Greenlane Renewables Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Executive Summary

• Greenlane Renewables reported FY 2025 Adjusted EBITDA of $2.3 M, a $4.0 M improvement versus FY 2024 and turned positive after a loss the prior year.
• FY 2025 revenue was $44.4 M (down 14% YoY) with a gross margin before amortization of 43%; net loss narrowed to $0.7 M.
• Sales Order Backlog stood at $33.6 M as of Dec 31 2025, and cash balances increased to $17.7 M with no debt.

Key Details

• Adjusted EBITDA (FY 2025): $2.3 M (vs. –$1.7 M FY 2024)
• Revenue: $44.4 M FY 2025 (–14% YoY); Q4 2025 revenue $10.8 M (+27% QoQ)
• Gross Profit: $18.1 M FY 2025; Q4 gross profit $4.1 M
• Gross Margin before amortization: $19.1 M FY 2025 (43% of revenue); Q4 $4.4 M (41%)
• Net loss / comprehensive loss: $0.7 M FY 2025 (vs. $1.3 M loss FY 2024) ; Q4 loss $1.3 M
• Cash & cash equivalents: $17.7 M at quarter end (up 9% YoY) – no debt other than payables/off‑balance‑sheet items.
• Sales Order Backlog: $33.6 M as of Dec 31 2025 (↑54% YoY).
• Quarterly Adjusted EBITDA: –$0.5 M in Q4 2025 (vs. –$0.2 M Q4 2024).
• Key drivers: $2.9 M gross margin contribution from a one‑time technology licensing agreement with a Brazilian partner; continued growth in parts & service and proprietary standard products segments (≈28% Adjusted EBITDA on $39 M revenue).
• Strategic updates:
• Filed new patent application for Linear Nitrogen Rejection Unit (NRU) as part of next‑generation Cascade LF landfill gas upgrading line.
• Plans to commence localized manufacturing of Cascade LF in Brazil, targeting first system shipment by end‑2026.
• Management commentary: CEO Brad Douville highlighted the turnaround to positive Adjusted EBITDA and progress on Cascade LF; CFO Stephanie Mason emphasized strong backlog visibility and cash position supporting 2026 execution.
• Market outlook: Management cited supportive U.S., Brazil, and European policy developments for renewable natural gas (RNG) and biomethane, reinforcing demand for Greenlane’s upgrading technologies.

Notable Quotes

“We entered fiscal 2025 with a clear objective: improve Adjusted EBITDA results and maintain healthy cash reserves – and we overachieved on both goals,” — Brad Douville, CEO

“Our full‑year performance demonstrates steady execution and disciplined focus… We enter 2026 with meaningful revenue visibility…” — Stephanie Mason, CFO