EverGen Infrastructure Corp. reported a 71% year-over-year increase in revenue for the second quarter of 2026, exceeding its forecast as the company executed a turnaround following a recapitalization in May 2025. Revenue reached CAD 4.8 million, up from CAD 2.6 million in the prior quarter and CAD 2.8 million in Q2 2025, surpassing the CAD 3.6 million forecast by 32.2%. Adjusted EBITDA climbed 416% to CAD 1.75 million, while the net loss narrowed to CAD 386,000 from CAD 1.99 million a year earlier.
The company’s first-half 2026 revenue totaled CAD 7.4 million, a 57% increase from CAD 4.7 million in the same period of 2025. Adjusted EBITDA for the first six months rose to CAD 2.6 million, up CAD 1.8 million year-over-year. Management noted that adjusted EBITDA conversion exceeded 70 cents per incremental revenue dollar, reflecting improved operational efficiency and cost discipline.
EverGen operates four renewable natural gas and organic waste facilities in British Columbia and Alberta. Revenue growth was driven by a 52% increase in tipping fees, a 15% rise in RNG revenue, and a 22% increase in compost and soil sales. Carbon credit revenue contributed CAD 1.1 million, with credits clearing above CAD 350 per ton of avoided CO2 emissions. Direct operating costs remained flat, and G&A expenses declined approximately 20%, supporting margin expansion.
The company’s working capital surplus expanded to CAD 3 million as of June 30, 2026, up from CAD 2.1 million at the end of Q1 2026. Total assets stood at about CAD 75 million, with shareholders’ equity at CAD 42 million. Project-level debt totaled roughly CAD 16 million, largely non-recourse to the parent company.
Management raised its run-rate adjusted EBITDA target to CAD 5 million, citing stronger facility uptime—improved from below 80% to the high 90s—and streamlined operations. The Pacific Coast Renewables project cleared a regulatory hurdle in March and secured CAD 10.5 million in federal grant funding, with CAD 9.2 million allocated to capital expenditures. A final investment decision is expected later this year. Additionally, the 50/50 joint venture Project Radius in Ontario targets an FID decision in late 2026 or early 2027, with a scale of approximately 550,000 gigajoules per year.
EverGen’s stock was unchanged at CAD 0.47 in premarket trading, near the midpoint of its 52-week range of CAD 0.28 to CAD 0.60. The company’s market capitalization was approximately CAD 10 million, while its InvestingPro financial health rating remained at 1.64 out of 5, classified as weak. Analysts’ consensus price target stands at CAD 2.15.
