EverGen Infrastructure Corp. reported adjusted revenue of CAD 4.8 million in the second quarter of 2026, exceeding the CAD 3.6 million forecast by 32.2% and marking a 71% increase from the same period last year. The Vancouver-based renewable natural gas producer attributed the performance to improved operational efficiency and expanded contract volumes.
Adjusted EBITDA rose to CAD 1.75 million, up 416% from CAD 870,000 in Q2 2025, while net loss narrowed to CAD 386,000 from CAD 1.99 million a year earlier. First-half revenue totaled CAD 7.4 million, a 57% increase over H1 2025, with adjusted EBITDA reaching CAD 2.6 million, up CAD 1.8 million year-over-year.
The company’s turnaround strategy, initiated in May 2025, emphasized facility uptime improvements, cost reductions, and revenue diversification. General and administrative expenses fell approximately 20%, while facility uptime climbed from below 80% to the high 90s. Incoming feedstock volume increased 34% year-over-year, with tipping fees up 52%, renewable natural gas revenue up 15%, and compost sales up 22%.
Carbon credit revenue contributed CAD 1.1 million in Q2, with market clearing prices exceeding CAD 350 per ton of avoided CO2 emissions. EverGen’s working capital surplus expanded to CAD 3 million as of June 30, 2026, supported by a CAD 7 million equity raise completed in two tranches at CAD 0.60 per share. The company also secured CAD 9.2 million in federal funding for its Pacific Coast Renewables project, which remains on track for final investment decision later in 2026 or early 2027.
EverGen operates three key facilities: Fraser Valley Biogas in British Columbia, GrowTEC in Alberta, and a 50% stake in Project Radius in Ontario, with a 20-year contract with FortisBC underpinning a portion of its revenue. The company’s market capitalization stood at approximately CAD 10 million, with shares trading near CAD 0.47 premarket. Analysts have set a consensus price target of CAD 2.15, implying nearly 300% upside from current levels.
