Anaergia (ANRG) AI Stock Analysis

• Market Cap: C$389.59M
• Dividend Yield: N/A
• Average Volume (3M): 234.23K
• Price to Earnings (P/E): 51.2
• Beta (1Y): 0.83
• Revenue Growth: 28.43%
• EPS Growth: 80.34%
• Country: CA
• Employees: 282
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): 0.01
• Shares Outstanding: 171,625,260
• 10 Day Avg. Volume: 206,750
• 30 Day Avg. Volume: 234,230
• PEG Ratio: 0.03
• Price to Book (P/B): -2.25
• Price to Sales (P/S): 1.16
• P/FCF Ratio: -3.16
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.03
• Revenue Forecast (FY): C$215.00M

• Rating: 54 Neutral
• Price Target: C$2.00 ▼(-5.21% Downside)
• Action: Reiterated Date: 12/18/25
• Date: Action: Reiterated 12/18/25

Anaergia's overall stock score reflects a challenging financial position with significant improvements noted in the latest earnings call. While technical indicators are positive, the company's valuation remains weak due to ongoing profitability issues. The earnings call provided a strong positive sentiment, highlighting operational improvements and strategic growth, which partially offsets the financial weaknesses.

Positive Factors

Strong Revenue Growth

A 77% YoY quarterly revenue gain indicates expanding commercial traction and end-market demand for Anaergia's waste-to-energy solutions. Durable growth across quarters suggests scalable sales execution and secular tailwinds from decarbonization trends that can sustain top-line expansion over multiple quarters.

Large Contract Backlog

A $287M backlog provides multi-quarter revenue visibility and evidences customer commitment to projects. This contracted pipeline reduces near-term sales risk, supports capacity planning and financing, and underpins steady revenue conversion as projects are executed over the next 2–6+ months.

Improving Margins & EBITDA

Meaningful gross margin expansion alongside a return to positive adjusted EBITDA reflects improving unit economics and operational discipline. If efficiencies and higher-margin capital sales persist, margin gains can be sustainable and drive durable improvements in profitability as revenue scales.

Negative Factors

Persistent Net Losses

Although losses narrowed materially, Anaergia remains unprofitable on a GAAP basis. Continued reliance on operating improvements to flip to consistent net income creates execution risk; failure to sustain margin and revenue momentum could require further capital or cost cuts, affecting long‑term stability.

Weak Balance Sheet

Negative equity and elevated leverage constrain financial flexibility, increase refinancing and covenant risk, and raise effective funding costs. For a capital-intensive project business, a fragile balance sheet can limit bidding capacity, slow project awards, and necessitate dilutive or costly financing to fund growth.

Operating Cash Flow Weakness

Historic negative operating cash flow means the company may rely on external financing to fund working capital and project execution. Even with improving free cash flow, inconsistent cash generation increases execution and funding risk for multi‑stage projects and could impair the ability to invest in growth without new capital.

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 Projects. It offers waste processing solutions that capture and process organic waste contained within mixed municipal solid wastes; anaerobic digestion solution for the production of clean energy, fertilizers, and recycled water from waste streams; membrane-based system to upgrade biogas and create pipeline; liquid treatment for water re-use and nutrient recovery; and residue treatment solutions. The company offers wastewater resource recovery, municipal solid waste, and agri-food solutions. Anaergia Inc. was founded in 2007 and is headquartered in Burlington, Canada.

How the Company Makes Money

Anaergia generates revenue primarily through the sale of its anaerobic digestion systems and related technologies, which are utilized to convert organic waste into biogas and fertilizers. The company earns money through multiple revenue streams, including the installation and commissioning of its systems, ongoing maintenance services, and the sale of renewable energy credits associated with the biogas produced. Additionally, Anaergia may enter into long-term contracts with municipalities and private enterprises for the operation of waste-to-energy facilities, providing a steady income through service fees. Strategic partnerships with local governments and environmental agencies also contribute to its earnings by facilitating project funding and expanding its market reach.

Anaergia Financial Statement Overview

Summary

Anaergia is facing significant financial challenges across its income statement, balance sheet, and cash flow. The company has struggled with profitability, high leverage, and negative equity. While there is some revenue growth and improvement in free cash flow, the overall financial health remains precarious, requiring strategic actions to stabilize and improve its financial position.

Income Statement

Anaergia's income statement reveals a challenging financial position with negative net profit margins and EBIT margins over the years. Despite a recent revenue growth of 18.58% in TTM, the company has consistently reported negative net income, indicating ongoing profitability issues. The gross profit margin has improved slightly in TTM, but the overall profitability remains weak.

Balance Sheet

The balance sheet shows a concerning financial structure with negative stockholders' equity and high debt levels, resulting in a negative debt-to-equity ratio in TTM. The return on equity is positive in TTM due to negative equity, but this is not a sign of strength. The equity ratio is also negative, highlighting financial instability.

Cash Flow

Anaergia's cash flow statement indicates some improvement in free cash flow in TTM, but the overall cash flow position remains weak with negative operating cash flow in previous years. The free cash flow to net income ratio is positive, suggesting some ability to cover net losses, but the operating cash flow to net income ratio is negative, indicating operational cash flow challenges.

Breakdown	TTM	Mar 2025	Jun 2024	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	142.56M	111.65M	147.22M	162.85M	153.58M	128.04M
Gross Profit	38.27M	25.63M	14.60M	28.60M	31.63M	28.55M
EBITDA	-11.25M	-38.37M	-185.49M	-53.59M	-11.38M	-6.67M
Net Income	-22.61M	-42.89M	-182.60M	-74.71M	-9.38M	-16.82M
Balance Sheet
Total Assets	237.21M	233.33M	278.67M	935.11M	703.91M	452.23M
Cash, Cash Equivalents and Short-Term Investments	39.16M	30.22M	22.11M	55.38M	79.32M	41.16M
Total Debt	66.55M	71.71M	70.89M	377.65M	221.50M	168.63M
Total Liabilities	195.05M	180.12M	205.08M	592.97M	367.30M	326.46M
Stockholders Equity	-62.92M	-57.65M	-55.38M	208.84M	218.02M	43.27M
Cash Flow
Free Cash Flow	7.55M	-41.01M	-130.87M	-152.97M	-127.54M	-100.57M
Operating Cash Flow	15.03M	-30.23M	-66.76M	-30.56M	-38.95M	26.63M
Investing Cash Flow	-25.18M	10.90M	-27.80M	-192.50M	-149.62M	-154.48M
Financing Cash Flow	1.54M	32.52M	64.76M	198.13M	229.91M	153.87M

Anaergia Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ANRG, the sentiment is Negative. The current price of 2.11 is below the 20-day moving average (MA) of 2.23, below the 50-day MA of 2.32, and below the 200-day MA of 2.14, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.61 is Neutral, neither overbought nor oversold. The STOCH value of 76.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ANRG.

Anaergia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ANRG	54 Neutral	C$389.59M	51.19	36.36%	―	28.43%	80.34%
YES	49 Neutral	C$32.08M	-10.14	-17.79%	―	-27.40%	23.40%
ECM	41 Neutral	C$39.69M	-5.91	5297.73%	―	135.68%	68.99%
ROOF	41 Neutral	C$29.08M	-3.11	307.55%	―	12.06%	-52.13%
CMC	39 Underperform	C$11.53M	-5.76	-352.14%	―	―	-72.78%

Anaergia Corporate Events

Anaergia Wins C$25 Million in New Spanish Biomethane Plant Contracts

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 covering more than 15 plants. The new facilities, to be completed in about 18 months, will convert olive oil production waste into renewable biomethane, reinforcing Anaergia’s role in Europe’s renewable energy build-out and underscoring growing demand for technologies that both decarbonize the energy mix and reduce the environmental and cost burdens of agricultural and organic waste management.

The most recent analyst rating on (TSE:ANRG) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Names Sasha Rollings-Scattergood Chief Technology Officer to Drive Global RNG Technology Strategy

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 R&D efforts. In the expanded role, he will oversee the commercialization of proprietary systems, manage the global intellectual property portfolio and head the technology profit and loss function, reinforcing the link between innovation, project delivery and Anaergia’s long-term growth and global expansion; the move is intended to strengthen execution capabilities and cement the company’s technology leadership in the clean energy and waste-to-RNG markets.

The most recent analyst rating on (TSE:ANRG) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Partners with PepsiCo Mexico for Waste-to-Energy Project

Anaergia Technologies has signed a contract with PepsiCo Mexico Foods to provide an integrated waste-to-energy solution at a food production facility in Mexico. This project, Anaergia’s first in Mexico, will convert 50,000 tons of organic residuals into carbon-negative biomethane annually, reducing greenhouse gas emissions by up to 4,000 tons of CO2 per year. The initiative underscores Anaergia’s expanding global footprint and commitment to sustainable practices, while also enhancing PepsiCo’s environmental sustainability efforts.

The most recent analyst rating on (TSE:ANRG) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Secures C$43.8 Million Contract for Renewable Power Facility in San Diego

Anaergia Technologies has been awarded a C$43.8 million contract by the East County Advanced Water Purification Joint Powers Authority in San Diego to design and build a renewable power generation facility. This project will enhance energy resilience and reduce operational costs by converting organic waste into renewable energy, furthering Anaergia’s role in advancing energy resilience and the circular economy in Southern California.

The most recent analyst rating on (TSE:ANRG) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Inc. Reports Strong Financial Growth and Strategic Advancements

Anaergia Inc. has reported significant financial improvements under the leadership of its new CEO, with a 77% increase in revenue and a return to positive Adjusted EBITDA in the third quarter of 2025. The company’s strategic realignment has bolstered its operational efficiency and profitability, supported by a growing revenue backlog and expanding project pipeline. Anaergia’s focus on technology innovation and sustainability positions it as a leader in the renewable natural gas and waste-to-value sectors, helping clients meet decarbonization goals while generating carbon-negative fuels. The company aims to build on its 2025 momentum by expanding service revenues and maintaining financial discipline to drive shareholder value and environmental impact.

The most recent analyst rating on (TSE:ANRG) stock is a Sell with a C$2.00 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Achieves Strong Financial Growth in Q3 2025

Anaergia Inc. reported a significant financial turnaround in the third quarter of 2025, with a 77% increase in revenue and a 146% rise in gross profit year-over-year. The company returned to positive Adjusted EBITDA, reflecting the success of its capital-light business model and strong market demand for renewable energy solutions. Anaergia’s revenue backlog grew to $287 million, indicating a robust project pipeline and a positive growth trajectory, as it continues to capitalize on its leadership in the renewable natural gas sector.

The most recent analyst rating on (TSE:ANRG) stock is a Sell with a C$2.00 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.

Anaergia Inc. Announces Q3 2025 Earnings Call

Anaergia Inc. has scheduled a conference call for November 12, 2025, to discuss its third-quarter financial results, which will be released after market close on November 11, 2025. The call will feature key executives and will be accessible via a webcast, with a replay available for one year. This announcement highlights Anaergia’s commitment to transparency and engagement with stakeholders, potentially impacting its market perception and investor relations.

The most recent analyst rating on (TSE:ANRG) stock is a Sell with a C$2.00 price target. To see the full list of analyst forecasts on Anaergia stock, see the TSE:ANRG Stock Forecast page.