Anaergia (ANRG) Q1 2025 earnings summary

Executive summary

• Achieved record revenue backlog of $200 million as of March 31, 2025, up 94.1% from $103.1 million at December 2024, driven by capital sales in Italy and North America.

• Strategic focus on execution, cost control, and a capital-light model under the Energia/Anaergia 2.0 strategy, with enhanced capital market presence via OTCQX listing.

• Net loss improved 48.6% to $5.9 million year-over-year, and adjusted EBITDA loss improved 34.5% to $3.9 million.

• Strategic actions post-Marny Investment SA's July 2024 investment have enhanced financial foundation and investor confidence.

Financial highlights

• Q1 2025 revenue was $24.9 million, down 0.4% year-over-year, mainly due to lower capital sales and food revenue, offset by higher O&M services and North America growth.

• Gross profit was $5.4 million, down 16.6% year-over-year; gross margin declined to 21.7% from 26%.

• SG&A expenses were $17.2 million, up 3.4% due to a $2.95 million accounts receivable reserve; excluding this, SG&A declined 14.3%.

• Total assets at March 31, 2025 were $223.0 million, down from $233.3 million at December 31, 2024.

• Revenue by region: North America 68%, Italy 14%, APAC 5%, Other 13%.

Outlook and guidance

• Backlog growth and multi-project orders from key customers expected to sustain momentum over multiple quarters.

• Margins expected to improve as BU assets ramp up and capital sales remain strong; SG&A run rate anticipated around $14–15 million per quarter.

• Management continues to pursue a robust pipeline of opportunities and has already secured additional awards since Q2 2025 began.

• No formal forward-looking backlog number provided, but project durations range from 8 to 24 months.

• Positioned for scale with technology-led demand and global partnerships.