EverGen Infrastructure (EVGN) Q2 2025 earnings summary

Executive summary

• New management and board team began in Q2 2025, initiating operational and financial optimization to position the business for institutional-grade operations and long-term growth.

• Achieved record quarterly RNG production, driven by ramp-up at Fraser Valley Biogas and GrowTEC projects.

• Closed a $5 million private placement in May 2025, recapitalizing the business and increasing board and management ownership to 42%.

• Strategic reset at organics and composting facilities to rebuild long-term value, intentionally maintaining lower volumes.

• Revenue declined 34% year-over-year to $2.78 million for Q2 2025, with a net loss of $1.95 million, more than doubling from the prior year.

Financial highlights

• Q2 2025 revenues were $2.8 million, up from $1.9 million in Q1 2025, but down 34% year-over-year.

• Adjusted EBITDA was $0.34 million, down 70% year-over-year and sequentially from Q1 2025.

• EBITDA was negative $0.82 million, compared to positive $0.97 million in Q2 2024.

• Cash and equivalents rose to $4.52 million from $0.40 million year-over-year; working capital surplus increased to $1.45 million.

• Shares outstanding increased 60% to 22.4 million, reflecting the capital raise.

Outlook and guidance

• Optimization and capital deployment initiatives are expected to generate sustainable results, with capital prioritized for projects offering attractive cash flow payback.

• RNG assets (Fraser Valley and GrowTEC) are expected to maintain strong production levels, underpinning long-term value.

• PCR RNG expansion project is shovel-ready pending regulatory approval, with first gas targeted for 2028 and potential for acceleration.

• GrowTEC phase II expansion under evaluation, with a decision expected in 90-180 days.

• Project Radius FID process underway, with an update expected in 3-6 months.

• Optimization activities may temporarily reduce revenues and incoming organic waste volumes but are critical for scalable growth in 2026 and beyond.

• Completion of debt refinancing and additional equity raise anticipated in Q3 2025 to further strengthen financial position.