EverGen Infrastructure Reports Q1 2025 Results

National Post

31-05-2025

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Q1 2025 Key Milestones Achieved & Highlights:
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Record quarterly renewable natural gas ('RNG') production
Fraser Valley Biogas ('FVB') achieved record monthly RNG production following the stabilization of the FVB RNG expansion project.
Entered into purchase and sale agreement of real property in connection with the disposition of the land on which FVB operates for total purchase price of $2,620,000
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VANCOUVER, British Columbia — EverGen Infrastructure Corp. ('EverGen' or the 'Company') (TSXV: EVGN) (OTCQX: EVGIF), today reported financial results as at and for Q1 2025. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS.
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Financial Highlights for Q1 2025:
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Revenues of $1.9 million for Q1 2025 decreased 41% compared to the same period last year, primarily driven by reduced volumes (due to unexpected operating disturbances) resulting in lower tip fee revenue at the Company's organic waste and composting facilities. These declines were partially offset by increased RNG production and associated revenues from FVB and GrowTEC, as well as tip fee increases at the Company's composting facilities.
Net loss of $1.2 million for Q1 2025 improved by 11% compared to the same period last year, primarily due to lower direct operating costs, depreciation and amortization expense, and finance costs, partially offset by lower revenues and a decrease in insurance proceeds.
Adjusted EBITDA of $0.5 million for Q1 2025 decreased by $0.2 million compared to the same period last year, primarily due to reduced revenues and lower insurance proceeds, partially offset by a decrease in direct operating costs and an increase in non-recurring general and administrative expenses.
RNG production reached a new quarterly record in Q1 2025, driven by the continued ramp-up and stabilization of the FVB RNG expansion project. The FVB facility achieved monthly RNG production record exceeding 12,000 gigajoules (GJs) in both March and April 2025, surpassing the previous high of 11,186 GJs in September 2024. A daily production record of 640 GJs was also set in October 2024.
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Three months ended
Mar 31, 2025
Mar 31, 2024
$
Change
%
Change
FINANCIAL
Revenue
1,909
3,227
(1,318)
(41)
Net loss
(1,202)
(1,326)
124
(9)
Net loss per share ($), basic and diluted
(0.08)
(0.10)
0.02
(20)
EBITDA (1)
(33)
217
(250)
(115)
Adjusted EBITDA (1)
450
654
(204)
(31)
Total assets
77,560
94,241
(16,681)
(18)
Total long-term liabilities
26,878
30,255
(3,377)
(11)
Cash and cash equivalents and restricted cash
1,502
717
785
109
Working capital deficit (1)
(1,913)
(1,064)
(849)
80
COMMON SHARES (thousands)
Outstanding, end of period
14,059
13,918
141
1
Weighted average – basic & diluted
14,041
13,905
136
1
OPERATING
RNG (gigajoules)
43,014
35,440
7,574
21
Incoming organic feedstock (tonnes)
12,809
17,986
(5,177)
(29)
Organic compost and soil sales (yards)
642
2,179
(1,537)
(71)
Electricity (MWh)
763
851
(88)
(10)
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(1) Please refer to 'Non-GAAP Measures'.
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Closing of Private Placement & Management Change (Subsequent Event to Q1 2025):
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In May 2025, EverGen announced closing of first tranche of private placement for gross aggregate proceeds of CAD$5,000,000 and completed a change of management. See full press release filed on SEDAR+.
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Further Information & Conference Call Details
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.
EverGen will hold a results and corporate update conference call at 11:30 a.m. Eastern Time on Tuesday, June 3, 2025, hosted by Chief Executive Officer, Chase Edgelow.
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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. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS, the non-IFRS measurement provide useful information to evaluate the Company's performance and ability to generate cash, profitability and meet financial commitments. These non-IFRS 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. 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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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 currentviews 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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The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company's completed acquisitions; the sufficiency of EverGen's liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated April 22, 2024, which is available on SEDAR+ at www.sedarplus.ca, many of which are beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by applicable law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
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