Highlights 

  • Quarterly revenue climbs 77% year-over-year to CAD 51.4 mn 
  • Adjusted EBITDA turns positive at CAD 2.6 mn versus a loss of CAD 6.4 mn 
  • Revenue backlog reaches CAD 287 mn at quarter-end 

Anaergia Inc. (OTC:ANRG) released its financial results for the three and nine months ended September 30, 2025, showing notable gains in revenue and profitability. These results reflect the impact of the capital-light business model introduced in early 2024. 

Revenue for Q3 2025 totaled CAD 51.4 mn, up 76.9% from the prior-year quarter, mainly due to increased project execution in Italy and North America. Gross profit rose 146% to CAD 14.8 mn, translating to a margin of 28.8%, compared to 20.7% in Q3 2024. 

Adjusted EBITDA stood at CAD 2.6 mn, marking a turnaround from a loss of CAD 6.4 mn in the same quarter last year. The improvement was driven by higher revenue and better margins in the Capital Sales segment. Income from operations was CAD 0.6 mn, compared to a loss of CAD 10.9 mn a year ago, while the net loss narrowed to CAD 0.5 mn from CAD 15.6 mn. 

Management Commentary 

“Anaergia's return to positive Adjusted EBITDA and substantial increase in revenues in the third quarter of 2025 displays our ability to capitalize on our leadership role within the RNG sector,” said Assaf Onn, CEO of Anaergia. “These results underscore our position as the premier technology provider offering comprehensive solutions through our capital sales business. 

“As global demand for sustainable energy accelerates, Anaergia is strategically positioned to benefit from additional opportunities, which bodes well for continued growth across our business. Importantly, our Revenue Backlog displayed continued sequential growth to CAD 287 mn at the end of the quarter, up from CAD 244 mn in the second quarter of 2025 and CAD 103 mn at the start of 2025 – clear evidence that our momentum is building due to the increasing growth of our project pipeline worldwide,” Mr. Onn added.2 

Nine-Month Financial Performance 

For the nine months ended September 30, 2025, Anaergia reported revenue of CAD 108.5 mn, a 39.8% increase from CAD 77.6 mn in the prior year. Gross profit rose 84.5% to CAD 30.7 mn, up from CAD 16.6 mn, with gross margin improving to 28.3% from 21.4%. 

Loss from operations declined to CAD 9.2 mn compared to CAD 32.8 mn last year, while net loss narrowed to CAD 15.8 mn from CAD 40.4 mn. Adjusted EBITDA improved to a loss of CAD 3.6 mn from a loss of CAD 20.6 mn during the same period in 2024. 

Financial Position and Outlook 

As of September 30, 2025, Anaergia reported total assets of CAD 237.2 mn, total liabilities of CAD 195.0 mn, and shareholders’ equity of CAD 42.2 mn. The increase in profitability and expanding revenue backlog indicate progress under the Company’s capital-light business approach and increased project activity across key regions.