from the revaluation of the Company’s derivative financial liability. Additionally, research and development costs, technology scale-up activities, and other corporate expenses associated with the Company’s Nasdaq and TSX listing have also increased.

Excluding non-cash items and other income, adjusted EBITDA 1 was $(2,411,996) for Q4 2026, compared to $(2,691,266) for Q4 2025. Year-to-date adjusted EBITDA 1 for the twelve-months ended May 31, 2026, was $(10,737,869) compared to $(8,166,036) for the twelve-months ended May 31, 2025.

Quarterly revenue for Q4 2026 was nil compared to $74,670 in Q4 2025. Year-to-date revenue for the twelve-months ended May 31, 2026, was $167,206, a net decrease of 28% compared to $231,212 for the twelve-months ended May 31, 2025. The Company’s current revenue is earned through the completion of services under Customer Engagement Programs (“CEP”) for evaluation of the Company’s technology and collaboration work. This revenue is non-recurring and varies with the timing and scope of the evaluation projects. Quarter-over-quarter differences reflect the balance of the Company’s resources allocated between scale-up activities, ongoing technical analysis, and customer evaluation programs.

At May 31, 2026, the carrying cost of property, plant and equipment was $10 million compared to $5.1 million at May 31, 2025, representing an increase of $4.9 million. This increase was primarily driven by investment in the NGP Pilot Plant, FOAK industrial facility and associated laboratory and facility infrastructure.

The Company strengthened its cash position to $38.30 million as of May 31, 2026, compared to $6.96 million at May 31, 2025. This increase was primarily driven by two U.S. public offerings which generated net cash proceeds of approximately $39.95 million, partially offset by cash used in operating and investing activities during the year. Subsequent to May 31, 2026, Aduro received gross proceeds of US$15.64 million from a U.S. public offering, $9.16 million from a non-brokered private placement, and approximately $1.56 million from the exercise of options and warrants, further strengthening the Company’s balance sheet.

Reconciliation of Adjusted EBITDA (Non-GAAP) to Loss from Operations (GAAP)

Explanations of Adjustments:

Share-based compensation: Non-cash expense for stock options and awards.

Change in fair value of derivative financial liability: Non-cash gain/loss from revaluation of financial instruments.

Depreciation & amortization: Non-cash charges related to property, plant, and equipment and intangible assets.

Other Income: Interest earned on cash deposits and other non-recurring income.

Selected Comparative Financial Information for the three and twelve months ended May 31, 2026

Fourth Quarter 2026 – Corporate Highlights and Subsequent Events

Offtake and Licensing Initiatives Advance Commercialization Program In March 2026, Aduro signed a non-binding Letter of Intent with a leading independent international commodities trading company to establish a Pilot-to-FOAK validation program for Hydrochemolytic™ oil.

The first phase is intended to evaluate product characteristics, reproducibility and alignment with downstream processing requirements using output from the NGP Pilot Plant. The second phase includes a commitment to purchase the initial production parcel from the FOAK Plant, subject to the terms and conditions of the program.

The engagement connects Pilot Plant product validation with an initial commercial pathway and is intended to support product-specification development, downstream customer qualification and market positioning for Hydrochemolytic™ oil.

MOU to Develop a Commercial Licence Package In March 2026, Aduro entered into a non-binding Memorandum of Understanding with a leading global engineering, procurement and construction (“GEPC”) organization to jointly develop a commercial licence package and pre-engineered plant concept for Hydrochemolytic™ Technology (HCT).

The GEPC is one of the top global engineering, procurement, and construction organizations and has extensive experience in designing and delivering complex process plants for energy and chemical sectors. Work under the MOU is expected to combine the Company’s chemistry and process know-how with the GEPC’s advanced engineering and project-delivery capabilities.

The work is intended to translate the technology into a repeatable project configuration that prospective licensees can evaluate for industrial deployment. Operating information from the NGP Pilot Plant and future operating experience from the FOAK Plant are expected to inform the engineering basis for the licence package.

Engagement of Water Tower Research In March 2026, the Company engaged Water Tower Research LLC , an institutional research and investor engagement firm, to provide comprehensive research coverage and strategic investor engagement services beginning April 1, 2026. The engagement is intended to enhance visibility within the institutional investment community by communicating the Company’s operating progress, FOAK development activities and commercialization initiatives to institutional and other investors.

Membership in Chemical Recycling Europe In March 2026, Aduro joined Chemical Recycling Europe (“CRE”), expanding its participation in European industry initiatives related to chemical recycling. CRE provides a forum for engagement on regulatory frameworks, certification systems, mass-balance accounting, and policy development that are relevant to the FOAK Program at Chemelot and the potential deployment of HCT in European circular-plastics value chains. The membership also supports Aduro’s participation in discussions surrounding emerging regulatory frameworks, including EU Packaging and Packaging Waste Regulation (“PPWR”).

Permitting Contract for FOAK Facility In April 2026, Aduro awarded Ebert HERA B.V. a contract to lead the permitting process for the FOAK Facility at Chemelot Industrial Park. Ebert HERA was selected based on its established role within the Chemelot ecosystem and experience coordinating permitting processes across multiple regulatory bodies in the Netherlands.

Under the contract, Ebert HERA will lead preparation and coordination of civil and environmental permit applications, safety, health and environmental assessments, and engagement with relevant regulatory agencies. The permitting scope is being developed to accommodate the initial FOAK Plant and potential future capacity expansion as part of the Company’s long-term plan to develop the broader FOAK Facility into a commercial-scale site.

Paraffinic Crude Development Expands Petroleum Applications In April 2026, Aduro reported bench-scale results extending the potential application of HCT to highly paraffinic crude oils. Testing of Uinta Basin yellow-wax and black-wax feedstocks demonstrated reduced wax content and production of a lighter crude that remained stable at ambient conditions at the bench scale.

The Company filed a continuation-in-part patent application with the United States Patent and Trademark Office in connection with this development. The work established a technical basis for further evaluation of HCT across a broader range of paraffinic crude feedstocks and operating conditions.

In May 2026, Aduro appointed industry veteran Scott Smith , M.A.Sc., P.Eng., as Program Director, Petroleum Technology Solutions. Mr. Smith was engaged to advance HCT applications for bitumen and paraffinic crude upgrading, including potential integration approaches, test campaigns and scale-up pathways.

Aduro also joined the Utah Petroleum Association , expanding engagement with producers, refiners, midstream operators and service providers active in the Uinta Basin. The membership provides a forum to evaluate operating requirements, integration considerations and potential industry collaboration as the paraffinic crude program advances from laboratory validation toward structured pilot-scale engagement with industry.

Toronto Stock Exchange Listing In May 2026, Aduro received final approval to list its common shares on the Toronto Stock Exchange under the symbol “ ACT ”. Trading commenced on May 27, 2026, replacing the Company’s listing on the Canadian Securities Exchange. Aduro common shares continued to trade on the Nasdaq Capital Market under the symbol “ ADUR ” and the Frankfurt Stock Exchange under the symbol “ 9D5 ”.

Technical, Industry and Investor Engagement During the fourth quarter, Aduro continued its technical, industry, policy and investor engagement across North America, Europe, Asia and Latin America.

Activities included investor events hosted by ROTH Capital Partners, Lytham Partners, Gabelli Funds, Water Tower Research, D. Boral Capital and LD Micro, as well as industry participation at Residuos Expo, AMI Chemical Recycling North America, Alberta Circular Plastics Day, the Cleantech Outreach Program to South Korea, GO CIRCULAR, ECOMONDO Mexico, Plastics Recycling Show Europe, Plastic Recycling LATAM, Alberta Chemistry and Plastics Day and the CIAC Queen’s Park Advocacy Day. These activities supported engagement with recyclers, waste-management organizations, resin and petrochemical producers, brand owners, policymakers and other participants relevant to the commercialization and FOAK programs.

These engagements provided opportunities to communicate progress in NGP Pilot Plant operations, FOAK development and commercialization initiatives, while supporting dialogue with recyclers, waste-management organizations, resin and petrochemical producers, policymakers, investors and other stakeholders relevant to the Company’s scale-up pathway.

Subsequent Events

Jan Lemmens Appointed Project Director for FOAK Facility In June 2026, Aduro appointed Jan Lemmens as Project Director for the FOAK Facility at Chemelot. Mr. Lemmens brings more than three decades of industrial leadership experience across European specialty materials, plastics and chemical processing industries, with roles ranging from industrial project delivery, chemical-plant operations, engineering coordination and site execution.

His responsibilities include coordinating engineering, permitting, supplier and contractor interfaces, site-level planning and preparation for construction and operations. He will also support coordination between project activities in the Netherlands and Aduro's Canadian engineering, operations and logistics teams, and help develop the local operating organization. The appointment added local industrial project leadership as the FOAK Program progressed from early development into structured project delivery.

NGP Pilot Plant Campaign Progress In June 2026, Aduro reported results from an NGP Pilot Plant campaign conducted under its 24-hour, four-day operating model. Excluding startup and shutdown, the plant operated continuously for 47 hours using polypropylene recovered from waste plastics.

Steady-state conditions were achieved after approximately 12 hours and maintained for a further 35 hours. During the steady-state period, liquid hydrocarbon recovery represented approximately 86% of the mass of polypropylene fed to the reactor. Approximately 85% of the recovered liquid consisted of hydrocarbons with carbon numbers of C20 and below.

The campaign also demonstrated that steady-state conditions could be re-established within approximately two hours following intentional changes to operating conditions. The data are being used to refine operating parameters, support planning for longer-duration campaigns and inform the design basis for the FOAK Plant.

Strengthened Capital Position with Successful U.S. Public Offering and Non-Brokered Private Placement In June 2026, Aduro completed an underwritten U.S. public offering of 1,028,645 common shares at US$15.20 per share, generating gross proceeds of approximately US$15.64 million. Proceeds are intended to support the design, engineering and construction of the FOAK Plant, ongoing research and development, general corporate purposes and working capital.

Additionally, the Company completed a non-brokered private placement, under the Listed Issuer Financing Exemption (the “LIFE Offering”), issuing 431,884 common shares at C$21.20 (US$15.20) per share for gross proceeds of approximately C$9.16 million (US$6.56 million). Proceeds from the LIFE Offering are intended to support technology development, commercialization activities, working capital and general corporate purposes.

Ortessa MOU Advances FOAK Plant Feedstock Logistics In June 2026, Aduro Clean Technologies Europe B.V. signed a non-binding Memorandum of Understanding with Ortessa Groep B.V. , a Dutch group of waste-management companies, to evaluate development of a feedstock logistics centre supporting the FOAK Plant at Chemelot.

The parties intend to evaluate the identification and aggregation of suitable post-use plastic streams, feedstock preparation requirements, quality-control systems, documentation, inventory management, storage and transportation.

The collaboration is intended to support a reliable supply of suitable, specification-ready post-use feedstock for startup and operation of the FOAK Plant while preserving logistics capacity for potential future expansion of the broader FOAK Facility.

AstroTurf MOU Advances Synthetic-Turf Recycling Evaluation In June 2026, Aduro and AstroTurf Corporation signed a Memorandum of Understanding to evaluate the application of HCT to end-of-life synthetic turf.

The collaboration is intended to examine how mechanical pretreatment and HCT conversion could support a technical and economic pathway for recovery of polyethylene and polypropylene fractions and their conversion into liquid hydrocarbons suitable for use as circular feedstock in existing petrochemical infrastructure.

The work is expected to consider field recovery, disassembly, de-infill, separation of non-target materials, preparation of the polyolefin-rich fraction and management of associated side streams. The engagement builds on previously disclosed laboratory testing of post-use synthetic-turf materials.

ECOCE Collaboration Advances to HCT Testing In July 2026, Aduro and ECOCE, A.C. completed Phase 1 feedstock mapping and stream selection under their Mexico plastics collaboration. Selected post-consumer flexible and multilayer packaging streams are advancing to an HCT test campaign intended to evaluate conversion into liquid hydrocarbon products for downstream circular-plastics applications. The selected materials include flexible polyethylene, flexible polypropylene and multilayer packaging formats with varying structures and contamination profiles.

The next phase will begin with laboratory-scale HCT testing, with progression to the NGP Pilot Plant subject to the results of the initial evaluation. The objective is to evaluate whether HCT can provide a route to recover hydrocarbon value from flexible packaging streams that are not well suited to mechanical or physical recycling.

Paraffinic Crude Program Advances to Continuous-Flow Development In July 2026, Aduro reported that it had secured yellow-wax and black-wax paraffinic crude feedstocks from multiple Uinta Basin sources in quantities sufficient to support longer-duration testing.

The Company completed the design, construction and testing of a dedicated lab-scale continuous-flow unit for the paraffinic crude program. The unit is distinct from the Company’s existing R2 systems and provides additional capacity for sustained testing as the program advances through technology demonstration toward process development and optimization. Aduro also expanded its London, Ontario facility by approximately 4,600 square feet and consolidated operating activities and equipment previously located in Sarnia, Ontario.

The current program is intended to establish an operating envelope and evaluate conversion, yield, product characteristics, stability and fouling potential across multiple paraffinic crude feedstocks. The results will help determine whether the program should advance into Process Development and Optimization under extended continuous-flow operation. Saipem Selected for FOAK Engineering and Procurement Support In August 2026, Aduro selected Saipem S.p.A. (“Saipem”) to provide Early Works engineering and procurement support for the planned FOAK Plant at Chemelot. The initial scope includes review of the Process Design Package, optimization of critical equipment packages, preliminary utility integration and refinement of capital cost estimates, incorporating operating data from the NGP Pilot Plant.

Saipem, a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore, is recognized globally for delivering complex industrial and energy infrastructure projects and brings extensive experience in process engineering, modular project execution, downstream facilities, and industrial-scale technology deployment.

The work establishes a structured, stage-gated engineering and project execution pathway for the FOAK Program that aligns engineering development with technical validation. Subject to completion of the Early Works phase, continued project evaluation and definitive agreements, the collaboration may progress into Front-End Engineering Design (“FEED”) and subsequent detailed engineering, procurement, construction, commissioning and start-up activities.

Post-Year-End Technical and Investor Engagement Following year-end, Aduro participated in AMI Chemical Recycling Europe, Future of Advanced Recycling North America, the Canadian Climate Investor Conference and the ROTH London Conference, and subsequently participated in the Canaccord Genuity Annual Growth Conference 2026.

These activities included technical presentations addressing product quality, feedstock flexibility, downstream integration and the practical requirements for industrial deployment, as well as investor presentations, panel participation and institutional meetings following the Company’s listing on the TSX. Technical presentations also highlighted progress in advancing Hydrochemolytic™ Technology from pilot-scale validation toward FOAK industrial planning and commercialization.

Complete copies of the Company’s audited consolidated financial statements and Management’s Discussion and Analysis for the year ended May 31, 2026, are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov .

Note: (1) Non-GAAP measure. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as earnings before interest, taxes, and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation, change in fair value of derivative financial liability, and acquisition related expenses. The Company believes that EBITDA and Adjusted EBITDA are meaningful financial metrics for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements and fund future growth initiatives.

Non-IFRS measures This news release presents information about EBITDA and Adjusted EBITDA, both of which are non-IFRS financial measures, to provide supplementary information about operating performance. Aduro defines EBITDA as net income or loss before interest, income taxes, depreciation, and amortization. Adjusted EBITDA removes non-cash share-based compensation and non-cash change in fair value of derivative financial liability from EBITDA. The Company believes that EBITDA and Adjusted EBITDA is a meaningful financial metric for investors as it adjusts income to reflect amounts which the Company can use to fund working capital requirements and fund future growth initiatives. EBITDA and Adjusted EBITDA are not intended as a substitute for IFRS measures. A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the adjustments do in fact reflect the underlying financial results of Aduro's business and these effects should not be ignored in evaluating and analyzing Aduro's financial results. Therefore, management believes that Aduro's IFRS measures of net loss and the same respective non-IFRS measure should be considered together. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.

For further information, please contact :

Abe Dyck, Head of Corporate Development / Investor Relations ir@adurocleantech.com +1 226 784 8889

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable Canadian and United States securities laws. Forward-looking statements include, but are not limited to, statements concerning continued operation and extension of campaigns at the NGP Pilot Plant; progression toward longer-duration operating campaigns and sustained Pilot Plant operations; interpretation and use of Pilot Plant operating, yield and product-quality data; development, design, engineering, permitting, financing and construction of the FOAK Plant and the broader FOAK Facility at Chemelot; the anticipated contributions of the FOAK Project Director; development of feedstock preparation and logistics systems for the FOAK Plant; the scope and progression of Early Works with Saipem and the potential progression of the engagement into Front-End Engineering Design (“FEED”) and subsequent engineering, procurement, construction, commissioning and start-up activities; development of a commercial licence package and pre-engineered plant concept; progression of the Pilot-to-FOAK product-validation and offtake program; evaluation of flexible packaging and synthetic-turf feedstocks; development of HCT applications for bitumen and paraffinic crude oils; the anticipated use of proceeds from completed financings; and the Company’s broader scale-up and commercialization pathway.

Forward-looking statements are based on management’s current expectations, estimates, assumptions and projections, including assumptions relating to continued performance and availability of the NGP Pilot Plant; the ability to reproduce and extend operating results; the applicability of Pilot Plant data to larger-scale engineering and operation; successful completion of the Early Works activities with Saipem and continued evaluation of the FOAK project; the ability of the parties to agree on subsequent scopes of work and definitive agreements; the availability of suitable feedstocks, personnel, partners, contractors, equipment and capital; the ability to obtain required permits and regulatory approvals; the continued participation of commercial and technical counterparties; the ability to develop suitable feedstock logistics and preparation systems; the ability to protect intellectual property; and stable market, regulatory and economic conditions.

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. These risks include operational challenges or delays in Pilot Plant campaigns; variability in feedstock composition, yields, product quality or process stability; inability to reproduce results at larger scale; delays, changes in scope or cost increases affecting FOAK Plant engineering, permitting, financing, procurement, construction, commissioning or start-up; the possibility that the Saipem engagement may not progress beyond the Early Works phase or result in FEED or subsequent definitive agreements; inability to establish or maintain commercial, licensing, feedstock, logistics, offtake or development relationships; the risk that non-binding letters of intent, memoranda of understanding and other collaboration arrangements may not result in definitive agreements or commercial transactions; the possibility that testing programs may not produce results supporting further development; changes in environmental, chemical-recycling, energy or securities regulations; supply-chain constraints; competition; intellectual-property risks; availability and cost of capital; and other risks described in the Company’s public filings on SEDAR+ and EDGAR.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are made as of the date of this release, and the Company undertakes no obligation to update or revise them except as required by applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51eec08d-5f26-41eb-a515-5a9831561993

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September 1, 2026 - 5:00 AM PDT

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