~Company delivers fourth consecutive quarter of record revenue with growth of 200% in Q2 2021 over same period last year~
Greenlane Renewables Inc. (” Greenlane ” or the ” Company “) (TSX: GRN) (FSE: 52G) (OTC: GRNWF), today announced financial results for the second quarter ended June 30, 2021 . For further information on these results please see the Company’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis filed on SEDAR at www.sedar.com . All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.
Second Quarter Highlights Include:
- Record revenue of $12.6 million , an increase of 200% over the $4.2 million reported in the second quarter of 2020.
- Gross profit of $2.9 million , Gross margin 1 of $3.2 million (26% of revenue).
- Net loss of $1.1 million (or $0.01 per share).
- Adjusted EBITDA of $0.1 million 2 .
- Sales order backlog 3 of $41.9 million as at June 30, 2021 .
- Sales pipeline 4 valued at over $800 million as at June 30, 2021 .
- Cash and cash equivalents of $36.5 million and no debt, other than payables and bonding resulting from normal course operations, as at June 30, 2021 .
- The Company announced new contract wins totalling $16.0 million in the quarter for the supply of biogas upgrading systems for a wastewater treatment plant and first commercial-scale project in Colombia , the 19th country that Greenlane has sold upgrading equipment into, a project in Spain and...
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