EverGen (TSX.V: EVGN) (OTCQB: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, has released its financial results and corporate update for the three- and nine-month periods ended Sept. 30, 2022. The Q3 report milestones include quarterly revenue numbers that were in line with last year, poised for growth with core expansion projects under construction on schedule and on budget; a signed term sheet for a long-term RNG offtake agreement at Fraser Valley Biogas (“FVB”); the completed acquisition of GrowTEC and construction of RNG expansion reaching 80% completion; secured funding for EVGN’s core RNG expansion projects, including a signed term sheet for a $31 million senior term loan; and the groundbreaking of the FVB expansion project. Specific financial numbers (all amounts are in Canadian dollars) show cash and cash equivalents of $12.8 million post-Capex spend of $3.5 million and $1.5 million of insurance proceeds received; revenues of $2 million, up from $1.9 million in Q3 2021; net income loss of ($1.8) million; and adjusted EBITDA of $0.7 million, which was in line with Q3 2021 results of $0.8 million, despite a carryover impact from flood-related costs as well as increased general and administrative costs related to future growth. The company has scheduled a Zoom earnings conference call, which will be held today at 10 a.m. ET. EverGen CEO Chase Edgelow will host the call. “It is an exciting time for EverGen with strong momentum in the RNG market and as one of the first movers in Canada in terms of consolidating assets across the country,” said EverGen CEO Chase Edgelow in the press release. “We are thrilled with the progress at our core RNG expansion projects that, once producing, will see us jump from C$3 million to C$13 million in run rate EBITDA and are fully funded. With our GrowTEC facility commissioning imminently and construction at Fraser Valley Biogas underway, we are anticipating a strong start to 2023.”
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About EverGen Infrastructure Corp.
EverGen, Canada’s renewable natural gas infrastructure platform, is combating climate change and helping communities contribute to a sustainable future. EverGen is an established independent renewable energy producer that acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond. For more information about EverGen and its products, visit www.EverGenInfra.com.
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