Evergen Infrastr Stock Price, News & Analysis

EverGen Infrastructure reported strong financial growth in Q4 and full-year 2024, with quarterly revenues increasing 37% to $3.2 million and annual revenues rising 69% to $14.2 million. The growth was primarily driven by increased Renewable Natural Gas (RNG) production following expansion projects.

Despite revenue growth, the company recorded a net loss of $14.4 million in Q4 and $17.1 million for the fiscal year, mainly due to non-cash impairment losses at Sea to Sky Soils and GrowTEC. Adjusted EBITDA improved significantly, reaching $2.9 million for 2024, up 269% from $0.8 million in 2023.

Key operational metrics showed substantial improvement, with RNG production more than doubling to 160,027 gigajoules in 2024. The company's strategic investments in Fraser Valley Biogas expansion and GrowTEC optimization contributed to the enhanced RNG revenue growth, positioning EverGen for continued expansion in the renewable energy sector.

EverGen Infrastructure (TSXV: EVGN) (OTCQX: EVGIF) has provided operational updates for its facilities. At Pacific Coast Renewables (PCR), the company secured increased tipping fees to offset higher operating costs resulting from enhanced regulatory standards and a December 2024 fire. Record rainfall in Greater Vancouver impacted processing capabilities. The PCR RNG expansion project received endorsement from Abbotsford's Agricultural Advisory Committee, with final Agricultural Land Commission review expected in H2 2025.

At Prairie Sky Organics, EverGen and the City of Regina agreed to terminate their organic waste processing agreement effective January 31, 2025. Additionally, the company formed a Special Committee to evaluate multiple inbound interests regarding potential strategic transactions, though no specific decisions have been made.

EverGen Infrastructure reported Q3 2024 financial results showing significant growth. Revenue increased 57% to $3.6 million from $2.3 million in Q3 2023, driven by record RNG production at Fraser Valley Biogas. Net loss improved by 57% to $0.5 million from $1.1 million year-over-year. Adjusted EBITDA grew 157% due to increased revenues and reduced administrative expenses. The company achieved record RNG production with 40,674 gigajoules, up 65% year-over-year. GrowTEC commenced RNG supply to FortisBC Energy under a 20-year agreement and received $2M government funding for expansion.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) has announced it will release its 2024 third quarter financial results on Wednesday, November 20, 2024, after market close. The company will host a results and corporate update conference call on Thursday, November 21, 2024, at 1:00 p.m. Eastern Time. The call will be led by CEO Mischa Zajtmann and CFO Sean Hennessy.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) has announced that its operating farm scale biogas facility, Grow the Energy Circle (GrowTEC), has been awarded up to $2 million from Agriculture and Agri-Food Canada (AAFC) for Phase 2 of its anaerobic digester expansion project. This funding will support the significant expansion and optimization of RNG production at the GrowTEC facility.

The expansion will increase the facility's annual production capacity to up to 120,000 gigajoules of RNG. EverGen plans to install preprocessing and depackaging equipment to broaden the range of organic waste the facility can process and enhance the RNG upgrading system. The GrowTEC facility currently holds two long-term offtake agreements: a 20-year contract with FortisBC and a 10-year contract with Irving Oil.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) has announced a change in its auditors. PricewaterhouseCoopers LLP, the former auditor, was terminated effective October 1, 2024. Davidson & Company LLP has been appointed as the successor auditor from the same date until the next Annual General Meeting.

The change was initiated by the company and approved by both the board of directors and the audit committee. Importantly, there were no reservations, modified opinions, or reportable events in the former auditor's reports on EverGen's financial statements for the period covering the company's two most recently completed financial years up to the termination date.

In compliance with National Instrument 51-102, the Notice of Change of Auditor and required letters from both auditors have been reviewed by EverGen's audit committee and board of directors, and subsequently filed on SEDAR+.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) reported record financial results for Q2 2024. Revenues increased by 96% to $4.2 million, primarily due to record RNG production from the Fraser Valley Biogas (FVB) project and GrowTEC facility. The company achieved a net loss of $0.9 million, consistent with Q2 2023. Adjusted EBITDA rose to $1.1 million, up from $0.4 million in Q2 2023. Key milestones include executing a 20-year RNG offtake agreement with FortisBC and a long-term feedstock supply contract at FVB. The company's RNG production increased by 555% to 42,219 gigajoules. CEO Mischa Zajtmann highlighted the company's positioning for significant, sustained growth in the renewable energy sector.

EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQX: EVGIF) has announced the release date for its 2024 second quarter financial results. The company will publish the results on Wednesday, August 21, 2024, after market close. A conference call to discuss the results and provide a corporate update is scheduled for Thursday, August 22, 2024, at 4:00 p.m. Eastern Time.

Additionally, EverGen has granted 69,354 restricted share units (RSUs) and 94,141 stock options to certain executive officers on June 17, 2024. The stock options have an exercise price of $2.21 per share, a seven-year exercise period, and will vest annually over three years.

EverGen Infrastructure Corp. (TSXV: EVGN, OTCQX: EVGIF) announced record Renewable Natural Gas (RNG) production at its Fraser Valley Biogas facility in June 2024. The facility achieved a single-day production record of 530 GJs and a monthly production record of 10,758 GJs. Additionally, EverGen successfully commissioned new feedstock processing equipment, expanding the range of acceptable feedstock. CEO Mischa Zajtmann highlighted the company's commitment to increasing RNG volumes for FortisBC, supported by recently established 20-year offtake and feedstock agreements.