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Greenlane Renewables Inc
(TSX:GRN)
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Rating:50Neutral
Price Target:
C$0.22
▲(0.00% Upside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by weak financial performance—declining revenue, ongoing losses, and negative TTM operating/free cash flow—despite low leverage and improved margins. Technical signals are broadly neutral with the stock below key longer-term moving averages. Valuation provides limited support due to a negative P/E and no indicated dividend. Offsetting these, the earnings call added a moderate positive boost on strategic progress (Panasonic partnership, technical milestones, improved profitability indicators) but with meaningful commercialization and backlog visibility risks.
Positive Factors
Panasonic partnership expands manufacturing and market access
The Panasonic agreement could improve manufacturing capacity and support commercial scaling of Cascade LF and Cascade MS. Greenlane retains product design, sales and servicing, while the stated market opportunity provides a meaningful path to broader adoption.
Negative Factors
Persistent revenue contraction and losses
Multi-year revenue decline indicates that project conversion and demand have not yet produced sustainable growth. Despite improved gross margins, continuing operating and net losses limit internal funding capacity and leave the business dependent on a successful commercial recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Panasonic partnership expands manufacturing and market access
The Panasonic agreement could improve manufacturing capacity and support commercial scaling of Cascade LF and Cascade MS. Greenlane retains product design, sales and servicing, while the stated market opportunity provides a meaningful path to broader adoption.
Read all positive factors
Greenlane Renewables Inc (GRN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$34.36M
Dividend YieldN/A
Average Volume (3M)235.24K
Price to Earnings (P/E)―
Beta (1Y)1.85
Revenue Growth5.01%
EPS Growth-3122.22%
CountryCA
Employees113
SectorIndustrials
Sector Strength72
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)-0.03
Shares Outstanding159,794,220
10 Day Avg. Volume171,558
30 Day Avg. Volume235,244
Financial Highlights & Ratios
PEG Ratio0.77
Price to Book (P/B)1.53
Price to Sales (P/S)0.81
P/FCF Ratio-33.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.2
Revenue Forecast (FY)C$227.07M
Greenlane Renewables Inc Business Overview & Revenue Model
Company Description
Greenlane Renewables Inc. provides biogas desulfurization and upgrading systems and services worldwide. Its systems produce clean; renewable natural gas from organic-waste sources, including landfills, sugar mills, dairy farms, wastewater, and foo...
How the Company Makes Money
Greenlane Renewables primarily makes money by selling biogas upgrading systems and related equipment to project developers and site owners that produce renewable natural gas. Its core revenue stream is project-based: customers contract Greenlane t...
Greenlane Renewables Inc Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed materially positive strategic and technical progress — notably the Panasonic manufacturing partnership, successful linear NRU tests demonstrating superior methane recovery, a clear TAM estimate ($600M), a return to positive adjusted EBITDA and a healthy balance sheet (CAD $12.1M cash, no debt). Offsetting factors include reported YoY revenue/adjusted EBITDA declines driven by prior-year one-time items, a sequential backlog decline, increased R&D spend (+100% YoY) and timing/execution risk as production readiness and commercial revenue for Cascade LF remain future milestones. On balance, the operational and technical milestones and improved profitability indicators outweigh the short-term financial and timing headwinds.Positive Updates
Cascade LF Commercialization Milestones
Signed definitive manufacturing and technology agreements with Panasonic to produce Cascade LF and Cascade MS modules in São José dos Campos, Brazil; Panasonic initial investments expected BRL 8-10 million (approximately CAD 2-3 million). Greenlane retains product design, supply chain management, sales and servicing. Targeting production readiness by end of 2026. Management estimates a combined total addressable market (Cascade LF + Cascade MS in Brazil, U.S. and Canada) of approximately $600 million annually (~14x last year's revenue).
Negative Updates
Year-over-Year Revenue and Adjusted EBITDA Decline (Reported)
Reported revenue and adjusted EBITDA for Q2 2026 were lower than Q2 2025 due primarily to the recognition of royalty revenue and a large parts order in Q2 2025. Management indicates underlying operations improved when excluding those one-time items, but headline YoY comparisons are negative (no quantified YoY percentage provided in the call).
Read all updates
Q2-2026 Updates
Positive
Negative
Cascade LF Commercialization Milestones
Signed definitive manufacturing and technology agreements with Panasonic to produce Cascade LF and Cascade MS modules in São José dos Campos, Brazil; Panasonic initial investments expected BRL 8-10 million (approximately CAD 2-3 million). Greenlane retains product design, supply chain management, sales and servicing. Targeting production readiness by end of 2026. Management estimates a combined total addressable market (Cascade LF + Cascade MS in Brazil, U.S. and Canada) of approximately $600 million annually (~14x last year's revenue).
Read all positive updates
Company Guidance
Management guided to production readiness for the next‑generation Cascade LF (and Cascade MS) by year‑end 2026, framed a total addressable market of roughly $600 million annually (two products across Brazil, U.S. and Canada — ~14x last year’s revenue), announced a Panasonic Brazil manufacturing partnership with initial investments of BRL 8–10 million (CAD 2–3 million), and highlighted successful linear NRU testing (noting each 1% improvement in methane recovery yields a 1% revenue increase); Q2 metrics cited included a 41% gross margin before amortization, a return to positive adjusted EBITDA, R&D of ~$0.8 million, $12.1 million cash, no debt, a $25.6 million sales order backlog (service/spare parts excluded) and a $0.9 million YoY improvement in system sales from desulfurization — all set against market context figures (U.S. landfills produce 64% of U.S. RNG from ~600 sites, 20 new landfill projects in 2025 added ~40 billion cubic feet or ~75% of 2025 biogas capacity additions, ~700 additional suitable landfills; Europe installed biomethane capacity 8.2 bcm, +17% YoY, with EUR 36 billion committed vs. EUR 28 billion prior and projected incremental additions of ~9 bcm by 2030, EU27 potential 31–32 bcm in 2030 and 163–184 bcm by 2050).Greenlane Renewables Inc Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
68
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.21M | 44.43M | 51.82M | 57.82M | 71.24M | 55.35M |
| Gross Profit | 16.51M | 17.95M | 15.43M | 14.38M | 14.93M | 12.89M |
| EBITDA | -1.67M | 1.93M | 655.00K | -11.15M | -3.05M | -868.00K |
| Net Income | -4.33M | -1.04M | -1.86M | -29.58M | -5.50M | -2.45M |
Balance Sheet | ||||||
| Total Assets | 41.85M | 46.77M | 45.35M | 54.35M | 83.39M | 78.79M |
| Cash, Cash Equivalents and Short-Term Investments | 12.09M | 18.11M | 16.17M | 11.79M | 21.38M | 31.47M |
| Total Debt | 2.46M | 2.66M | 2.07M | 1.95M | 1.24M | 459.00K |
| Total Liabilities | 20.80M | 23.09M | 21.38M | 29.05M | 29.90M | 22.30M |
| Stockholders Equity | 21.05M | 23.67M | 23.98M | 25.30M | 53.48M | 56.48M |
Cash Flow | ||||||
| Free Cash Flow | -4.20M | -1.08M | 4.54M | -9.20M | -475.00K | -10.69M |
| Operating Cash Flow | -3.60M | -453.00K | 4.62M | -9.00M | 40.00K | -10.48M |
| Investing Cash Flow | -1.24M | 296.00K | -53.00K | -311.00K | -9.91M | -217.00K |
| Financing Cash Flow | -418.00K | -385.00K | -278.00K | -265.00K | -231.00K | 25.72M |
Greenlane Renewables Inc Technical Analysis
Positive
0.22
Price Trends
0.22
Positive
0.22
Negative
0.23
Negative
Market Momentum
>-0.01
Negative
54.71
Neutral
60.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRN, the sentiment is Positive. The current price of 0.22 is above the 20-day moving average (MA) of 0.21, above the 50-day MA of 0.22, and below the 200-day MA of 0.23, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.71 is Neutral, neither overbought nor oversold. The STOCH value of 60.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GRN.
Greenlane Renewables Inc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$27.35M | 18.39 | 29.96% | ― | 9.19% | 711.11% | |
70 Outperform | C$59.19M | 9.44 | 41.45% | ― | 32.16% | 94.55% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | C$9.44M | -4.50 | -10.19% | ― | -19.72% | 6.79% | |
52 Neutral | C$745.37M | -36.75 | -82.91% | ― | -6.54% | -47.73% | |
50 Neutral | C$34.36M | -7.90 | -8.55% | ― | 5.01% | -3122.22% | |
46 Neutral | C$19.75M | -5.69 | 140.29% | ― | 4.99% | 12.40% |
* Industrials Sector Average
TSE:GRN
Greenlane Renewables Inc
0.22
-0.01
-4.44%
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Greenlane Renewables Inc Corporate Events
Business Operations and Strategy
Greenlane Renewables Wins $2.5 Million Cascade H2S Order to Expand North American RNG Footprint
Positive
Aug 19, 2026
Greenlane Renewables has secured approximately $2.5 million in equipment and service contracts from an existing U.S. customer that operates renewable natural gas-producing assets.The deal expands the installed base of Greenlane’s proprietary...
Business Operations and StrategyFinancial Disclosures
Greenlane Renewables Posts Positive Q2 Adjusted EBITDA and Advances Next-Gen Landfill Gas Technology
Positive
Aug 13, 2026
Greenlane Renewables reported second-quarter 2026 revenue of $11.3 million with gross profit of $4.4 million and a modestly positive adjusted EBITDA, despite a net loss of $0.9 million, supported by a $25.6 million sales order backlog and $12.1 mi...
Business Operations and StrategyFinancial Disclosures
Greenlane Renewables Sets Date for Q2 2026 Financial Results and Investor Update
Positive
Aug 6, 2026
Greenlane Renewables said it will release its financial results for the second quarter ended June 30, 2026 after markets close on August 13, 2026. Following the release, Chief Executive Officer Brad Douville and Chief Financial Officer Stephanie M...
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.