Anaergia (ANRG) Q4 2025 earnings summary

Executive summary

• Achieved record revenue growth of 61% year-over-year to $180.2 million for 2025, with gross profit up 82%.

• Revenue backlog more than doubled to $257 million, up 149% year-over-year, providing strong visibility into future revenue.

• Delivered positive Adjusted EBITDA for both Q4 and the full year 2025, marking a significant turnaround from prior losses.

• Strong commercial momentum across Europe, North America, and APAC, with major multi-project awards and expanded customer relationships.

• Management attributes improvements to a shift toward a capital-light model and operational discipline.

Financial highlights

• Q4 2025 revenue was $71.7 million, up 111% from Q4 2024; full-year revenue reached $180.2 million, up 61%.

• Q4 gross profit was $16.1 million (+79% YoY); full-year gross profit was $46.8 million (+82% YoY).

• Gross margin for the full year improved to 26% from 23% in 2024.

• SG&A expenses reduced to $60 million for the year, down from $66.8 million in 2024.

• Net loss improved to $4.5 million from $55.9 million in 2024; Q4 net income was $11.4 million, compared to a loss of $15.4 million in Q4 2024.

• Adjusted EBITDA for Q4 was $4.2 million (vs. -$6.3 million in Q4 2024); full-year Adjusted EBITDA was $0.6 million (vs. -$26.9 million in 2024).

Outlook and guidance

• Revenue backlog of $257 million and a pipeline exceeding $1 billion support continued growth.

• Build-Own-Operate (BOO) assets expected to contribute positively to cash flow in 2026, with improved economics from new offtake agreements.

• Management expects continued momentum in capital sales and O&M, with no revenue pull-forward in 2025.

• Seasonality expected to persist, with Q4 typically strongest, but overall revenue consistency improving.

• Targeting Adjusted EBITDA margin of 10%+ in the longer term through top-line growth and SG&A optimization.

• Management expects continued benefits from operational efficiency and capital-light strategy.