Greenlane Renewables (GRN) Q3 2025 earnings summary

Executive summary

• Achieved positive adjusted EBITDA and net income for the second consecutive quarter, reflecting a turnaround from prior year losses.

• Revenue increased 10% year-over-year to CAD 11.6 million, with a growing sales order backlog and strong cash position.

• Launched the next-generation Cascade LF landfill gas upgrading technology and filed a new patent for a Linear Nitrogen Rejection Unit.

• Maintained a strong cash position, with over CAD 19 million on hand and no debt, supporting strategic investments.

• On track with 2025 strategic and financial initiatives.

Financial highlights

• Revenue rose 10% year-over-year to CAD 11.6 million in Q3 2025, up from CAD 10.5 million in Q3 2024.

• Adjusted EBITDA reached CAD 0.5 million (4% of revenue), and net income was CAD 0.1 million, compared to a net loss of CAD 2 million and adjusted EBITDA loss of CAD 0.2 million in Q3 2024.

• Gross margin before amortization improved to 39% from 34% last year.

• General and administrative expenses declined by 5% year-over-year.

• Cash and cash equivalents stood at CAD 19.3 million, up from CAD 16.2 million at year-end 2024, with no debt.

Outlook and guidance

• Revenue from the new Cascade LF product line is expected to begin in 2026.

• Focus remains on operational efficiency, financial discipline, and commercialization of Cascade LF.

• The company is on track with its 2025 strategic and financial initiatives.

• No formal financial guidance provided.