Anaergia (ANRG) Q1 2026 earnings summary

Executive summary

• Revenue grew 122% year-over-year to $55.2 million/CAD 55.2 million, led by capital sales and strong EMEA and North America performance.

• Gross profit increased 135% to $12.7 million/CAD 12.7 million, with gross margin improving to 23%.

• Achieved third consecutive quarter of positive Adjusted EBITDA, reaching $1.1 million, a $5 million improvement year-over-year.

• Revenue backlog rose 32% year-over-year to $265 million, with over $54 million in new contract awards signed during the quarter.

• Strategic milestones included entry into the HVO market and regulatory approval for the SoCal Biomethane facility under California SB 1440.

Financial highlights

• Revenue for Q1 2026 was $55.2 million/CAD 55.2 million, up from $24.9 million/CAD 24.9 million in Q1 2025.

• Gross profit reached $12.7 million/CAD 12.7 million, up from $5.4 million/CAD 5.4 million year-over-year.

• Gross margin improved to 23% from 21.7%, despite a $2 million impact from the Rhode Island facility ramp-up.

• SG&A expenses decreased 18% to $14.1 million.

• Net loss narrowed to $4.4 million from $5.9 million; excluding a prior grant, net loss improved 63%.

• Adjusted EBITDA improved by $5 million year-over-year.

• Income from operations improved to a loss of $1.5 million from a loss of $5.7 million (74% improvement).

Outlook and guidance

• Capital sales and backlog are expected to continue growing, with revenue building behind them.

• The capital-light model is designed for repeatable growth across multiple markets.

• O&M business will remain a growth pillar, with revenue contribution lagging capital sales by 1.5–2 years.

• Rhode Island facility targeted to reach profitability by year-end, with improvements expected each quarter.

• Long-term, regulated demand in California and continued support in Italy underpin future growth.

• Focus remains on operational improvements and margin discipline.