EverGen Infrastructure Reports Q3 2024 Results

Q3 2024 Key Milestones & Highlights:
- Record Daily, Monthly and Quarterly RNG Production at Fraser Valley Biogas (“FVB”)
- GrowTEC commenced supplying RNG to FortisBC Energy under a 20-year offtake agreement
- GrowTEC awarded $2M from Government of Canada for RNG Expansion Project for GrowTEC facility

EverGen Infrastructure Corp. (“EverGen”) (TSXV: EVGN) (OTCQX: EVGIF), today reported financial results as at and for Q3 2024. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS Accounting Standards.

Financial Highlights
- 57% increase in revenues of $3.6 million for Q3 2024 from $2.3 million for Q3 2023, primarily due to record RNG production and associated revenues from the FVB RNG project completed in Q4 2023, increased tipping fees with the launch of Prairie Sky Organics (“PSO”) in Q3 2023, improved pricing at Pacific Coast Renewables and increased carbon credit revenue.
- 57% improvement in net loss of $0.5 million for Q3 2024 from $1.1 million in Q3 2023, supported by higher revenues, contingent consideration gains from the GrowTEC acquisition, and reduced general and administrative expenses, partially offset by depreciation and finance costs related to investments made into the FVB RNG project, and higher utility costs due to higher RNG production.
- 157% increase in adjusted EBITDA of $0.6 million compared to the same period last year, primarily due to an increase in revenues and a reduction in general and administration expenses, partially offset by higher utility costs due to higher RNG production.

“Fraser Valley Biogas’s production has continued to improve throughout the year as we approach full capacity. A new daily record in RNG production at 150% of the designed capacity showcases the quality of the facility and supports the sustainability of recent facility upgrades,” said EverGen CEO, Mischa Zajtmann. “With $2M in funding from the Government of Canada for the GrowTEC expansion project, we plan to replicate Fraser Valley Biogas’s success at GrowTEC, as we grow towards becoming a national RNG production platform.”