EverGen Infrastructure Reports Q4 & Year End 2023 Results
Q4 2023 Key Milestones & Highlights:
-
Completion of the Fraser Valley Biogas Expansion, with record monthly production achieved during
February 2024 -
Secured five-year organic waste processing agreement with the
City of Abbotsford -
Entered into a loan agreement to provide for funding of up to
$3.5 million to support the GrowTEC expansion project -
Executed a contribution agreement with
Natural Resources Canada related to$10.5 million of funding to support the development of the Pacific Coast Renewables RNG expansion project
Financial Highlights
-
Revenues of
$2.3 million and$8.4 million for Q4 and fiscal year 2023 increased 35% and 13%, respectively, from$1.7 million and$7.5 million for Q4 and fiscal year 2022, primarily due to incremental RNG production from the completion of the Phase I RNG expansion project at GrowTEC and the commencement of the 10-year organic waste processing agreement with the City of Regina. Revenues are expected to continue to increase in future periods, relative to previous periods, following the completion and ramp up of theFraser Valley Biogas RNG Expansion Project .
-
Net loss of
$1.8 million and$4.7 million for Q4 and fiscal year 2023 increased 16% and 15%, respectively, from$1.5 million and$4.1 million for Q4 and fiscal year 2022,primarily due to a decrease in insurance proceeds recognized for the year endedDecember 31, 2023 , an increase in finance costs mainly relating to the drawdown of the facility used to fund the Fraser Valley Biogas Expansion, partially offset by an increase in revenues, as described above, a decrease of a contingent consideration loss, and an increase in income tax recovery.
-
Adjusted EBITDA of $nil and
$0.8 million for Q4 and fiscal year 2023, respectively decreased compared to Q4 and fiscal year 2022, primarily due to a decrease in earnings at the Fraser Valley Biogas RNG facility during the construction and commissioning of the RNG expansion project and a decrease in insurance proceeds recognized for the year endedDecember 31, 2023 , partially offset by an increase in revenues, as described above.
“2023 was a pivotal year for EverGen as we were able to successfully bring the Fraser Valley Biogas project online,” says EverGen CEO,
Financial and Operational Summary
The following table presents EverGen’s Consolidated Financial and Operating Summary:
|
Three months
|
Year ended |
||||||
In thousands of Canadian Dollars |
|
|
|
|
||||
FINANCIAL |
|
|
|
|
||||
Revenue |
2,314 |
1,716 |
8,442 |
7,459 |
||||
Net loss |
(1,765) |
(1,526) |
(4,743) |
(4,110) |
||||
Net loss per share ($), basic and diluted |
(0.12) |
(0.11) |
(0.32) |
(0.30) |
||||
EBITDA (1) |
(705) |
(914) |
(1,720) |
(1,067) |
||||
Adjusted EBITDA (1) |
(9) |
274 |
773 |
1,986 |
||||
Capital expenditures |
2,743 |
3,723 |
17,493 |
10,973 |
||||
Total assets |
93,534 |
85,956 |
93,534 |
85,956 |
||||
Total long-term liabilities |
28,001 |
17,463 |
28,001 |
17,463 |
||||
Cash and cash equivalents |
585 |
8,852 |
585 |
8,852 |
||||
Working capital surplus (deficit) (1) |
(3,558) |
6,125 |
(3,558) |
6,125 |
||||
OPERATING |
|
|
|
|
||||
Incoming organic feedstock (tonnes) |
22,768 |
16,972 |
80,608 |
76,730 |
||||
Organic compost and soil sales (yards) |
4,763 |
6,575 |
27,066 |
33,972 |
||||
RNG (gigajoules) |
22,926 |
10,847 |
62,891 |
51,848 |
||||
Electricity (MWh) |
669 |
572 |
3,116 |
1,270 |
||||
(1) Please refer to "Non-GAAP Measures”. |
For further information on the results, as well as the Company’s Annual information Form dated
EverGen will hold a results conference call at
Conference call details are as follows:
Date:
Time:
Zoom Link: https://us06web.zoom.us/j/86241007666
Find the latest Corporate Presentation in the Investor Center: https://www.evergeninfra.com/investor-center
About
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the
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Non-GAAP Measures
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.
Forward-Looking Information
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.
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
Neither
View source version on businesswire.com: https://www.businesswire.com/news/home/20240422232450/en/
Co-founder & CEO
Mischa Zajtmann
604-202-7004
mischa@evergeninfra.com
Source: