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Greenlane Renewables Inc. (GRNWF) reported record revenue of $12.2 million for Q1 2021, a 317% increase from $2.9 million in Q1 2020. The company's gross margin stood at $3.3 million (27% of revenue), with an adjusted EBITDA of $0.6 million. Despite a net loss of $0.2 million, Greenlane's sales order backlog reached $37.7 million and a robust sales pipeline valued at over $715 million. The company strengthened its balance sheet with a $26.5 million offering and fully repaid a $6 million promissory note. Greenlane successfully graduated to the TSX from the TSX Venture Exchange.
Greenlane Renewables reported a record revenue of $8.8 million in Q4 2020, up 167% from Q4 2019. Full-year revenue also hit $22.5 million, a 147% increase. The gross margin for Q4 was 27%, while the adjusted EBITDA was $0.2 million. The company ended the year with a significant sales order backlog of $45.7 million, reflecting a 180% year-over-year rise. Despite a net loss of $1.2 million in Q4, the outlook remains positive, supported by increasing market activity and expansion into new projects.
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