Anaergia Reports Strong Q2 2026 Growth as Revenue Nearly Doubles and Backlog Reaches $274.9 Million
Anaergia Inc. (TSX: ANRG) (OTCQX: ANRGF), a provider of integrated waste-to-value solutions, reported significant financial and commercial progress for the second quarter of 2026, highlighted by a 98.1% year-over-year increase in revenue, a fourth consecutive quarter of positive Adjusted EBITDA, and continued expansion of its contracted Revenue Backlog.
For the three months ended June 30, 2026, Anaergia generated revenue of $63.9 million, compared with $32.3 million in the same period of 2025. The company said the strong increase was primarily driven by higher capital sales project execution across Italy, other European markets, and North America.
Anaergia develops technologies and projects designed to convert organic waste into valuable resources, including renewable natural gas (RNG), fertilizer, water and other recovered materials. The company’s latest results reflect continued execution of its strategic plan as it converts previously awarded projects into recognized revenue while securing additional contracts in key geographic markets.
At the end of the second quarter, Anaergia’s Revenue Backlog stood at approximately $274.9 million. The backlog increased 3.8% from $265.0 million at March 31, 2026, and was 7.2% higher than the $256.4 million reported at the end of 2025. The company said the backlog provides increased visibility into future contracted revenue.
During Q2 2026, Anaergia secured approximately $66 million in new contract awards across Europe and North America. Management said the new awards demonstrate continued demand for the company’s integrated waste-to-value technologies, engineering capabilities and project execution expertise.
Strong Revenue and Profitability Improvement
Anaergia’s second-quarter financial performance showed substantial improvement across several key metrics. Revenue increased by 98.1% year-over-year to $63.9 million, while gross profit rose 38.2% to $14.5 million from $10.5 million in Q2 2025.
The company also reported positive Adjusted EBITDA of $1.9 million, representing a significant improvement from an Adjusted EBITDA loss of $2.2 million in the year-earlier quarter. The latest result marks Anaergia’s fourth consecutive quarter of positive Adjusted EBITDA.
The company attributed the improvement to stronger project execution, higher revenue and continued operating discipline. The progress indicates that Anaergia is increasingly converting its contracted backlog into revenue while improving the financial performance of its operations.
Anaergia’s net loss also narrowed substantially during the quarter. The company reported a net loss of $2.1 million, compared with a net loss of $9.5 million in Q2 2025. Income from operations improved to a loss of $0.8 million from an operating loss of $4.1 million in the prior-year period.
While gross profit increased in absolute terms, gross margin declined to 22.7% from 32.5% a year earlier. The company said the increase in gross profit was primarily attributable to higher activity in its Capital Sales segment.
Management Highlights Commercial Momentum
Assaf Onn, Chief Executive Officer of Anaergia, said the second-quarter results demonstrate continued improvement in the company’s financial and commercial profile.
According to Onn, revenue nearly doubled compared with the prior-year period, while Adjusted EBITDA remained positive for the fourth consecutive quarter. He also pointed to the expansion of the company’s Revenue Backlog to approximately $275 million as evidence of continued commercial momentum.
Onn said the performance reflects disciplined execution, stronger conversion of backlog into revenue and growing demand for Anaergia’s integrated waste-to-value solutions across its key markets.
The company also emphasized the importance of its approximately $66 million in new contract awards secured during the quarter. The awards span Europe and North America, two important markets for Anaergia’s technology and project development activities.
Management believes the new contracts validate the company’s technology portfolio and its engineering and project delivery capabilities. Anaergia intends to continue focusing on operational discipline, balance sheet strength and execution as it pursues additional opportunities in renewable natural gas, organic waste processing and resource recovery.
First-Half Performance Shows Continued Improvement
Anaergia’s results for the first six months of 2026 further demonstrate the company’s improved financial trajectory.
Revenue for the six months ended June 30, 2026, reached $119.1 million, representing a 109% increase from $57.1 million during the first six months of 2025. Gross profit increased 71% to $27.2 million from $15.9 million.
Adjusted EBITDA for the first half of the year was positive $3.0 million, compared with an Adjusted EBITDA loss of $6.2 million in the same period of 2025. This represents a substantial year-over-year improvement and reinforces the company’s progress toward sustained profitability.
Anaergia also reduced its net loss for the six-month period to $6.5 million, compared with $15.4 million in the first half of 2025. The company’s loss from operations narrowed to $2.3 million from $9.8 million.
First-half results indicate that the company’s improved operating performance is not limited to a single quarter. Higher revenue, stronger gross profit and positive Adjusted EBITDA point to continued progress in the execution of Anaergia’s strategic plan.
Revenue Backlog Provides Future Visibility
The expansion of Anaergia’s Revenue Backlog remains an important element of its growth strategy. The backlog reached approximately $274.9 million at June 30, 2026, after the company secured approximately $66 million of new contracts during the quarter.
Anaergia is simultaneously executing existing projects and adding new contracts, allowing it to maintain a pipeline of future revenue opportunities. The company said new contract wins during the quarter more than offset the backlog converted into revenue through project execution.
The backlog includes projects across Europe and North America, supporting Anaergia’s geographic diversification and providing visibility into future activity.
As demand increases for solutions that can process organic waste and recover energy and valuable resources, Anaergia expects its technology portfolio to remain positioned within several growing markets. These include anaerobic digestion, biomethane and RNG production, wastewater treatment, organic waste processing, fertilizer production and broader resource recovery.
Financial Position
Anaergia ended the second quarter with total assets of $260.9 million, compared with $237.9 million at December 31, 2025. Total liabilities stood at $205.1 million, up from $182.4 million at the end of 2025.
The company reported equity of $55.8 million at June 30, 2026, compared with $55.5 million at the end of 2025.
The financial position comes as Anaergia continues to execute projects and invest in its growth opportunities while maintaining a focus on financial discipline.
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