Limestone Boat Company posts decline in Q3

The Limestone Boat Company Limited recently reported its financial results for the three and nine months ended December 31, 2023.

The company reported an incurred operating loss of $1,616,653 CAN during the third quarter.

“The company continues to advance the restart of operations in Southwest New Brunswick under the leadership of its resident CEO, an enhanced plant management team, including but not limited to its manager of engineering from a leading U.S. yacht builder, experienced serial production managers/boatbuilders, and a quality assurance manager from one of the worlds leading automotive manufacturers,” Limestone reported in a press release. “The company’s 12-week employee training program is also progressing as expected, and the retrofitting of its new manufacturing facility in St. Stephen, New Brunswick is underway, putting the company on course to see the resumption of serial production in summer 2024.”

In the report, Limestone stated the previously announced execution of a non-binding term sheet, and initial advances with Pathfinder Investments, NB Inc., a privately owned New Brunswick investment company, expected to provide up to $5 million of financing in return for a gross revenue royalty right and certain common share purchase warrants to be determined upon negotiation of a definitive agreement, is proceeding as expected, subject to execution of the definitive agreement, the approval of the Board of Directors of the company, and any applicable regulatory approvals including that of the TSX Venture Exchange.

“Throughout the suspension of manufacturing operations, the , company’s dealer partners have remained supportive, and there are over a dozen additional dealers that have expressed interest in the Limestone model lineup given current market dynamics, brand following, and Limestone’s outboard power configurations,” Limestone said in it’s earnings release.

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