EverGen Infrastructure (EVGN) Q3 2025 earnings summary

Executive summary

• Q3 marked the first 100 days for the new management team post-recapitalization, initiating a platform reset focused on operational optimization and scalable growth for 2026 and beyond.

• Achieved record quarterly RNG production, driven by optimization at Fraser Valley Biogas and GrowTEC facilities.

• Transitioned to new management and equity following a May 2025 transaction, with improved EBITDA performance quarter-over-quarter.

• Revenue was impacted by prior capital constraints and strategic decisions to reset organics and composting operations.

• Advanced refinancing and optimization activities to support future growth.

Financial highlights

• Q3 2025 revenue was $2.8 million, largely in line with the prior quarter but down year-over-year due to lower tip fee volumes and absence of management fees from Project Radius.

• Net loss increased to $1.1 million compared to Q3 2024, mainly from lower revenues and reduced contingent consideration gain.

• Adjusted EBITDA for Q3 2025 was $0.5 million, up from $0.4 million in the prior quarter, but down year-over-year due to lower composting volumes.

• Total assets stood at $76.5 million, with total long-term liabilities of $24.8 million as of September 30, 2025.

• Cash and cash equivalents were $2.9 million at quarter-end.

Outlook and guidance

• Optimization activities are expected to impact near-term revenues but are positioned to enable scalable growth in 2026 and beyond.

• Strong outlook for the organics business as market tip fees have increased by 30% compared to pre-2020 contracted rates.

• Sustained strong RNG production and significant carbon credit revenue are expected, with a robust market for CFR credits in Canada.

• The platform is positioned for long-term shareholder value and growth opportunities in the Canadian RNG sector.

• Anticipates closing a $13 million FVB debt facility and up to $2 million private placement in Q4 2025.