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VANCOUVER, BRITISH COLUMBIA — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), today reported audited financial results as at and for Q4 2024. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS Accounting Standards.
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Financial Highlights:
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- 37% increase in revenues of $3.2 million for Q4 2024 from $2.3 million for Q4 2023 and 69% increase in fiscal year revenues to $14.2 million from $8..4 million in fiscal year 2023, primarily driven by increased Renewable Natural Gas (“RNG”) production following the completion of the Fraser Valley Biogas RNG expansion project in Q4-2023, the commencement of RNG production at GrowTEC in late Q2-2023, and increased pricing at Pacific Coast Renewables. Revenues also increased with the addition of management fees earned from Project Radius related to large scale project development.
- Despite an increase in revenues and reducing proportionate direct operating costs and general and administrative expenses, net loss of $14.4 million and $17.1 million for Q4 and fiscal year 2024 increased from $1.8 million and $4.7 million for Q4 and fiscal year 2023, primarily due to non-cash impairment losses. These non-cash impairment losses associated with Sea to Sky Soils Composting Inc. and GrowTEC and a decrease in insurance proceeds received, higher direct operating costs from weather- and fire-related disruptions, increased finance costs tied to the Fraser Valley Biogas investment, and equity-accounted losses related to Project Radius, were partially offset by increased revenues and lower general and administrative expenses.
- Adjusted EBITDA of $0.1 million for Q4 2024 compared to $nil for Q4 2023, and a 269% increase to $2.9 million for fiscal year 2024 from $0.8 million for fiscal year 2023, primarily due to increased revenues and lower recurring general and administrative expenses, partially offset by higher production-related direct operating costs and reduced insurance proceeds.
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Financial and Operational Summary:
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The following table presents EverGen’s Consolidated Financial and Operating Summary:
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Three months ended | Year Ended | |||||||
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | |||||
FINANCIAL | ||||||||
Revenue | 3,163 | 2,314 | 14,226 | 8,442 | ||||
Net loss | (14,415 | ) | (1,765 | ) | (17,088 | ) | (4,743 | ) |
Net loss per share ($), basic and diluted | (1.02 | ) | (0.12 | ) | (1.20 | ) | (0.32 | ) |
EBITDA (1) | (14,244 | ) | (705 | ) | (11,834 | ) | (1,720 | ) |
Adjusted EBITDA (1) | 98 | (9 | ) | 2,856 | 773 | |||
Total assets | 77,700 | 93,534 | 77,700 | 93,534 | ||||
Total long-term liabilities | 26,118 | 28,001 | 26,119 | 28,001 | ||||
Cash and cash equivalents | 414 | 585 | 414 | 585 | ||||
Working capital deficit (1) | (950 | ) | (3,558 | ) | (950 | ) | (3,558 | ) |
COMMON SHARES (thousands) | ||||||||
Outstanding, end of period | 14,021 | 13,897 | 14,021 | 13,897 | ||||
Weighted average – basic & diluted | 14,019 | 13,890 | 13,963 | 13,852 | ||||
OPERATING | ||||||||
RNG (gigajoules) | 41,694 | 22,926 | 160,027 | 62,891 | ||||
Incoming organic feedstock (tonnes) | 25,454 | 22,768 | 99,642 | 80,608 | ||||
Organic compost and soil sales (yards) | 2,860 | 4,763 | 26,552 | 27,066 | ||||
Electricity (MWh) | 627 | 669 | 3,446 | 3,116 | ||||
(1) Please refer to “Non-GAAP Measures”. | ||||||||
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“EverGen is pleased to see its efforts and investments in upgrading Fraser Valley Biogas and optimizing production at GrowTEC generate expected growth in RNG revenues in 2024” said EverGen CEO, Mischa Zajtmann. “Despite taking a non-cash impairment loss associated with its composting activities at Sea to Sky Soils and lower expected phase 2 RNG volumes at GrowTEC, 2024 results show EverGen is progressing on its RNG growth objectives and is positioned to deliver on its RNG 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 May 1, 2025, hosted by Chief Executive Officer, Mischa Zajtmann and Chief Financial Officer, Sean Hennessy.
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Conference call details are as follows:
Date: Thursday May 1, 2025
Time: 11:00 a.m. ET
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Find the latest Corporate Presentation in the Investor Center: https://www.evergeninfra.com/investor-center
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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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For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
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Non-GAAP Measures
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EverGen uses certain financial measures referred to in this press release to quantify its results that are not prescribed by IFRS Accounting Standards. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS Accounting Standards and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS Accounting Standards, the non-GAAP measurement provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial commitments. These non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards. EBITDA is defined as net income (loss) before interest, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses, unusual or non-recurring items, contingent consideration gains and losses and non-controlling interests in adjusted EBITDA. Working capital is calculated as current assets less current liabilities.
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Forward-Looking Information
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This news release contains certain forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, “believes“, ”explores“, ”expects“ and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company’s expectations regarding revenue growth and future financial or operating performance. Such forward looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release.
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