VANCOUVER, BC, Nov. 13, 2025 /CNW/ - Greenlane Renewables Inc. ("Greenlane" or the "Company") (TSX:GRN) (FSE: 52G) (OTC:GRNWF) today announced its financial results for the third quarter ended September 30, 2025. For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed under the Company's profile on SEDAR+ at www.sedarplus.ca. All amounts reported are in Canadian dollars and in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") unless otherwise stated.
Third Quarter Highlights from Continuing Operations Include:
Revenue of $11.6 million;
Gross profit of $4.3 million, Gross Margin1 before amortization of $4.5 million (39% of revenue);
Adjusted EBITDA2 of $0.5 million; (4% of revenue)
Net income and comprehensive income of $0.1 million; (1% of revenue)
Sales Order Backlog3 of $33.5 million as at September 30, 2025;
Cash and cash equivalents of $19.3 million and no debt, other than payables resulting from normal course operations, as at September 30, 2025;
Revealed Cascade LF, its next-generation landfill gas upgrading technology designed to deliver higher performance at lower cost, at trade expos in Brazil and the US;
New purchase orders for its proprietary biogas desulfurization equipment including multi-unit purchases totalling $7.9 million (€4.9 million) from three repeat customers; and
Subsequent to quarter end, the Company filed 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.
"Our third quarter results demonstrate continued success in executing against our strategic plan with a relentless focus on profitability and maintaining healthy cash reserves," said Brad Douville, CEO of Greenlane. "We delivered another strong quarter with positive Adjusted EBITDA and positive net income—marking back-to-back quarters of profitability. Our persistence has strengthened our balance sheet, with more than $19 million in cash on hand after averaging just over $16 million at quarter-end over the past three quarters."
"Importantly, we've achieved these results while continuing to invest in our future—advancing our next generation Cascade LF upgrading technology. 2025 represents a reset year for our core upgrading business, which historically has generated the bulk of our revenue considering that contract values are an order of magnitude larger than those of our other current revenue streams. Looking ahead, we've developed the Cascade LF upgrading system as our growth platform, building on the strong foundation of our biogas desulfurization, parts and service, and royalty revenue streams."
"Quoting customers and working through the sales cycle to secure Cascade LF orders is underway following the product reveal events we held in September in Brazil and the US. Revenue from new orders is likely to begin in 2026. We believe that the launch of this product line will help make RNG projects more accessible and scalable by enabling project owners to enhance revenue generating RNG output from their landfill gas assets while minimizing upfront investment."
"Greenlane's consistent financial and operational progress this year underscores the momentum we are building across the organization. We are creating a more resilient, focused company that is well-positioned to drive long-term value for our shareholders and customers as we continue progressing toward achieving the 2025 strategic and financial goals outlined earlier this year."
Stephanie Mason, CFO of Greenlane noted, "Greenlane continues to demonstrate discipline and improvement across key financial metrics. Our revenue increased 10% to $11.6 million from $10.5 in Q3 last year. We generated $0.5 million of Adjusted EBITDA and $0.1 million of net income and comprehensive income. This marks a significant turnaround from last year's net loss and comprehensive loss of $2.0 million, Adjusted EBITDA loss of $0.2 million, and continues our achievements in Q2 of this year."
"Our gross margin before amortization increased to 39% from 34% last year, driven by stronger sales, product mix and enhanced operational efficiency. At the same time, general and administrative expenses declined by 5% over the same quarter last year, enhancing our ability to convert top-line growth into bottom-line profitability. Our sales order backlog has grown to $33.5 million, up sharply from $14.3 million a year ago. Sequentially, it grew by 27% from Q2 and 58% from Q1 of this year. Our $19.3 million in cash increased from $16.2 million at December 31, 2024, of which $1.2 million was from the release of restricted cash. This strong cash balance, and no debt, provides us additional flexibility to invest strategically in growth initiatives such as the new Cascade LF product line."
"The combination of higher margins, a growing backlog, and a strong balance sheet positions Greenlane to drive long-term value creation," added Ms Mason. "We remain focused on operational efficiency, financial discipline, and the commercialization of our next-generation Cascade LF product line, as we continue to execute on our strategic plan."
The Market Outlook
Recent reforms in Mexico, Canada and Europe are painting a more dynamic global landscape for renewable natural gas (RNG) and biogases. According to Natural Gas Intelligence, secondary legislation in Mexico now allows for the injection of RNG (biomethane) into the national gas pipeline network—part of a wider energy-sector overhaul. Meanwhile in Canada, the country remains a key market for RNG thanks to ...
