Greenlane Renewables to Unveil 2024 Results on March 20, 2025

Vancouver, British Columbia, Canada – March 13, 2025 – Greenlane Renewables Inc. (TSX: GRN) (FSE: 52G) is set to announce its fourth quarter and fiscal year 2024 financial results on Thursday, March 20, 2025, after markets close. This announcement comes at a pivotal moment for the company, which has been navigating a challenging market landscape while positioning itself for future growth in the renewable energy sector.



Greenlane Renewables has made significant strides in recent quarters, demonstrating a commitment to operational efficiencies and cost management. In the third quarter of 2024, the company reported revenue of $10.5 million, a 10% increase over the same period in 2023. The gross profit was $3.4 million, with a gross margin before amortization of 34% of revenue. However, the company incurred an Adjusted EBITDA loss of $0.2 million and a net loss and comprehensive loss of $2.0 million. The cash balance increased to $15.4 million, a 70% increase from June 30, 2024, driven by the conversion of accounts receivable to cash. The sales order backlog was $14.3 million as of September 30, 2024.

The company's strategic realignment, including workforce reductions and cost structure changes, has had a significant impact on its operational efficiency and financial health. In the second quarter of 2024, Greenlane reduced its workforce by 18%, resulting in an estimated reduction in its cost structure of $1.0 million for the remainder of fiscal 2024. This realignment was part of a broader effort to adapt to the challenging market conditions and to manage the business more effectively. The company's increased disclosure for Airdep reflects strength in business unit performance, and Greenlane has continued to expand its impact in RNG markets, completing over 20 biogas upgrading system projects in the last two years, over 145 in total.



The potential long-term implications of these changes for Greenlane's competitive advantage are significant. By streamlining its corporate structure and reducing costs, Greenlane has created a new foundation for further EBITDA improvement. The company's commitment to supporting a sustainable energy transition is evident in its completion of over 20 biogas upgrading system projects in the last two years, over 145 in total. This aligns with the global push towards decarbonization, as the company transforms biogas generated from organic waste into high-value grid-ready RNG, dramatically reducing carbon emissions.

Greenlane Renewables' revenue growth and profitability are driven by several key factors, which align with broader trends in the renewable energy sector and the global push towards decarbonization. These factors include increased demand for RNG, expansion of its service business, operational efficiencies, and cost management. The company's focus on biogas upgrading systems and aftercare services, as well as its commitment to decarbonization, may position it well for future growth in the renewable energy market.

In summary, Greenlane Renewables' financial performance in the fourth quarter and fiscal year 2024 shows a mixed picture compared to previous quarters and years. The company has taken steps to reduce its cost structure and realign its resources, which may help improve its financial performance in the future. The company's sales order backlog has also decreased from $24 million in the first quarter of 2024 to $14.3 million in the third quarter of 2024, which may indicate that the company is facing challenges in converting its sales pipeline into purchase orders. However, the company's focus on biogas upgrading systems and aftercare services, as well as its commitment to decarbonization, may position it well for future growth in the renewable energy market.