EverGen Infrastructure Reports Q3 2024 Results
EverGen Infrastructure reported Q3 2024 financial results showing significant growth. Revenue increased 57% to $3.6 million from $2.3 million in Q3 2023, driven by record RNG production at Fraser Valley Biogas. Net loss improved by 57% to $0.5 million from $1.1 million year-over-year. Adjusted EBITDA grew 157% due to increased revenues and reduced administrative expenses. The company achieved record RNG production with 40,674 gigajoules, up 65% year-over-year. GrowTEC commenced RNG supply to FortisBC Energy under a 20-year agreement and received $2M government funding for expansion.
EverGen Infrastructure ha riportato i risultati finanziari del Q3 2024 mostrando una crescita significativa. I ricavi sono aumentati del 57% raggiungendo $3,6 milioni, rispetto ai $2,3 milioni del Q3 2023, grazie alla produzione record di RNG presso Fraser Valley Biogas. La perdita netta è migliorata del 57% a $0,5 milioni rispetto a $1,1 milioni dell'anno precedente. Adjusted EBITDA è cresciuta del 157% grazie all'aumento dei ricavi e alla riduzione delle spese amministrative. L'azienda ha raggiunto una produzione record di RNG con 40.674 gigajoule, in aumento del 65% rispetto all'anno precedente. GrowTEC ha avviato la fornitura di RNG a FortisBC Energy sotto un contratto di 20 anni e ha ricevuto un finanziamento governativo di $2 milioni per l'espansione.
EverGen Infrastructure informó los resultados financieros del tercer trimestre de 2024 mostrando un crecimiento significativo. Los ingresos aumentaron un 57% hasta $3,6 millones desde $2,3 millones en el tercer trimestre de 2023, impulsados por la producción récord de RNG en Fraser Valley Biogas. La pérdida neta mejoró un 57% a $0,5 millones desde $1,1 millones en comparación con el año anterior. Adjusted EBITDA creció un 157% debido al aumento de los ingresos y la reducción de gastos administrativos. La compañía logró una producción récord de RNG con 40.674 gigajoules, un aumento del 65% interanual. GrowTEC comenzó el suministro de RNG a FortisBC Energy bajo un acuerdo de 20 años y recibió $2 millones en financiación gubernamental para la expansión.
EverGen Infrastructure는 2024년 3분기 재무 결과를 보고하며 상당한 성장을 드러냈습니다. 수익은 57% 증가하여 $3.6 백만에 이르렀으며, 이는 2023년 3분기의 $2.3 백만에서 증가된 수치입니다. 이는 Fraser Valley Biogas의 기록적인 RNG 생산으로 인한 것입니다. 누적 손실은 전년 대비 57% 개선되어 $0.5 백만에서 $1.1 백만으로 감소했습니다. Adjusted EBITDA는 수익 증가와 관리 비용 절감으로 인해 157% 성장했습니다. 회사는 40,674 기가줄의 기록적인 RNG 생산을 달성했으며, 이는 전년 대비 65% 증가한 수치입니다. GrowTEC는 FortisBC Energy에 20년 계약으로 RNG 공급을 시작했으며, 확장을 위한 정부 자금으로 $2백만을 수령했습니다.
EverGen Infrastructure a annoncé les résultats financiers du troisième trimestre 2024, montrant une croissance significative. Le chiffre d'affaires a augmenté de 57% pour atteindre $3,6 millions, contre 2,3 millions de dollars au T3 2023, soutenu par une production record de RNG à Fraser Valley Biogas. La perte nette s'est améliorée de 57% pour atteindre 0,5 million de dollars au lieu de 1,1 million de dollars d'une année sur l'autre. Adjusted EBITDA a crû de 157% grâce à l'augmentation des revenus et à la réduction des frais administratifs. L'entreprise a atteint une production record de RNG avec 40 674 gigajoules, en hausse de 65% par rapport à l'année précédente. GrowTEC a commencé à fournir du RNG à FortisBC Energy dans le cadre d'un contrat de 20 ans et a reçu un financement gouvernemental de 2 millions de dollars pour l'expansion.
EverGen Infrastructure hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, die ein signifikantes Wachstum zeigen. Der Umsatz stieg um 57% auf $3,6 Millionen von $2,3 Millionen im 3. Quartal 2023, was auf die Rekord-RNG-Produktion in Fraser Valley Biogas zurückzuführen ist. Der Nettoverlust verbesserte sich um 57% auf $0,5 Millionen von $1,1 Millionen im Vorjahresvergleich. Adjusted EBITDA wuchs um 157% aufgrund gestiegener Einnahmen und reduzierter Verwaltungskosten. Das Unternehmen erzielte eine Rekordproduktion von RNG mit 40.674 Gigajoule, was einem Anstieg von 65% im Jahresvergleich entspricht. GrowTEC nahm die RNG-Lieferung an FortisBC Energy im Rahmen eines 20-jährigen Vertrags auf und erhielt 2 Millionen Dollar staatliche Fördermittel für die Expansion.
- Revenue increased 57% YoY to $3.6 million
- Net loss improved 57% to $0.5 million from $1.1 million
- Adjusted EBITDA grew 157%
- RNG production increased 65% to 40,674 gigajoules
- Secured $2M government funding for GrowTEC expansion
- 20-year RNG offtake agreement with FortisBC Energy
- Cash and cash equivalents decreased 64% to $596,000
- Long-term liabilities increased by 2% to $28.1 million
- Organic compost and soil sales declined 6%
Q3 2024 Key Milestones & Highlights:
- Record Daily, Monthly and Quarterly RNG Production at Fraser Valley Biogas (“FVB”)
- GrowTEC commenced supplying RNG to FortisBC Energy under a 20-year offtake agreement
-
GrowTEC awarded
from Government of$2M Canada for RNG Expansion Project for GrowTEC facility
Financial and Operational Summary: |
||||
|
Three months ended |
|||
|
Sep 30, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
FINANCIAL |
|
|
|
|
Revenue |
3,598 |
2,287 |
1,311 |
57 |
Net loss |
(472) |
(1,091) |
619 |
(57) |
Net loss per share ($), basic and diluted |
(0.02) |
(0.08) |
0.06 |
(73) |
EBITDA (1) |
1,227 |
(440) |
1,667 |
(379) |
Adjusted EBITDA (1) |
983 |
382 |
601 |
157 |
Total assets |
91,643 |
92,280 |
(637) |
(1) |
Total long-term liabilities |
28,081 |
27,640 |
441 |
2 |
Cash and cash equivalents |
596 |
1,642 |
(1,046) |
(64) |
Working capital surplus (1) |
484 |
325 |
159 |
49 |
COMMON SHARES (thousands) |
|
|
|
|
Outstanding, end of period |
14,002 |
13,885 |
117 |
1 |
Weighted average – basic & diluted |
13,995 |
13,851 |
144 |
1 |
OPERATING |
|
|
|
|
RNG (gigajoules) |
40,674 |
24,657 |
16,017 |
65 |
Incoming organic feedstock (tonnes) |
25,555 |
18,983 |
6,572 |
35 |
Organic compost and soil sales (yards) |
9,771 |
10,425 |
(654) |
(6) |
Electricity (MWh) |
1,057 |
717 |
340 |
47 |
(1) Please refer to "Non-GAAP Measures”. |
Financial Highlights
-
57% increase in revenues of for Q3 2024 from$3.6 million for Q3 2023, primarily due to record RNG production and associated revenues from the FVB RNG project completed in Q4 2023, increased tipping fees with the launch of Prairie Sky Organics (“PSO”) in Q3 2023, improved pricing at Pacific Coast Renewables and increased carbon credit revenue.$2.3 million -
57% improvement in net loss of for Q3 2024 from$0.5 million in Q3 2023, supported by higher revenues, contingent consideration gains from the GrowTEC acquisition, and reduced general and administrative expenses, partially offset by depreciation and finance costs related to investments made into the FVB RNG project, and higher utility costs due to higher RNG production.$1.1 million -
157% increase in adjusted EBITDA of compared to the same period last year, primarily due to an increase in revenues and a reduction in general and administration expenses, partially offset by higher utility costs due to higher RNG production.$0.6 million
“Fraser Valley Biogas’s production has continued to improve throughout the year as we approach full capacity. A new daily record in RNG production at
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 1:00 p.m. Eastern Time on November 21, 2024, hosted by Chief Executive Officer, Mischa Zajtmann and Chief Financial Officer, Sean Hennessy.
Conference call details are as follows:
Date: Thursday November 21, 2024
Time: 1:00 p.m. ET
Zoom Link: https://us06web.zoom.us/j/89159585544
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 Accounting Standards. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS Accounting Standards and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS Accounting Standards, the non-GAAP measurement provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial commitments. These non-GAAP 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 Accounting Standards. 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 certain 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. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company’s expectations regarding revenue growth and future financial or operating performance. 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, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release.
The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241120754643/en/
Co-founder & CEO
Mischa Zajtmann
604-202-7004
mischa@evergeninfra.com
Source: EverGen Infrastructure Corp.
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