Greenlane Renewables reports strongest revenue generation in their history

March 13, 2022 |

In Canada, Greenlane Renewables delivered sixth consecutive quarter of record revenue, FY2021 revenue of CAN$55.3 million, up 146% over FY2020 and a record sales order backlog over CAN$50 million, according to their Q4 and FY 2021 financial results. Greenlane finalized system sales contract wins totalling CAN$19.2 million for renewable natural gas 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.

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Category: Fuels

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