Anaergia (ANRG) Q2 2026 earnings summary

Executive summary

• Revenue nearly doubled year-over-year in Q2 2026 to CAD 63.9 million, driven by strong capital sales in Italy, Europe, and North America.

• Fourth consecutive quarter of positive adjusted EBITDA, reflecting improved operating discipline and execution.

• Revenue backlog expanded to CAD 274.9 million, supported by CAD 66 million in new contract awards across Europe and North America.

• Net loss for Q2 narrowed to CAD 2.1 million from CAD 9.5 million a year ago, a 78% improvement.

• Major milestones include first commercial RNG delivery under California SB 1440 and a CAD 58 million contract with Neogenyx Fuels.

Financial highlights

• Q2 2026 revenue was CAD 63.9 million, up 98% year-over-year; year-to-date revenue rose 109% to CAD 119.1 million.

• Gross profit for Q2 was CAD 14.5 million, up 38% year-over-year; gross margin was 22.7%.

• Adjusted EBITDA was CAD 1.9 million in Q2, a CAD 4.1 million improvement year-over-year.

• Net loss for the first six months improved to CAD 6.5 million from CAD 15.4 million year-over-year.

• Gross profit margin declined to 22.7% from 32.5% year-over-year.

Outlook and guidance

• Management expects continued strong execution and growth, with no major constraints to doubling or tripling current revenue levels.

• Expanding revenue backlog and global pipeline provide a strong foundation for long-term value creation.

• All major projects are online and some are exceeding expectations, supporting a positive revenue cadence for the second half.

• O&M revenue is expected to grow in line with capital sales, despite quarterly timing variability.