Business Wire
EverGen Infrastructure Reports Q4 & Year End 2023 Results
Business Wire
5 min read

In This Article:

Q4 2023 Key Milestones & Highlights:

  • Completion of the Fraser Valley Biogas Expansion, with record monthly production achieved during February 2024

  • Secured five-year organic waste processing agreement with the City of Abbotsford

  • Entered into a loan agreement to provide for funding of up to $3.5 million to support the GrowTEC expansion project

  • Executed a contribution agreement with Natural Resources Canada related to $10.5 million of funding to support the development of the Pacific Coast Renewables RNG expansion project

VANCOUVER, British Columbia, April 22, 2024--(BUSINESS WIRE)--EverGen Infrastructure Corp. ("EverGen" or the "Company") (TSXV: EVGN) (OTCQX: EVGIF), today reported audited financial results as at and for Q4 2024, and filed its Annual Information Form. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS Accounting Standards.

Financial Highlights

  • Revenues of $2.3 million and $8.4 million for Q4 and fiscal year 2023 increased 35% and 13%, respectively, from $1.7 million and $7.5 million for Q4 and fiscal year 2022, primarily due to incremental RNG production from the completion of the Phase I RNG expansion project at GrowTEC and the commencement of the 10-year organic waste processing agreement with the City of Regina. Revenues are expected to continue to increase in future periods, relative to previous periods, following the completion and ramp up of the Fraser Valley Biogas RNG Expansion Project.

  • Net loss of $1.8 million and $4.7 million for Q4 and fiscal year 2023 increased 16% and 15%, respectively, from $1.5 million and $4.1 million for Q4 and fiscal year 2022, primarily due to a decrease in insurance proceeds recognized for the year ended December 31, 2023, an increase in finance costs mainly relating to the drawdown of the facility used to fund the Fraser Valley Biogas Expansion, partially offset by an increase in revenues, as described above, a decrease of a contingent consideration loss, and an increase in income tax recovery.

  • Adjusted EBITDA of $nil and $0.8 million for Q4 and fiscal year 2023, respectively decreased compared to Q4 and fiscal year 2022, primarily due to a decrease in earnings at the Fraser Valley Biogas RNG facility during the construction and commissioning of the RNG expansion project and a decrease in insurance proceeds recognized for the year ended December 31, 2023, partially offset by an increase in revenues, as described above.

"2023 was a pivotal year for EverGen as we were able to successfully bring the Fraser Valley Biogas project online," says EverGen CEO, Mischa Zajtmann. "As we ramp up Fraser Valley Biogas and continue to advance our project pipeline, we have set the foundation for continued growth in 2024."

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