Anaergia Reports First Quarter 2022 Financial Results

BURLINGTON, Ontario–(BUSINESS WIRE)–Anaergia Inc. (“Anaergia” or the “Company“) (TSX: ANRG), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas, fertilizer, and water, today announced its financial results for the three-month period ended March 31, 2022. All financial results are reported in Canadian dollars unless otherwise stated.

Anaergia’s first quarter results show another increase in revenues although more modest than the growth we have reported in the past and what we anticipate reporting in the future. Not yet reflected in our financial results are the impacts of a number of projects we are now building to own and operate.

”The market fundamentals we are seeing have improved globally. In management’s view, energy security will be a very significant industry driver for years to come, and this new reality is expected to have dramatic consequences for Anaergia and other international renewable energy supply companies. This is particularly true in Europe where we are seeing tight natural gas markets and the tail winds from the European Union’s resolve to achieve natural gas independence from Russia, which presents an historic opportunity for Anaergia. It is increasingly apparent that, because of these changes, our European build-own-operate (BOO) projects are poised to be more profitable than had been originally anticipated and the number of new opportunities for capital sales and investment is significantly higher than at the time of our IPO,” said Dr. Andrew Benedek, Chairman and CEO of Anaergia.

As previously disclosed, fiscal 2022 revenues were expected to start slowly in the first quarter and then accelerate in each of the following quarters with particularly high revenues in the fourth quarter of 2022, primarily because the Renewable Natural Gas (RNG) being produced at the Rialto Bioenergy Facility (RBF) and stored until the final registration of the Renewable Identification Numbers (RIN) and California Low Carbon Fuel Standard (LCFS) is expected to begin generating revenue in the fourth quarter of 2022.

First Quarter 2022 Financial Results

Financial highlights:

  • Revenues for the first quarter rose to $40.0 million from $37.6 million during the same period of the previous year. The increase was driven primarily by more activity in Italy.
  • Gross Profit for the first quarter decreased slightly by 3% from the same period in the prior year. The decline in profitability was primarily driven by the specific project mix when comparing the two quarters.

Three months ended:



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Gross profit




Gross profit %




Income (loss) from operations




Net loss




Adjusted EBITDA1




Statement of



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Total Assets



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For a more detailed discussion of Anaergia’s results for the three-month period ended March 31, 2022, please see the Company’s financial statements and management’s discussion & analysis, which are available at and on the Company’s SEDAR page at

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies.

Definitions of non-IFRS measures and industry metrics used in this press release are provided below. A reconciliation of the non-IFRS measures used in this press release to the most comparable IFRS measure can be found below under “Reconciliation of Non-IFRS Measures”.

Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our BOO assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, foreign exchange gains or losses, restructuring costs, ERP customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants), acquisition costs and costs related to our initial public offering, including estimated incremental auditing and professional services costs incurred in connection with our initial public offering. For further details, refer to “Reconciliation of Non-IFRS Measures” below.

Conference Call and Webcast

A conference call to review the Company’s results for the first quarter of 2022 will take place at 11:00 a.m. (ET) on Thursday, May 12, 2022, hosted by Chief Executive Officer Andrew Benedek, Chief Operating Officer Yaniv Scherson and Chief Financial Officer Hani Kaissi. An accompanying slide presentation will be posted to the Investor Relations section of our website shortly before the call.

To participate in the call please sign up to receive your personal event-joining details at the following pre-registration link:

To listen to the webcast live:

The webcast will be archived and will be available in the Investor Relations section of our website following the call.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into RNG, fertilizer and water, using proprietary technologies. With a proven track record from delivering world leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

For further information please see:

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s annual information form dated March 28, 2022 for the fiscal year ended December 31, 2021. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

Reconciliation of Non-IFRS Financial Measures

Three months ended:



(In thousands of Canadian dollars)



Net income (loss)



Finance costs



Depreciation and amortization



Income tax expense









Share-based compensation expense



Loss on RBF embedded derivative



Stock warrant valuation (gain) loss


Share of loss in equity accounted investees



Other (gains) losses



ERP customization and configuration costs



Costs related to the Offering



Foreign exchange (gain) loss



Adjusted EBITDA


















Source: Anaergia Inc.


1 Adjusted EBITDA is a non-IFRS measure. See “Non-IFRS Financial Measures”.


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