EverGen Infrastructure Corp. (EVGN) AI Stock Analysis

• Market Cap: C$11.10M
• Dividend Yield: N/A
• Average Volume (3M): 58.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• Revenue Growth: -20.29%
• EPS Growth: -326.08%
• Country: CA
• Employees: 35
• Sector: Energy
• Sector Strength: 52
• Industry: Regulated Gas
• EPS (TTM): -0.05
• Shares Outstanding: 22,428,057
• 10 Day Avg. Volume: 118,375
• 30 Day Avg. Volume: 58,458
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 1.43
• P/FCF Ratio: 49.37
• 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): -0.19
• Revenue Forecast (FY): C$15.25M

• Rating: 48 Neutral
• Price Target: C$0.49 ▼(-10.91% Downside)

The score is primarily weighed down by weak financial performance (declining revenue, negative profitability, and negative operating/free cash flow). Technical indicators are somewhat supportive near-term (price above 20/50DMA with relatively strong RSI), but longer-term trend levels and a near-flat/negative MACD temper that support. Valuation is constrained by a negative P/E and no provided dividend yield.

Positive Factors

Renewable RNG and organic waste focus

EverGen’s core business—producing renewable natural gas (RNG) from organic waste and operating biogas facilities—aligns with multi-year decarbonization agendas. Structural demand from utilities, regulators, and corporates supports long-term offtake opportunities and steady project pipelines.

Long‑term contracts and diversified revenue streams

Revenue built on long-term contracts with utilities and industrial customers plus tipping fees creates predictable cash flows and revenue diversification. This contract mix reduces volume volatility and supports facility-level economics over multiple years, aiding project financing and planning.

Moderate leverage and equity financing

A moderate debt-to-equity (~0.66) and a meaningful equity base provide financial flexibility to fund near-term projects without excessive leverage. This balance can support growth investments while keeping refinancing risk manageable across typical multi‑year project timelines.

Negative Factors

Declining revenue trend

Negative revenue growth over the trailing period signals challenges scaling operations or securing feedstock/offtake expansions. Persistent top-line contraction undermines economies of scale, pressure on unit margins, and the company’s ability to cover fixed costs across an asset‑heavy business model.

Sustained negative profitability across margins

Consistent negative margins at gross, EBIT, EBITDA and net levels indicate structural issues in project economics or cost base. Without margin recovery, the business cannot self-fund expansion, erodes investor returns, and increases dependence on external capital for operations and growth.

Negative operating and free cash flow

Ongoing negative operating and free cash flow suggests the company is burning cash from core operations, limiting reinvestment capacity. Over months this raises financing needs, heightens dilution/refinancing risk, and constrains the ability to complete projects or absorb operational shocks.

EverGen Infrastructure Corp. Business Overview & Revenue Model

Company Description

EverGen Infrastructure Corp. (EVGN) is a Canadian company focused on the development and operation of renewable energy infrastructure, primarily in the biogas and organic waste management sectors. The company aims to facilitate the transition to a sustainable energy future by producing renewable natural gas (RNG) and managing organic waste through its innovative facilities. EverGen's core services include the generation of RNG from organic waste sources, as well as providing waste management solutions that contribute to reducing greenhouse gas emissions.

How the Company Makes Money

EverGen Infrastructure generates revenue primarily through the sale of renewable natural gas (RNG) produced from its biogas facilities. The company enters into long-term contracts with customers, including utilities and industrial users, providing a steady income stream. Additionally, EverGen may earn revenue from tipping fees associated with organic waste management services, where businesses and municipalities pay to dispose of organic waste. Partnerships with local governments and other stakeholders enhance the company’s ability to secure organic waste sources and expand its operational footprint. Furthermore, incentives and subsidies from government programs aimed at promoting renewable energy can also contribute to its earnings.

EverGen Infrastructure Corp. Financial Statement Overview

Summary

EverGen Infrastructure Corp. faces significant financial challenges. The income statement shows declining revenues and negative profitability margins. The balance sheet reflects moderate leverage but poor returns on equity. Cash flow issues further compound the company's financial instability, with negative growth and liquidity concerns. Overall, the company's financial health is weak, requiring strategic improvements.

Income Statement

EverGen Infrastructure Corp. shows declining revenue with a negative growth rate of -11.29% in the TTM period. Profitability metrics are weak, with negative net profit and EBIT margins, indicating operational challenges. The gross profit margin is marginally positive at 6.89%, but overall, the income statement reflects financial instability and declining performance.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.68, suggesting a balanced approach to leverage. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholder investments. The equity ratio is not explicitly calculated, but the balance sheet shows a relatively stable equity base compared to total assets.

Cash Flow

Cash flow metrics are concerning, with a significant decline in free cash flow growth and a negative free cash flow to net income ratio. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. Overall, the cash flow statement highlights liquidity issues and inefficiencies in cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.66M	14.23M	8.44M	7.46M	9.56M	0.00
Gross Profit	-272.00K	994.00K	-1.46M	-2.49M	6.79M	0.00
EBITDA	-15.05M	-11.23M	-1.87M	-1.51M	770.00K	149.00K
Net Income	-18.03M	-16.73M	-4.42M	-4.10M	-1.95M	-2.23M
Balance Sheet
Total Assets	76.54M	77.70M	93.53M	85.96M	80.61M	50.51M
Cash, Cash Equivalents and Short-Term Investments	2.91M	414.00K	585.00K	8.85M	19.60M	4.68M
Total Debt	27.39M	26.63M	24.16M	11.54M	9.76M	3.45M
Total Liabilities	32.76M	35.70M	35.95M	24.57M	19.24M	18.60M
Stockholders Equity	41.32M	39.43M	55.32M	58.92M	61.37M	31.91M
Cash Flow
Free Cash Flow	-3.61M	411.00K	-16.77M	-9.02M	-3.51M	-46.00K
Operating Cash Flow	-2.02M	4.06M	307.00K	-1.35M	-1.92M	-46.00K
Investing Cash Flow	810.00K	-3.65M	-16.66M	-7.47M	-14.99M	-23.53M
Financing Cash Flow	2.78M	-582.00K	8.08M	-1.92M	34.19M	28.58M

EverGen Infrastructure Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EVGN, the sentiment is Positive. The current price of 0.55 is above the 20-day moving average (MA) of 0.38, above the 50-day MA of 0.39, and above the 200-day MA of 0.49, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 71.08 is Negative, neither overbought nor oversold. The STOCH value of 92.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EVGN.

EverGen Infrastructure Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ALA	64 Neutral	C$12.77B	16.43	9.01%	2.99%	-0.68%	49.61%
SPB	54 Neutral	C$1.65B	82.94	2.49%	2.54%	6.58%	9.33%
WRG	54 Neutral	C$74.45M	-10.86	-2.38%	―	-0.38%	6.98%
BIPC	54 Neutral	C$8.38B	-42.16	―	4.56%	3.29%	76.89%
HWO	49 Neutral	C$11.17M	-52.07	-0.80%	―	-75.46%	-100.66%
EVGN	48 Neutral	C$11.10M	-0.40	-38.52%	―	-20.29%	-326.08%

EverGen Infrastructure Corp. Corporate Events

EverGen Secures 20-Year RNG Offtake Deal with FortisBC

EverGen Infrastructure Corp., through its wholly owned subsidiary Fraser Valley Biogas, has brought into effect a new 20-year Biomethane Purchase Agreement with FortisBC Energy Inc. for the sale of renewable natural gas produced at its Fraser Valley facility. Under the deal, FortisBC will purchase RNG for injection into its natural gas system, supporting its strategy to expand renewable and lower-carbon gas supplies while securing a long-term, contracted revenue stream for EverGen and reinforcing one of British Columbia’s earliest RNG supply relationships, thereby strengthening EverGen’s platform stability and its role in the province’s lower-carbon energy transition.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.43 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.

EverGen Reshapes Balance Sheet With FCC Debt Deal and $1.9 Million Equity Raise

EverGen Infrastructure Corp. has strengthened its balance sheet by closing a $13 million asset-level term loan and operating line with Farm Credit Canada through its Fraser Valley Biogas subsidiary, using the proceeds primarily to repay $12 million of higher-cost corporate debt and significantly reduce annual debt service. The company also completed a second tranche of its non-brokered private placement, raising approximately $1.9 million at $0.60 per share, which, together with the new facility, enhances financing alignment with project cash flows, lowers corporate leverage and provides additional capital flexibility to support organic growth, optimization projects and general corporate purposes, while signalling institutional and insider confidence in the platform’s future performance.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.43 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.

EverGen Secures New Credit Facility and Extends Private Placement to Bolster 2026 Outlook

EverGen Infrastructure Corp. has strengthened its balance sheet strategy by entering into a Credit Agreement, through its Fraser Valley Biogas subsidiary, with Farm Credit Canada for a $13 million term loan and a $250,000 operating line of credit, intended largely to refinance existing corporate debt on terms better aligned with its current operations and strategic focus. In parallel, the company is extending the second tranche of its non-brokered private placement of up to 3,333,334 common shares at $0.60 per share for gross proceeds of up to $2 million, following a first tranche that raised $5 million in May 2025; proceeds will be used primarily to pay down indebtedness and support working capital and general corporate purposes, moves that collectively aim to improve financial flexibility and support EverGen’s growth outlook for 2026 in the renewable natural gas sector.

The most recent analyst rating on (TSE:EVGN) stock is a Hold with a C$0.40 price target. To see the full list of analyst forecasts on EverGen Infrastructure Corp. stock, see the TSE:EVGN Stock Forecast page.