Bullboard - Stock Discussion Forum 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... see more

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Greenlane Renewables Inc > Q4 & 2021 highlights

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Post by bmbruce on Mar 10, 2022 4:52pm

Q4 & 2021 highlights

Fourth Quarter Highlights Include:

Record revenue of $17.1 million, an increase of 94% over the $8.8 million reported in the fourth quarter of 2020.
Gross profit of $3.9 million, gross margin (gross profit excluding amortization) of $4.3 million (25% of revenue).
Net loss of $1.2 million.
Adjusted EBITDA of $0.3 million1.
Record sales order backlog2 of $50.1 million as at December 31, 2021.
Sales pipeline3 valued at over $850 million as at December 31, 2021.
Cash and cash equivalents of $31.5 million and no debt, other than payables and bonding resulting from normal course operations, as at December 31, 2021.
The Company finalized system sales contract wins totalling $19.2 million for renewable natural gas ("RNG") projects in Canada, the United States and Brazil.
The Company announced the acquisition of Italian company Airdep S.R.L., to bring in-house an effective and proven technology to remove hydrogen sulfide (H2S) from biogas for integration with the Company's portfolio of biogas upgrading systems and also to add an attractive line of products for sales into existing and new biogas projects globally. The business acquisition was completed on February 1, 2022.

Fiscal Year 2021 Highlights Include:

Record revenue of $55.4 million, an increase of 146% over $22.5 million reported in 2020.
Gross profit of $12.9 million, gross margin (gross profit excluding amortization) of $14.1 million (26% of revenue).
Net loss of $2.4 million.
Adjusted EBITDA of $1.1 million1.
Finalized over $57 million in system sales contracts utilizing all three of the core upgrading technologies Greenlane offers. This represents several new RNG projects in Canada, the United States, Brazil, Spain, and the first commercial scale biogas upgrading system deployed in Colombia, marking the 19th country where the Company has sold biogas upgrading systems.
In February 2021, the Company's common shares commenced trading on the TSX after graduation to the senior board from the TSX Venture Exchange.
In February 2021, the Company became debt free4 as it repaid early and in full, the $6.0 million balance (including principal and interest) of its promissory note due June 2021.