Greenlane Renewables Announces Third Quarter 2025 Financial Results

Executive Summary

• Greenlane Renewables reported Q3 2025 revenue of C$11.6 M, gross profit C$4.3 M and achieved positive Adjusted EBITDA of C$0.5 M and net income of C$0.1 M – the first two consecutive quarters of profitability.
• Sales order backlog grew to C$33.5 M (up from C$14.3 M a year earlier), driven by new purchase orders totaling €4.9 M (C$7.9 M) for biogas desulfurization equipment and the launch of the next‑generation Cascade LF landfill‑gas upgrading technology.
• Cash on hand increased to C$19.3 M with no debt, providing flexibility for continued investment in the Cascade LF platform and other growth initiatives.

Key Details

• Revenue: C$11.6 M (up 10% YoY).
• Gross Profit: C$4.3 M; Gross margin before amortization 39% of revenue (up from 34% YoY).
• Adjusted EBITDA: C$0.5 M (4% of revenue), a swing from a C$(0.2) M loss in Q3 2024.
• Net Income / Comprehensive Income: C$0.1 M (1% of revenue), reversing a C$(2.0) M loss YoY.
• Sales Order Backlog: C$33.5 M as of Sept‑30‑2025, up 27% sequentially and 58% from Q1 2025.
• Cash & Cash Equivalents: C$19.3 M (no debt); cash increased from C$16.2 M at year‑end 2024; includes C$1.2 M released restricted cash.
• New Purchase Orders: €4.9 M (C$7.9 M) for proprietary biogas desulfurization equipment from three repeat customers.
• Product Launch: Revealed Cascade LF next‑generation landfill‑gas upgrading technology at trade expos in Brazil and the U.S.; subsequent patent application filed for a Linear Nitrogen Rejection Unit (NRU).
• Future Revenue Timing: Revenue from new Cascade LF orders expected to begin in 2026.
• Operating Expenses: General & administrative expenses down 5% YoY, supporting margin improvement.

Notable Quotes

“Our third quarter results demonstrate continued success in executing against our strategic plan with a relentless focus on profitability and maintaining healthy cash reserves,” – Brad Douville, CEO.

“The combination of higher margins, a growing backlog, and a strong balance sheet positions Greenlane to drive long‑term value creation,” – Stephanie Mason, CFO.