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Charbone Corporation

CH.V
22
Chemicals · Basic Materials
Price
C$0.12
+0.01 (+14.29%)
Market Cap
C$30.0M
Exchange
Toronto Stock Exchange Ventures
Winston Score
22
Winston is worried
Weak fundamentals across most pillars.

Share count rising — dilution

+422.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.6M (2021) → 118.1M (2025)

Charbone Corp. is a vertically integrated industrial gases company focused on the development and operation of a network of supply hubs for the production, storage, and distribution of ultra-high-purity (UHP) strategic industrial gases. The firm serves customers across a range of industries, including semiconductors, artificial intelligence and data centers, advanced pharmaceuticals, aerospace, and defense, where UHP gases are essential for high-precision manufacturing processes and operational performance. Charbone is advancing a network of clean UHP hydrogen production facilities throughout North America and selected international markets. The company is committed to supporting the global transition to a lower-carbon economy by providing accessible, decentralized clean hydrogen and specialty gases, addressing supply gaps for underserved industrial customers, and accelerating the adoption of localized clean energy solutions. Charbone was founded on February 27, 2018 and is headquartered in Brossard, Canada.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+60.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$26,157/ year

Rising (+163% vs prior year)

10.4% of revenue

3.5x the sector average (3%)

Investing heavily in future products and technology

Cash Runway

~7 months

$3M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Charbone Corporation grew revenue 4731% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
-46.9%
Thin — -46.9% gross margin
Operating Margin
-372.4%
Losing money on operations — -372.4%
ROCE
-11.9%
Weak — -11.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+97.3%
Fast-growing sales (97.3% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-643.0%
Burning cash (-643.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.49
Conservative — low debt load (0.49)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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