Greenlane Renewables has announced its third-quarter financial results, reporting record revenues.
The firm, based in Vancouver, Canada, generated record revenue of $6.5 million (€4.19 million) in Q3 2020, a 30% year-over-year increase from $5 million (€3.2 million) in Q3 2019.
Greenlane reported a gross margin of $1.7 million (€1.09 million), 31% higher than in 2019, and a sales order backlog of $43.8 million (€28.2 million), an increase of more than 350% compared to $9.6 million (€6.19 million) reported as at 30 September 2019.
Brad Douville, president and CEO of Greenlane, said: “Our record revenue this quarter was the result of conversion of our rapidly growing sales order backlog into the revenue line through execution of our customer contracts.
“From Q1 2020, our quarterly revenues have ramped sequentially on average by 50%. This is consistent with the growth rate of our sales order backlog since Q3 2019. Sales order backlog growth precedes revenue growth.
“Our sales pipeline, which feeds our sales order backlog, currently stands at over $690 million (€449 million) and continues to expand year-over-year, which provides more evidence of a growing global focus on the low-carbon energy transition.
“We’ve been able to achieve these milestones through the hard work of the Greenlane team and the support of our trusted supply chain partners around the world.”
The company reported continued success converting opportunities into contract wins, as its sales order backlog has grown.
“Our signed agreement with the SWEN Impact Fund for Transition announced during the quarter puts Greenlane in an enviable and unique position in the European market,” said Douville, “and we remain optimistic on a strong finish to 2020 as we started off in Q4 with a new repeat customer system supply contract for a Brightmark RNG project in Florida.
“Chevron’s joint venture with Brightmark further demonstrates the increasing pull by the oil majors to secure attractive RNG offtake in the market including making the necessary project investments.
“With visibility to more than 180 project opportunities globally, proposes or proceeding, Greenlane remains well-positioned to capture a growing share of the RNG value chain as a leading technology and solutions provider.”