Greenlane Renewables’ revenue hits record with over 300% growth

In Canada, Greenlane Renewables reported a third consecutive record revenue quarter with growth of over 300% in Q1 2021 over the same period last year and second consecutive quarter of positive Adjusted EBITDA. Their record revenue of about $10 million (CAN$12.2 million) was an increase of 317% over the $2.3 million (CAN$2.9 million) reported in the first quarter of 2020.

The Company announced new contract wins totalling $3.6 million in the quarter including supply of a membrane separation biogas upgrading system for a project in the Midwest United States to produce renewable natural gas (“RNG”) from dairy operations, and a pressure swing adsorption biogas upgrading system for a project in Brazil, the fifth contract win in the country for Greenlane.

“The first quarter record results set another milestone for Greenlane as we continue to rapidly scale up to meet the fast growing demand for RNG. The company delivered its third consecutive quarter of record revenue and second consecutive quarter of positive Adjusted EBITDA,” said Brad Douville, President and CEO of Greenlane. “Since the first quarter of 2020, Greenlane has increased quarterly revenue on average by over 40%, which is indicative of the strength of our sales pipeline, our ability to convert more prospects into signed contracts then deliver against them, and the overall growth of the global RNG market.”