EverGen Infrastructure Reports Q2 2023 Results
- Awarded $10.5 million funding for Pacific Coast RNG expansion project
- Draw down of $15 million tranche from senior term loan facility
- Fraser Valley Biogas Project construction on track for completion in September 2023
- Revenues decreased 9% to $2.2 million due to lower RNG production during construction period
- Net loss increased to $0.9 million from $0.5 million in Q2 2022
Q2 2023 Key Milestones Achieved & Highlights:
-
Awarded
in funding from Natural Resources Canada’s Clean Fuels Fund to be used for the Pacific Coast Renewables RNG expansion project.$10.5 million - GrowTEC announced first injection of RNG to the grid marking the completion of Phase I of the RNG expansion project.
-
Draw down of
tranche from$15 million senior term loan facility, providing funding for the Fraser Valley Biogas RNG expansion project.$31 million - Fraser Valley Biogas Project construction significantly advanced on track with completion expected in September 2023.
Financial Highlights for Q2 2023
-
Cash and cash equivalents of
as at June 30, 2023, compared to$9.5 million as at December 31, 2022, increased from the$8.9 million drawdown of the senior term loan facility, partially offset by$9.5 million of investments made into expansion and development projects. The remaining cash and cash equivalents, combined with the undrawn balance under the$6.6 million term loan, expected grant proceeds and expected future operating cash flows, fully funds EverGen’s core RNG expansion projects.$31 million -
Revenues of
decreased$2.2 million 9% from in Q2 2022, primarily due to lower RNG production at Fraser Valley Biogas during the construction period of the core RNG expansion project.$2.4 million -
Net loss of
for Q2 2023 increased from$0.9 million in Q2 2022, mainly due to the recognition of$0.5 million of insurance proceeds in Q2 2022, partially offset by a decrease in direct operating costs and general and administrative expenses.$0.8 million -
Adjusted EBITDA of
for Q2 2023, was consistent with Q2 2022.$0.4 million
"Our recent achievements underpin EverGen’s successful transition into the execution phase of our core expansion projects.” said Chase Edgelow, CEO of EverGen. “This, coupled with the substantial funding support we recently received for the Pacific Coast RNG project, validates our leadership and commitment to our stakeholders while furthering Canada’s energy transition goals.”
Financial and Operational Summary
The following table presents EverGen’s Consolidated Financial and Operating Summary:
|
Three months ended
|
|||
Jun 30,
|
Jun 30,
|
$ Change |
% Change |
|
FINANCIAL |
|
|
|
|
Revenue |
2,158 |
2,359 |
(201) |
(9) |
Net loss |
(891) |
(546) |
(345) |
63 |
Net loss per share ($), basic and diluted |
(0.06) |
(0.04) |
(0.02) |
50 |
EBITDA (1) |
(387) |
(153) |
(234) |
153 |
Adjusted EBITDA (1) |
382 |
426 |
(44) |
(10) |
Capital expenditures |
2,841 |
2,349 |
491 |
21 |
Total assets |
94,814 |
78,581 |
16,233 |
21 |
Total long-term liabilities |
28,214 |
14,453 |
13,761 |
95 |
Cash and cash equivalents |
9,515 |
17,379 |
(7,864) |
(45) |
Working capital surplus (1) |
6,997 |
16,524 |
(9,527) |
(58) |
COMMON SHARES (thousands) |
|
|
|
|
Outstanding, end of period |
13,845 |
13,307 |
538 |
4 |
Weighted average – basic & diluted |
13,845 |
13,357 |
488 |
4 |
OPERATING |
|
|
|
|
Incoming organic feedstock (tonnes) |
20,955 |
24,336 |
(3,381) |
(14) |
Organic compost and soil sales (yards) |
10,365 |
13,778 |
(3,413) |
(25) |
RNG (gigajoules) |
6,422 |
20,254 |
(13,812) |
(68) |
Electricity (MWh) |
920 |
- |
920 |
100 |
(1) Please refer to “Non-GAAP Measures”. |
For further information on the results please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on EverGen’s website at www.evergeninfra.com.
EverGen will hold a results and corporate update conference call at 10:00 a.m. Eastern Time on Thursday, August 24, 2023, hosted by Chief Executive Officer, Chase Edgelow.
Conference call details are as follows:
Date: Thursday, August 24, 2023
Time: 10:00 a.m. ET
Zoom Link: https://us02web.zoom.us/webinar/register/WN_WvDq8p1ZT4CnFv7rAn7lwg
Find the latest Corporate Presentation in the Investor Center: https://www.evergeninfra.com/investor-center
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
Non-GAAP Measures
EverGen uses certain financial measures referred to in this press release to quantify its results that are not prescribed by IFRS. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS, the non-IFRS measurement provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial commitments. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with IFRS. EBITDA is defined as net income (loss) before interest, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses, unusual or non-recurring items, contingent consideration gains and losses and non-controlling interests in adjusted EBITDA. Working capital is calculated as current assets less current liabilities.
Forward-Looking Information
This news release contains forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, believes”, “explores”, "expects" and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in
View source version on businesswire.com: https://www.businesswire.com/news/home/20230823265455/en/
EverGen Investor Contact
Victoria Rutherford
480-625-5772
Victoria@adcap.ca
Source: EverGen Infrastructure Corp.