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. Board Change • May 20
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. 3 experienced directors. 2 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 • 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 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 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. 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. 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. 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 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 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. 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. Reported Earnings • Nov 09
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 5 percentage points per year. 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 50% per year over the past 5 years. Market cap is less than US$10m (€7.15m market cap, or US$7.99m). 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 Germany are expected to grow by 39%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 19 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). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€9.80m 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). Share price has been highly volatile over the past 3 months (17% average weekly change). Market cap is less than US$10m (€8.39m market cap, or US$9.02m). Minor Risk Currently unprofitable and not forecast to become profitable next year (CA$7.5m net loss next year). Buy Or Sell Opportunity • May 16
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to €0.061. The fair value is estimated to be €0.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 87%. Revenue is forecast to decline by 4.2% in a year. Earnings are forecast to grow by 74% in the next year. New Risk • May 13
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 Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$8.9m). Market cap is less than US$100m (€11.0m market cap, or US$11.8m). Reported Earnings • May 10
First quarter 2024 earnings released: CA$0.005 loss per share (vs CA$0.015 loss in 1Q 2023) 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, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 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: €8.97m (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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (€8.97m 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). Announcement • Apr 16
Greenlane Renewables Inc., Annual General Meeting, Jun 26, 2024 Greenlane Renewables Inc., Annual General Meeting, Jun 26, 2024. Reported Earnings • Mar 27
Full year 2023 earnings released: CA$0.19 loss per share (vs CA$0.036 loss in FY 2022) Full year 2023 results: CA$0.19 loss per share (further deteriorated from CA$0.036 loss in FY 2022). Revenue: CA$57.8m (down 19% from FY 2022). Net loss: CA$29.6m (loss widened 437% from FY 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 16 percentage points per year, which is a significant difference in performance. 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. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 31% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 31% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$2.3m net loss in 2 years). Market cap is less than US$100m (€16.1m market cap, or US$17.2m). Reported Earnings • Nov 11
Third quarter 2023 earnings released: CA$0.033 loss per share (vs CA$0.004 profit in 3Q 2022) Third quarter 2023 results: CA$0.033 loss per share (down from CA$0.004 profit in 3Q 2022). Revenue: CA$10.1m (down 49% from 3Q 2022). Net loss: CA$5.03m (down CA$5.59m from profit in 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. 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 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. 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 released: CA$0.029 loss per share (vs CA$0.014 loss in 2Q 2022) 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 is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Oil and Gas industry in Germany. 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 17% 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 02
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. Reported Earnings • May 15
First quarter 2023 earnings released: CA$0.015 loss per share (vs CA$0.014 loss in 1Q 2022) First quarter 2023 results: CA$0.015 loss per share (further deteriorated from CA$0.014 loss in 1Q 2022). Revenue: CA$15.5m (down 4.9% from 1Q 2022). Net loss: CA$2.32m (loss widened 7.8% from 1Q 2022). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. 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 released: CA$0.036 loss per share (vs CA$0.017 loss in FY 2021) 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 is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Oil and Gas industry in Germany. 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 13% per year, which means it is significantly lagging earnings growth. 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. Reported Earnings • Nov 10
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 21% p.a. on average during the next 3 years, compared to a 4.6% decline forecast for the Oil and Gas industry in Germany. Buying Opportunity • Oct 08
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.66, 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 17
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €0.72, 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. 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 11
Second quarter 2022 earnings released: CA$0.014 loss per share (vs CA$0.007 loss in 2Q 2021) 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). Over the next year, revenue is forecast to grow 21%, compared to a 44% growth forecast for the industry in Germany. 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 14
First quarter 2022 earnings released: CA$0.014 loss per share (vs CA$0.002 loss in 1Q 2021) 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). Over the next year, revenue is forecast to grow 26%, compared to a 52% growth forecast for the industry in Germany. 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. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: CA$0.017 loss per share (up from CA$0.027 loss in FY 2020). Revenue: CA$55.4m (up 146% from FY 2020). Net loss: CA$2.45m (flat on FY 2020). Revenue exceeded analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 26%, compared to a 55% growth forecast for the oil industry in Germany. Recent Insider Transactions • Jan 30
Independent Director recently bought €80k worth of stock On the 27th of January, David Blaiklock bought around 110k shares on-market at roughly €0.73 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €884k more in shares than they bought in the last 12 months. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 10 analysts covering Greenlane Renewables expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$2.36m in 2022. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Reported Earnings • Aug 14
Second quarter 2021 earnings released: CA$0.007 loss per share (vs CA$0.01 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CA$12.6m (up 197% from 2Q 2020). Net loss: CA$1.08m (loss widened 15% from 2Q 2020). Breakeven Date Change • Aug 14
Forecast breakeven pushed back to 2022 The 9 analysts covering Greenlane Renewables previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 51% to 2021. The company is expected to make a profit of CA$3.93m in 2022. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Lead Independent Director Elaine Wong was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 19
Independent Director recently sold €205k worth of stock On the 14th of June, David Demers sold around 200k shares on-market at roughly €1.02 per share. In the last 3 months, there was an even bigger sale from another insider worth €679k. Insiders have been net sellers, collectively disposing of €889k more than they bought in the last 12 months. Recent Insider Transactions • May 28
CEO, President & Director recently sold €679k worth of stock On the 21st of May, Brad Douville sold around 606k shares on-market at roughly €1.12 per share. This was the largest sale by an insider in the last 3 months. This was Brad's only on-market trade for the last 12 months. Reported Earnings • May 14
First quarter 2021 earnings released: CA$0.002 loss per share (vs CA$0.014 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$12.2m (up 317% from 1Q 2020). Net loss: CA$230.0k (loss narrowed 79% from 1Q 2020). Reported Earnings • Mar 13
Full year 2020 earnings released: CA$0.027 loss per share (vs CA$0.16 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: CA$22.5m (up 147% from FY 2019). Net loss: CA$2.47m (loss narrowed 51% from FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 100%, compared to a 36% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Feb 19
New 90-day high: €1.83 The company is up 252% from its price of €0.52 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.18 per share. Is New 90 Day High Low • Jan 22
New 90-day high: €1.72 The company is up 391% from its price of €0.35 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 61% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.52 per share. Is New 90 Day High Low • Dec 24
New 90-day high: €1.32 The company is up 424% from its price of €0.25 on 25 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.31 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €0.81 The company is up 222% from its price of €0.25 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.20 per share. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS CA$0.008 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CA$6.50m (up 31% from 3Q 2019). Net income: CA$743.0k (up CA$2.49m from 3Q 2019). Profit margin: 11% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue misses expectations Revenue missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 119%, compared to a 12% growth forecast for the Oil and Gas industry in Germany. Announcement • Nov 11
Greenlane Renewables Inc. to Report Q3, 2020 Results on Nov 17, 2020 Greenlane Renewables Inc. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 17, 2020 Is New 90 Day High Low • Nov 07
New 90-day high: €0.39 The company is up 47% from its price of €0.27 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.10 per share. Is New 90 Day High Low • Oct 08
New 90-day high: €0.37 The company is up 12% from its price of €0.33 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 53% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.74 per share.