Anaergia's Capital-Light Trajectory Accelerates: 98% Revenue Surge, First SB 1440 Delivery, and a Backlog at $275M
Q2 2026 marks the fourth straight positive adjusted EBITDA as the company converts a record backlog into execution and secures new balance-sheet-backed customers.
ANRG.TO · Earnings Call · 2026-08-11
Executing on the Trajectory
Assaf Onn opened the call with confidence: “The trajectory I described 3 months ago continues. Every pillar of the business is delivering.” — Assaf Onn, Chief Executive Officer · 2026-08-11 The numbers back it up: revenue nearly doubled to CAD 63.9 million (up 98% YoY), gross profit rose 38%, and adjusted EBITDA was positive for the fourth consecutive quarter. The company's capital sale momentum is unmistakable, with the Revenue backlog expanding to CAD 274.9 million, up 7.2% from year-end. CFO Greg Wolf highlighted the consistency: "This is the fourth consecutive quarter of positive adjusted EBITDA, and it reflects the consistency we have been building towards." “We continue to run the business with discipline while supporting our growth initiatives.” — Gregory Wolf, Chief Financial Officer · 2026-08-11The Capital-Light Model in Action
The quarter's contract wins underscore a deliberate shift to capital-light, recurring revenue. Yaniv Scherson detailed: “In May, we entered into a CAD 58 million contract with Neogenyx Fuels... In April, we signed a CAD 8 million contract with Vanguard Renewables.” — Yaniv Scherson, Unknown · 2026-08-11 These repeat and new balance-sheet-backed customers validate the technology platform. The company's Vanguard Renewables relationship now spans four deployments, and Neogenyx is a JV backed by Ameresco and HASI. As Assaf noted, "That kind of a choice is not made lightly, and I am proud of what it says about Anaergia." “New partners like Neogenyx are choosing us for the first time and existing partners like Vanguard are choosing us again.” — Assaf Onn, Chief Executive Officer · 2026-08-11The SB 1440 Milestone
Perhaps the most consequential development was the first commercial delivery under California's SB 1440. “In June, SoCal Biomethane began deliveries of renewable natural gas to Southwest Gas Corporation under California's Senate Bill 1440 Biomethane Procurement Program. This is the first project to deliver RNG to a California utility under this program.” — Yaniv Scherson, Unknown · 2026-08-11 Yaniv sees a scalable pipeline: "The procurement program has a 2030 goal equivalent to about over 50 facilities the size of SoCal Biomethane." “We see a repeatable financeable program to be developing follow-on projects like SoCal Biomethane to fill the 1440 program.” — Yaniv Scherson, Unknown · 2026-08-11 With over 150 wastewater treatment plants in California, the Biomethane opportunity under SB 1440 is a long-term, financeable growth engine.Challenges and Liquidity
Not everything is smooth. The Rhode Island Bioenergy Facility remains a drag. Greg Wolf noted:Yaniv added that the site is improving but the company is exploring strategic options. On the liquidity front, the new CAD 20 million revolving credit line with National Bank of Canada (expandable to CAD 30 million) provides financial flexibility. As Greg Wolf said, "We see a pretty clear path to double, triple from where we're at right now." “We see a pretty clear path to really quite double, triple from where we're at right now as we move along.” — Gregory Wolf, Chief Financial Officer · 2026-08-11 The company also highlighted Italy's 370% revenue growth and early traction in Spain and Australia, further validating the global demand for its anaerobic digestion technology.Excluding this asset's approximate CAD 1.8 million gross margin loss in Q2 2026, our gross margins would have been approximately 2.9 percentage points higher, and our adjusted EBITDA would have improved to approximately CAD 3.7 million.
Assaf closed with conviction:
The market is taking notice: with a market cap around CAD 557 million and a backlog now approaching three times annual revenue, Anaergia is executing on the promise of a capital-light clean-tech model that is finally generating consistent cash flow.We have the people, the technology and the strategy to build on our global leadership.