VANCOUVER, British Columbia — EverGen Infrastructure Corp. (TSXV: EVGN) (OTCQB: EVGIF) has reported robust financial results for the first quarter of 2026, marked by significant financing achievements and a substantial increase in revenue and Renewable Natural Gas (RNG) production.
Q1 2026 Financial and Operational Highlights
For the three months ended March 31, 2026, EverGen announced a revenue of $2.626 million, representing a 38% increase compared to $1.909 million in the same period of 2025. This growth was primarily attributed to higher tipping revenues from increased volumes at its organic waste and composting facilities, alongside enhanced RNG production at its Fraser Valley Biogas (FVB) and Grow The Energy Circle (GrowTEC) facilities.
The company also reported a significant reduction in net loss, which decreased by 42% to $0.697 million from $1.202 million in Q1 2025. This improvement was driven by the revenue increase, lower direct operating costs, although partially offset by higher finance costs.
Adjusted EBITDA saw a substantial rise of 93%, reaching $0.870 million in Q1 2026, up from $0.450 million in the prior year’s quarter. This surge in profitability is a direct result of the higher tipping volumes and increased RNG output.
Operationally, EverGen’s RNG production climbed to 52,756 gigajoules (GJ), a 23% increase from 43,014 GJ in Q1 2025. This stabilization and growth in production are credited to ongoing optimization efforts at the FVB and GrowTEC facilities.
Key Milestones Achieved
The first quarter of 2026 was characterized by several strategic achievements for EverGen. A key development was the closing of a new $13.0 million asset-level credit facility and operating line of credit with Farm Credit Canada (FCC). This new financing was instrumental in allowing EverGen to pay down $12.0 million of corporate-level debt, thereby strengthening its capital structure and improving financial flexibility.
Furthermore, EverGen successfully closed the second tranche of its previously announced non-brokered private placement, raising gross proceeds of approximately $1.9 million. This capital infusion further bolsters the company’s financial position.
On the development front, the Pacific Coast Renewables (PCR) RNG Expansion project reached a critical regulatory milestone by receiving approval to construct an anaerobic digester at the facility. This approval is a significant step towards expanding its RNG production capacity.
The company also highlighted strong corporate RNG production at its Fraser Valley Biogas (FVB) and Grow The Energy Circle (GrowTEC) facilities. Additionally, the 20-year offtake agreement with FortisBC Energy Inc. for FVB is now in effect, providing a stable revenue stream for its RNG output.
Management Commentary
Chase Edgelow, CEO of EverGen, commented on the quarter’s performance, stating, “Q1 was an important quarter of execution for EverGen, highlighted by key regulatory milestones and the closing of a new $13 million credit facility and operating line of credit with Farm Credit Canada. This financing meaningfully strengthens our capital structure, improves financial flexibility, and better aligns our debt with the underlying assets that support our RNG platform. Together with the regulatory milestones achieved at PCR in support of the RNG expansion project and steady RNG production during the quarter, these achievements reinforce the operating discipline we are building across the business. The result is a stronger foundation for EverGen to advance our projects and scale RNG production, execute on our growth strategy, and create long-term shareholder value.”
Financial Overview and Outlook
EverGen’s total assets stood at $75.286 million as of March 31, 2026, a slight decrease of 3% from $77.560 million in the prior year. Long-term liabilities were $25.071 million, down 7% from $26.878 million. The company’s cash and cash equivalents, including restricted cash, saw a significant increase of 88% to $2.829 million from $1.502 million.
The company’s working capital position improved dramatically, moving from a deficit of $1.913 million in Q1 2025 to a surplus of $2.051 million in Q1 2026, a 207% improvement. This enhanced working capital reflects the successful financing activities and improved operational cash flow.
The number of common shares outstanding increased to 25.579 million from 14.059 million, an 82% rise, primarily due to the private placement. The weighted average shares outstanding also increased by 78% to 25.055 million.
EverGen will host a conference call on Friday, May 29, 2026, at 11:00 a.m. Eastern Time to discuss its Q1 2026 results and provide a corporate update. The call will be hosted by CEO Chase Edgelow and CFO Maria O’Sullivan.
The company continues to focus on its strategy of acquiring, developing, building, owning, and operating a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects, with a primary focus on Canada and potential for expansion across North America.
