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Proton Green Q1'24 Results: Running Low on Cash

Proton Green generated helium revenue of US$222k in Q1’24 through the sale of 459mcf of helium, implying a price of US$484/mcf. Despite this, the company faced higher costs, with operating costs at US$53k and gathering and processing expenses at US$256k, leading to a negative cash flow of US$1.2mm. As of May'24, the company had only US$18k in cash and a working capital deficit of US$26mm. Mechanical challenges at its sole helium plant in St. Johns Field, Arizona, hindered it from reaching steady state production, limiting revenue. Furthermore, Proton Green is involved in the Alpha Carta Litigation regarding an alleged unpaid debt exceeding US$30mm, complicating its financial stability.

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