Anaergia Reports Significant Revenue Growth In First Quarter 2026 and the Third Consecutive Quarter of Positive Adjusted EBITDA

The most recent releases on May 12, 2026 detail: - Q1 2026 revenue surged 122 % YoY to C$55.2 M, with gross margin expanding to 23.0 %.
- Adjusted EBITDA came in at C$1.1 M, the third consecutive positive quarter (Q1 2025: –C$3.9 M).
- Revenue backlog grew 32 % YoY to C$265 M, supported by >C$54 M in new contract wins.
- A previously announced C$20 M revolving credit facility with National Bank of Canada (with a C$10 M accordion option) was highlighted as strengthening financial flexibility.
- Separately, the Rhode Island Bioenergy Facility received a temporary negative carbon intensity score under Canada’s Clean Fuel Regulations, enabling its RNG to generate CFR credits.

The Q1 earnings confirm the company’s ongoing operational turnaround. The 122 % revenue jump and third straight positive EBITDA quarter are positive but follow two prior quarters of similarly improving numbers (Q3 2025 was the first return to positive EBITDA, Q4 2025 was full-year positive). The market had already priced in much of the recovery, as evidenced by the stock’s 3‑month rally from ~$2.00 to $3.40. The credit facility was anticipated (announced May 6), and the Rhode Island regulatory nod, while helpful, is a routine step that does not immediately translate into cash flows. Therefore, the news reinforces the existing bull case rather than delivering a transformative surprise.

Anaergia Inc. designs, manufactures, and services proprietary anaerobic digestion systems that convert organic waste into renewable natural gas (RNG), electricity, heat, and fertilizer. It operates a capital‑light model, selling technology and engineering services while owning select operating facilities. Key assets include:
- SoCal Biomethane Facility – the first project to supply RNG under California’s SB 1440 biomethane procurement mandate, with conditional CPUC approval secured.
- Rhode Island Bioenergy Facility – New England’s largest anaerobic digester, now eligible for Canadian Clean Fuel Regulation credits.
- Italian biomethane portfolio – multiple plants being built or upgraded for clients such as QGM, BioHold, and Societa Agricola Zilio.
- Eni/CREvolution partnership – a demonstration circular‑economy project at the Gela biorefinery, targeting sustainable aviation fuel (SAF) and biodiesel feedstock.
The company has over 230 reference facilities in 18+ countries and more than 300 patents.