Common PropTech Proclaims Outcomes of Voting at AGM

Fourth Quarter Highlights Embody:

• Report income of $17.1 million , a rise of 94% over the $8.8 million reported within the fourth quarter of 2020.
• Gross revenue of $3.9 million , gross margin (gross revenue excluding amortization) of $4.3 million (25% of income).
• Internet lack of $1.2 million .
• Adjusted EBITDA of $0.3 million ¹ .
• Report gross sales order backlog ² of $50.1 million as at December 31, 2021 .
• Gross sales pipeline ³ valued at over $850 million as at December 31, 2021 .
• Money and money equivalents of $31.5 million and no debt, aside from payables and bonding ensuing from regular course operations, as at December 31, 2021 .
• The Firm finalized system gross sales contract wins totalling $19.2 million for renewable pure fuel (“RNG”) tasks in Canada , the US and Brazil .
• The Firm introduced the acquisition of Italian firm Airdep S.R.L., to convey in-house an efficient and confirmed expertise to take away hydrogen sulfide (H ₂ S) from biogas for integration with the Firm’s portfolio of biogas upgrading methods and likewise so as to add a beautiful line of merchandise for gross sales into present and new biogas tasks globally. The enterprise acquisition was accomplished on February 1, 2022 .

Fiscal Yr 2021 Highlights Embody:

• Report income of $55.4 million , a rise of 146% over $22.5 million reported in 2020.
• Gross revenue of $12.9 million , gross margin (gross revenue excluding amortization) of $14.1 million (26% of income).
• Internet lack of $2.4 million .
• Adjusted EBITDA of $1.1 million ¹ .
• Finalized over $57 million in system gross sales contracts using all three of the core upgrading applied sciences Greenlane gives. This represents a number of new RNG tasks in Canada , the US , Brazil , Spain , and the primary business scale biogas upgrading system deployed in Colombia , marking the nineteenth nation the place the Firm has bought biogas upgrading methods.
• In February 2021 , the Firm’s frequent shares commenced buying and selling on the TSX after commencement to the senior board from the TSX Enterprise Trade.
• In February 2021 , the Firm grew to become debt free ⁴ because it repaid early and in full, the $6.0 million stability (together with principal and curiosity) of its promissory be aware due June 2021 .

“2021 was one other excellent yr for Greenlane as we superior our enterprise technique targeted on serving to to scrub up two of the most important and most difficult-to-decarbonize sectors of the worldwide power system: the pure fuel grid and the business transportation sector,” stated Brad Douville , President and CEO of Greenlane.  “The yr was highlighted by the strongest income technology within the Firm’s historical past. We additionally generated adjusted EBITDA of over $1 million for the fiscal yr, a primary for the Firm. Along with delivering 2.5 instances yr over yr income development, we achieved a number of vital milestones via the course of the yr, together with graduating to the TSX, elimination of our excellent debt, signing of our first acquisition to convey in-house compelling H ₂ S removing expertise, and securing new system gross sales contract wins exceeding $57 million .”

“Trying forward, we stay in a really sturdy place and are inspired with the outlook for the RNG trade each in North America and overseas, as we proceed to see growth in each the transportation and pure fuel utility sectors.  Our gross sales pipeline stays strong whereas our order backlog is now over $50 million .  Greenlane has strengthened its product providing via the acquisition of Airdep whereas establishing a footprint in Italy , some of the dynamic RNG markets, creating new alternatives for gross sales of our biogas upgrading methods within the area.”

Greenlane frequently updates its pipeline of energetic system gross sales alternatives, which at December 31, 2021 was over $850 million . For the complete yr this represented a web enhance of greater than $190 million in new alternatives and the motion of $57.7 million in signed contracts (together with the gross sales introduced on January 4, 2022 of $7.1 million ) into the gross sales order backlog. The gross sales pipeline at December 31, 2021 is in line with the gross sales pipeline as at September 30, 2021 of over $850 million , reflecting each the online enhance of roughly $20.0 million in new alternatives and the motion of $19.2 million in signed contracts (together with the gross sales introduced on January 4, 2022 of $7.1 million ) into the gross sales order backlog, within the quarter. The gross sales pipeline represents visibility to a major variety of alternatives that funnel down via our gross sales course of, and people alternatives efficiently transformed into contract wins transfer into our gross sales order backlog ² . The Firm’s gross sales order backlog of $50.1 million as at December 31, 2021 is a snapshot in time which varies from quarter finish to quarter finish. The gross sales order backlog will increase by the worth of latest system gross sales contracts and is drawn down over time as tasks progress in direction of completion with quantities acknowledged in income.

The Market Outlook

International RNG consumption is poised to proceed its sturdy upward trajectory.  In its most up-to-date World Power Outlook, the Worldwide Power Company (IEA) highlights the numerous potential for biogas and biomethane as international locations and industries proceed to decarbonize, and tasks that world biomethane consumption will enhance at a compound annual development fee exceeding 20 % beneath each its Introduced Insurance policies and Sustainable Growth eventualities via the tip of this decade.  Below the IEA’s Introduced Insurance policies Situation, world biomethane volumes are projected to achieve roughly 4 % of whole 2020 pure fuel provide by 2050, or roughly 5.5 trillion cubic ft.

Europe continues to see accelerating biomethane manufacturing and consumption in its pure fuel grid transportation sector.  The variety of biomethane vegetation working as we speak in Europe elevated 40 % over 2020 to achieve over 1,000 services, 87 % of that are linked to the pure fuel grid, in keeping with the European Biogas Affiliation, which additionally tasks that sustainable biomethane might meet 30 to 40% of the EU’s whole pure fuel consumption by 2050.

New knowledge from NGVA Europe, a transportation commerce group, revealed speedy development in using biomethane as a transport gasoline in Europe.  Multiple quarter of the fuel utilized in highway transportation in 2020 was renewable, delivered via greater than 3,800 CNG stations.  With greater than 4,500 CNG and LNG stations working in Europe as we speak, there’s a considerably increased quantity of biomethane accessible in comparison with 2020. The European Fee estimates that renewable fuel will symbolize roughly 40% of general highway fleet gasoline consumption in 2030. As a reminder, final spring NGVAmerica and the RNG Coalition introduced that for the primary time ever greater than half of all on-road gasoline utilized in pure fuel autos within the U.S. in 2020 was RNG at 53%.

International supply firms proceed the push to decarbonize their fleets, as Amazon introduced that its European CNG supply fleet, which might use 100% bio-CNG, would exceed 1,000 autos by the tip of 2022, matching its technique within the U.S. with its earlier dedication to buy 1,000 CNG engines for its supply fleet.  UPS, which has been an trade chief in sustainable transportation, introduced that it was changing 25 package deal supply vans in Canada to function on CNG because it continues to scale back emissions from its supply operations.

Pure fuel utilities proceed to extend RNG provide inside fuel provide networks. California’s Pacific Gasoline & Electrical introduced that pipeline-spec dairy RNG started flowing into its fuel transmission system in late December, with the utility offering the clear renewable fuel to its residential and business clients.  SoCalGas introduced a 17 % enhance of RNG volumes distributed via its pipeline community in 2021 to 14 billion cubic ft, and stays on observe to ship 20 % RNG to its core clients by 2030.

Very long time RNG advocate FortisBC tripled its RNG provide to clients in 2021, and expects to triple provide once more this yr whereas additionally forecasting that it’s going to probably exceed its goal of 15 % renewable and low carbon fuel volumes in its provide by 2030 because it strikes towards a 75 % renewable and low carbon fuel goal by 2050. Oregon fuel utility NW Pure, which believes that there’s a important and long-term want for RNG, not too long ago introduced an growth of its position within the rising RNG market via the formation of a subsidiary targeted on supplying renewable fuels to utilities and business, industrial, and transportation sector clients throughout the U.S.

Convention Name
The general public is invited to take heed to the convention name in actual time by phone at 2 pm PT ( 5 pm ET ) as we speak, March tenth . To entry the convention name by phone, please dial: 1-800-319-4610 ( Canada & USA toll-free) or 604-638-5340. Callers ought to dial in 5-10 minutes previous to the scheduled begin time and ask to hitch the Greenlane Renewables convention name.

Shortly after the convention name, the replay will probably be archived on the Greenlane Renewables web site and replay will probably be accessible in streaming audio and a downloadable audio file.

SPECIFIED FINANCIAL MEASURES
Administration evaluates the Firm’s efficiency utilizing a wide range of measures, together with “Adjusted EBITDA”, “gross margin” (gross revenue excluding amortization), “gross sales pipeline” and “gross sales order backlog”. The required monetary measures, together with non-IFRS measures and supplementary monetary measures shouldn’t be thought of as a substitute for or extra significant than income or web loss. These measures wouldn’t have a standardized which means prescribed by IFRS and due to this fact they will not be similar to equally titled measures introduced by different publicly traded firms and shouldn’t be construed as a substitute for different monetary measures decided in accordance with IFRS. The Firm believes these specified monetary measures present helpful info to each administration and buyers in measuring the monetary efficiency and monetary situation of the Firm. Administration makes use of these specified monetary measures to exclude the impression of sure bills and earnings that have to be acknowledged beneath IFRS when analyzing consolidated underlying working efficiency, because the excluded gadgets will not be essentially reflective of the Firm’s underlying working efficiency and make comparisons of underlying monetary efficiency between durations tough. Occasionally, the Firm could exclude extra gadgets if it believes doing so would end in a simpler evaluation of underlying working efficiency. The exclusion of sure gadgets doesn’t indicate that they’re non-recurring.

Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure and is outlined by the Firm as earnings earlier than curiosity, taxes, overseas trade, depreciation and amortization, in addition to changes for different earnings (expense), worth assigned to choices and RSU’s granted, strategic initiatives, transaction prices and non-recurring gadgets (skilled charges associated to shelf prospectus and different issues and adjustment for the bonus accrual within the comparative yr of 2020).

Observe 1 – Reconciliation of web loss to Adjusted EBITDA:

Observe 2 – Gross sales order backlog is a supplementary monetary measure that refers back to the stability of unrecognized income from contracted tasks. The gross sales order backlog will increase by the worth of latest system gross sales contracts and is drawn down over time as tasks progress in direction of completion with quantities acknowledged in income (by reference to the stage of completion of every contract).

Observe 3 – Greenlane maintains a gross sales pipeline of potential tasks that it updates commonly primarily based on quote exercise to make sure that it’s reflective of gross sales alternatives that may convert into orders inside roughly a rolling 24 month time horizon. The gross sales pipeline is a supplementary monetary measure. Not all of those potential tasks will proceed or proceed throughout the anticipated timeframe and never all the tasks that do proceed will probably be awarded to Greenlane. Additions to the quantity within the gross sales pipeline come from conditions the place the Firm gives a quote on a potential challenge and reductions to the gross sales pipeline come up when the Firm loses a potential challenge to a competitor, a challenge doesn’t proceed or, the place a quote within the pipeline is transformed to Greenlane’s gross sales order backlog.

Observe 4 – Apart from short-term payables and devices securing efficiency related to regular course operations.

All filings associated to the fourth quarter and financial yr ended December 31, 2021 can be found on SEDAR at www.sedar.com .

About Greenlane Renewables

Greenlane Renewables is a pioneer within the quickly rising renewable pure fuel (“RNG”) trade. As a number one world supplier of biogas upgrading methods, we’re serving to to scrub up two of the most important and most difficult-to-decarbonize sectors of the worldwide power system: the pure fuel grid and the business transportation sector. Our methods produce clear, low-carbon and carbon-negative RNG from natural waste sources comparable to landfills, wastewater therapy vegetation, dairy farms, and meals waste streams. Greenlane is the one biogas upgrading firm providing the three predominant applied sciences: waterwash, stress swing adsorption, and membrane separation and has over 30 years trade expertise, patented proprietary expertise, over 100 hydrogen sulfide therapy methods bought, and over 135 biogas upgrading methods bought into 19 international locations, together with lots of the largest RNG manufacturing services on the earth. For additional info, please go to www.greenlanerenewables.com .

Ahead Trying Data Advisory – This information launch incorporates “forward-looking info” throughout the which means of relevant securities legal guidelines. All statements contained herein that aren’t historic in nature comprise forward-looking info. Ahead-looking info might be recognized by phrases or phrases comparable to “could”, “anticipate”, “probably”, “ought to”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “imagine”, “continues to”, or “frequently” or the destructive of those phrases, or different comparable phrases, expressions and grammatical variations thereof, or statements that sure occasions or situations “could” or “will” occur. The forward-looking info contained on this press launch, consists of, however isn’t restricted to: Greenlane’s elevated quarterly income within the fourth quarter and full yr of 2021 being indicative of future development in income, the anticipated advantages of buying Airdep together with that its merchandise strengthen Greenlane’s product choices and will probably be enticing for gross sales into present and new biogas tasks globally, that there will probably be new alternatives and future development, the state of the “gross sales pipeline” and the flexibility of the Firm to transform alternatives into signed contracts, then ship in opposition to them, together with that the gross sales order backlog will probably be drawn down because the Firm advances and completes tasks to understand income, the general development of the worldwide RNG market, that pure fuel utilities will proceed with introduced initiatives and tasks, that regulatory adjustments may have a constructive impression and assist development within the RNG trade; the flexibility of the Firm to pursue strategic development initiates and additional spend money on product enhancements; administration’s perception that the gross sales pipeline represents visibility to a major variety of alternatives that can funnel down, via the gross sales course of, and transfer into the gross sales order backlog; administration’s expectations and beliefs concerning its capability to sustaining its aggressive place going ahead.  The forward-looking info contained herein is made as of the date of this press launch and relies on assumptions administration believes to be affordable on the time such statements have been made, together with administration’s perceptions of future development, outcomes of operations, operational issues, historic developments, present situations and anticipated future developments, the state of competitors within the RNG trade and opponents’ capabilities, that pure fuel utilities will proceed with introduced initiatives and tasks, that laws enacted may have helpful results, in addition to different issues which can be believed to be acceptable within the circumstances. Whereas administration considers these assumptions to be affordable primarily based on info presently accessible to administration, there isn’t any assurance that such expectations will show to be right. By their nature, forward-looking info is topic to inherent dangers and uncertainties that could be basic or particular and which give rise to the likelihood that expectations, forecasts, predictions, projections or conclusions is not going to show to be correct, that assumptions will not be right and that targets, strategic targets and priorities is not going to be achieved. Quite a lot of components, together with identified and unknown dangers, lots of that are past Greenlane’s management, might trigger precise outcomes to vary materially from the forward-looking info on this press launch. Such components embrace, with out limitation: dangers referring to Greenlane’s monetary efficiency in 2022, Airdep’s merchandise will not be enticing for gross sales into new and present biogas tasks globally, Greenlane could not be capable of convert gross sales alternatives into contracts as anticipated, Greenlane could face impediments in delivering and advancing tasks to have the ability to well timed notice income decreasing the gross sales backlog, Greenlane having a job in economies working in direction of combating local weather change, massive oil and fuel producers not investing within the RNG trade as anticipated, RNG initiatives and tasks of pure fuel utilities being modified, delayed or cancelled, RNG not impacting the transportation sector and fuel grid as anticipated, Greenlane’s market outlook, Greenlane’s market share of the RNG worth chain, the state of competitors within the RNG trade, Greenlane’s place as a number one biogas upgrading and challenge improvement options supplier, US RNG manufacturing services not having the sturdy capability development anticipated; the transportation sector not specializing in low carbon gasoline sources as anticipated, and enormous oil and fuel producers not aiming to scale back their web carbon depth as anticipated. Further danger components will also be discovered within the Firm’s Administration Dialogue and Evaluation, its Annual Data Type and in its base shelf prospectus dated June 24, 2021 , all of which have been filed beneath the Firm’s SEDAR profile at www.sedar.com . Readers are cautioned to not put undue reliance on forward-looking info. The Firm undertakes no obligation to replace or revise any forward-looking info, whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation. Ahead-looking statements contained on this information launch are expressly certified by this cautionary assertion.

FINANCIAL OUTLOOK INFORMATION – This information launch incorporates “monetary outlook info” concerning Greenlane’s potential income and outcomes, which is topic to the identical assumptions, danger components, limitations, and {qualifications} as set forth within the above.  Income and different estimates contained on this information launch have been made by Greenlane administration as of the date of this information launch and are offered for the aim of describing anticipated adjustments, and will not be an estimate of profitability or every other measure of monetary efficiency.  Buyers are cautioned that the monetary outlook info contained on this information launch shouldn’t be used for functions aside from for which it’s disclosed herein. The Firm’s revenues are largely derived from a comparatively small variety of biogas upgrader orders accounted for on a stage of completion foundation over usually a 9 to eighteen-month interval.  Timing of latest contract awards varies on account of customer-related components comparable to finalizing technical specs and securing challenge funding, permits and RNG off-take and feedstock agreements. Some contracts comprise termination provisions that permit the shopper to terminate with no penalty or with minimal prescribed threshold funds primarily based on the size of time because the contract was entered into. Some tasks have built-in pause durations to permit clients to finish concurrent actions comparable to civil work. In consequence, the Firm’s income varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.

Neither the TSX Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Trade) accepts accountability for the adequacy or accuracy of this launch or has in any method authorised or disapproved of the contents of this information launch.

SOURCE Greenlane Renewables Inc.

View unique content material: http://www.newswire.ca/en/releases/archive/March2022/10/c8843.html