Latest news with #Onn
The Verge
3 days ago
- Business
- The Verge
Here's where you can buy microSD Express cards for the Switch 2
All microSD cards look pretty much the same, but when it comes to buying the right one for your Nintendo Switch 2, only microSD Express cards will work for storing and playing games. The microSD card you used in your original Switch or Switch Lite will offer limited functionality with Nintendo's new handheld, as it will only let you view screenshots or video clips you captured previously — that's it. That's because Nintendo opted for a significantly faster spec in its new handheld console, which boasts an advertised 4.4x improvement in terms of transfer speeds over the microSD cards you might already have lying around. That improvement is signified by a small, easy-to-miss 'EX' emblem etched onto the front of the card. What's harder to miss is how much more expensive Express cards are, with some costing more than $50 for just 256GB of storage. The Switch 2 supports microSD Express cards up to 2TB in size, although 1TB is the largest capacity widely available (that's an overstatement, as many are sold out currently), with some cards selling for up to $200 a pop. Phew. I suppose it makes sense that they're pricier since they're classified as bonafide PCIe NVMe SSDs by the SD Association. Walmart's Onn label is a beacon of light, as its microSD Express cards are significantly cheaper than the competition, with its 512GB model costing $65.88 when it's in stock. Thankfully, since the Switch 2 has 256GB of built-in storage, you most likely won't need a microSD Express card immediately upon receiving your console. Getting a microSD card was a rite of passage with the original Switch since all versions, aside from the newer OLED edition that launched in 2021, came with just 32GB. If you're in the market for one of these pricier storage expansion cards ahead of the console's launch, we've listed the available options below.
Yahoo
13-05-2025
- Business
- Yahoo
Anaergia Reports First Quarter 2025 Financial Results
Company Reports Record Backlog of $200 million BURLINGTON, Ontario, May 13, 2025--(BUSINESS WIRE)--Anaergia Inc. ("Anaergia", the "Company", "us" or "our") (TSX: ANRG) (OTCQX: ANRGF), 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 three-month period ended March 31, 2025. All financial results are reported in Canadian dollars unless otherwise stated. "We are pleased to announce that Anaergia has achieved record Revenue Backlog* during the first quarter of 2025. As of March 31, 2025, our Revenue Backlog has surged by 94.1%, to $200.0 million, compared to $103.1 million at the end of December 2024. The increase in backlog was in the capital sales segment primarily in Italy and North America," said Assaf Onn, CEO of Anaergia. "Additionally, we continue to pursue a robust pipeline of other opportunities, some of which we have already been awarded and disclosed since the beginning of the second quarter. We continue to execute our vision of Anaergia 2.0. and since Marny Investment SA's investment in the Company in July 2024, we have taken decisive actions to enhance our financial foundation, refine our strategic direction, and restore investor confidence, leading to significant progress for Anaergia," added Mr. Onn. First Quarter 2025 Financial Results Financial highlights: Revenue of $24.9 million for the first quarter of 2025 decreased 0.4%, or $93 thousand, compared to the first quarter of the prior year. The decrease was driven mainly due to lower sales in Italy and Asia Pacific, partially offset by increased sales in North America. Gross profit of $5.4 million for the first quarter of 2025 decreased 16.6%, or $1.1 million, compared to the first quarter of the prior year. The quarter's decrease was mainly driven by reduced gross profit of build, own, operate ("BOO") activities, partially offset by increased gross profit in capital sales. Adjusted EBITDA1 loss of $3.9 million for the first quarter of 2025 improved by 34.5%, or $2.1 million, from a loss of $6.0 million in the first quarter of the prior year. The improvement in Adjusted EBITDA was primarily driven by decreases in net loss as well as addbacks of Rhode Island Bioenergy Facility ("RIBF") income tax credit transaction costs in the first quarter of fiscal year 2024 that did not recur in the current period. Three months ended: 31-Mar-25 31-Mar-24 % Change (In thousands of Canadian dollars) Revenue 24,876 24,969 (0.4) Gross profit 5,403 6,480 (16.6) Gross profit % 21.7% 26.0% (4.3) percentage points Loss from operations (5,670) (10,210) 44.5 Net loss (5,897) (11,481) 48.6 Adjusted EBITDA1 (3,940) (6,019) 34.5 Statement of Financial Position 31-Mar-25 31-Dec-24 (In thousands of Canadian dollars) Total Assets 223,030 233,327 Total Liabilities 173,773 180,122 Equity 49,257 53,205 For a more detailed discussion of Anaergia's results for the three-month period ended March 31, 2025, 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-International Financial Reporting Standards (IFRS™) Accounting Standards as issued by the International Accounting Standards Board (IASB) 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, including "Adjusted EBITDA", "EBITDA" and "Revenue Backlog" 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 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™ measures. Management believes such measures are useful as they 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 issuers. Definitions of non-IFRS™ measures used in this press release are provided below. "Adjusted EBITDA" is defined as EBITDA adjusted for our normalized proportionate interest in our BOO assets, one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, losses related to equity-accounted investees, significant one-time provisions, foreign exchange gains or losses, restructuring and severance costs, Enterprise Resource Planning 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) and acquisition costs. "EBITDA" is defined as earnings before interest expenses, taxes and depreciation and amortization. The most comparable IFRS™ measure for EBITDA is net income (loss). "Revenue Backlog" is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our capital sales and operation and maintenance service ("O&M")/services segments. For our capital sales contracts, we have modeled only projects that have been contracted. For our O&M/services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See "Reconciliation of Non-IFRS™ Measures" below for a reconciliation of the foregoing non-IFRS™ measures to their most directly comparable measures calculated in accordance with IFRS™. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00 a.m. (ET) on Wednesday May 14, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To participate in the call, please sign up using the following pre-registration link to receive details on how to access the conference call: Conference call pre-registration: You will receive your access details via email. To listen to the webcast live: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the renewable natural gas ("RNG") sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ("GHGs") through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating 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", "plans", "intends", "estimate", "believes", "likely", "potential", "continue", 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 statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. 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, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. 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: 31-Mar-25 31-Mar-24 (In thousands of Canadian dollars) Net loss (5,897) (11,481) Finance costs, net 1,016 1,035 Depreciation and amortization 1,480 1,186 Income tax benefit (1,886) (17) EBITDA (5,287) (9,277) Share-based compensation expense 250 589 Losses related to equity-accounted investees - 478 Other losses 809 320 RIBF income tax credit transaction cost - 2,416 Foreign exchange (gain) loss 288 (545) Adjusted EBITDA (3,940) (6,019) * Using a new conservative definition of Revenue Backlog, first introduced with fiscal 2024 year end results. As defined under "Non-International Financial Reporting Standards ("IFRS"™) Accounting Standards as issued by the International Accounting Standards Board ("IASB")".1 "Adjusted EBITDA" is a non-IFRS™ measure. View source version on Contacts For media and/or investor relations please contact: IR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
13-05-2025
- Business
- Business Wire
Anaergia Reports First Quarter 2025 Financial Results
BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. ('Anaergia', the 'Company', 'us' or 'our') (TSX: ANRG) (OTCQX: ANRGF), 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 three-month period ended March 31, 2025. All financial results are reported in Canadian dollars unless otherwise stated. We are pleased to announce that Anaergia has achieved record Revenue Backlog during the first quarter of 2025. As of March 31, 2025, our Revenue Backlog has surged by 94.1%, to $200.0 million, compared to $103.1 million at the end of December 2024. Share 'We are pleased to announce that Anaergia has achieved record Revenue Backlog* during the first quarter of 2025. As of March 31, 2025, our Revenue Backlog has surged by 94.1%, to $200.0 million, compared to $103.1 million at the end of December 2024. The increase in backlog was in the capital sales segment primarily in Italy and North America,' said Assaf Onn, CEO of Anaergia. 'Additionally, we continue to pursue a robust pipeline of other opportunities, some of which we have already been awarded and disclosed since the beginning of the second quarter. We continue to execute our vision of Anaergia 2.0. and since Marny Investment SA's investment in the Company in July 2024, we have taken decisive actions to enhance our financial foundation, refine our strategic direction, and restore investor confidence, leading to significant progress for Anaergia,' added Mr. Onn. First Quarter 2025 Financial Results Financial highlights: Revenue of $24.9 million for the first quarter of 2025 decreased 0.4%, or $93 thousand, compared to the first quarter of the prior year. The decrease was driven mainly due to lower sales in Italy and Asia Pacific, partially offset by increased sales in North America. Gross profit of $5.4 million for the first quarter of 2025 decreased 16.6%, or $1.1 million, compared to the first quarter of the prior year. The quarter's decrease was mainly driven by reduced gross profit of build, own, operate ('BOO') activities, partially offset by increased gross profit in capital sales. Adjusted EBITDA 1 loss of $3.9 million for the first quarter of 2025 improved by 34.5%, or $2.1 million, from a loss of $6.0 million in the first quarter of the prior year. The improvement in Adjusted EBITDA was primarily driven by decreases in net loss as well as addbacks of Rhode Island Bioenergy Facility ('RIBF') income tax credit transaction costs in the first quarter of fiscal year 2024 that did not recur in the current period. Statement of Financial Position 31-Mar-25 31-Dec-24 (In thousands of Canadian dollars) Total Assets 223,030 233,327 Total Liabilities 173,773 180,122 Equity 49,257 53,205 Expand For a more detailed discussion of Anaergia's results for the three-month period ended March 31, 2025, 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-International Financial Reporting Standards (IFRS™) Accounting Standards as issued by the International Accounting Standards Board (IASB) 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, including 'Adjusted EBITDA', 'EBITDA' and 'Revenue Backlog' 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 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™ measures. Management believes such measures are useful as they 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 issuers. Definitions of non-IFRS™ measures used in this press release are provided below. ' Adjusted EBITDA ' is defined as EBITDA adjusted for our normalized proportionate interest in our BOO assets, one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, losses related to equity-accounted investees, significant one-time provisions, foreign exchange gains or losses, restructuring and severance costs, Enterprise Resource Planning 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) and acquisition costs. ' EBITDA ' is defined as earnings before interest expenses, taxes and depreciation and amortization. The most comparable IFRS™ measure for EBITDA is net income (loss). ' Revenue Backlog ' is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our capital sales and operation and maintenance service ('O&M')/services segments. For our capital sales contracts, we have modeled only projects that have been contracted. For our O&M/services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See 'Reconciliation of Non-IFRS™ Measures' below for a reconciliation of the foregoing non-IFRS™ measures to their most directly comparable measures calculated in accordance with IFRS™. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00 a.m. (ET) on Wednesday May 14, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To participate in the call, please sign up using the following pre-registration link to receive details on how to access the conference call: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the renewable natural gas ('RNG') sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ('GHGs') through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating 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', 'plans', 'intends', 'estimate', 'believes', 'likely', 'potential', 'continue', 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 statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. 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, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. 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. * Using a new conservative definition of Revenue Backlog, first introduced with fiscal 2024 year end results. As defined under 'Non-International Financial Reporting Standards ('IFRS'™) Accounting Standards as issued by the International Accounting Standards Board ('IASB')'. 1 'Adjusted EBITDA' is a non-IFRS™ measure.
New Straits Times
06-05-2025
- Business
- New Straits Times
MARGMA backs directive requiring full local manufacturing for glove exports
KUALA LUMPUR: The Malaysian Rubber Glove Manufacturers Association (MARGMA) has expressed strong support for the government's new directive mandating that only rubber gloves fully manufactured and processed in Malaysia will qualify for export under the country's certificate of origin. The policy, announced by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, requires glove exporters to ensure that the entire manufacturing process takes place domestically to be eligible for certification from the Ministry of Investment, Trade and Industry (MITI). Only products that are fully processed and produced domestically are permitted for export in line with Malaysia's commitment to international trade partners such as the United States. Johari said the government will not allow gloves produced abroad to be brought into Malaysia solely for repackaging or relabelling before being re-exported. MARGMA president Oon Kim Hung welcomed the decision, calling it both "timely and necessary" to safeguard the integrity of Malaysia's world-renowned glove industry. Onn stressed that re-exporting finished gloves that are merely trans-shipped through Malaysian ports threatens to erode years of trust built with international buyers. "By ensuring every critical manufacturing step takes place on Malaysian soil, we safeguard product quality, traceability and the stringent ESG standards demanded by global buyers," Oon said in a statement. Rubber gloves remain a key pillar of the national economy. In 2024, Malaysia exported RM15.41 billion worth of rubber gloves—nearly half of the country's total rubber and rubber-based product exports. Onn said the new directive is seen as a strategic move that delivers multiple benefits. "First and foremost, it cements Malaysia's reputation for uncompromising quality and transparent supply chains, giving importers and healthcare providers clear assurance that gloves labelled as "Made in Malaysia" truly originate here. "It also creates fair competition by preventing trans-shipment practices that disadvantage manufacturers who invest heavily in domestic facilities, technology and skilled Malaysian employees," Onn said. "Thirdly, it underpins long-term industry sustainability by encouraging continued capital expenditure, R&D and technological upgrades that will keep Malaysia at the forefront of hand-protection innovation." MARGMA also welcomed the minister's clarification that importing raw latex—especially from neighbouring Thailand—remains permissible. With local latex production meeting only about one-third of industry needs, imports are vital to ensuring uninterrupted glove production. "Importing latex for processing here is entirely different from importing finished gloves. This policy strikes the right balance between safeguarding quality and ensuring supply security," Oon explained. To support the directive's rollout, MARGMA said it will work closely with the Malaysian Rubber Board (MRB) to assist member companies with compliance, documentation, and audit readiness. It will also collaborate with enforcement bodies to prevent trade diversion and maintain the industry's international credibility. "We urge every licensed exporter to observe both the spirit of this directive. Together with the Ministry and MRB, MARGMA is committed to preserving Malaysia's position as the trusted global source of high-quality, responsibly manufactured rubber gloves," Oon said.
Globe and Mail
31-03-2025
- Business
- Globe and Mail
Anaergia Reports Fourth Quarter and Fiscal 2024 Financial Results
Anaergia Inc. ('Anaergia', the 'Company', 'we', 'us' or 'our') (TSX:ANRG) (OTCQX:ANRGF), a Renewable Natural Gas ('RNG') technology company that offers integrated waste-to-value solutions to reduce greenhouse gases ('GHGs') by cost-effectively turning organic waste into RNG, fertilizer, and water, today announced its financial results for the three-month and the twelve-month periods ended December 31, 2024. All financial results are reported in Canadian dollars unless otherwise stated. "Since Marny invested in the Company, in July 2024, we have taken decisive steps to strengthen our financial foundation, refine our strategic direction, and rebuild investor confidence, and our latest financial results demonstrate that we are making meaningful progress," said Assaf Onn, CEO of Anaergia. 'Also, I am pleased to add that we are reintroducing disclosure of our Revenue Backlog*. Using a conservative definition, we have capital sales backlog of $90 million, plus operation and maintenance service backlog of $13.3 million, for a combined total backlog of $103.1 million as at year-end 2024. With the momentum of our recently announced project wins that are not yet disclosed in our backlog, and a strong funnel of potential future sales, we are confident in our strategic growth plan,' Mr. Onn added. Fourth Quarter 2024 Financial Results Financial highlights: Revenue for the fourth quarter of $34.1 million increased 1.9%, or $0.6 million, compared to Q4 2023 (Q4 2023: $33.4 million). For the year ended December 31, 2024, revenue of $111.6 million decreased 24.2% or $35.6 million, compared to Fiscal 2023 (Fiscal 2023: $147.2 million). The decrease was driven mainly due to Italian and North American Capital Sales projects being completed, some projects facing customer delays, and an interim delay in new capital sale project signing. Gross profit of $9.0 million for the fourth quarter of 2024 increased 157.8%, or $5.5 million, compared to results for the quarter in the prior year (Q4 2023: $3.5 million). For Fiscal 2024, gross profit of $25.6 million increased 29.9%, or $ 5.9 million, compared to Fiscal 2023 (Fiscal 2023: $19.7 million). The increase was mainly driven by management's ability to capture higher margin Capital Sales and Operation and Maintenance ('O&M') contracts as part of our capital light strategy, the continued progression and ramp of our margins on build-own-operate ('BOO') projects, as well as close monitoring of costs through the project construction phase. Net loss for the fourth quarter of 2024 was $15.4 million, a 54.7% improvement or $18.6 million compared to Q4 2024 (Q4 2023 $34.1 million). For the year ending December 31, 2024, the Net Loss was $55.9 million, an increase of 71% or $136.9 million from Fiscal 2023 (Q4 2023: $192.8 million). The net loss significantly improved primarily due to the prior year's loss on the disposal of Italian BOO HoldCo ('ITA') of $54.4 million and deconsolidation of Rialto Bioenergy Facility, LLC ('RBF') transaction of $35.7 million, both of which were partially offset by a $10.1 million gain on the sale of the Company's equity interests in a subsidiary that owned the Envo Biogas facility in Tønder, Denmark. These three transactions in 2023 were nonrecurring in nature. Adjusted EBITDA 1 Loss of $6.3 million for the fourth quarter of 2024 improved 18.2%, or $1.4 million, compared to Q4 2023 (Q4 2023: Adjusted EBITDA Loss of $7.7 million). For Fiscal 2024, Adjusted EBITDA Loss of $26.9 million improved 23.0%, or $8.0 million, compared to Fiscal 2023 (Fiscal 2023: Adjusted EBITDA Loss of $34.9 million). The improvement in adjusted EBITDA year over year was driven by higher gross margins and a reduction in selling, general and administrative expenses. Three months ended: 31-Dec-24 31-Dec-23 % Change (In thousands of Canadian dollars) Revenue 34,057 33,408 1.9 Gross profit 9,007 3,494 157.8 Gross profit % 26.4% 10.5% 15.9 percentage points Loss from operations (7,234) (35,931) 79.9 Net loss (15,416) (34,058) 54.7 Adjusted EBITDA 1 (6,311) (7,713) 18.2 Twelve months ended: 31-Dec-24 31-Dec-23 % Change (In thousands of Canadian dollars) Revenue 111,646 147,225 (24.2) Gross profit 25,633 19,729 29.9 Gross profit % 23.0% 13.4% 9.6 percentage points Loss from operations (40,036) (85,802) 53.3 Net loss (55,864) (192,791) 71.0 Adjusted EBITDA 1 (26,892) (34,914) 23.0 Statement of Financial Position: 31-Dec-24 31-Dec-23 (In thousands of Canadian dollars) Total Assets 233,327 278,667 Total Liabilities 180,122 205,077 Equity 53,205 73,590 For a more detailed discussion of Anaergia's results for the three-month and twelve-month periods ended December 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-International Financial Reporting Standards ('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, including 'Adjusted EBITDA', 'EBITDA' and 'Revenue Backlog' 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 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 measures. Management believes such measures are useful as they 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 issuers. Definitions of non-IFRS measures 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'. ' Adjusted EBITDA ' is defined as EBITDA adjusted for our normalized proportionate interest in our BOO assets, one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, losses related to equity-accounted investees, significant one-time provisions, foreign exchange gains or losses, restructuring and severance 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) and acquisition costs. ' EBITDA ' is defined as earnings before interest expenses, taxes and depreciation and amortization. The most comparable IFRS measure for EBITDA is net income (loss). ' Revenue Backlog ' is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our capital sales and O&M/services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M/Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See 'Reconciliation of Non-IFRS Measures' below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00a.m. (ET) on Tuesday April 1, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To participate in the call, please sign up using the following pre-registration link to receive details on how to access the conference call: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the RNG sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of GHG through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating 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', 'plans', 'intends', 'estimate', 'believes', 'likely', 'potential', 'continue', 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 statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. 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, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. 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. Twelve months ended: 31-Dec-24 31-Dec-23 (In thousands of Canadian dollars) Net income (loss) (55,864) (192,791) Finance income (cost) 5,493 3,333 Depreciation and amortization 5,650 6,069 Income tax (benefit) expense 6,465 (8,606) EBITDA (38,256) (191,995) RBF non-controlling interest - 1,544 Share-based compensation expense 2,174 1,941 Loss on RBF embedded derivative - 7,953 Loss on disposal of ITA - (665) Fibracast impairment 6,244 8,151 Asset impairment loss 1,939 29,727 Losses related to equity-accounted investees 1,062 6,726 Loss on control of RBF - 35,663 Expected credit loss on loans receivable from related parties - 60,236 Provision for customer claim - 1,002 Other (gains) losses (1,388) 4,586 ERP customization and configuration costs - 542 RIBF income tax transaction costs 2,416 - Severance costs 965 - Foreign exchange (gain) loss (2,048) (325) Adjusted EBITDA (26,892) (34,914)
