Anaergia (ANRG) Q2 2026 earnings summary

Executive summary

• Revenue grew 98% year-over-year to CAD 63.9 million in Q2 2026, driven by strong capital project execution in Italy, other European countries, and North America.

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

• Revenue backlog increased to CAD 274.9 million, supported by strong contract wins and ongoing demand in core markets.

• Net loss narrowed significantly to CAD 2.1 million from CAD 9.5 million in Q2 2025.

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

Financial highlights

• Q2 2026 revenue: CAD 63.9 million, up 98.1% from Q2 2025; year-to-date revenue: CAD 119.1 million, up 109%.

• Q2 gross profit: CAD 14.5 million, up 38.2% year-over-year; year-to-date gross profit: CAD 27.2 million, up 71%.

• Gross margin for Q2: 22.7%, down from 32.5% in Q2 2025; year-to-date: 22.8%, impacted by underperformance at the Rhode Island Bioenergy Facility.

• Q2 adjusted EBITDA: CAD +1.9 million, up from a loss of CAD 2.2 million; trailing 12-month adjusted EBITDA: CAD 9.7 million.

• Q2 net loss: CAD 2.1 million, improved from CAD 9.5 million in Q2 2025; year-to-date net loss: CAD 6.5 million, improved from CAD 15.4 million.

Outlook and guidance

• Management expects continued strong execution and growth, with no major constraints anticipated in scaling revenue further.

• Revenue cadence for the second half of the year is expected to be similar or better than last year, with projects running ahead of expectations.

• O&M revenue is expected to grow in line with capital sales, with current declines attributed to timing.

• The expanding revenue backlog and global pipeline are expected to provide a strong foundation for continued long-term value creation.

• Growth opportunities are being pursued in the renewable natural gas and resource recovery markets.