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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