EverGen Infrastructure (EVGN) Q4 2024 earnings summary

Executive summary

• Revenue increased 69% year-over-year to $14.2 million in 2024, driven by record RNG production at Fraser Valley Biogas and GrowTEC after facility expansions.

• Adjusted EBITDA rose 363% to $2.9 million for fiscal year 2024, reflecting higher revenues and lower general and administrative expenses.

• Net loss widened to $17.1 million, mainly due to $12.3 million in non-cash impairment charges at CedarSky Soils, SSS, and GrowTEC, and higher finance costs.

• Significant capital projects and financing initiatives were completed or announced, including a $7 million private placement and a $13 million debt facility.

• RNG production more than doubled to 160,027 GJ, with Fraser Valley Biogas nearing design capacity after expansion.

Financial highlights

• Revenue for 2024 was $14.2 million, up from $8.4 million in 2023; Q4 revenue $3.2 million, up 37%.

• Net loss: $17.1 million (vs. $4.7 million loss prior year), driven by impairment charges; Q4 net loss $14.4 million.

• Adjusted EBITDA increased to $2.9 million from $0.8 million in 2023; Q4 Adjusted EBITDA $98,000.

• Total assets: $77.7 million, down from $93.5 million, reflecting impairments and lower capital investment.

• Working capital deficit improved to $950,000 from $3.6 million.

Outlook and guidance

• Expectation of continued growth in RNG and feedstock volumes at Fraser Valley Biogas in 2025.

• Focus on maximizing output at FVB, advancing construction at PCR, GrowTEC phase two, and Project Radius.

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

• Management expects to meet obligations for at least the next 12 months, supported by new financing and capital initiatives.

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