First Quarter 2026 Revenue Increased 122% and Adjusted EBITDA Expanded 127% Over First Quarter 2025
BURLINGTON, Ontario--(BUSINESS WIRE)--May 12, 2026--
Anaergia Inc. ("Anaergia", or the "Company") (TSX: ANRG) (OTCQX: ANRGF), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas ("RNG"), fertilizer, and water, reported financial results for the three-month period ended March 31, 2026 ("Q1 2026") and filed its related management's discussion and analysis ("MD&A") for the period. All financial results are reported in Canadian dollars unless otherwise stated.
First Quarter 2026 Highlights
-- Revenue of $55.2 million, an increase of 122% over Q1 2025
-- Gross profit of $12.7 million, an increase of 135% over Q1 2025; gross
margin increased to 23.0% from 21.7%
-- Positive Adjusted EBITDA1 of $1.1 million, an improvement of 127% or
$5.0 million compared to a loss of $(3.9) million in Q1 2025,
representing the third consecutive quarter of positive Adjusted EBITDA1
-- Revenue Backlog1 increased to $265 million at quarter end, up 32%
compared to Q1 2025; the Company signed over $54 million in new contract
awards during the quarter
Operating and financial progress
The quarter reflected continued execution, with higher project activity translating into improved gross profit and expanded gross margin, alongside positive Adjusted EBITDA(1) . The Company's growing Revenue Backlog(1) and increased financial flexibility are intended to support continued disciplined project execution and positive financial results.
Management Commentary
"Q1 marked our third consecutive quarter of positive Adjusted EBITDA(1) , alongside strong revenue growth and expanding gross margin," said Assaf Onn, CEO of Anaergia. "These results reflect disciplined execution and continued progress in our capital-light strategy. During the quarter, we signed over $54 million in new contract awards, increasing Revenue Backlog(1) to $265 million at quarter end, up 32% compared to the first quarter of last year. Our focus remains on converting backlog into profitable revenue over project execution timelines."
"We also recently announced a $20 million credit agreement with National Bank of Canada, with an accordion feature that can increase the facility up to $30 million over the next year," Mr. Onn added. "This facility strengthens our financial flexibility and supports continued execution while maintaining operating discipline."
Financial highlights:
-- Revenue increased by 122.0% year-over-year to $55.2 million (from $24.9
million in Q1 2025). This increase was primarily driven by higher capital
sales project execution in Europe and North America.
-- Gross profit margin increased to 23.0% in Q1 2026 from 21.7% in Q1
2025, an increase of 1.3 percentage points reflecting improved
performance in the Capital Sales segment.
-- Adjusted EBITDA1 improved by 127.1%, or $5.0 million, to $1.1 million,
from an Adjusted EBITDA loss of $3.9 million reported in Q1 2025. The
improvement was driven by higher revenue and gross profit in the Capital
Sales segment as well as changes in other reconciling items.
Three months ended: 31-Mar-26 31-Mar-25 % Change
--------- --------- ---------------------
(In millions of Canadian
dollars, except %)
----------------------------
Revenue 55.2 24.9 122%
Gross profit 12.7 5.4 135%
Gross profit % 23.0% 21.7% 1.3 percentage points
Income (loss) from
operations (1.5) (5.7) 74%
Net loss (4.4) (5.9) 26%
Adjusted EBITDA(1) 1.1 (3.9) 127%
Statement of
Financial Position 31-Mar-26 31-Dec-25
--------- ---------
(In millions of Canadian dollars)
----------------------------------
Total Assets 247.4 237.9
Total Liabilities 193.2 182.4
Equity 54.2 55.5
____________________
For a more detailed discussion of Anaergia's results for Q1 2026, please see the Company's financial statements for Q1 2026 and related MD&A, which are available at https://www.anaergia.com/investor-relations and on the Company's SEDAR+ page at www.sedarplus.ca.
Non-GAAP Measures
This press release makes reference to certain non-GAAP measures. These non-GAAP measures are not recognized measures under IFRS$(R)$ Accounting Standards as issued by the International Accounting Standards Board ("IASB") ("IFRS Accounting Standards") and do not have a standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP measures are provided as additional information to complement IFRS Accounting Standards measures by providing further understanding of our results of operations from management's perspective. Accordingly, these non-GAAP measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-GAAP measures, including "Adjusted EBITDA", "EBITDA", and "Revenue Backlog" to provide investors with supplemental measures. Management also uses non-GAAP measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-GAAP measures are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards financial measures. Management believes such measures are useful as they allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers.
Definitions of non-GAAP measures and industry metrics used in this press release are provided below.
"Adjusted EBITDA" is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning ("ERP") customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs.
"EBITDA" is defined as net income before finance costs, taxes and depreciation and amortization.
"Revenue Backlog" is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and operation and maintenance services ("O&M Services") segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See "Reconciliation of Non-GAAP Measures" below for a reconciliation of the foregoing non-GAAP measures to their most directly comparable measures calculated in accordance with GAAP.
Conference Call and Webcast Details
A conference call to review the Company's financial results will take place at 10:00 a.m. (EDT) on Wednesday May 13, 2026. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call.
To listen to the webcast live: https://events.q4inc.com/attendee/875922396
For analysts and shareholders Q&A registration: https://events.q4inc.com/analyst/875922396?pwd=kQ2s6GT8
The webcast will be archived and available in the Investor Relations section of our website following the call.
About Anaergia
Anaergia is a pioneering technology company in the RNG sector, with hundreds of patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. It is committed to addressing a significant source of greenhouse gas $(GHG)$ emissions through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by us, by third parties, or through joint ventures. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater
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