Key Takeaways
- Anaergia reported Q1 2026 revenue of C$55.2 million, up 122% year-over-year, driven by higher capital sales project execution in Europe and North America, compared to C$24.9 million in Q1 2025.
- Adjusted EBITDA turned positive for a third consecutive quarter at C$1.1 million, a C$5.0 million improvement versus a loss of C$3.9 million in Q1 2025, reflecting higher revenue and gross profit in the Capital Sales segment.
- Gross profit grew 135% to C$12.7 million, with gross margin expanding 1.3 percentage points to 23.0% from 21.7% in Q1 2025, reflecting improved Capital Sales segment performance.
- Revenue Backlog increased 32% year-over-year to C$265 million at quarter end, with over C$54 million in new contract awards signed during Q1 2026, providing visibility into future project execution.
- Anaergia recently secured a C$20 million revolving credit facility from National Bank of Canada, with an accordion feature that can expand the facility to C$30 million over the next year, strengthening financial flexibility.
Anaergia Inc. (TSX: ANRG; OTCQX: ANRGF), a provider of integrated waste-to-value solutions that convert organic waste into renewable natural gas (RNG), fertilizer, and water, reported first-quarter 2026 financial results with revenue growing 122% year-over-year to C$55.2 million and Adjusted EBITDA turning positive for a third consecutive quarter. The results reflect continued execution of the company's capital-light strategy, with expanding gross margins and a growing revenue backlog underpinning the financial improvement.
Anaergia Q1 2026 Financial Performance
Revenue of C$55.2 million represented a 122% increase over Q1 2025's C$24.9 million, with the growth primarily driven by higher project activity in the Capital Sales segment across Europe and North America. Gross profit grew 135% to C$12.7 million, with gross margin expanding from 21.7% to 23.0%, reflecting improved Capital Sales performance. Adjusted EBITDA reached C$1.1 million, a C$5.0 million swing from the C$3.9 million loss recorded in Q1 2025. The operating loss narrowed by 74% to C$1.5 million, while the net loss improved 26% to C$4.4 million from C$5.9 million in Q1 2025.
“Q1 marked our third consecutive quarter of positive Adjusted EBITDA, alongside strong revenue growth and expanding gross margin. These results reflect disciplined execution and continued progress in our capital-light strategy. During the quarter, we signed over $54 million in new contract awards, increasing Revenue Backlog to $265 million at quarter end, up 32% compared to the first quarter of last year,” said Assaf Onn, CEO of Anaergia.
Revenue Backlog and New Contract Awards
Anaergia's Revenue Backlog — defined as the balance of unrecognised, undiscounted consolidated revenues from signed contracts in its Capital Sales and O&M Services segments — grew 32% year-over-year to C$265 million at the end of Q1 2026. The company signed more than C$54 million in new contract awards during the quarter. Anaergia states its focus remains on converting backlog into profitable revenue over project execution timelines, with the growing backlog intended to support continued disciplined project delivery and positive financial results through 2026.
National Bank Credit Facility and Anaergia Balance Sheet
Following the quarter, Anaergia announced a C$20 million revolving credit facility with National Bank of Canada, featuring an accordion option that can increase the facility to C$30 million over the next year. The facility is designed to strengthen the company's financial flexibility and support continued project execution under its capital-light operating model. As of March 31, 2026, total assets were C$247.4 million, total liabilities were C$193.2 million, and equity stood at C$54.2 million.
“This facility strengthens our financial flexibility and supports continued execution while maintaining operating discipline,” Onn added.
Full financial statements and the related MD&A for Q1 2026 are available at anaergia.com/investor-relations and on the Company's SEDAR+ page at sedarplus.ca.
