Third Quarter 2021 Financial Results ~Company delivers fifth consecutive quarter of record revenue with over 100% year-over-year growth and a record sales order backlog~
VANCOUVER, BC, Nov. 9, 2021 /CNW/ - Greenlane Renewables Inc. ("Greenlane'' or the "Company") (TSX: GRN) (FSE: 52G) (OTC: GRNWF) today announced financial results for the third quarter ended September 30, 2021. For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.
Third Quarter Highlights Include:
- Record revenue of $13.4 million, an increase of 107% over the $6.5 million reported in the third quarter of 2020.
- Gross profit of $3.1 million, gross margin (gross profit excluding amortization) of $3.4 million (25% of revenue).
- Net income of $0.1 million.
- Adjusted EBITDA of $0.1 million1.
- Record sales order backlog2 of $47.1 million as at September 30, 2021.
- Sales pipeline3 valued at over $850 million as at September 30, 2021.
- Cash and cash equivalents of $35.6 million and no debt, other than payables and bonding resulting from normal course operations, as at September 30, 2021.
- The Company announced new contract wins totalling $18.9 million for the supply of five biogas upgrading systems: the first for the supply of a new membrane separation biogas upgrading system for a project owned by an international energy company in the United States, followed by the supply of two PSA biogas upgrading systems for dairy farm RNG projects in the States of Wisconsin and New York developed and owned by a proven leader in the waste-to-energy industry, and finally a contract for the supply of two PSA upgrading systems for Green Impact Partners in the State of Colorado. Order fulfilment on all five systems commenced immediately upon contract signing.