Greenlane Renewables Inc T.GRN

Alternate Symbol(s): GRNWF

Energy Technology

Greenlane Renewables Inc. is a Canada-based company, which provides biogas upgrading systems. Its systems produce clean, renewable natural gas from organic-waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as commercial vehicle fuel. The biogas upgrading systems, marketed and sold by the Company under the Greenlane Renewables brand, remove impurities and separate carbon dioxide from bio methane in the raw biogas created from the anaerobic decomposition of organic waste at landfills, wastewater treatment plants, farms, food waste streams, and other feedstock sources. It is engaged in deploying the three main upgrading technologies: water wash, pressure swing adsorption, and membrane separation, plus proprietary biogas desulfurization technology. It has delivered over 145 biogas upgrading systems into 19 countries and over 160 biogas desulfurization units.

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Greenlane Renewables Inc

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Post by bmbruceon Nov 09, 2021 5:01pm

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Post# 34106915

Q2 vs Q3 highlights

Second Quarter Highlights Include:

Record revenue of $12.6 million, an increase of 200% over the $4.2 million reported in the second quarter of 2020.
Gross profit of $2.9 million, Gross margin1 of $3.2 million (26% of revenue).
Net loss of $1.1 million (or $0.01 per share).
Adjusted EBITDA of $0.1 million2.
Sales order backlog3 of $41.9 million as at June 30, 2021.
Sales pipeline4 valued at over $800 million as at June 30, 2021.
Cash and cash equivalents of $36.5 million and no debt, other than payables and bonding resulting from normal course operations, as at June 30, 2021.
The Company announced new contract wins totalling $16.0 million in the quarter for the supply of biogas upgrading systems for a wastewater treatment plant and first commercial-scale project in Colombia, the 19th country that Greenlane has sold upgrading equipment into, a project in Spain and a large landfill gas-to-RNG project in the United States.
Subsequent to June 30, 2021, the Company announced new biogas upgrading system supply contract wins totalling $12.8 million for three more projects in the United States.
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.