Announcement • May 22
Greenlane Renewables Inc. Announces Completion of Testing of Linear Nitrogen Rejection Unit Technology Demonstrating Methane Recovery Performance Greenlane Renewables Inc. had recently completed testing of its proprietary Linear Nitrogen Rejection Unit (NRU) technology and has demonstrated breakthrough methane recovery performance of up to 99.5%. Greenlane's Linear NRU technology, at the heart of its next generation Cascade LF landfill gas upgrading system, is engineered to efficiently remove nitrogen from landfill gas, producing pipeline quality renewable natural gas (RNG) while maximizing methane capture in a configurable low-cost system architecture. Greenlane's Linear NRU technology is based on equilibrium pressure swing adsorption (PSA) principles and removes nitrogen to the level required to meet RNG pipeline injection specifications in a simplified stepwise methane gas enrichment process using fewer and smaller adsorption beds than conventional equilibrium PSA technology. It also eliminates the internal gas recycling step, which is wasteful in terms of operating cost and methane recovery. For landfill gas with higher nitrogen levels, Greenlane's modular design uses additional adsorption beds and compression in a staged configuration, maintaining the linear approach. As part of the design validation process, Greenlane engineers built a prototype Linear NRU, scaled down in size from the production design, installed it in a testing environment, heavily instrumented it, and measured all process parameters during a series of tests. A variety of mixed gases, containing methane, nitrogen and oxygen in different ratios representing different qualities of landfill gas, were tested to verify the technology's ability to upgrade biogas to pipeline quality RNG. The testing program was designed to verify methane recovery in the nitrogen removal steps across the full range of nitrogen levels found in landfill gas. Methane recovery is the primary performance parameter for an upgrading system because it is vital to the economics of an operational RNG facility. It is a measure of the amount of methane remaining in the product gas compared to the amount in the inlet stream expressed as a percentage. Nitrogen, which is prevalent in landfill gas, is particularly difficult to remove without losing methane. Results from the testing program demonstrated methane recovery of 99.5% for a single Linear NRU processing the equivalent of landfill gas containing 4% nitrogen. This result considers reaching a typical RNG methane purity specification of 96% for pipeline injection and does not consider methane recovery during the upstream carbon dioxide removal step. For the equivalent of landfill gas containing 8% nitrogen, two Linear NRUs are used in series. In this case, the testing demonstrated methane recovery of 99.0% in the first Linear NRU followed by 99.5% in the second, for a total nitrogen removal methane recovery of 98.5%. For the equivalent of landfill gas containing 15% nitrogen, three Linear NRUs are used in series. In this case, the testing demonstrated methane recovery of 98.5% in the first Linear NRU followed by 99.0% for the second and 99.5% for the third for a total nitrogen removal methane recovery of 97.0%. Optimal results occur when Cascade LF is paired with automated wellfield control technology which is being increasingly adopted to stabilize gas quality across the wellfield when increasing vacuum to simultaneously limit nitrogen to under 8% or 4% in the landfill gas and significantly increase the flow rate of methane. Results from the testing were slightly better than Greenlane's initial performance expectations and correlated well with modeled results calculated based on adsorption fundamentals. Conventional methods for upgrading landfill gas that remove nitrogen to meet pipeline quality RNG can have methane recoveries of less than 90% and can cost double that for systems upgrading anaerobic digester biogas for the same size. Cascade LF is a simplified low-cost architecture that reduces technology risk compared with conventional systems. Cascade LF's Linear NRU builds upon previously announced innovations within the platform, strengthening Greenlane's leadership in landfill gas upgrading and the production of biomethane or RNG. Greenlane's goal in bringing new technologies to market is to make RNG projects more accessible and scalable by enabling project owners to enhance revenue generating RNG output from their assets while minimizing upfront investment. The Company aims to unlock new opportunities for RNG deployment globally. Reported Earnings • May 17
First quarter 2026 earnings released: CA$0.013 loss per share (vs CA$0.006 loss in 1Q 2025) First quarter 2026 results: CA$0.013 loss per share (further deteriorated from CA$0.006 loss in 1Q 2025). Revenue: CA$9.54m (up 36% from 1Q 2025). Net loss: CA$2.00m (loss widened 97% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 08
Greenlane Renewables Inc. to Report Q1, 2026 Results on May 14, 2026 Greenlane Renewables Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 14, 2026 Announcement • Apr 15
Greenlane Renewables Inc., Annual General Meeting, Jun 24, 2026 Greenlane Renewables Inc., Annual General Meeting, Jun 24, 2026. Location: burnaby Canada New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (CA$84k sold). Market cap is less than US$100m (CA$37.5m market cap, or US$27.3m). Reported Earnings • Mar 15
Full year 2025 earnings released: CA$0.007 loss per share (vs CA$0.009 loss in FY 2024) Full year 2025 results: CA$0.007 loss per share (improved from CA$0.009 loss in FY 2024). Revenue: CA$44.4m (down 14% from FY 2024). Net loss: CA$1.04m (loss narrowed 25% from FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 06
Greenlane Renewables Inc. to Report Q4, 2025 Results on Mar 12, 2026 Greenlane Renewables Inc. announced that they will report Q4, 2025 results After-Market on Mar 12, 2026 New Risk • Jan 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$84k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Significant insider selling over the past 3 months (CA$84k sold). Market cap is less than US$100m (CA$35.6m market cap, or US$26.2m). Recent Insider Transactions Derivative • Jan 27
Independent Chairman of the Board exercised options to buy CA$86k worth of stock. On the 21st of January, Wade Nesmith exercised options to buy 375k shares at a strike price of around CA$0.23, costing a total of CA$86k. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. Since March 2025, Wade's direct individual holding has increased from 3.85m shares to 4.41m. Company insiders have collectively bought CA$472k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 29
Greenlane Renewables Inc. Announces Appointment of Dale Goudie to Chief Technology Officer Greenlane Renewables Inc. announced the promotion of Dale Goudie to the position of Chief Technology Officer ("CTO"). Dale joined Greenlane seven years ago and for the last four and half years served as Vice President. He has been and continues to be instrumental in the development and commercialization of Greenlane's next-generation Cascade LF landfill gas upgrading system and the Company's expanding portfolio of patents and intellectual property. With 30 years of engineering experience, Dale has built a distinguished career spanning design and development of natural gas engines, fuel systems, cryogenic technologies and biogas upgrading systems incorporating water wash, pressure swing adsorption and membrane separation technologies. His deep technical expertise and insight into the evolving RNG market have helped position Greenlane as a technology leader. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: CA$0 (vs CA$0.014 loss in 3Q 2024) Third quarter 2025 results: EPS: CA$0 (improved from CA$0.014 loss in 3Q 2024). Revenue: CA$11.6m (up 9.5% from 3Q 2024). Net income: CA$16.0k (up CA$2.17m from 3Q 2024). Profit margin: 0.1% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Nov 07
Greenlane Renewables Inc. to Report Q3, 2025 Results on Nov 13, 2025 Greenlane Renewables Inc. announced that they will report Q3, 2025 results After-Market on Nov 13, 2025 Announcement • Oct 21
Greenlane Renewables Inc. Advances Its Next-Generation Landfill Gas Upgrading Platform with New Patent Filing for Innovative Linear Nitrogen Rejection Technology Greenlane Renewables Inc. announced the filing of a new patent application for a Linear Nitrogen Rejection Unit (NRU) as part of its Cascade LF product line, the company's next-generation landfill gas upgrading technology. The Company revealed Cascade LF to customers last month and is quoting it now incorporating the Linear NRU. The Linear NRU enables Cascade LF to achieve even higher methane recovery performance at a lower cost. These improvements are made possible when this new intellectual property is combined with the improvements achieved through the Company's other patent applications filed within the last twelve months. As such, the Linear NRU builds upon the previously announced Cascade LF innovations, reinforcing the Company's technology leadership in the production of biomethane or renewable natural gas ("RNG"). Higher performance and lower cost systems enable RNG project developers and owners to enhance revenue generating RNG output from their assets while minimizing upfront investment, making RNG projects more accessible and scalable. Greenlane's Linear NRU technology is based on equilibrium pressure swing adsorption (PSA) principles. Conventional equilibrium PSA NRUs use multiple adsorption beds and internal recycling of recompressed gas. For landfill gas containing increasingly higher levels of nitrogen, Greenlane's modular product design employs additional adsorption beds plus compression in a staged configuration that preserves the linear approach and high methane recovery over the range. The best results are achieved when Cascade LF is paired with landfill wellfield monitoring and controls to maximize methane collection and minimize fugitive methane emissions and nitrogen levels in the landfill gas. Announcement • Sep 25
Greenlane Renewables Inc. Reveals Cascade LF, Its Next-Generation Landfill Gas Upgrading System Greenlane Renewables Inc. in Nashville, Tennessee at the RNG WORKS 2025 Technical Workshop and Trade Expo revealed Cascade LF, its next-generation landfill gas upgrading system designed to deliver higher performance at lower cost. Utilizing innovative patent-pending advancements, Cascade LF takes industry proven and reliable technology elements and integrates them in an optimized way that fully exercises each and avoids unnecessary equipment. The result is maximum methane recovery at minimized capital investment. Upgrading Technology Elements: Membrane Separation: Featuring permeate sweep technology for near-complete carbon dioxide removal at very high methane recovery. The separated carbon dioxide stream can be sequestered for ultra-low carbon intensity or used for other value-add purposes. Catalytic Deoxygenation: Proprietary patent-pending integrated process eliminates oxygen using a simple design and avoids a dedicated dryer. At lower oxygen levels, catalytic deoxygenation is not required, reducing cost further. Equilibrium Pressure Swing Adsorption Nitrogen Rejection Unit: With carbon dioxide and oxygen removed in prior steps, high methane recovery is achieved as only enough nitrogen is removed using a proprietary Equilibrium pressure swing adsorption module to meet the final biomethane /RNG product gas specification. Operational reliability of Cascade LF is backed by Greenlane's more than 35 years of industry experience, more than 355 systems supplied into 28 countries, and 24/7/365 expert technical support. Today's introduction of Cascade LF brings a powerful new solution in landfill gas upgrading and reflects Greenlane's continued technology leadership in the RNG industry. Recent Insider Transactions Derivative • Sep 04
Independent Chairman of the Board exercised options to buy CA$97k worth of stock. On the 2nd of September, Wade Nesmith exercised options to buy 375k shares at a strike price of around CA$0.27, costing a total of CA$99k. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since December 2024, Wade's direct individual holding has increased from 3.58m shares to 3.96m. Company insiders have collectively bought CA$206k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: CA$0.008 (vs CA$0.003 loss in 2Q 2024) Second quarter 2025 results: EPS: CA$0.008 (up from CA$0.003 loss in 2Q 2024). Revenue: CA$15.1m (up 3.1% from 2Q 2024). Net income: CA$1.28m (up CA$1.75m from 2Q 2024). Profit margin: 8.5% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Announcement • Aug 08
Greenlane Renewables Inc. to Report Q2, 2025 Results on Aug 14, 2025 Greenlane Renewables Inc. announced that they will report Q2, 2025 results After-Market on Aug 14, 2025 Announcement • Jun 25
Greenlane Renewables Inc. Files Additional Patent Application for Its New Landfill Gas Upgrading Technology Greenlane Renewables Inc. announced the filing of an additional patent application for its new landfill gas upgrading technology. This new filing adds to the size and strength of Greenlane's intellectual property portfolio, reinforcing technology leadership in the production of renewable natural gas ("RNG"), and builds upon its December 2024 announcement of new patent applications. These innovations relate specifically to proprietary system architecture and process enhancements that optimize oxygen and nitrogen removal, two of the most persistent technical barriers to efficient landfill gas upgrading, while maximizing methane recovery and reducing capital cost. Reported Earnings • May 17
First quarter 2025 earnings released: CA$0.006 loss per share (vs CA$0.005 loss in 1Q 2024) First quarter 2025 results: CA$0.006 loss per share (further deteriorated from CA$0.005 loss in 1Q 2024). Revenue: CA$7.01m (down 61% from 1Q 2024). Net loss: CA$1.02m (loss widened 24% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. Announcement • May 09
Greenlane Renewables Inc. to Report Q1, 2025 Results on May 15, 2025 Greenlane Renewables Inc. announced that they will report Q1, 2025 results After-Market on May 15, 2025 Announcement • Apr 16
Greenlane Renewables Inc., Annual General Meeting, Jun 25, 2025 Greenlane Renewables Inc., Annual General Meeting, Jun 25, 2025. Location: burnaby Canada Reported Earnings • Mar 21
Full year 2024 earnings released: CA$0.009 loss per share (vs CA$0.19 loss in FY 2023) Full year 2024 results: CA$0.009 loss per share (improved from CA$0.19 loss in FY 2023). Revenue: CA$51.8m (down 10% from FY 2023). Net loss: CA$1.38m (loss narrowed 95% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year whereas the company’s share price has fallen by 54% per year. Announcement • Mar 14
Greenlane Renewables Inc. to Report Q4, 2024 Results on Mar 20, 2025 Greenlane Renewables Inc. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Mar 20, 2025 New Risk • Feb 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$14.1m (US$9.84m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (CA$14.1m market cap, or US$9.84m). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Significant insider selling over the past 3 months (CA$160k sold). Recent Insider Transactions • Dec 22
Independent Chairman of the Board recently sold CA$83k worth of stock On the 19th of December, Wade Nesmith sold around 873k shares on-market at roughly CA$0.095 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Wade's only on-market trade for the last 12 months. Announcement • Dec 10
Greenlane Renewables Inc. Files Patent Applications for New Landfill Gas Upgrading Technology Architected to Maximize Methane Recovery While Minimizing Capex Greenlane Renewables Inc. announced that it has filed two new patent applications for landfill gas upgrading technology. The Company intends to bring to market in 2025 a new compelling product line that incorporates the content of these patent applications architected to advance the production of renewable natural gas ("RNG") from landfills by maximizing methane recovery performance while minimizing capital expenditure. Higher performance and lower cost systems enable RNG developers and project owners to enhance revenue generating RNG output from their assets while minimizing upfront investment, making RNG projects more accessible and scalable. Based on data compiled by the Argonne National Laboratory, of all of the feedstock sources for RNG, namely landfills, wastewater, food waste and agricultural waste, 70% of the RNG production capacity in the United States came from landfills in 2021. According to BloombergNEF, the untapped potential going forward to produce RNG from landfill gas is more than all other feedstock types combined in the United States. The International Energy Agency stated in its Medium-Term Gas Report 2023 that RNG production in Brazil is expected to quadruple from 2023 to 2027, with 60% of it being derived from landfills. Board Change • Nov 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Lead Independent Director Elaine Wong was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 16
Greenlane Renewables Inc. Announces CFO Changes, Effective January 13, 2025 Greenlane Renewables Inc. announced the appointment of Stephanie Mason as Chief Financial Officer ("CFO"), effective January 13, 2025. Ms. Mason brings over 15 years of experience to her new role as Greenlane's CFO. Ms. Mason has been with Greenlane for over 4 years, most recently as Director of Finance following a promotion from Corporate Controller. Prior to working at Greenlane, Ms. Mason gained experience at other TSX-listed renewable energy companies managing teams responsible for financial reporting, regulatory compliance and other finance activities. Ms. Mason developed her strong accounting foundation at PricewaterhouseCoopers where she obtained her CPA, CA designation. Transitioning overall financial leadership from Monty Balderston to Stephanie starting at the beginning of 2025 completes a planned succession as it continue to advance its strategic goals in the RNG space. During his tenure as CFO over the last couple of years, Monty has provided solid leadership of the finance function at Greenlane and played a pivotal role on the senior management team. Mr. Balderston will remain as CFO until voluntarily resigning effective January 13, 2025. Mr. Balderston will support the transition to Ms. Mason upon her appointment, following which he will leave the Company on January 24, 2025. New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 17% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (CA$13.1m market cap, or US$9.41m). Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). Reported Earnings • Nov 08
Third quarter 2024 earnings released: CA$0.014 loss per share (vs CA$0.033 loss in 3Q 2023) Third quarter 2024 results: CA$0.014 loss per share (improved from CA$0.033 loss in 3Q 2023). Revenue: CA$10.5m (up 4.2% from 3Q 2023). Net loss: CA$2.16m (loss narrowed 57% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Announcement • Nov 08
An undisclosed buyer acquired Greenlane Renewable U.K. Limited from Greenlane Renewables Inc. (TSX:GRN) for £0.213 million. An undisclosed buyer acquired Greenlane Renewable U.K. Limited from Greenlane Renewables Inc. (TSX:GRN) for £0.213 million on April 15, 2024. This is subject to customary post-closing adjustments.
An undisclosed buyer completed the acquisition of Greenlane Renewable U.K. Limited from Greenlane Renewables Inc. (TSX:GRN) on April 15, 2024. Announcement • Nov 01
Greenlane Renewables Inc. to Report Q3, 2024 Results on Nov 07, 2024 Greenlane Renewables Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 50% per year over the past 5 years. Market cap is less than US$10m (CA$10.8m market cap, or US$8.00m). Reported Earnings • Aug 08
Second quarter 2024 earnings released: CA$0.003 loss per share (vs CA$0.029 loss in 2Q 2023) Second quarter 2024 results: CA$0.003 loss per share (improved from CA$0.029 loss in 2Q 2023). Revenue: CA$14.6m (down 1.9% from 2Q 2023). Net loss: CA$477.0k (loss narrowed 89% from 2Q 2023). Revenue is expected to decline by 20% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 2.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 20 percentage points per year, which is a significant difference in performance. Announcement • Aug 01
Greenlane Renewables Inc. to Report Q2, 2024 Results on Aug 07, 2024 Greenlane Renewables Inc. announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 New Risk • Jul 21
New major risk - Revenue and earnings growth Earnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$8.9m free cash flow). Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$14.6m market cap, or US$10.7m). New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$8.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$8.9m free cash flow). Market cap is less than US$10m (CA$12.3m market cap, or US$9.02m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$7.5m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$8.9m). Currently unprofitable and not forecast to become profitable next year (CA$7.4m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$14.6m market cap, or US$10.7m). Reported Earnings • May 10
First quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2024 results: CA$0.005 loss per share (improved from CA$0.015 loss in 1Q 2023). Revenue: CA$18.1m (up 17% from 1Q 2023). Net loss: CA$818.0k (loss narrowed 65% from 1Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Announcement • May 03
Greenlane Renewables Inc. to Report Q1, 2024 Results on May 09, 2024 Greenlane Renewables Inc. announced that they will report Q1, 2024 results After-Market on May 09, 2024 New Risk • Apr 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.1m (US$9.56m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$13.1m market cap, or US$9.56m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (CA$2.4m net loss in 2 years). Price Target Changed • Apr 16
Price target decreased by 32% to CA$0.21 Down from CA$0.31, the current price target is an average from 6 analysts. New target price is 108% above last closing price of CA$0.10. Stock is down 71% over the past year. The company is forecast to post a net loss per share of CA$0.033 next year compared to a net loss per share of CA$0.19 last year. Announcement • Apr 16
Greenlane Renewables Inc., Annual General Meeting, Jun 26, 2024 Greenlane Renewables Inc., Annual General Meeting, Jun 26, 2024. Price Target Changed • Mar 27
Price target decreased by 9.1% to CA$0.29 Down from CA$0.31, the current price target is an average from 7 analysts. New target price is 160% above last closing price of CA$0.11. Stock is down 62% over the past year. The company is forecast to post a net loss per share of CA$0.042 next year compared to a net loss per share of CA$0.19 last year. Announcement • Mar 20
Greenlane Renewables Inc. to Report Q4, 2023 Results on Mar 26, 2024 Greenlane Renewables Inc. announced that they will report Q4, 2023 results After-Market on Mar 26, 2024 Announcement • Dec 16
Greenlane Renewables Inc. Announces Changes to the Board of Directors Greenlane Renewables Inc. announced that two members of the Board of Directors, Patricia Fortier and David Blaiklock, are retiring from the Board after years of dedicated service and contribution to Greenlane. Patricia and David will continue to support the Company as corporate advisors as needed moving forward. The Company has no plans to fill the vacant board positions at this time. The remaining directors will continue to fulfill the Company's strong governance and independence standards. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$57.0m to CA$54.4m. Losses expected to increase from CA$0.068 per share to CA$0.088. Oil and Gas industry in Canada expected to see average net income growth of 11% next year. Consensus price target down from CA$0.46 to CA$0.31. Share price fell 18% to CA$0.17 over the past week. Announcement • Nov 03
Greenlane Renewables Inc. to Report Q3, 2023 Results on Nov 09, 2023 Greenlane Renewables Inc. announced that they will report Q3, 2023 results After-Market on Nov 09, 2023 Price Target Changed • Oct 27
Price target decreased by 14% to CA$0.46 Down from CA$0.54, the current price target is an average from 7 analysts. New target price is 132% above last closing price of CA$0.20. Stock is down 62% over the past year. The company is forecast to post a net loss per share of CA$0.068 next year compared to a net loss per share of CA$0.036 last year. Announcement • Sep 15
Greenlane Renewables Inc. Unveils Compelling Sector-Focused Product Lines Greenlane Renewables Inc. announced the launch of its sector-focused product lines at the RNG Works conference in Nashville, Tennessee. Based on decades of experience, Greenlane has optimized biogas upgrading solutions for the key feedstock sources of agriculture (such as dairy and hog manure), water resource recovery facilities, food waste, landfills, and sugar mills. The product lines launched include: Greenlane(TM) Cascade PSA LF features pressure swing adsorption technology, which is best for complex feedstocks, and delivers high quality RNG from landfills with varying inlet gas quality, contaminant levels and flow rates. Greenlane(TM) Cascade H2O features water wash technology, which is best for removing impurities from biogas from highly variable feedstocks, and delivers low-carbon and carbon-negative RNG from water resource recovery facilities and food waste. Cascade MS features membrane separation technology, which is best for simple feedstocks such as dairy and hog manure, and delivers farm-friendly solutions to turn agricultural waste into clean, low-carbon and carbon- negative RNG. Greenlane(TM)ascade H2S features regenerative biogas desulfurization technology, which delivers an established, robust and cost effective solution for the removal of hydrogen sulfide where the goal is low operating expense. Every biogas project requires hydrogen sulfide removal. Cascade H2S is sold as a standalone product and also is embedded as standard within Cascade H2O and Cascade MS. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$58.2m to CA$56.8m. Losses expected to increase from CA$0.052 per share to CA$0.067. Oil and Gas industry in Canada expected to see average net income decline 11% next year. Consensus price target down from CA$0.54 to CA$0.53. Share price fell 15% to CA$0.20 over the past week. Announcement • Aug 17
Greenlane Renewables Inc. Announces Appointment of Brad Douville as Vice Chair of the Board of Directors Greenlane Renewables Inc. announced the appointments of Brad Douville as Vice Chair of the Board of Directors and "Executive Vice Chair". These appointments, as previously announced on June 8, 2023, mark an important next step in the execution of Greenlane's strategic plan and represent a significant addition to its leadership team. Mr. Ian Kane has also been appointed to the Company's Board of Directors. Brad continues to bring to Greenlane, on a full-time basis, his extensive experience and proven track record in the renewable natural gas ("RNG") industry. With a strong strategic vision and a deep understanding of biogas upgrading technology and the overall RNG industry, Brad is poised to drive Greenlane's continued growth and success focusing on key strategic initiatives aiming to unlock the tremendous untapped potential that the Company sees in the global RNG industry. Ian is a proven leader who has demonstrated his skill in optimizing company growth and financial performance after the startup phase. Reported Earnings • Aug 15
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: CA$0.029 loss per share (further deteriorated from CA$0.014 loss in 2Q 2022). Revenue: CA$14.9m (down 18% from 2Q 2022). Net loss: CA$4.42m (loss widened 103% from 2Q 2022). Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates by 71%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Aug 04
Greenlane Renewables Inc. to Report Q2, 2023 Results on Aug 14, 2023 Greenlane Renewables Inc. announced that they will report Q2, 2023 results After-Market on Aug 14, 2023 Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Lead Independent Director Elaine Wong was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • May 18
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$68.7m to CA$59.1m. Forecast losses increased from -CA$0.033 to -CA$0.052 per share. Oil and Gas industry in Canada expected to see average net income decline 18% next year. Consensus price target down from CA$0.73 to CA$0.56. Share price was steady at CA$0.29 over the past week. Price Target Changed • May 13
Price target decreased by 19% to CA$0.60 Down from CA$0.74, the current price target is an average from 8 analysts. New target price is 107% above last closing price of CA$0.29. Stock is down 61% over the past year. The company is forecast to post a net loss per share of CA$0.04 next year compared to a net loss per share of CA$0.036 last year. Announcement • May 05
Greenlane Renewables Inc. to Report Q1, 2023 Results on May 11, 2023 Greenlane Renewables Inc. announced that they will report Q1, 2023 results After-Market on May 11, 2023 Reported Earnings • Mar 11
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CA$0.036 loss per share (further deteriorated from CA$0.017 loss in FY 2021). Revenue: CA$71.2m (up 29% from FY 2021). Net loss: CA$5.51m (loss widened 125% from FY 2021). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 10
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$84.1m to CA$71.6m. Forecast losses increased from -CA$0.02 to -CA$0.04 per share. Oil and Gas industry in Canada expected to see average net income decline 16% next year. Consensus price target of CA$0.87 unchanged from last update. Share price fell 14% to CA$0.39 over the past week. Price Target Changed • Mar 10
Price target decreased by 19% to CA$1.20 Down from CA$1.48, the current price target is an average from 9 analysts. New target price is 161% above last closing price of CA$0.46. Stock is down 60% over the past year. The company is forecast to post a net loss per share of CA$0.029 next year compared to a net loss per share of CA$0.017 last year. Breakeven Date Change • Feb 15
No longer forecast to breakeven The 9 analysts covering Greenlane Renewables no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$3.35m in 2024. New consensus forecast suggests the company will make a loss of CA$602.7k in 2024. Major Estimate Revision • Nov 16
Consensus estimates of losses per share improve by 38% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CA$73.4m to CA$74.5m. EPS estimate increased from -CA$0.05 per share to -CA$0.03 per share. Oil and Gas industry in Canada expected to see average net income growth of 3.4% next year. Consensus price target down from CA$1.87 to CA$1.53. Share price fell 8.9% to CA$0.51 over the past week. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: CA$0.004 (vs CA$0 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.004 (up from CA$0 in 3Q 2021). Revenue: CA$19.9m (up 48% from 3Q 2021). Net income: CA$563.0k (up CA$511.0k from 3Q 2021). Profit margin: 2.8% (up from 0.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Greenlane Renewables Inc. to Report Q3, 2022 Results on Nov 08, 2022 Greenlane Renewables Inc. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 08, 2022 Buying Opportunity • Oct 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.6%. The fair value is estimated to be CA$0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Earnings per share has grown by 107%. Revenue is forecast to grow by 24% in a year. Earnings is forecast to decline by 7.2% in the next year. Buying Opportunity • Sep 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be CA$0.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 75% over the last 3 years. Earnings per share has grown by 107%. Revenue is forecast to grow by 24% in a year. Earnings is forecast to decline by 7.2% in the next year. Announcement • Sep 01
Greenlane Renewables Inc. Announces Management Changes Greenlane Renewables Inc. announced that Alex Chassels has joined Greenlane in the newly created role of Chief Operating Officer. Additionally, the Company is announcing the promotions of Maura Lendon to Chief Legal Officer and Sandra Keyton to Chief Human Resources Officer. Alex Chassels brings over 25 years of experience and a track record of executive leadership in business transformation and operations optimization in growth-oriented technology companies with innovative products and complex global supply chains. Through growing positions of responsibility and leadership with Creo, Kodak, and Alpha Technologies (an Enersys Company) he has developed a clear team-based approach to delivering the levels of customer satisfaction. Alex holds a BA in Philosophy (Magna Cum Laude) and Chemistry from the University of Arizona. Breakeven Date Change • Aug 12
Forecast breakeven date pushed back to 2024 The 11 analysts covering Greenlane Renewables previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of CA$5.08m in 2024. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: CA$0.014 loss per share (down from CA$0.007 loss in 2Q 2021). Revenue: CA$18.1m (up 44% from 2Q 2021). Net loss: CA$2.17m (loss widened 102% from 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 19%, compared to a 78% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Greenlane Renewables Inc. to Report Q2, 2022 Results on Aug 09, 2022 Greenlane Renewables Inc. announced that they will report Q2, 2022 results After-Market on Aug 09, 2022 Announcement • Jul 01
Greenlane Renewables Announces New Chief Financial Officer, Effective July 18, 2022 Greenlane Renewables Inc. announced that it has hired Monty R. Balderston to be Chief Financial Officer, effective July 18, 2022. Mr. Balderston joins Greenlane with over 25 years of experience in progressively senior financial leadership positions, including the role of Chief Financial Officer, in both public and private companies spanning mechanical equipment provisioning and installation, civil construction, industrial supply, maintenance services, and diversifiedenergy services. He is a Chartered Professional Accountant and holds a Bachelor of Commerce degree from the University of Alberta. Mr. Balderston began his career at PricewaterhouseCoopers LLP and for the last five years was the Chief Financial Officer with Mosaic Capital Corporation where he oversaw all financial reporting processes and strategic planning, including budgeting, forecasting and acquisitions. Buying Opportunity • Jun 13
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be CA$1.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 84% over the last 3 years. Earnings per share has grown by 92%. Revenue is forecast to grow by 21% in a year. Earnings is forecast to grow by 17% in the next year. Breakeven Date Change • May 18
Forecast breakeven date pushed back to 2024 The 11 analysts covering Greenlane Renewables previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 69% per year to 2023. The company is expected to make a profit of CA$9.56m in 2024. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CA$0.014 loss per share (down from CA$0.002 loss in 1Q 2021). Revenue: CA$16.3m (up 33% from 1Q 2021). Net loss: CA$2.15m (loss widened CA$1.92m from 1Q 2021). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 28%, compared to a 65% growth forecast for the industry in Canada. Announcement • May 06
Greenlane Renewables Inc. to Report Q1, 2022 Results on May 12, 2022 Greenlane Renewables Inc. announced that they will report Q1, 2022 results After-Market on May 12, 2022 Breakeven Date Change • Apr 27
Forecast breakeven date pushed back to 2023 The 11 analysts covering Greenlane Renewables previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 99% to 2022. The company is expected to make a profit of CA$3.95m in 2023. Average annual earnings growth of 49% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 20
Forecast breakeven date pushed back to 2023 The 11 analysts covering Greenlane Renewables previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 99% to 2022. The company is expected to make a profit of CA$3.95m in 2023. Average annual earnings growth of 49% is required to achieve expected profit on schedule.