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Q3 2025 Key Milestones Achieved & Highlights:
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- Record quarterly corporate RNG production reflecting optimization at Fraser Valley BioGas (“FVB”) and Grow The Energy Circle (“GrowTEC”) facilities.
- EverGen’s PCR RNG Expansion project passed a key regulatory milestone receiving support from Abbotsford City Council (July 2025).
- Q3 represented a period of initial transition, with new management and equity introduced following the May 2025 transaction, and saw an improvement in EBITDA performance, moving from a negative to a positive on a quarter-over-quarter basis.
- Continued to advance refinancing and optimization activities across core assets to enhance platform value and underpin growth in 2026 and beyond.
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VANCOUVER, British Columbia — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today reported financial results as at and for Q3 2025. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS.
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RNG production:
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reached a new quarterly record in Q3 2025, following the stabilization of the FVB RNG expansion project. During July, August and September 2025, the FVB and GrowTEC facilities collectively produced approximately 16,000 gigajoules (“GJs”), 17,000 GJs and 18,000 GJs, respectively. The FVB facility continues to deliver strong performance and set new monthly RNG production records, including more than 13,000 GJs in September 2025.
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Financial Highlights
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Three months ended | ||||
Sep 30, | Sep 30, | $ Change | % Change | |
FINANCIAL | ||||
Revenue | 2,810 | 3,598 | (788) | (22) |
Net loss | (1,106) | (472) | (634) | 134 |
Net loss per share ($), basic and diluted | (0.05) | (0.02) | (0.03) | 150 |
EBITDA (1) | 205 | 1,227 | (1,023) | (83) |
Adjusted EBITDA (1) | 471 | 983 | (512) | (52) |
Total assets | 76,537 | 91,643 | (15,106) | (16) |
Total long-term liabilities | 24,750 | 28,081 | (3,331) | (12) |
Cash and cash equivalents and restricted cash | 2,911 | 596 | 1,565 | 263 |
Working capital deficit (1) | 43 | 484 | (441) | (91) |
COMMON SHARES (thousands) | ||||
Outstanding, end of period | 22,427 | 14,002 | 8,425 | 60 |
Weighted average – basic & diluted | 22,427 | 13,995 | 8,432 | 60 |
OPERATING | ||||
RNG (gigajoules) | 51,770 | 40,674 | 11,096 | 27 |
Incoming organic feedstock (tonnes) | 15,310 | 25,555 | (10,245) | (40) |
Organic compost and soil sales (yards) | 11,172 | 9,771 | 1,401 | 14 |
Electricity (MWh) | 975 | 1,057 | (82) | (8) |
(1) Please refer to “Non-GAAP Measures”. | ||||
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Revenues of $2.8 million for Q3 2025
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decreased compared to the same period last year, primarily driven by lower tipping revenues resulting from reduced volumes received at EverGen’s organic waste and composting facilities, as the Company continued to focus on increased screening activities. These declines were partially offset by increased RNG production and associated revenues from FVB and GrowTEC, carbon credit sales in Q3 2025 as well as tip fee increases at the Company’s composting facilities.
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Net Loss of $1.1 million for Q3 2025
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increased compared to the same period last year. This increase was primarily due to a decrease in revenues and a decrease in contingent consideration gain associated with the GrowTEC acquisition. This was partially offset by lower direct operating costs, depreciation and amortization expenses, finance costs and a decrease in equity-accounted loss associated with development costs for Project Radius incurred during 2024.
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Adjusted EBITDA of $0.5 million for Q3 2025
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decreased compared to the same period last year, primarily due to lower tipping revenues due to lower volumes received at the organic waste and composting facility, partially offset by lower direct operating costs.
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RNG expansion and development projects:
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EverGen continues to progress on its core RNG expansion and development projects and regional expansion across Canada. EverGen’s PCR RNG Expansion project passed a key regulatory milestone receiving support from Abbotsford City Council in July 2025.
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Refinancing Update:
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EverGen continued to advance refinancing of corporate debt through an asset‑level $13 million FVB debt facility, which is targeted to close in Q4 2025. In addition, the Company anticipates closing the additional up to $2 million private placement (as previously announced) for which funds have been committed.
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Management Commentary
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“Q3 2025 was a pivotal quarter of transition for EverGen as we integrated new management and equity following the May transaction,” said Chase Edgelow, CEO of EverGen. “During this period, we delivered record RNG production, advanced our PCR expansion project, and strengthened our balance sheet. While optimization activities continue to impact near-term revenues, they are essential to positioning EverGen for scalable growth in 2026 and beyond. With refinancing and additional equity expected to close in Q4, we are well positioned to unlock shareholder value and reinforce our long-term vision as Canada’s leading RNG infrastructure platform.”
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For further information on the results please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on EverGen’s website at www.evergeninfra.com.
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EverGen will hold a results and corporate update conference call at 11:00 a.m. Eastern Time on Friday, November 21, 2025, hosted by Chief Executive Officer, Chase Edgelow.
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Conference call details are as follows:
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Date: Friday, November 21, 2025
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Time: 11:00 a.m. ET
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Zoom Link:
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Find the latest Corporate Presentation in the Investor Center: https://www.evergeninfra.com/investors
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About EverGen Infrastructure Corp.
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EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
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