EverGen Infrastructure Corp. announces record financial results for the first quarter of 2022

Vancouver, British Columbia–(BUSINESS WIRE)–EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today released its financial results as of and for the three-month period ended March 31, 2022 (“Q1 2022”). Unless otherwise indicated, all amounts are in Canadian dollars and are in accordance with IFRS.

For additional information on results, please see the Company’s consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on EverGen’s website at www.evergeninfra .com.

First Quarter Events and Updates

“EverGen is well positioned to accelerate growth as Canada’s RNG infrastructure platform and we have continued to achieve our goals,” said Chase Edgelow, CEO of EverGen. “We have been able to expand our presence in Alberta thanks to the letter of intent to acquire a 67% stake in GrowTEC, a stepping stone project towards our regional expansion into a strategic jurisdiction and the expected consolidation of the RNG industry in Canada. . »

During the first quarter of 2022, EverGen recorded over $1.7 million in insurance progress payments, which covers all flood-related revenue loss and expenses to date on the FVB facility and approximately 60% flood-related expenses through March 31, 2022 at EverGen’s NZWA. facility. EverGen expects to receive additional funding throughout 2022 to cover any additional flood-related expenses. Net loss and adjusted EBITDA were positively impacted by the recognition of these insurance products in the first quarter of 2022 and EverGen expects a full financial recovery with limited or no financial impact from the floods.

As previously announced, during the first quarter of 2022, EverGen entered into a letter of intent (“LOI”) to acquire a 67% interest in Grow the Energy Circle Ltd. (“GrowTEC”), a biogas facility in Alberta. GrowTEC has an off-take agreement with FortisBC and is currently in Phase 1 of a development which is expected to produce 80,000 gigajoules of GNR per year and is expected to be completed by the end of 2022.

Post-first trimester event

As previously announced, on May 20, 2022, EverGen acquired a 50% interest in Project Radius, a portfolio of late-stage projects in Ontario for a cash contribution of $1.5 million. Together, the three projects are capable of producing approximately 1.7 million GJ/yr of RNG and will be built throughout 2023 and 2024.

First Quarter 2022 Financial Highlights

The operating results included below exceeded management’s expectations and were further strengthened by the recognition of insurance revenue in the first quarter of 2022.

  • Revenue of $1.4 million have been relatively in line with Q1 2021 revenue of $1.6 million, given seasonal fluctuations.
  • Net loss of $0.2 million improved significantly from the $1.2 million net loss in the first quarter of 2021, as insurance proceeds offset lost revenue and flood-related expenses.
  • Adjusted EBITDA $0.6 million increased 211% from Q1 2021 Adjusted EBITDA of $0.2 million, driven by an increase in our overall business profitability.
  • Cash and cash equivalents (including restricted cash) of $20.2 million and a working capital surplus of $19.2 million as at March 31, 2022.

The following table presents EverGen’s consolidated financial and operating summary:

Three months completed

March, 31st

March, 31st

December 31st

In thousands of Canadian dollars








Revenue (1)




Net loss (2)(3)




Net loss per share ($), basic and diluted




EBITDA (3)(4)




Adjusted EBITDA (3)(4)




Capital expenditure




Total assets




Total long-term liabilities




Working capital surplus (4)





Incoming organic raw material (tons)



26 110

Sale of organic compost and soil (yards)




RNG (gigajoules) (1)




RNG volumes started on April 16, 2021, when FVB was acquired. RNG volumes were impacted in the first quarter of 2022 and fourth quarter of 2021 as a direct result of flooding in the Abbotsford and Sumas Prairie areas, which resulted in the closure of the FVB facility on November 15 2021, until operations are restored. . Since March 2, 2022, FVB has been operating and producing daily volumes of up to 334 GJ/d, restoring production volumes to historical levels.


Operating expenses and cost of goods sold increased during the first quarter of 2022 and fourth quarter of 2021 at FVB and Net Zero Waste Abbotsford (“NZWA”) as a direct result of the flooding.


EverGen recognized $1.7 million in insurance proceeds, of which $0.9 million was recognized in net income related to loss of revenue and incremental costs incurred as a result of flooding as of March 31, 2022.


Please see “Non-IFRS Measures” section.

About EverGen Infrastructure Corp.

EverGen, Canada’s renewable natural gas infrastructure platform, is fighting climate change and helping communities contribute to a sustainable future, starting on Canada’s West Coast. EverGen is an established independent renewable power producer that acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects. EverGen is focused on Canada, with continued growth expected in other regions of North America and beyond.

For more information on EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Non-IFRS Measures

EverGen uses certain financial measures referenced in this press release to quantify its results that are not prescribed by IFRS. The terms EBITDA, Adjusted EBITDA and Working Capital are not recognized measures under IFRS and may not be comparable to those presented by other companies. EverGen believes that in addition to measures prepared in accordance with IFRS, non-IFRS measures provide useful information in evaluating the Company’s performance and its ability to generate cash, profitability and meet its financial commitments.

These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS.

EBITDA is defined as net profit (loss) before interest, taxes and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for charges (recoveries) from share-based payments and unusual or non-recurring items. Working capital is calculated as current assets less current liabilities.

Forward-looking information

This press release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, words such as “would”, “will”, “anticipate”, believe”, “explore” and similar expressions, with respect to EverGen or its direction, are intended to identify such forward-looking statements. These forward-looking statements reflect EverGen’s current beliefs with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen’s actual results, performance or achievements are materially different from any expected future results, performance or achievements that may be expressed or implied by such forward-looking statements and, therefore, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur. , or if any of them occur, what benefits EverGen will derive from them.These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: the impact of general economic conditions in Canada, including the ongoing COVID19 pandemic; industry conditions, including changes in laws and regulations and/or the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; the volatility of energy commodity prices; changes in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtain required approvals from regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings from synergies and efficiencies expected to be realized from acquisitions made by the Company; the sufficiency of EverGen’s liquidity to fund operations and to satisfy the covenants of its credit facility; continued growth through strategic acquisitions and consolidation opportunities; the continued growth of the raw material opportunity from municipal and commercial sources, and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated January 31, 2022, many of which are beyond EverGen’s control.

Forward-looking statements included in this press release should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such forward-looking statements.

The forward-looking statements contained in this release are made as of the date of this release, and except as expressly required by law, EverGen disclaims any intention, obligation or undertaking to publicly release any updates or revisions to any forward-looking material. statements contained herein, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

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