
Financial Results Anaergia Announces Q4 and Fiscal Year 2024 Financial Results
Anaergia Inc. (“Anaergia,” the “Company,” “we,” “us,” or “our”) (TSX:ANRG) (OTCQX:ANRGF), a leading Renewable Natural Gas (“RNG”) technology company that provides integrated waste-to-value solutions aimed at reducing greenhouse gas (“GHG”) emissions, today announced its financial results for the fourth quarter and the full fiscal year ending December 31, 2024. Unless otherwise stated, all financial results are reported in Canadian dollars.
Strategic Progress and Financial Highlights
“Since Marny invested in the Company in July 2024, we have taken decisive steps to strengthen our financial foundation, refine our strategic direction, and rebuild investor confidence,” said Assaf Onn, Chief Executive Officer of Anaergia. “Our latest financial results demonstrate that we are making meaningful progress toward these objectives.”
In addition to financial performance, Anaergia is reintroducing disclosure of its Revenue Backlog, a key metric for evaluating future earnings potential. “Using a conservative definition, we have a capital sales backlog of $90 million and an operation and maintenance (O&M) service backlog of $13.3 million, bringing our total backlog to $103.1 million as of year-end 2024. With the momentum from our recently announced project wins, which are not yet included in the backlog, and a strong pipeline of potential future sales, we are confident in our strategic growth plan,” added Mr. Onn.
Fourth Quarter 2024 Financial Results
Revenue and Gross Profit:
- Revenue for Q4 2024 was $34.1 million, a 1.9% increase of $0.6 million compared to Q4 2023, which recorded $33.4 million.
- However, for the full fiscal year 2024, revenue was $111.6 million, marking a decrease of 24.2% or $35.6 million from Fiscal 2023, which reported $147.2 million. This decline was mainly due to the completion of capital sales projects in Italy and North America, project delays from customers, and temporary setbacks in signing new capital sale projects.
- Gross profit for Q4 2024 was $9.0 million, a significant 157.8% increase of $5.5 million compared to the prior year’s Q4 results ($3.5 million).
- For the entire fiscal year, gross profit rose to $25.6 million, a 29.9% increase of $5.9 million from Fiscal 2023, which reported $19.7 million.
- The improvement in gross profit was attributed to higher-margin capital sales, O&M contracts under the company’s capital-light strategy, and the ramp-up of margins from build-own-operate (“BOO”) projects.
Net Loss and Adjusted EBITDA:
- Net loss for Q4 2024 was $15.4 million, reflecting a 54.7% improvement of $18.6 million compared to Q4 2023, which reported a net loss of $34.1 million.
- For the full fiscal year, the net loss stood at $55.9 million, showing an improvement of 71% from the previous year’s $192.8 million net loss.
- The substantial improvement in net loss was mainly due to the non-recurring transactions in the prior year, including a $54.4 million loss from the disposal of Italian BOO HoldCo (“ITA”) and a $35.7 million deconsolidation of Rialto Bioenergy Facility, LLC (“RBF”). These were partially offset by a $10.1 million gain from the sale of Anaergia’s equity interests in the Envo Biogas facility in Tønder, Denmark.
- Adjusted EBITDA loss for Q4 2024 was $6.3 million, an 18.2% improvement of $1.4 million compared to Q4 2023, which reported an adjusted EBITDA loss of $7.7 million.
- For the full year, adjusted EBITDA loss improved by 23.0% to $26.9 million, compared to $34.9 million in Fiscal 2023. This improvement was driven by higher gross margins and a reduction in selling, general, and administrative expenses.
Reintroduction of Revenue Backlog Disclosure
Anaergia’s Revenue Backlog, a key indicator of expected future revenues, was reintroduced as part of the company’s financial disclosures. The backlog consists of two components:
- Capital Sales Backlog: Amounting to $90 million, representing signed contracts for equipment and system sales.
- O&M Service Backlog: Valued at $13.3 million, representing revenues from long-term service agreements.
- Total Revenue Backlog: $103.1 million as of December 31, 2024.
The company expects further growth as additional project wins are realized, reinforcing its confidence in the strategic outlook.

Non-IFRS Financial Measures
This earnings announcement includes non-IFRS financial measures, which provide additional insights into the company’s operational performance beyond IFRS standards. These non-IFRS metrics include:
- Adjusted EBITDA: EBITDA adjusted for Anaergia’s proportionate interest in BOO assets, non-recurring items, stock-based compensation, asset impairments, foreign exchange impacts, restructuring costs, and acquisition costs.
- EBITDA: Defined as earnings before interest, taxes, depreciation, and amortization.
- Revenue Backlog: A measure of unrecognized, undiscounted revenues from signed capital sales and O&M contracts.
The company’s financial statements and management’s discussion & analysis, available on Anaergia’s website, provide a detailed reconciliation of these non-IFRS measures to the most directly comparable IFRS figures.
Strategic Outlook and Future Plans
Looking ahead, Anaergia remains focused on executing its capital-light business model, expanding its market presence, and improving financial performance through operational efficiencies. Key initiatives include:
- Strengthening Financial Stability: Continued cost management and improving capital allocation.
- Expanding Market Opportunities: Leveraging project wins and partnerships to drive future revenue growth.
- Enhancing Revenue Streams: Increasing recurring revenue through long-term O&M contracts and service agreements.
CEO Assaf Onn reiterated the company’s commitment to growth, stating, “With the actions we have taken to reposition Anaergia for sustainable success, we are well-positioned to capitalize on the growing global demand for RNG and sustainable waste management solutions. Our strong project pipeline, increasing backlog, and focus on operational execution provide us with confidence in our ability to deliver long-term value to our stakeholders.”
Conference Call and Webcast Details
Anaergia will host a conference call and webcast to discuss its financial results at 9:00 a.m. (ET) on Tuesday, April 1, 2025. The event will feature a presentation by the company’s leadership team, followed by a Q&A session. Investors and stakeholders can access the webcast and slide presentation via the Investor Relations section of Anaergia’s website.
For additional information, please visit Anaergia’s website or refer to the company’s financial statements and management’s discussion & analysis.
Anaergia continues to advance its mission of delivering innovative waste-to-value solutions that contribute to global sustainability goals. With improved financial performance, a growing project pipeline, and a clear strategic vision, the company remains optimistic about the future.