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EverGen Infrastructure Reports Record Revenues and Adjusted EBITDA for Q2 2024

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EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) reported record financial results for Q2 2024. Revenues increased by 96% to $4.2 million, primarily due to record RNG production from the Fraser Valley Biogas (FVB) project and GrowTEC facility. The company achieved a net loss of $0.9 million, consistent with Q2 2023. Adjusted EBITDA rose to $1.1 million, up from $0.4 million in Q2 2023. Key milestones include executing a 20-year RNG offtake agreement with FortisBC and a long-term feedstock supply contract at FVB. The company's RNG production increased by 555% to 42,219 gigajoules. CEO Mischa Zajtmann highlighted the company's positioning for significant, sustained growth in the renewable energy sector.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) ha riportato risultati finanziari record per il secondo trimestre del 2024. I ricavi sono aumentati del 96% arrivando a 4,2 milioni di dollari, principalmente grazie alla produzione record di biometano dal progetto Fraser Valley Biogas (FVB) e dall'impianto GrowTEC. L'azienda ha registrato una perdita netta di 0,9 milioni di dollari, in linea con il secondo trimestre del 2023. L'EBITDA rettificato è salito a 1,1 milioni di dollari, rispetto ai 0,4 milioni di dollari del secondo trimestre 2023. Tra i traguardi principali ci sono l'esecuzione di un contratto di acquisto di biometano di 20 anni con FortisBC e un contratto di fornitura a lungo termine di materie prime presso FVB. La produzione di biometano dell'azienda è aumentata del 555% raggiungendo 42.219 gigajoule. Il CEO Mischa Zajtmann ha sottolineato la posizione favorevole dell'azienda per una crescita significativa e sostenuta nel settore delle energie rinnovabili.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) reportó resultados financieros récord para el segundo trimestre de 2024. Los ingresos aumentaron un 96% hasta 4,2 millones de dólares, principalmente debido a la producción récord de biogás renovable del proyecto Fraser Valley Biogas (FVB) y la instalación de GrowTEC. La compañía registró una pérdida neta de 0,9 millones de dólares, consistente con el segundo trimestre de 2023. El EBITDA ajustado aumentó a 1,1 millones de dólares, frente a los 0,4 millones de dólares en el segundo trimestre de 2023. Los hitos clave incluyen la ejecución de un acuerdo de compra de biogás renovable de 20 años con FortisBC y un contrato de suministro de materia prima a largo plazo en FVB. La producción de biogás renovable de la compañía aumentó un 555% hasta alcanzar 42,219 gigajulios. El CEO Mischa Zajtmann destacó la posición de la empresa para un crecimiento significativo y sostenido en el sector de la energía renovable.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF)는 2024년 2분기 기록적인 재무 성과를 보고했습니다. 수익은 96% 증가하여 420만 달러에 달했습니다, 주로 Fraser Valley Biogas (FVB) 프로젝트 및 GrowTEC 시설의 기록적인 RNG 생산 덕분입니다. 회사는 90만 달러의 순손실을 기록했습니다, 2023년 2분기와 일치합니다. 조정 EBITDA는 110만 달러로 증가했으며, 2023년 2분기 40만 달러에서 증가했습니다. 주요 이정표로는 FortisBC와의 20년 RNG 매입 계약 체결 및 FVB에서의 장기 원료 공급 계약이 포함됩니다. 회사의 RNG 생산량은 555% 증가하여 42,219기가줄에 달했습니다. CEO Mischa Zajtmann은 재생 가능 에너지 부문에서의 지속적이고 의미 있는 성장을 위한 회사의 입장을 강조했습니다.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) a annoncé des résultats financiers record pour le deuxième trimestre 2024. Les revenus ont augmenté de 96 % pour atteindre 4,2 millions de dollars, principalement en raison de la production record de gaz renouvelable (RNG) du projet Fraser Valley Biogas (FVB) et de l'installation GrowTEC. L'entreprise a enregistré une perte nette de 0,9 million de dollars, ce qui est conforme au deuxième trimestre 2023. L'EBITDA ajusté a augmenté à 1,1 million de dollars, contre 0,4 million de dollars au deuxième trimestre 2023. Parmi les principales réalisations figurent la signature d'un contrat d'achat de RNG de 20 ans avec FortisBC et un contrat d'approvisionnement à long terme en matières premières à FVB. La production de RNG de l'entreprise a augmenté de 555 % pour atteindre 42 219 gigajoules. Le PDG Mischa Zajtmann a souligné la position de l'entreprise pour une croissance significative et durable dans le secteur de l'énergie renouvelable.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) hat für das zweite Quartal 2024 Rekordfinanzergebnisse gemeldet. Die Umsätze stiegen um 96 % auf 4,2 Millionen Dollar, hauptsächlich aufgrund der Rekordproduktion von RNG aus dem Projekt Fraser Valley Biogas (FVB) und der GrowTEC-Anlage. Das Unternehmen verzeichnete einen netto Verlust von 0,9 Millionen Dollar, was mit dem zweiten Quartal 2023 übereinstimmt. Das bereinigte EBITDA stieg auf 1,1 Millionen Dollar, gegenüber 0,4 Millionen Dollar im zweiten Quartal 2023. Zu den wichtigsten Meilensteinen gehören der Abschluss eines 20-jährigen RNG-Abnahmevertrags mit FortisBC und ein langfristiger Rohstoffliefervertrag in FVB. Die RNG-Produktion des Unternehmens stieg um 555 % auf 42.219 Gigajoule. CEO Mischa Zajtmann hob die Position des Unternehmens für signifikantes und nachhaltiges Wachstum im Bereich der erneuerbaren Energien hervor.

Positive
  • Record quarterly revenue of $4.2 million, a 96% increase year-over-year
  • Adjusted EBITDA grew to $1.1 million, up 194% from Q2 2023
  • RNG production increased by 555% to 42,219 gigajoules
  • Executed a 20-year RNG offtake agreement with FortisBC
  • FVB facility approaching full capacity production
Negative
  • Net loss of $0.9 million for Q2 2024
  • Cash and cash equivalents decreased by 96% to $402,000
  • Working capital surplus decreased by 86% to $994,000

Q2 2024 Key Milestones & Highlights:

  • Record quarterly revenue and adjusted EBITDA(1)
  • Execution of 20-year renewable natural gas (“RNG”) Offtake Agreement with FortisBC and long-term feedstock supply contract at Fraser Valley Biogas (“FVB”)
  • FVB achieved record single-day and monthly RNG production for the last month of the quarter continuing to approach the full capacity potential of the facility

VANCOUVER, British Columbia--(BUSINESS WIRE)-- EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), today reported financial results as at and for Q2 2024. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS Accounting Standards.

Financial and Operational Summary:

 

Three months ended

 

Jun 30, 2024

Jun 30, 2023

$ Change

% Change

FINANCIAL

 

 

 

 

Revenue

4,238

2,158

2,080

96

Net loss

(875)

(891)

16

(2)

Net loss per share ($), basic and diluted

(0.05)

(0.06)

0.01

(17)

EBITDA (1)

966

(387)

1,353

(350)

Adjusted EBITDA (1)

1,122

382

740

194

Total assets

93,828

94,814

(986)

(1)

Total long-term liabilities

29,321

28,214

1,107

4

Cash and cash equivalents

402

9,515

(9,113)

(96)

Working capital surplus (1)

994

6,997

(6,003)

(86)

COMMON SHARES (thousands)

 

 

 

 

Outstanding, end of period

13,979

13,845

134

1

Weighted average – basic & diluted

13,947

13,845

102

1

OPERATING

 

 

 

 

RNG (gigajoules)

42,219

6,422

35,777

555

Incoming organic feedstock (tonnes)

30,647

20,955

9,692

46

Organic compost and soil sales (yards)

11,742

10,365

1,377

13

Electricity (MWh)

911

920

(9)

(1)

(1) Please refer to "Non-GAAP Measures”.

Financial Highlights

  • Revenues of $4.2 million for Q2 2024 increased by 96% from $2.2 million for Q2 2023, primarily due to record RNG production and associated revenues from the completion and successful post commissioning operation of the FVB RNG project in December 2023 and the commencement of RNG production at Grow the Circle Energy Ltd. (“GrowTEC”) in late Q2 2023.
  • Net loss of $0.9 million for Q2 2024 was consistent with Q2 2023 despite the inclusion of additional carrying costs of engineering related overhead due to the completion of FVB.
  • Adjusted EBITDA of $1.1 million for Q2 2024 increased from $0.4 million in Q2 2023, due to an increase in revenues, partially offset by an increase in direct operating costs commensurate with increased RNG production and recurring general and administrative expenses.

“The second quarter demonstrated continued revenue growth across the EverGen platform” said EverGen CEO, Mischa Zajtmann. “With the FVB facility proven in operation approaching full capacity and major strides in our development pipeline, we are well positioned for significant, sustained growth as we continue to scale our operations and lead in the renewable energy space.”

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 4:00 p.m. Eastern Time on August 22, 2024, hosted by Chief Executive Officer, Mischa Zajtmann and Chief Financial Officer, Sean Hennessy.

Conference call details are as follows:

Date: Thursday August 22, 2024
Time: 4:00 p.m. ET

Zoom Link: https://us06web.zoom.us/s/84716493141

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 Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of RNG, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

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, these non-GAAP measurements 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 Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company’s completed acquisitions; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facilities; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under ”Risk Factors” in the Company’s Annual Information Form dated April 22, 2024, which is available on SEDAR+ at www.sedarplus.ca, many of which are beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by applicable law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

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.

Co-founder & CEO

Mischa Zajtmann

604-202-7004

mischa@evergeninfra.com

Source: EverGen Infrastructure Corp.

FAQ

What was EverGen Infrastructure's (EVGIF) revenue for Q2 2024?

EverGen Infrastructure (EVGIF) reported record quarterly revenue of $4.2 million for Q2 2024, representing a 96% increase from $2.2 million in Q2 2023.

How much did EverGen's (EVGIF) RNG production increase in Q2 2024?

EverGen's (EVGIF) RNG production increased by 555% to 42,219 gigajoules in Q2 2024 compared to the same period last year.

What was EverGen Infrastructure's (EVGIF) Adjusted EBITDA for Q2 2024?

EverGen Infrastructure (EVGIF) reported Adjusted EBITDA of $1.1 million for Q2 2024, an increase from $0.4 million in Q2 2023.

Did EverGen (EVGIF) secure any significant contracts in Q2 2024?

Yes, EverGen (EVGIF) executed a 20-year renewable natural gas (RNG) offtake agreement with FortisBC and a long-term feedstock supply contract at Fraser Valley Biogas (FVB) in Q2 2024.

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