Quarterly Report • Aug 8, 2023
Quarterly Report
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Hamilton, Bermuda, August 8, 2023
Himalaya Shipping Limited ("Himalaya", "Himalaya Shipping" or the "Company") announces preliminary unaudited results for the six months ended June 30, 2023.
Contracted CEO, Herman Billung commented:
"The first half of 2023 has been transformational for Himalaya Shipping. From starting with an idea, to already having five ships in operations and being listed on the New York Stock Exchange (NYSE), we have achieved the first stepping stone in what is going to be many exciting years ahead.
We strongly believe that we have the right ships, at the right time. The order book for Capesize vessels is below 5%, a 25-year low. Most yards don't have capacity to build large dry bulk ships before well into 2027, and the prices quoted are above \$86 million for similar ships to ours. In addition, the aging fleet coupled with the new environmental regulations coming, means we should have improved utilization for the coming years. Further, we have the right ships. Our dual fueled Newcastlemaxes have demonstrated their attractiveness to charterers, and consequently have been fixed at the highest premium to Capesize index rates we know about. The ships can reduce CO2 emissions by more than 40% when running on LNG and are prepared to meet as well as benefit from, more environmental regulations coming into force. With natural gas prices decreasing, being able to fuel our
1 The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including average daily TCE earnings, gross and EBITDA. Average daily TCE earnings, gross, as presented above, represents time charter revenues and voyage charter revenues adding back address commissions and divided by operational days. Please refer to the appendix of this report for a reconciliation of this non-GAAP measure to the most directly comparable financial measures prepared in accordance with US GAAP.
2 EBITDA as presented above represents our net loss plus depreciation of vessels and equipment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measures prepared in accordance with US GAAP.
ships with LNG can give further economic benefit to Himalaya. We have the right financing with 7-years fixed rate interest rates, giving the Company an attractive cash break-even. Finally, the strategy we are following, with no plans for further investments in ships, means that most of the cash generated after debt service will be distributed to shareholder through monthly dividends. We think this is the right approach in a cyclical industry."
The discussion below compares the preliminary unaudited results for the six months ended June 30, 2023 to the unaudited results of the six months ended December 31, 2022:
| (in \$ millions) | Six months ended June 30, 2023 |
Six months ended December 31, 2022 |
Change (\$) | Change (%) |
|---|---|---|---|---|
| Total operating revenues | 8.2 | — | 8.2 | 100 % |
| Vessel operating expenses | (2.0) | — | (2.0) | 100 % |
| Voyage expenses | (0.2) | — | (0.2) | 100 % |
| General and administrative expenses | (1.8) | (1.0) | (0.8) | 80 % |
| Depreciation and amortization | (2.4) | — | (2.4) | 100 % |
| Total operating expenses | (6.4) | (1.0) | (5.4) | 540 % |
| Operating profit / (loss) | 1.8 | (1.0) | 2.8 | (280) % |
| Total financial expenses, net | (2.9) | — | (2.9) | 100 % |
| Net loss | (1.1) | (1.0) | (0.1) | 10 % |
| EBITDA | 4.2 | (1.0) | 5.2 | (520) % |
| (in \$ millions) | June 30, 2023 |
December 31, 2022 |
Change (\$) | Change (%) |
|---|---|---|---|---|
| Cash and cash equivalents | 24.2 | 0.3 | 23.9 | 7967 % |
| Vessels and Equipment | 286.8 | — | 286.8 | 100 % |
| Newbuildings | 143.6 | 176.1 | (32.5) | (18) % |
| Total Equity | 134.4 | 90.3 | 44.1 | 49 % |
Total operating revenues for the six months ended June 30, 2023 were \$8.2 million, a 100% increase compared to the second half of 2022. The overall increase is a result of the company's first four vessels, Mount Norefjell, Mount Ita, Mount Etna and Mount Blanc, being successfully delivered from New Times Shipyard and commencing operation during the period. The Company achieved an average daily TCE earnings, gross, of \$25,700.
Vessel operating expenses for the six months ended June 30, 2023 were \$2.0 million, a 100% increase compared to the second half of 2022. The overall increase is a result of the company's first four vessels commencing their operations. The Company achieved an average vessel operating cost per day rate3 of \$6,200 for the six months ended June 30, 2023.
General and administrative expenses for the six months ended June 30, 2023 were \$1.8 million, an \$0.8 million increase compared to the second half of 2022. The overall increase is primarily a result of increased expenses due to additional regulatory requirements following the Company's US IPO.
Depreciation and amortization for the six months ended June 30, 2023 were \$2.4 million, a 100% increase compared to the second half of 2022. The overall increase is a result of the commencement of depreciation on the first four dual fuel Newcastlemax vessels following their delivery.
3 Average vessel operating cost per day is calculated by dividing vessel operating expenses by the number of calendar days.
Total financial expenses for the first half of 2023 were \$2.9 million, a 100% increase compared to the second half of 2022. This is mainly due to the increase in interest expense. Upon delivery of the four vessels during the six months ended June 30, 2023, the Company entered into sale leaseback financing arrangements with subsidiaries of AVIC whereby upon delivery of the vessels, they were sold to special purpose vehicles ("SPVs") owned by AVIC and leased back to the Company under bareboat charters. There was no interest expense recognized in the six months ended December 31, 2022 as all assets were under construction.
Vessels and equipment increased by \$286.8 million or 100% for the six months ended June 30, 2023. During this period, the Company accepted delivery of the first four dual fuel Newcastlemax vessels (Mount Norefjell, Mount Ita, Mount Etna and Mount Blanc). Upon acceptance, the assets were reclassified from newbuildings to vessels and equipment and commenced depreciation.
Newbuildings decreased by \$32.5 million or 18% for the six months ended June 30, 2023. The overall decrease is a result of the reclassification from newbuildings to vessels and equipment upon delivery of the first four vessels amounting to \$289.2 million, offset by capitalization of expenditures including milestone payments and supervision costs of \$252.9 million and capitalized interest of \$3.8 million. The Company has drawn \$248.0 million in the six months ended June 30, 2023 on the sale leaseback financing arrangements to fund these installments.
The Company's cash and cash equivalents as of June 30, 2023 was \$24.2 million, compared to \$0.3 million as of December 31, 2022.
Net cash used in operating activities was \$3.5 million, which includes prepayments of interest and insurance of \$2.1 million and \$1.5 million, respectively.
Net cash used in investing activities was \$256.6 million, primarily consisting of \$199.5 million for the final installment payments for the four vessels delivered, and \$48.0 million for installment payments on the newbuilding vessels under construction.
Net cash provided by financing activities was \$284.0 million as a result of \$44.9 million in net proceeds from our IPO in the U.S. in April 2023, \$200.0 million draw down from the sale and leaseback financing arrangements to pay scheduled delivery installments for the first four newbuildings, and \$48 million from pre-delivery financing to pay scheduled pre-delivery installments for newbuildings under construction, offset by repayments on the sale and leaseback financing of \$3.6 million and financing charges of \$5.7 million.
U.S. IPO
The Company issued 7,720,000 common shares at an offering price of \$5.80 in its IPO in the U.S. which was completed in April 2023. A further 910,000 common shares were issued following the partial exercise of the overallotment option which resulted in a total of 8,630,000 common shares being issued in our U.S. IPO. The common shares are listed on both the New York Stock Exchange and Euronext Expand in Oslo. Net equity proceeds from the IPO, including the partial exercise of the over-allotment option, was \$44.9 million. Himalaya Shipping intends to use the remaining net proceeds of the IPO offering for general corporate purposes, which may include funding acquisitions of vessels on order or maintaining liquidity, repayment of indebtedness and funding working capital needs.
In March 2023, the Company entered into an unsecured Bridge Facility with DNB Markets as arranger and DNB Bank ASA as lender and agent (the "Bridge Facility"), for a maximum amount of \$15.0 million for general corporate purposes with a maturity date of September 1, 2023. Amounts outstanding under the Bridge Facility bear interest at SOFR plus a margin. The Company drew down \$7.5 million in March 2023 which it fully repaid in April 2023 from the proceeds of the IPO. Subsequently, the Bridge Facility was terminated in April 2023.
In the six-month period ended June 30, 2023, the Company drew down \$1.0 million to add to the \$1.0 million that was outstanding under the facility as of December 31, 2022, and subsequently repaid the full outstanding amount of \$2.0 million. As of June 30, 2023, the Company has \$15.0 million available to drawdown from this facility until December 31, 2023 which must be repaid latest on December 31, 2024.
In February 2023, the sale leaseback agreements with AVIC for the first four newbuildings were amended whereby AVIC agreed to finance 90% of the sixth installment under the newbuilding contract which relates to the cost to install the scrubbers or \$2.2 million for each vessel. This is repayable in advance in 12 quarterly installments of \$180,000 for each vessel, together with interest calculated as: a) LIBOR plus a margin for the period until June 30, 2023; and b) Overnight SOFR plus a margin and credit adjustment spread from July 1, 2023.
Four vessels were delivered from New Times Shipyard in the six months ended June 30, 2023 and one additional vessel was delivered in July 2023. The remaining vessels are scheduled to be delivered as follows:
| (numbers in \$ million) | |||
|---|---|---|---|
| Vessel name | Target delivery date | Price | Remaining installments |
| Mount Neblina | August 2023 | 72.8 | 52.2 |
| Mount Bandeira | January 2024 | 72.8 | 52.2 |
| Mount Hua | January 2024 | 72.8 | 52.2 |
| Mount Elbrus | January 2024 | 73.3 | 59.5 |
| Mount Denali | May 2024 | 73.3 | 59.5 |
| Mount Aconcagua | July 2024 | 73.3 | 66.4 |
| Mount Emai | July 2024 | 73.3 | 66.4 |
| Total | 511.6 | 408.4 |
The newbuilding program is progressing slightly ahead of schedule.
In August 2022, the Company decided to install scrubbers on the entire fleet of twelve vessels that were under construction at New Times Shipyard ("NTS") in China. The installation was done on the vessels that have been already delivered within the previously agreed delivery schedule from the shipyard at attractive prices and payment terms.
After installation of scrubbers, the vessels will have the ability to be fueled with LNG, Low Sulfur Fuel Oil (LSFO) or High Sulfur Fuel Oil (HSFO). This offers significant increased flexibility for our customers and has been valuable in employment discussions, with some customers already choosing to bunker LNG as discussed above.
The remaining installments under the Newbuilding program are mainly financed by sale leaseback financing arrangements which offers both pre- and post- delivery financing.
IMF latest global gross domestic product (GDP) forecast from July suggests a growth of 3% for both 2023 and 2024. China's economy is expected to grow by 4.9% over the same period. Various reports indicate a willingness by the Chinese authorities to stimulate the housing market which should in turn support the dry bulk sector.
In spite of a challenging economic climate the dry bulk DWT – miles grew by 5.5% during the first half of 2023. The primary drivers were coal, iron ore and bauxite.
It is encouraging that Chinese port stockpiles of iron ore have fallen during the last twenty-one out of twenty-two weeks and are now at the lowest levels since September 2020.
Brazilian capsize iron ore exports stand at 191 million mt year to date, representing a 4.4% increase compared to 2022. Even if Vale is only reaching the lower end of its production guidance for 2023, we should expect long-haul iron ore exports from Brazil to increase in the coming months. Australian iron ore shipments have reached 531 million mt over the same period, an increase of 1.9% compared to 2022.
The guidance from Rio Tinto and Vale, supports some further growth in these exports. Longer-term the Guinean Simandou iron ore development could potentially add more than 100 million mt per year of seaborn iron ore, which if shipped to Asia will have a material impact on ton-mile demand.
The structural drives with dry bulk commodities being produced further away from the end clients have contributed to 6.9% ton-mile demand above the underlying volume growth which was 3.3% for Capesizes in the first half of 2023 compared to the first half of 2022. This trend is expected to continue.
The current order book for Capesize (100.000 dwt +) stands at less than 5%, both measured in number of vessels and DWT, the lowest ratio in over 25 years. The average age of the fleet is 10.2 years, the highest since 2010.
In addition, 313 Capesize vessels built before 2009 will face early non-compliance issues due to the operational carbon intensity indicator ("CII"). Compared to an order book of 90 vessels, this could potentially lead to a decline in the fleet within the next two years.
Limited yard capacity is evident for the larger sizes. Global yard capacity is down by 40 % from the peak in 2011 and serious yards are not able to offer significant Capesize berths until 2027, at prices significantly higher than Himalaya Shipping paid for its ships. From 2029 to 2032, potentially 750 ships will be more than 20 years old. To replace this capacity with newbuilding will be a significant challenge given the yard situation.
In the first half of 2023, the first four vessels were delivered from New Times Shipyard slightly ahead of their original scheduled delivery dates and commenced their charters shortly thereafter. Following the delivery of these vessels, our fleet had 330 operational days with three unplanned offhire days in the first half of 2023. The vessels operated at approximately \$6,200 per day in vessel operating costs in the first half of 2023, which is slightly lower than budget.
The Management has a constructive market outlook for the coming years due to a historic low order book for large bulk carriers which in combination with impact from environmental regulations will favor the Himalaya fleet. Himalaya have fixed 9 of its 12 ships with high quality reputable counterparties, mostly on index related charters. These fixtures give Himalaya exposure to the expected improving market, giving a day-rate which exceeds the Capesize index rate by more than 40%. With one ship left to be delivered this year, and the rest coming in 2024, we are transitioning into a fully operational Company, which has the main focus of delivering solid operations and
profitable returns to shareholders through monthly dividends. With the limited supply growth, and currently solid underlying demand, we expect dry bulk earnings to improve going forward.
This press release and any related discussions contain forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not reflect historical facts and may be identified by words such as "aim", "believe," "assuming," "anticipate," "could", "expect", "intend," "estimate," "forecast," "project," "likely to", "plan," "potential," "will," "may," "should," or other similar expressions and include statements about plans, objectives, goals, strategies, future events or performance, outlook, prospects, contracts to acquire newbuilding vessels and associated financing agreements, expected delivery of our vessels under our newbuilding program, statements about the benefits of our vessels, including lower CO2 emissions and benefits of ability to bunker with LNG, the terms of our charters, expectations regarding the dry bulk industry trends and market outlook, including activity levels in the industry, expected trends, including trends in the global fleet, expected demand for and offer of vessels and utilization of the global fleet and our fleet, no plans for investments in new shipments and plans for distribution of cash to shareholders through monthly dividends, environmental laws and regulations impacting the industry and the Company, including compliance with and expected benefits from regulatory requirements including environmental regulations, statements made in the sections above entitled "Market commentary" and "Outlook", including the yard situation, guidance from other companies regarding ore exports and iron ore projects in other countries, expected trends relating to structural drivers of the production of dry bulk commodities, expected limited supply growth of dry bulk vessels, expectations on demand, expectation that the dry bulk earnings will improve, and other non-historical statements. These forward-looking statements are not statements of historical fact and are based upon current estimates, expectations, beliefs, and various assumptions, many of which are based, in turn, upon further assumptions, and a number of such assumptions are beyond our control and are difficult to predict. These statements involve significant risks, uncertainties, contingencies and factors that are difficult or impossible to predict and are beyond our control, and that may cause our actual results, performance or achievements to be materially different from what is expressed, implied or forecasted in such forward-looking statements. Numerous factors, risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed, implied or forecasted in the forward-looking statements include but are not limited to:
our ability to pay dividends;
risks related to climate change, including climate-change or greenhouse gas related legislation or regulations and the impact on our business from climate-change related physical changes or changes in weather patterns, and the potential impact of new regulations relating to climate change, as well as the performance of our vessels;
You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Himalaya Shipping undertakes no obligation to update publicly any forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise, except as required by law..
We confirm that, to the best of our knowledge, the interim condensed consolidated financial statements for the first half of 2023, which have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) give a true and fair view of the Company's consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the interim report for the first half year of 2023 includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.
August 8, 2023
The Board of Directors Himalaya Shipping Limited Hamilton, Bermuda
Bjorn Isaksen (Chairman of the Board) Carl Erik Steen (Director) Georgina Sousa (Director) Jehan Mawjee (Director) Mi Hong Yoon (Director)
Questions should be directed to:
Herman Billung: Contracted CEO, +4791831590
Average TCE earnings is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Set forth below is a reconciliation of average TCE earnings to total operating revenues for the periods presented.
| In \$ millions, except per day and number of days | Six months ended June 30, | |||
|---|---|---|---|---|
| 2023 | 2022 | Change | % Change | |
| Total operating revenues | 8.2 | — | 8.2 | 100 % |
| Add: Address commissions | 0.3 | — | 0.3 | 100 % |
| Total operating revenues, gross | 8.5 | — | 8.5 | 100 % |
| Fleet operational days | 330 | — | 330 | 100 % |
| Average TCE earnings | 25,700 | — | 25,700 | 100 % |
We present EBITDA because we believe this measure increases comparability of total business performance from period to period and against the performance of other companies. Set forth below is a reconciliation of EBITDA to net loss for the periods presented.
| Six months ended June 30, | ||||
|---|---|---|---|---|
| In \$ millions | 2023 | 2022 | Change | % Change |
| Net loss | (1.1) | (1.0) | (0.1) | 10 % |
| Depreciation and amortization | 2.4 | — | 2.4 | 100 % |
| Total financial expenses, net | 2.9 | — | 2.9 | 100 % |
| Income tax | — | — | 0 | 100 % |
| EBITDA | 4.2 | (1.0) | 5.2 | (520) % |
Non-GAAP financial measures may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under U.S. GAAP.
Please refer to "Non-GAAP Financial Measures" in the Unaudited Interim Financial Report for further information.
| Three months ended June 30, 2023 |
Three months ended June 30, 2022 |
Six months ended June 30, 2023 |
Six months ended June 30, 2022 |
|
|---|---|---|---|---|
| Operating revenues | ||||
| Time charter revenues | 6.7 | — | 8.2 | — |
| Total operating revenues | 6.7 | — | 8.2 | — |
| Operating expenses | ||||
| Vessel operating expenses | (1.8) | — | (2.0) | — |
| Voyage expenses and commissions | (0.2) | — | (0.2) | — |
| General and administrative expenses | (1.2) | (0.6) | (1.8) | (1.0) |
| Depreciation and amortization | (2.0) | — | (2.4) | — |
| Total operating expenses | (5.2) | (0.6) | (6.4) | (1.0) |
| Operating profit (loss) | 1.5 | (0.6) | 1.8 | (1.0) |
| Financial income (expenses), net | ||||
| Interest income | 0.3 | — | 0.3 | — |
| Interest expense, net of amounts capitalized | (2.6) | — | (2.9) | — |
| Other financial expenses, net | (0.3) | — | (0.3) | — |
| Total financial expenses, net | (2.6) | — | (2.9) | — |
| Net loss before income tax | (1.1) | (0.6) | (1.1) | (1.0) |
| Income tax (expense) / credit | — | — | — | — |
| Net loss attributable to shareholders of Himalaya Shipping Ltd. |
(1.1) | (0.6) | (1.1) | (1.0) |
| Total comprehensive loss attributable to shareholders of Himalaya Shipping Ltd. |
(1.1) | (0.6) | (1.1) | (1.0) |
| Basic and diluted loss per share | (0.03) | (0.02) | (0.03) | (0.03) |
| June 30, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 24.2 | 0.3 |
| Trade receivables | 0.3 | — |
| Other current assets | 4.9 | 1.4 |
| Total current assets | 29.4 | 1.7 |
| Non-current assets | ||
| Newbuildings | 143.6 | 176.1 |
| Vessels and equipment, net | 286.8 | — |
| Total non-current assets | 430.4 | 176.1 |
| Total assets | 459.8 | 177.8 |
| LIABILITIES AND SHAREHOLDER'S EQUITY | ||
| Current liabilities | ||
| Current portion of long-term debt | 13.0 | 7.0 |
| Trade payables | 2.8 | 14.9 |
| Accrued expenses | 2.7 | 1.1 |
| Amounts due to related parties | — | 2.7 |
| Other current liabilities | 0.2 | 0.3 |
| Total current liabilities | 18.7 | 26.0 |
| Non-current liabilities | ||
| Long-term debt | 292.9 | 60.5 |
| Amounts due to related parties | — | 1.0 |
| Other non-current liabilities | 13.8 | — |
| Total non-current liabilities | 306.7 | 61.5 |
| Total liabilities | 325.4 | 87.5 |
| Commitment and contingencies | ||
| Shareholders' Equity | ||
| Common shares of par value \$1.0 per share: authorized 140,010,000 (2022: 140,010,000) shares, issued and outstanding 40,782,857 (2022: 32,152,857) shares |
40.8 | 32.2 |
| Additional paid-in capital | 97.7 | 61.1 |
| Retained loss | (4.1) | (3.0) |
| Total shareholders' equity | 134.4 | 90.3 |
| Total liabilities and shareholders' equity | 459.8 | 177.8 |
| Three months ended June 30, 2023 |
Three months ended June 30, 2022 |
Six months ended June 30, 2023 |
Six months ended June 30, 2022 |
|
|---|---|---|---|---|
| Cash Flows from Operating Activities | ||||
| Net loss | (1.1) | (0.6) | (1.1) | (1.0) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||
| Non-cash compensation expense related to stock options |
0.1 | 0.1 | 0.3 | 0.2 |
| Depreciation of vessels | 2.0 | — | 2.4 | — |
| Amortization of deferred finance charges | 0.5 | — | 0.7 | — |
| Change in assets and liabilities: | ||||
| Accounts receivable | (0.3) | — | (0.3) | — |
| Amounts due to/from related parties | (2.7) | — | (2.7) | |
| Accounts payable | (1.7) | (0.1) | 0.6 | (0.4) |
| Accrued expenses | (0.3) | 0.1 | 0.2 | 0.1 |
| Other current and non-current assets | (0.9) | — | (3.5) | (0.3) |
| Other current and non-current liabilities | (1.6) | — | (0.1) | 0.2 |
| Net cash used in operating activities | (6.0) | (0.5) | (3.5) | (1.2) |
| Cash Flows from Investing Activities | ||||
| Additions to newbuildings | (125.8) | (14.4) | (256.6) | (35.6) |
| Net cash used in investing activities | (125.8) | (14.4) | (256.6) | (35.6) |
| Cash Flows from Financing Activities | ||||
| Proceeds from issuance of common shares, net of paid issuance costs |
46.2 | — | 46.2 | — |
| Proceeds from issuance of long-term and short-term debt |
120.4 | 13.6 | 255.6 | 34.4 |
| Deferred loan costs paid | (1.7) | (1.8) | (5.7) | (4.8) |
| Proceeds from issuance of long-term debt from related party |
— | — | 1.0 | — |
| Repayment of long-term debt from related party |
— | — | (2.0) | — |
| Repayment of long-term debt | (2.4) | — | (3.6) | — |
| Repayment of short-term debt | (7.5) | — | (7.5) | — |
| Net cash provided by financing activities | 155.0 | 11.8 | 284.0 | 29.6 |
| Net increase/(decrease) in cash, cash equivalents and restricted cash |
23.2 | (3.1) | 23.9 | (7.2) |
| Cash, cash equivalents and restricted cash at the beginning of the period |
1.0 | 7.2 | 0.3 | 11.3 |
| Cash, cash equivalents and restricted cash at the end of the period |
24.2 | 4.1 | 24.2 | 4.1 |
| Supplementary disclosure of cash flow information | ||||
|---|---|---|---|---|
| Non-cash additions in respect of newbuildings | (13.8) | — | (13.8) | — |
| Issuance of liabilities for newbuilding installments | 13.8 | — | 13.8 | — |
| Interest paid, net of capitalized interest | (2.8) | (0.3) | (4.3) | (0.6) |
| (In \$ millions) | June 30, 2023 |
December 31, 2022 |
June 30, 2022 |
December 31, 2021 |
|---|---|---|---|---|
| Cash and cash equivalents | 24.2 | 0.3 | 4.1 | 11.3 |
| Total cash and cash equivalents and restricted cash | 24.2 | 0.3 | 4.1 | 11.3 |
| Number of outstanding shares |
Common shares |
Additional paid in capital |
Accumulated deficit |
Total equity |
|
|---|---|---|---|---|---|
| Balance as at December 31, | 32,152,857 | 32.2 | 60.7 | (1.0) | 91.9 |
| 2021 Share-based compensation |
— | 0.1 | — | 0.1 | |
| Total comprehensive loss | — | — | (0.4) | (0.4) | |
| Balance as at March 31, 2022 | 32,152,857 | 32.2 | 60.8 | (1.4) | 91.6 |
| Share-based compensation | — | 0.1 | — | 0.1 | |
| Total comprehensive loss | — | — | (0.6) | (0.6) | |
| Balance as at June 30, 2022 | 32,152,857 | 32.2 | 60.9 | (2.0) | 91.1 |
| Number of outstanding shares |
Common shares |
Additional paid in capital |
Accumulated deficit |
Total equity |
|
|---|---|---|---|---|---|
| Balance as at December 31, | 32,152,857 | 32.2 | 61.1 | (3.0) | 90.3 |
| 2022 Share based compensation |
— | 0.2 | — | 0.2 | |
| Total comprehensive loss | — | — | — | — | |
| Balance as at March 31, 2023 | 32,152,857 | 32.2 | 61.3 | (3.0) | 90.5 |
| Issuance of common shares | 8,630,000 | 8.6 | 41.4 | — | 50.0 |
| Equity issuance costs | — | (5.1) | — | (5.1) | |
| Share based compensation | — | 0.1 | — | 0.1 | |
| Total comprehensive loss | — | — | (1.1) | (1.1) | |
| Balance as at June 30, 2023 | 40,782,857 | 40.8 | 97.7 | (4.1) | 134.4 |
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