Greenlane Renewables reports record revenue in Q4, fiscal year results
The company announced its financial results for Q4 and the fiscal year ending 31 December 2020, reporting a gross margin of $2.4 million (€1.6 million) and a positive adjusted EBITDA of $0.2 million (€133,000) in Q4.
Greenlane reported multiple contract wins totalling $18 million (€12 million) in Q4. The firm announced a new $7.7 million (€5.1 million) pressure swing adsorption system supply contract for a multi-site dairy farm RNG project in Florida, as part of the Chevron U.S.A and Brightmark joint venture, and a $10 million (€6.6 million) membrane separation system supply contract for a new RNG project in the US owned by an international energy company.
For the full fiscal year 2020, Greenlane reported record revenue of $22.5 million (€15 million), an increase of 147% compared to the $9.1 million (€6 million) recorded in 2019, since the PT Biogas acquisition on 3 June 2019. The company’s gross margin was $6.4 million (€4.2 million) and adjusted EBITDA was a loss of $1.7 million (€1.1 million).
Brad Douville, president and CEO of Greenlane, said: “Our record revenue in 2020 and continued positive outlook for the business in 2021 is backed by a marked increase in sales activity and the emergence and increased scale of market participants in the RNG sector.
“We continue to see large energy companies entering the sector seeking to secure supplies of RNG and, as a result, investing in new projects and buying biogas upgrading equipment.
“Our sales order backlog, which ultimately ends up in revenue, has grown to a record level that is up over 180% year-over-year, in part because of this trend.
“Furthermore, we have seen consistent growth in revenue every quarter throughout 2020 and successfully achieved positive adjusted EBITDA in Q4. The RNG market, Greenlane’s unique position in it with our product offerings made up of multiple core upgrading technologies, remains robust.
“Beyond financial results, these last 12 months have reinforced the climate change challenge that we face as a global community and the growing shift in attitudes towards action. There is no doubt that the positive momentum around providing green solutions will continue to increase as the world looks to decarbonise.
“RNG has a critical role in decarbonising two of the most difficult sectors to decarbonise – transportation and the gas grid – and we are positioning ourselves to take a leadership role.”