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Reconciliation of Adjusted EBITDA (Non-GAAP) to Loss from Operations (GAAP)
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| (CAD $) | Q2 FY2026 | YTD FY 2026 | Q2 FY2025 | YTD FY 2025 | ||||||||
| Loss from operations (GAAP) | $(6,461,987 | ) | $(12,787,005 | ) | $(3,114,712 | ) | $(5,577,244 | ) | ||||
| Add: Share-based compensation (non-cash) | 1,860,246 | 4,321,800 | 1,022,267 | 1,611,318 | ||||||||
| Add: Change in fair value of derivative financial liability (non-cash) | 1,284,420 | 2,833,083 | 74,568 | 74,568 | ||||||||
| Add: Depreciation and amortization | 149,467 | 291,679 | 130,127 | 256,860 | ||||||||
| Deduct: Other Income | (131,172 | ) | (212,967 | ) | – | – | ||||||
| Adjusted EBITDA (Non-GAAP) | $(3,299,026 | ) | $(5,553,410 | ) | $(1,887,750 | ) | $(3,634,498 | ) | ||||
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Explanations of Adjustments:
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- 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 excluded from operating results.
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Selected Comparative Financial Information for the three and six months ended November 30, 2025
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| (CAD $) | Q2 FY2026 | Q2 FY2025 | Q2 % Change | YTD FY2026 | YTD FY2025 | YTD % Change | ||||||||||||
| Revenue | $122,706 | $38,143 | 222% | 167,206 | 93,143 | 80% | ||||||||||||
| Loss from operations | $(6,461,987 | ) | $(3,114,712 | ) | 107% | $(12,787,005 | ) | $(5,577,244 | ) | 129% | ||||||||
| Adjusted EBITDA | $(3,299,026 | ) | $(1,887,750 | ) | 75% | $(5,553,410 | ) | $(3,634,498 | ) | 53% | ||||||||
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| (CAD $) | Q2 FY2026 (Ended Nov 30, 2025) | Q4 FY2025 (Ended May 31, 2025) | % Change | ||||
| Property, plant & equipment | $7,729,984 | $4,109,459 | 88% | ||||
| Cash position | $13,042,599 | $6,957,846 | 87% | ||||
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Second Quarter Fiscal 2026 – Corporate Highlights and Subsequent Events
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Next Generation Process (“NGP”) Pilot Plant Enters Commissioning Phase
During the first quarter of fiscal 2026, (ending August 31, 2025) Aduro advanced construction of its Next Generation Process Pilot Plant in collaboration with engineering partner Zeton Inc., while Siemens progressed automation and control systems integration in preparation for commissioning. At the Company’s London facility, site preparation activities—including HVAC and electrical upgrades and laboratory modifications—were completed, while office expansion and system documentation work continued. Factory acceptance testing of the extruders, the final long-lead components, was successfully completed, and the units were delivered onsite in September. Collectively, these milestones positioned the project for the start of commissioning activities.
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In September, Aduro began commissioning its NGP Pilot Plant, marking a significant transition from construction to operation. The staged commissioning program began with the feed preparation and reactor systems, where mechanical verification, control system integration, and safety validation are underway to confirm performance against design specifications.
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In October, the second phase of commissioning commenced with the product recovery system, advancing the program toward full system integration. Phase two included additional subsystems, with work focused on sequential testing, wet runs, and process tuning. These activities continued into December 2025 as the Company progressed through its phased commissioning plan in preparation for longer-duration pilot operating campaigns. Commissioning activities were carried out in collaboration with Zeton, Siemens, and Aduro’s internal R&D and operations teams, with a continued focus on operational readiness, safety, and quality assurance.
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Demonstration Plant Program Initiation
In November 2025, Aduro executed a non-binding letter of intent for the proposed acquisition of land, buildings, and equipment associated with a brownfield industrial site in the Netherlands. The proposed transaction includes a purchase price of €2 million and a non-refundable fee for exclusive access to the property during the due diligence period.
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