Q2 2024 Greenlane Renewables Inc Earnings Call Transcript
Key Points
- Greenlane Renewables Inc (GRNWF) reported an increase in revenue to $14.6 million for the second quarter of 2024, compared to $13.8 million in the same period of 2023.
- The company has successfully delivered the first Cascade H2S units in North America, expanding its product reach.
- Greenlane Renewables Inc (GRNWF) has been awarded four new service contracts for biogas upgrading systems in large US-based RNG facilities.
- The company is generating profitable recurring revenue from securing multiyear, multi-tier service and maintenance agreements.
- Greenlane Renewables Inc (GRNWF) exited the quarter with a strong cash balance of $9 million and no debt, indicating financial stability.
- The company reported an adjusted EBITDA loss of $0.8 million for the quarter, indicating ongoing financial challenges.
- The biogas upgrade market has been challenging, with delays in customer final decisions affecting sales order backlog.
- Greenlane Renewables Inc (GRNWF) had to realign resources and reduce its workforce by 18% to manage costs.
- The sales cycle for biogas upgrading systems is difficult to forecast, creating challenges in projecting results.
- Despite improvements, the company still reported a net loss of $400,000 for the second quarter of 2024.
Good afternoon, ladies and gentlemen. Welcome to the Greenlane Renewables Inc second-quarter 2024 results conference call. (Operator instructions) Today's call is being recorded and a replay will be available on the Greenlane website.
I will now turn the call over to Darren Seed with Incite Capital Markets. You may begin your conference.
Thank you, operator, and good afternoon. Welcome to the Greenlee renewables second-quarter 2024 conference call. I'm joined today by Ian Kane, Greenlane's President and Chief Executive Officer; and Monty Balderston, Greenlane's, Chief Financial Officer.
Before beginning our formal remarks, we'd like to remind listeners that today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements.
Greenlane Renewables does not undertake to update
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