EverGen Infrastructure (EVGN) Q4 2024 earnings summary

Executive summary

• Revenues increased 69% year-over-year to $14.2 million in 2024, driven by higher RNG production and pricing at key facilities.

• Adjusted EBITDA rose 363% to $2.9 million for fiscal year 2024, reflecting higher revenues and lower recurring G&A expenses.

• Net loss widened to $17.1 million for the year, mainly due to $12.2 million in non-cash impairment charges at CedarSky Soils, Grotech, Sea to Sky Soils Composting Inc., and GrowTEC, as well as higher operating costs.

• Achieved record RNG production at Fraser Valley Biogas, nearing design capacity after expansion in December 2023.

Financial highlights

• Revenue for 2024 was $14.2 million, up from $8.4 million in 2023; Q4 revenue was $3.2 million, up from $2.3 million in Q4 2023.

• RNG production nearly tripled to 160,027 GJ from 62,891 GJ year-over-year.

• Adjusted EBITDA increased to $2.9 million from $0.8 million in 2023.

• Net loss for the year was $17.1 million, compared to $4.7 million in 2023.

• Cash and cash equivalents at year-end were $0.4 million, with a working capital deficit of $1.0 million.

Outlook and guidance

• Expectation of continued growth in RNG and feedstock volumes at Fraser Valley Biogas in 2025, supported by recent investments and optimization.

• The company is positioned to deliver on its RNG platform and expand across North America.

• Recent equity financing and reorganization position the company to inject capital and deliver positive results.

• Anticipate ongoing progress at development-stage projects with new capital.