Q2 2026 EverGen Infrastructure Corp Earnings Call Transcript
Key Points
- Revenue increased 71% year-over-year in Q2 2026, driven by strength across nearly every revenue stream.
- Adjusted EBITDA surged over 400% year-over-year to $1.75 million, with over $0.70 of every incremental dollar converting to adjusted EBITDA.
- Facility uptime improved from under 80% to high 90s, with Fraser Valley Biogas setting new production records.
- The company has a strong balance sheet with a $3 million working capital surplus, up from a deficit of $855,000 at the end of 2025.
- Management believes the market undervalues the company, trading at a sub-5x EBITDA multiple versus peers at high-single to mid-teens, with a market cap of roughly $10 million against $42 million in shareholders' equity.
- The company recognized $1.1 million in carbon credit revenue in Q2, which is lumpy and not a consistent quarterly contributor.
- Net loss, while improved, was still $386 million for Q2 2026, indicating ongoing profitability challenges.
- The Pacific Coast Renewables (PCR) expansion project has not yet reached a Final Investment Decision (FID), with timing still uncertain.
- Project Radius, a 50-50 partnership, requires a large capital commitment and outside sources of equity, debt, and grant funding, which are still being finalized.
- The business is subject to seasonality, with the first half not typically being the strongest period, which could impact run-rate EBITDA estimates.
Good morning, everyone. Welcome to EverGen Infrastructure's Q2 2026 earnings presentation. As a reminder, this call is being recorded. Before we begin, I would like to direct all participants to our website at www.evergeninfra.com, where you will find a copy of the second quarter earnings presentation. Please allow me to remind you that our discussions today contains forward-looking statements. Actual results may vary materially from those discussed. Additional information is contained in the second quarter 2026 management's discussion and analysis.
I will now turn the call over to Chase Edgelow, who is EverGen's Co-Founder and CEO.
Good morning, and thank you, Shubham. I am Chase Edgelow, Co-Founder and CEO of EverGen, and I'm joined here today by Maria O'Sullivan, our CFO; and Shubham Trehan, who's our Director of Business
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