Anaergia (ANRG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 30.3% YoY to C$66.9 million; nine-month revenue rose 71.5% to C$186.0 million, exceeding FY2025 revenue of C$180.2 million.

• Revenue Backlog reached a record C$303.1 million at September 30, with a 1.48 book-to-bill ratio; Adjusted EBITDA was positive for a fifth consecutive quarter.

• Rhode Island and Charlotte asset sales generated a C$21.9 million gain, removed US$20 million of project-level debt and negative earnings, and sharpened portfolio focus.

Financial highlights

• Q3 revenue was C$66.9 million, up 30.3% YoY; nine-month revenue was C$186.0 million, up 71.5%.

• Q3 gross profit rose 11.0% to C$16.4 million; nine-month gross profit increased 42.1% to C$43.6 million.

• Q3 net income was C$19.5 million versus a C$0.5 million loss; nine-month net income was C$13.1 million versus a C$15.8 million loss, including the C$21.9 million disposal gain.

• Q3 Adjusted EBITDA was C$3.1 million, up 21.7% YoY; nine-month Adjusted EBITDA was C$6.1 million versus a C$3.6 million loss.

• Nine-month operating loss narrowed to C$1.9 million from C$9.2 million; Q3 operating income was C$0.5 million versus C$0.6 million.

Outlook and guidance

• Management is focused on converting backlog to revenue through disciplined execution, improving operating leverage, and selectively pursuing opportunities against return and risk criteria.

• Capital sales backlog is expected to be materially higher by year-end; management anticipated further award announcements in the coming weeks.

• SoCal Biomethane is expected to approach full capacity over coming quarters into next year as production ramps to expanded SB 1440 offtake volumes.

• Management expects divestitures to benefit future periods by removing negative earnings contributions; projected cash flows and available financing are considered sufficient for 12 months, though execution is not assured.

• Live Oak covenant compliance was expected by December 31, 2026; the lender waived the September 30 breach but retained call rights.