Anaergia, Inc. (TSE:ANRG)
TSX:ANRG
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Anaergia
(TSX:ANRG)
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Rating:58Neutral
Price Target:
C$3.00
▲(3.09% Upside)
Action:ReiteratedDate:03/28/26
The score is held back primarily by financial risk (negative equity and still-weak operating profitability), partially offset by clear operational/cash-flow improvement. Technicals are supportive with strong trend momentum, valuation looks relatively inexpensive on P/E, and the earnings call reinforced improving fundamentals and backlog growth despite a remaining net loss.
Positive Factors
Revenue recovery & growth
A material revenue rebound in 2025 demonstrates the company's ability to convert project backlog into billings and regain top-line momentum. Sustained revenue growth strengthens negotiating leverage with suppliers, supports fixed-cost absorption across projects, and underpins multi-quarter cash generation as projects progress.
Negative Factors
Negative shareholders' equity
An ongoing equity deficit constrains financial flexibility and increases refinancing risk, making the company more sensitive to cost shocks or slower cash conversion. Over weeks-to-months this limits access to unsecured capital and can increase borrowing costs or require restrictive covenant terms on credit facilities.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery & growth
A material revenue rebound in 2025 demonstrates the company's ability to convert project backlog into billings and regain top-line momentum. Sustained revenue growth strengthens negotiating leverage with suppliers, supports fixed-cost absorption across projects, and underpins multi-quarter cash generation as projects progress.
Read all positive factors
Anaergia (ANRG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$499.43M
Dividend YieldN/A
Average Volume (3M)234.23K
Price to Earnings (P/E)55.5
Beta (1Y)0.83
Revenue Growth28.43%
EPS Growth80.34%
CountryCA
Employees282
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)0.08
Shares Outstanding171,625,260
10 Day Avg. Volume206,750
30 Day Avg. Volume234,230
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)-8.36
Price to Sales (P/S)2.15
P/FCF Ratio118.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.00Price Target Upside71.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)C$249.17M
Anaergia Business Overview & Revenue Model
Company Description
Anaergia Inc., together with its subsidiaries, provides solutions for the generation of renewable energy and conversion of waste to resources. The company operates through three segments: Capital Sales; Services; and Build, Own, and Operate Projec...
How the Company Makes Money
Anaergia primarily makes money through (1) selling and delivering engineered systems and complete project solutions for organic waste treatment and biogas/RNG production, and (2) providing services tied to those systems after deployment. Revenue i...
Anaergia Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The earnings call was predominantly positive with significant improvements in revenue, margins, and adjusted EBITDA. The reduction in net loss and increase in revenue backlog highlight strong operational performance and customer confidence. However, the company still reported a net loss, which is a concern.Positive Updates
Positive Adjusted EBITDA
Anaergia reported a positive adjusted EBITDA of $2.6 million, marking the first time in over 2 years that the company achieved positive results, an improvement of $9 million or nearly 140% compared to a loss of $6.4 million last year.
Negative Updates
Continued Net Loss
Despite significant improvements, the company still reported a net loss of $0.5 million for the quarter.
Read all updates
Q3-2025 Updates
Positive
Negative
Positive Adjusted EBITDA
Anaergia reported a positive adjusted EBITDA of $2.6 million, marking the first time in over 2 years that the company achieved positive results, an improvement of $9 million or nearly 140% compared to a loss of $6.4 million last year.
Read all positive updates
Company Guidance
During the Anaergia Q3 2025 Conference Call, the company provided guidance that highlighted significant improvements in financial metrics, positioning Anaergia as a leader in the renewable energy sector. The company reported a revenue of $51.4 million for the quarter, marking a 77% increase compared to the same period in 2024. Gross profit reached $14.8 million, up 146% year-over-year, with gross margins improving to 28.8% from 20.7%. SG&A expenses decreased by 16%, contributing to a net loss reduction to $0.5 million from $15.6 million in Q3 2024. Importantly, adjusted EBITDA turned positive at $2.6 million, a $9 million improvement over the previous year. The revenue backlog grew to $287 million, a 179% increase from the start of the year, with significant contributions from Italy and North America. The company emphasized its disciplined approach, strong customer trust, and strategic geographic expansion as key drivers of its sustainable growth.Anaergia Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Mar 2025 | Jun 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 180.20M | 111.65M | 147.22M | 162.85M | 153.58M |
| Gross Profit | 40.01M | 25.63M | 14.60M | 28.60M | 31.63M |
| EBITDA | -7.66M | -38.37M | -185.49M | -53.59M | -11.38M |
| Net Income | 6.96M | -42.89M | -182.60M | -74.71M | -9.38M |
Balance Sheet | |||||
| Total Assets | 237.94M | 233.33M | 278.67M | 935.11M | 703.91M |
| Cash, Cash Equivalents and Short-Term Investments | 43.45M | 30.22M | 22.11M | 55.38M | 79.32M |
| Total Debt | 64.69M | 71.71M | 70.89M | 377.65M | 221.50M |
| Total Liabilities | 179.27M | 180.12M | 205.08M | 592.97M | 367.30M |
| Stockholders Equity | -46.28M | -57.65M | -55.38M | 208.84M | 218.02M |
Cash Flow | |||||
| Free Cash Flow | 3.26M | -41.01M | -130.87M | -152.97M | -127.54M |
| Operating Cash Flow | 9.88M | -30.23M | -66.76M | -30.56M | -38.95M |
| Investing Cash Flow | -22.89M | 10.90M | -27.80M | -192.50M | -149.62M |
| Financing Cash Flow | 5.21M | 32.52M | 64.76M | 198.13M | 229.91M |
Anaergia Technical Analysis
Positive
2.91
Price Trends
2.33
Positive
2.37
Positive
2.23
Positive
Market Momentum
0.14
Negative
65.97
Neutral
77.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ANRG, the sentiment is Positive. The current price of 2.91 is above the 20-day moving average (MA) of 2.56, above the 50-day MA of 2.33, and above the 200-day MA of 2.23, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 65.97 is Neutral, neither overbought nor oversold. The STOCH value of 77.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ANRG.
Anaergia Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | C$499.43M | 55.53 | 36.36% | ― | 28.43% | 80.34% | |
49 Neutral | C$36.09M | -10.14 | -17.79% | ― | -27.40% | 23.40% | |
41 Neutral | C$37.42M | -5.91 | 5297.73% | ― | 135.68% | 68.99% | |
41 Neutral | C$11.53M | -5.76 | -352.14% | ― | ― | -72.78% | |
41 Neutral | C$32.22M | -3.11 | 307.55% | ― | 12.06% | -52.13% |
* Industrials Sector Average
TSE:ANRG
Anaergia
2.91
1.99
216.30%
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Anaergia Corporate Events
Business Operations and StrategyFinancial Disclosures
Anaergia Delivers Turnaround in 2025 With Surging Revenue and Positive Adjusted EBITDA
Positive
Mar 26, 2026
Anaergia reported a sharp rebound in 2025, with fourth-quarter revenue jumping 111% year over year to $71.7 million and full-year revenue rising 61% to $180.2 million, driven largely by higher sales in Italy and North America. Gross profit climbed...
Business Operations and StrategyFinancial Disclosures
Anaergia Sets Date for Fiscal 2025 Results as It Highlights RNG Leadership
Positive
Mar 20, 2026
Anaergia Inc. will release its fourth-quarter and full-year 2025 financial results after markets close on March 25, 2026, and will host a conference call the following morning with its CEO, CFO, and COO to discuss the performance. The company will...
Business Operations and StrategyRegulatory Filings and Compliance
Anaergia Wins Key CPUC Approval for First SB 1440 RNG Project in California
Positive
Mar 20, 2026
Anaergia has secured conditional approval from the California Public Utilities Commission for a long‑term biomethane procurement contract involving its SoCal Biomethane facility, Anew Climate, and Southwest Gas, marking the first project to ...
Business Operations and Strategy
Anaergia Expands Italian Biomethane Contracts to C$85 Million
Positive
Mar 17, 2026
Anaergia’s Italian subsidiary Anaergia S.r.l. has expanded the scope of its work on three biomethane production facilities being developed for QGM in northern Italy, raising the total contracted value for these projects from about C$68 milli...
Business Operations and Strategy
Anaergia Joins Eni and CREvolution in €50 Million Circular Fuel Project at Gela Biorefinery
Positive
Feb 17, 2026
Anaergia has signed a contract through its Italian subsidiary with Circular Renewable Evolution to supply proprietary anaerobic digestion technology for a €50 million circular economy project at Eni’s Gela biorefinery in Italy. The dea...
Business Operations and Strategy
Anaergia Wins C$25 Million in New Spanish Biomethane Plant Contracts
Positive
Jan 20, 2026
Anaergia Inc., through its Italian subsidiary Anaergia S.r.l., has secured additional contracts worth approximately C$25 million for two anaerobic digestion projects in Andujar and Arjona, Spain, under a broader C$184 million framework agreement c...
Business Operations and StrategyExecutive/Board Changes
Anaergia Names Sasha Rollings-Scattergood Chief Technology Officer to Drive Global RNG Technology Strategy
Positive
Jan 8, 2026
Anaergia has appointed long-time executive Sasha Rollings-Scattergood as Chief Technology Officer, effective January 1, 2026, tasking him with leading the company’s global technology strategy, product companies and centralized RD efforts. In...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.