EverGen Infrastructure (EVGN) Q2 2025 earnings summary

Executive summary

• New management team installed, focused on operational optimization and long-term value creation, with board and management ownership rising to 42%.

• Closed a $5 million private placement in May 2025, recapitalizing the business and supporting future growth.

• Achieved record quarterly RNG production, driven by ramp-up at Fraser Valley Biogas and GrowTEC projects.

• Initiated optimization activities across core assets to enhance platform value and support sustainable growth.

• Intentional reset at organics and composting facilities to rebuild long-term value.

Financial highlights

• Q2 2025 revenues were $2.78 million, down 34% year-over-year but up from $1.9 million in Q1 2025, driven by record RNG production and seasonal increases.

• Net loss widened to $1.95 million from $0.88 million year-over-year, more than doubling from the prior year.

• Adjusted EBITDA was $0.34 million, down 70% year-over-year; EBITDA swung to a loss of $0.82 million from a $0.97 million gain.

• Cash and equivalents increased to $4.52 million from $0.40 million year-over-year; working capital surplus rose to $1.45 million.

• Shares outstanding increased 60% to 22.4 million, reflecting the capital raise.

Outlook and guidance

• Optimization and capital deployment expected to generate attractive, sustainable returns and scalable growth in 2026 and beyond.

• RNG assets expected to maintain strong production levels, underpinning long-term value.

• Composting facilities being prepped for transition to RNG assets, with a focus on long-term solutions over immediate revenue.

• Completion of debt refinancing and additional equity raise anticipated in Q3 2025 to further strengthen financial position.

• Targeting long-term growth supported by Canadian policy tailwinds and new Clean Fuels Fund initiatives.