The following is a summary of the Greenlane Renewables Inc. (GRNWF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Greenlane Renewables reported Q1 2024 revenue of $18.1 million, 23% higher than the previous year.

• The company reported an improved gross margin of 26.5%, up 250 basis points from Q1 2023 due to changes in product mix.

• Adjusted EBITDA loss decreased from $1.7 million in Q4, 2023 to $0.5 million in Q1, 2024.

• Greenlane Renewables experienced a reduced net loss and comprehensive loss from continuing operations of $800,000 from $2 million in Q1 2023.

Business Progress:

• The company foresees positive growth in its adjusted EBITDA, premised on strong ongoing sales activity and a refilled sales pipeline.

• They have begun recognizing royalty revenue from their collaboration with ZEG Biogas in Brazil, expected to improve margin and business performance.

• Greenlane Renewables sold its U.K. subsidiary to focus more on growing the core parts of its business, particularly its Cascade products.

• Greenlane's sales order backlog at the end of the quarter stood at $24 million.

More details: GREENLANE RENEWABLES INC IR

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