Anaergia Reports First Quarter 2024 Financial Results

Anaergia Reports First Quarter 2024 Financial Results

Anaergia Reports First Quarter 2024 Financial Results

BURLINGTON, Ontario–(BUSINESS WIRE)–$ANRG #ANRG–Anaergia Inc. (“Anaergia”, the “Company”, “us” or “our”) (TSX: ANRG), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas, fertilizer, and water, announced its financial results for the first quarter ended March 31, 2024. All financial results are reported in Canadian dollars unless otherwise stated.

Further to my earlier comments about the reasons for the delays in delivery of the annual financial statements, I want to thank those individuals who were involved in preparing the annual financial statements as well as these statements,” said Assaf Onn, CEO of Anergia. “We are now looking forward to taking the steps necessary so that Anaergia can realize the potential that this company has, as we deploy our industry leading technologies in markets around the world,” added Mr. Onn.

First Quarter 2024 Financial Results

Financial highlights:

  • Revenue of $25.0 million for the first quarter of 2024 decreased 33%, or $12.4 million, compared to the first quarter of the prior year. Revenue decreased mainly due to Italian Capital Sales projects having been completed, and some projects facing customer delays as well as delays in new project signings. In addition, Build, Own, Operate (“BOO”) revenue decreased due to the sale of the Bioener, S.p.A project in the third quarter of 2023.
  • Gross profit of $6.5 million for the first quarter of 2024 increased 28%, or $1.4 million, compared to the first quarter of the prior year. The increase in gross profit was due to increased margin on new operation and maintenance (“O&M”) project contracts in North America and in the UK, and increased margins from our SoCal Biomethane BOO project in the first quarter of the current year.
  • Adjusted EBITDA1 decreased by $9.3 million compared to the first quarter of 2023, as it fell from $3.3 million earnings to a loss of $6.0 million in the first quarter of this year. The negative variance is attributable to a $10.1 million gain on the sale of our equity interests in a subsidiary of Anaergia that owned the Envo Biogas facility in Tønder, Denmark in the first quarter of the prior year.

Three months ended:



(In millions of Canadian dollars)









Gross profit



Gross profit %



Loss from operations



Net loss



Loss per share



Adjusted EBITDA2



Statement of



Financial Position



(In millions of Canadian dollars)





Total Assets



Total Liabilities






For a more detailed discussion of Anaergia’s results for the first quarter ended March 31, 2024, please see the Company’s financial statements and management’s discussion & analysis, which are available at and on the Company’s SEDAR+ page at

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies.

Definitions of non-IFRS measures and industry metrics used in this press release are provided below. A reconciliation of the non-IFRS measures used in this press release to the most comparable IFRS measure can be found below under “Reconciliation of Non-IFRS Measures” in the MD&A.

Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our BOO assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning (“ERP”) customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants), acquisition costs and costs related to our initial public offering, including estimated incremental auditing and professional services costs incurred in connection with our initial public offering. For further details, refer to “Reconciliation of Non-IFRS Measures” below.

About Anaergia

Anaergia was created to eliminate a major source of green house gases by cost effectively turning organic waste into RNG, fertilizer and water through the use of proprietary technologies. With a track record of delivering innovative projects, Anaergia is uniquely positioned to provide solutions to today’s most pressing resource recovery challenges using a broad portfolio of proven technologies and multiple project delivery methods. Anaergia is one of the world’s only companies with a proprietary portfolio of end-to-end solutions that integrate solid waste processing as well as wastewater treatment with organics recovery, high efficiency anaerobic digestion, RNG production and recovery of fertilizer and water from organic residuals. The combination of these technologies enhances carbon-negative biogas, clean water and natural fertilizer production, utilizes a minimized footprint and lowers waste and wastewater treatment costs and GHG emissions.

For further information please see:

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “should”, “could”, “expects”, “estimate”, “believes”, “likely”, or “future” or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2023.

The purpose of the forward-looking statements in this press release is to provide the reader with a description of management’s current expectations regarding the Company’s financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Reconciliation of Non-IFRS Measures

Three months ended:



(In thousands of Canadian dollars)



Net loss



Finance cost (income)



Depreciation and amortization



Income tax (benefit) expense









Rialto Bioenergy Facility LLC – Non controlling interest – EBITDA


Share-based compensation expense



Loss on Rialto Bioenergy Facility LLC embedded derivative


Rhode Island Bioenergy Facility LLC income tax credit transaction costs


Share of loss in equity accounted investees



Provision for customer claim


Other losses



ERP customization and configuration costs


Foreign exchange (gain) loss



Adjusted EBITDA




1 Adjusted EBITDA is a non-IFRS measure. See “Non-IFRS Financial Measures”

2 Adjusted EBITDA is a non-IFRS measure. See “Non-IFRS Financial Measures”.


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