The following is a summary of the GreenFirst Forest Products (ICLTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GreenFirst Forest Products reported a net loss of $13.4 million in Q1, including a $4.9 million deferred tax expense.

• Adjusted EBITDA for Q1 was negative $3.5 million, showing slight improvement compared to the negative $18 million in Q4 2023.

• Lumber sales for the quarter were reported at $69 million, while paper segment sales were down to $24 million from $34 million from Q4 2023.

• Cost of sales in the lumber segment came in at $62 million.

Business Progress:

• Despite disruptions in the paper segment leading to losses, the company set a Q1 2024 record by breaking 19 production records at its mill plants.

• GreenFirst has different non-CapEx initiatives in place expected to bring savings of approximately $14 million compared to 2023.

• The company aims to manage liquidity in the volatile lumber market through tight inventory management at the mill level.

• They have planned to sell noncore assets, including Pena Island and other lands, and are on track to reach the targeted overhead cost for SG&A of $40 per thousand foot, board measure.

• GreenFirst Forest Products plans to unveil a new strategic plan focusing on growing capacity in Ontario with strategic capital projects during the Q2 earnings call.

• The company has shown some positive safety record performance and is engaging with governments for support.

• They are exploring options of duty monetization to release liquidity while striving to control costs and mitigate negative contribution from the paper mill.

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