Anaergia Inc.

Q2 2026 revenue was CAD 63.9 million, up 98.1% from CAD 32.3 million in Q2 2025. Gross profit was CAD 14.5 million, up 38.2% from CAD 10.5 million, and gross margin was 22.7% versus 22.8% year to date. Net loss improved to CAD 2.1 million from CAD 9.5 million a year ago, while adjusted EBITDA turned positive at CAD 1.9 million versus a loss of CAD 2.2 million in Q2 2025. For the first half, revenue was CAD 119.1 million, gross profit CAD 27.2 million, net loss CAD 6.5 million, and adjusted EBITDA CAD 3 million. Backlog ended at CAD 274.9 million, up 3.8% sequentially and 7.2% from year-end 2025, and the company also secured a CAD 20 million revolving credit line with an accordion to CAD 30 million. No explicit next-quarter or full-year financial guidance was given, but management said projects are generally on schedule and expected second-half revenue cadence to be similar to last year or better.

Assaf Onn framed the quarter as evidence that the company’s prior-quarter trajectory is continuing, saying every pillar of the business is delivering. He emphasized recurring themes of backlog conversion, ramping platform assets, operational discipline, and wins with both new and repeat customers. He also pointed to two strategic milestones: first gas deliveries under California SB 1440 and the CAD 58 million Neogenyx contract, which he said reflects external validation of Anaergia’s technology.

Gregory Wolf focused on the financial step-up: revenue nearly doubled year over year, gross profit rose 38.2%, net loss narrowed sharply, and adjusted EBITDA was positive for the fourth straight quarter. He said gross margin of 22.7% came in below expectations mainly because of the Rhode Island Bioenergy Facility, which created about CAD 1.8 million of gross margin loss in Q2; excluding that asset, gross margin would have been about 2.9 points higher and adjusted EBITDA about CAD 3.7 million. He also highlighted SG&A of CAD 15.2 million, year-to-date SG&A down 6.9% to CAD 29.3 million, backlog of CAD 274.9 million, and the new CAD 20 million revolving credit facility that improves liquidity and gives the company flexibility.

Analysts asked about M&A in biomethane/biogas, and management said it is always scanning the market but offered no specific updates. On Australia, management said it entered because the market is large and compared it to Europe 15 years ago, adding that the company signed its first contract in less than a year and is seeing many opportunities. Questions about Rhode Island drew a cautious answer: Yaniv Scherson said the asset is improving year over year but the company cannot give a breakeven timeline and is exploring options best suited for the asset. Analysts also asked whether the California SB 1440 program can support more projects; management said yes, citing a large pool of retrofit candidates and describing the program as a repeatable, financeable demand driver.