Anaergia Q1 revenue surges 122% to $55.2 million
Anaergia reported a 122% year-over-year increase in total revenue for Q1 2026, reaching $55.2 million, with a 135% increase in gross profit. The company achieved positive adjusted EBITDA for the third consecutive quarter at $1.1 million, marking a $5 million improvement from the previous year. Revenue backlog grew 32% year-over-year to $265 million, driven by strong contract awards.
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Anaergia reported a 122% year-over-year increase in total revenue for the first quarter of 2026, reaching $55.2 million, driven by strong performance in its capital sales business. The company achieved positive adjusted EBITDA for the third consecutive quarter at $1.1 million, a $5 million improvement from the prior year, while its revenue backlog grew 32% to $265 million. These results reflect the successful execution of a capital-light, IP-rich business model focused on operational efficiency and strategic partnerships.
Financial Performance
Gross profit for Q1 2026 rose 135% to $12.7 million, with gross margins improving to 23% from 21.7% in Q1 2025. The margin improvement was attributed to a mix shift towards capital sales and O&M agreements, partially offset by a $2 million impact from the ramp-up of the Rhode Island Bioenergy Facility. SG&A expenses decreased by 18% to $14.1 million compared to $17.2 million in the prior year. Net loss for the quarter was $4.4 million, a 26% improvement year over year, or a 63% improvement when excluding a $6 million grant income recognized in Q1 2025.
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Total Revenue | $55.2 million | $24.9 million | +122% |
| Gross Profit | $12.7 million | $5.4 million | +135% |
| Adjusted EBITDA | $1.1 million | -$3.9 million | +$5 million |
| Net Loss | $4.4 million | $5.9 million | -26% |
| SG&A Expenses | $14.1 million | $17.2 million | -18% |
Strategic Developments
Anaergia entered the hydro-treated vegetable oil (HVO) market through a contract with CR Evolution for a demonstration-scale facility. This entry leverages proprietary anaerobic digestion technology to treat degumming soil, a waste byproduct of HVO production, creating a new revenue stream. Additionally, the company's SoCal biomethane facility received conditional approval from the California Public Utilities Commission to deliver renewable natural gas under California's Senate Bill 1440, the first state-level RNG procurement mandate in the United States.
Operational Highlights
Operational progress included the commencement of activities on two biomethane facilities in Spain under a framework agreement with DB Andalusia. In Italy, amendments to contracts with QGM increased the total contract value from $68 million to $85 million. The Rhode Island Bioenergy Facility achieved a negative carbon intensity score approval from Environment and Climate Change Canada, the first for a US plant, which is expected to increase gas offtake prices by approximately 30% through carbon credit monetization. The company also secured a $20 million credit agreement with the National Bank of Canada, featuring an accordion option to increase the facility to $30 million.
How will the ramp-up of the Rhode Island Bioenergy Facility impact margins once the initial $2 million transitional costs subside?
What are the long-term revenue projections for the new HVO market entry following the demonstration-scale facility contract with CR Evolution?
Can the 32% growth in the revenue backlog be sustained throughout the remainder of 2026 given the current economic climate?
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