EverGen Infrastructure Reports Q2 2025 Results

Executive Summary

• EverGen Infrastructure Corp. reported financial results for the quarter ended June 30, 2025, highlighting a transformational period involving a $5 million private placement recapitalization and new leadership.
• The company achieved a record quarterly Renewable Natural Gas (RNG) production, up 17% year-over-year, despite a significant drop in organic feedstock volumes due to ongoing optimization activities.
• Financials show a net loss of $1.9 million (compared to $0.9 million in Q2 2024) and a 34% decline in revenue, driven by the reduction in incoming organic waste; however, cash reserves increased significantly to $4.5 million.

Key Details

• Financing & Capital Structure:
  • Completed a $5 million non-brokered private placement of common shares in May 2025 with Ask America, LLC to strengthen the balance sheet.
  • Outstanding shares increased by 60% to 22,426,000 (from 13,979,000 in Q2 2024).
  • Committed to an additional $2 million in equity financing via a second tranche at $0.60 per share, expected to close in Q3 2025 alongside debt refinancing.
  • Signed a letter of intent in February for a $13 million debt facility and $250,000 operating line of credit to refinance the Fraser Valley Biogas facility, expected to close in Q3 2025.
• Financial Performance (Q2 2025 vs Q2 2024):
  • Revenue: $2,781,000 (down 34% from $4,238,000).
  • Net Loss: $(1,947,000) (widened from $(875,000); loss per share increased from $0.05 to $0.10).
  • EBITDA: $(822,000) (down from $966,000).
  • Adjusted EBITDA: $339,000 (down from $1,122,000).
  • Cash & Equivalents: $4,515,000 (up from $402,000).
  • Total Assets: $78,577,000 (down 16% from $93,828,000).
  • Working Capital Surplus: $1,449,000 (up 46% from $994,000).
• Operational Metrics:
  • RNG Production: 49,297 GJ (up 17% year-over-year).
  • Fraser Valley Biogas (FVB): Achieved over 12,000 GJ monthly production in March and April 2025, approaching the annual nameplate capacity of 160,000 GJ.
  • Incoming Organic Feedstock: 17,220 tonnes (down 44% from 30,647 tonnes).
  • Organic Compost/Soil Sales: 5,303 yards (down 55% from 11,742 yards).
  • Electricity: 853 MWh (down 6% from 911 MWh).
• Strategic Initiatives:
  • Initiated optimization activities across core facilities to enhance platform value and unlock sustainable cash flow, which temporarily reduced incoming organic waste volumes and revenues.
  • New leadership team installed to incentivize medium and long-term outcomes.
• Market Maker Engagement:
  • Engaged Independent Trading Group (ITG) to support liquidity and orderly trading on the TSX Venture Exchange for a service fee of $6,000, with an option to renew monthly.

Notable Quotes

• “Q2 2025 was a transformational quarter for EverGen as we successfully recapitalized the business, aligned our leadership with a supportive lead investor, and continued to deliver record RNG production,” said Chase Edgelow, CEO of EverGen. “We’re tracking well against our 100-day plan for the business, and while optimization activities will continue to impact near term revenues, these initiatives are critical to positioning EverGen for scalable growth in 2026 and beyond, reinforcing our long-term vision as Canada’s leading RNG infrastructure platform.”