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EverGen Infrastructure Reports Q4 & Year End 2024 Results
EverGen Infrastructure Reports Q4 & Year End 2024 Results

Business Wire

time01-05-2025

  • Business
  • Business Wire

EverGen Infrastructure Reports Q4 & Year End 2024 Results

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)-- EverGen Infrastructure Corp. ('EverGen' or the 'Company') (TSXV: EVGN) (OTCQX: EVGIF), today reported audited financial results as at and for Q4 2024. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS Accounting Standards. Financial Highlights: 37% increase in revenues of $3.2 million for Q4 2024 from $2.3 million for Q4 2023 and 69% increase in fiscal year revenues to $14.2 million from $8..4 million in fiscal year 2023, primarily driven by increased Renewable Natural Gas ('RNG') production following the completion of the Fraser Valley Biogas RNG expansion project in Q4-2023, the commencement of RNG production at GrowTEC in late Q2-2023, and increased pricing at Pacific Coast Renewables. Revenues also increased with the addition of management fees earned from Project Radius related to large scale project development. Despite an increase in revenues and reducing proportionate direct operating costs and general and administrative expenses, net loss of $14.4 million and $17.1 million for Q4 and fiscal year 2024 increased from $1.8 million and $4.7 million for Q4 and fiscal year 2023, primarily due to non-cash impairment losses. These non-cash impairment losses associated with Sea to Sky Soils Composting Inc. and GrowTEC and a decrease in insurance proceeds received, higher direct operating costs from weather- and fire-related disruptions, increased finance costs tied to the Fraser Valley Biogas investment, and equity-accounted losses related to Project Radius, were partially offset by increased revenues and lower general and administrative expenses. Adjusted EBITDA of $0.1 million for Q4 2024 compared to $nil for Q4 2023, and a 269% increase to $2.9 million for fiscal year 2024 from $0.8 million for fiscal year 2023, primarily due to increased revenues and lower recurring general and administrative expenses, partially offset by higher production-related direct operating costs and reduced insurance proceeds. Financial and Operational Summary: The following table presents EverGen's Consolidated Financial and Operating Summary: 'EverGen is pleased to see its efforts and investments in upgrading Fraser Valley Biogas and optimizing production at GrowTEC generate expected growth in RNG revenues in 2024' said EverGen CEO, Mischa Zajtmann. 'Despite taking a non-cash impairment loss associated with its composting activities at Sea to Sky Soils and lower expected phase 2 RNG volumes at GrowTEC, 2024 results show EverGen is progressing on its RNG growth objectives and is positioned to deliver on its RNG platform.' For further information on the results, please see the Company's Consolidated Financial Statements and Management's Discussion and Analysis filed on SEDAR+ at and on EverGen's website at EverGen will hold a results and corporate update conference call at 11:00 a.m. Eastern Time on May 1, 2025, hosted by Chief Executive Officer, Mischa Zajtmann and Chief Financial Officer, Sean Hennessy. Conference call details are as follows: Date: Thursday May 1, 2025 Time: 11:00 a.m. ET Find the latest Corporate Presentation in the Investor Center: About EverGen Infrastructure Corp. EverGen, Canada's Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond. For more information about EverGen Infrastructure Corp. and our projects, please visit Non-GAAP Measures EverGen uses certain financial measures referred to in this press release to quantify its results that are not prescribed by IFRS Accounting Standards. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS Accounting Standards and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS Accounting Standards, the non-GAAP measurement provide useful information to evaluate the Company's performance and ability to generate cash, profitability and meet financial commitments. These non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards. EBITDA is defined as net income (loss) before interest, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses, unusual or non-recurring items, contingent consideration gains and losses and non-controlling interests in adjusted EBITDA. Working capital is calculated as current assets less current liabilities. Forward-Looking Information This news release contains certain forward-looking statements and/or forward-looking information (collectively, 'forward looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'would', 'will', 'anticipates', 'believes', 'explores', 'expects' and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company's expectations regarding revenue growth and future financial or operating performance. Such forward looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release. The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company's completed acquisitions; the sufficiency of EverGen's liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by applicable law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

EverGen Infrastructure Provides Operations and Development Updates
EverGen Infrastructure Provides Operations and Development Updates

Associated Press

time01-03-2025

  • Business
  • Associated Press

EverGen Infrastructure Provides Operations and Development Updates

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb 28, 2025-- EverGen Infrastructure Corp. ('EverGen' or the 'Company') (TSXV: EVGN) (OTCQX: EVGIF), announces operational updates at its Pacific Coast Renewables ('PCR'), and Prairie Sky Organics facilities. Pacific Coast Renewables Since acquiring the facility in 2021, EverGen has invested in a series of environmental performance improvements to meet the highest regulatory standards and prepare for the facility's expansion. As part of these efforts, EverGen has sought recognition from its municipal partners in the form of increased tipping fees now secured for the facility. This increased revenue is anticipated to offset higher operating costs at the site, largely driven by increased regulatory standards and disposal costs from a fire at the facility in early December 2024. Greater Vancouver experienced its wettest year in 25 years, with record precipitation limiting the facility's ability to process materials during high-rainfall months due to regulatory requirements. As a result, operational adjustments were necessary, which the increased revenue is expected to help support. Additionally, EverGen has secured a permitting milestone for the PCR RNG expansion project. The City of Abbotsford Agricultural Advisory Committee ('AAC') has endorsed the RNG expansion project and recommended it for approval. Upon receiving the City of Abbotsford Council approval, the final regulatory step is securing authorization from the Agricultural Land Commission, which is expected to be reviewed in the second half of 2025. 'We would like to thank the City of Abbotsford for its continued support of the PCR RNG Project,' said Mischa Zajtmann, CEO of EverGen. 'The AAC's recommendation is a critical milestone in our permitting process, and we look forward to advancing this project.' Prairie Sky Organics After executing a temporary agreement in late 2023 during the search for a permanent operating site, EverGen and the City of Regina mutually agreed to terminate the organic waste processing service agreement, effective January 31, 2025. 'We have valued our collaboration with the City of Regina and the opportunity to support its organic waste management goals,' said Mischa Zajtmann. 'As we continue to focus on key projects that maximize our impact and expansion objectives, this step allows us to allocate resources where they can best support our long-term goals.' Formation of Special Committee EverGen has received inbound interest from multiple parties with respect to potential strategic transactions (a 'Potential Strategic Transaction'). In response the board of directors of the Company has struck an independent special committee (the 'Special Committee') to evaluate and review these opportunities with the goal of maximizing value for EverGen shareholders and other stakeholders of the Company. The Special Committee will make recommendations to the Company's board of directors in respect of all such matters. No decisions relating to any specific Potential Strategic Transaction has been made as at the date of this news release and there are no assurances that any Potential Strategic Transaction, or transactions, will result from the formation of the Special Committee and the strategic review process, generally. The Company does not intend to comment further with respect to the strategic review process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws. About EverGen Infrastructure Corp. EverGen, Canada's Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond. For more information about EverGen Infrastructure Corp. and our projects, please visit Cautionary Statements Regarding Forward Looking Information This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes', and or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the receipt of increased tipping fees; the ability of the Company to offset higher operating costs and use of potential increased revenues; approval of the PCR RNG expansion project by the City of Abbotsford Council; the ability to secure authorization for the PCR RNG expansion project by the Agricultural Land Commission and the anticipated timing thereof; and the potential strategic opportunities available to the Company and the ability of the Company to consummate any such opportunities. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, regulatory, competitive, political and social uncertainties; the delay or failure to receive required approvals (including shareholder, board, third party and regulatory approvals); uncertainties relating to the strategic review to be conducted by the Special Committee and the terms of any definitive agreements that may be entered into in connection with a Potential Strategic Transaction; and the viability of any Potential Strategic Transaction. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, EverGen assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 604-202-7004 SOURCE: EverGen Infrastructure Corp. Copyright Business Wire 2025. PUB: 02/28/2025 07:30 PM/DISC: 02/28/2025 07:30 PM

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