Greenlane Renewables hits record revenue $6.5M in Q3

November 18, 2020 |

In Canada, Greenlane Renewables Inc. had record revenue of $6.5 million (Canadian dollars) in Q3 2020 representing a 30% year-over-year increase from $5.0 million reported in the third quarter 2019.

Other Third Quarter Highlights Include:

  • Gross margin of $1.7 million (26% of revenue), was 31% higher than the $1.3 million (26% of revenue) reported in the third quarter of 2019.
  • Sales order backlog (note one) of $43.8 million, an increase of over 350% from the $9.6 million reported as at September 30, 2019.
  • Sales pipeline (note two), valued at over $690 million as at September 30, 2020 versus $660 million as at September 30, 2019, reflects both the increase of more than $75 million in new opportunities and the movement of $48 million in signed contracts into the sales order backlog.
  • Net income of $0.7 million (or $0.01 per share) and Adjusted EBITDA loss of $0.2 million* in the three month period ended September 30, 2020, compared to a net loss of $1.8 million (or $0.04 per share) and Adjusted EBITDA loss of $0.9 million in the quarter ended September 30, 2019. The net income for the period ended September 30, 2020 includes a $1.8 million gain due to the reduction in the promissory note to Pressure Technologies plc (“PT”).
  • Cash and cash equivalents of $5.7 million as at September 30, 2020 compared with $2.3 million as at December 31, 2019.
  • Executed a Framework Agreement with PT which reduced the outstanding promissory note by $1.8 million down to $5.2 million upon PT’s disposition of its entire equity position in Greenlane.
  • Signed a $2.4 million system supply contract with Grupo Cocal, a Brazilian sugar mill operator, for the first commercial-scale pipeline injection RNG project in the Brazilian sugar cane industry. Delivery on this contract commenced immediately.
  • Subsequent to the quarter, signed a $7.7 million contract for a multiple-site dairy farm project in Florida developed by Brightmark LLC. The project is part of the recently announced joint venture between Brightmark and Chevron U.S.A. Inc., that will own projects across the United States to produce RNG from dairy farms. Delivery on this contract commenced immediately (note three).

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Category: Fuels

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