Greenlane Renewables Inc (GRN) AI Stock Analysis

• Market Cap: C$35.90M
• Dividend Yield: N/A
• Average Volume (3M): 235.24K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.33
• Revenue Growth: -30.45%
• EPS Growth: N/A
• Country: CA
• Employees: 92
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): >-0.01
• Shares Outstanding: 159,570,500
• 10 Day Avg. Volume: 171,558
• 30 Day Avg. Volume: 235,244
• PEG Ratio: 0.76
• Price to Book (P/B): 1.53
• Price to Sales (P/S): 0.81
• P/FCF Ratio: -33.52
• 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): 0.2
• Revenue Forecast (FY): C$227.07M

• Rating: 54 Neutral
• Price Target: C$0.21 ▼(-10.83% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by uneven financial performance (volatile revenue, still-negative earnings overall, and cash flow reverting to burn) and weak valuation support (very high P/E). Offsetting factors include a relatively strong balance sheet and a constructive earnings-call outlook with improving profitability, margins, backlog growth, and solid liquidity; technical indicators are neutral-to-mildly positive.

Positive Factors

Low leverage balance sheet

A conservative capital structure (very low debt-to-equity and modest absolute debt) reduces refinancing and interest risk and preserves financial flexibility. That stability supports multi-stage RNG project funding, allows opportunistic investments, and helps absorb timing delays in project revenue over the next several quarters.

Growing sales backlog

A materially larger backlog provides durable revenue visibility through project build cycles, smoothing the lumpiness typical of equipment sales. Strong backlog conversion over coming quarters can underpin utilization, operational leverage, and margin sustainability as fixed costs are absorbed and aftermarket revenue follows installed systems.

New Cascade LF technology

Introducing the Cascade LF system represents a structural product innovation that can expand addressable landfill gas opportunities and improve system economics. Positive early customer feedback suggests differentiation that could boost future equipment sales, increase aftermarket service demand, and strengthen competitive positioning once commercialized.

Negative Factors

Volatile revenue trends

Revenue lumpiness tied to project timing and customer financing undermines predictable top-line growth. Such volatility complicates capacity planning, weakens forward margin visibility, and increases execution risk for multi-quarter projects; sustained top-line inconsistency could slow deleveraging of fixed costs and margin normalization.

Inconsistent cash generation

Large swings in operating and free cash flow driven by working capital and project timing raise funding and execution risk. Inconsistent cash generation can constrain reinvestment in product commercialization and aftermarket capacity, and may necessitate external financing or curbs on growth if negative swings repeat.

Ongoing net losses

Despite marked improvement, cumulative losses and a still-negative net result limit shareholder returns and reduce equity cushions. Continued modest losses risk further equity erosion or the need for dilutive capital to fund growth, and they spotlight the importance of sustaining margin gains and backlog conversion to reach durable profitability.

Greenlane Renewables Inc Business Overview & Revenue Model

Company Description

Greenlane Renewables Inc. designs, develops, sells, and services a range of biogas upgrading systems worldwide. The company's systems remove impurities and separate carbon dioxide from biomethane in the raw biogas created from anaerobic decomposition of organic waste at landfills, wastewater treatment plants, and farms and for injection food waste facilities into the natural gas grid or for direct use as vehicle fuel. It offers water wash, pressure swing adsorption, and membrane separation technologies. The company markets and sells its upgrading systems under the Greenlane Biogas brand. The company was formerly known as Creation Capital Corp. and changed its name to Greenlane Renewables Inc. in June 2019. Greenlane Renewables Inc. was founded in 1986 and is headquartered in Burnaby, Canada.

How the Company Makes Money

Greenlane Renewables makes money primarily by selling biogas upgrading systems and related project delivery services to RNG project developers and site owners. Its core revenue stream is equipment and system sales delivered under project contracts (typically including design/engineering, procurement of core process equipment, fabrication/integration, installation/commissioning support, and performance validation). In addition to initial system sales, the company generates revenue from aftermarket and recurring sources tied to the installed base, such as spare parts/consumables, service and maintenance work, and operational support (when contracted). Project timing and revenue recognition are driven by the cadence of customer RNG project development and construction milestones, so earnings can be influenced by large contract wins, backlog conversion, and customer financing/regulatory conditions that affect RNG project investment decisions. Specific partnership details not publicly available in this prompt: null.

Greenlane Renewables Inc Financial Statement Overview

Summary

Balance sheet strength (low leverage) supports stability, but operating results are still fragile: revenue has been volatile, earnings remain slightly negative, and cash flow turned back to negative in 2025 after a strong 2024.

Income Statement

Revenue has been volatile: after declines in 2023–2024, 2025 returned to modest growth (+5.4% annually) but remains below the 2022 peak. Profitability is improving meaningfully from the deep 2023 loss (net loss of ~29.6M) to a much smaller 2025 net loss (~1.0M), and 2025 shows a small positive EBIT (~0.7M). However, earnings are still negative overall, and margins remain pressured given recent history.

Balance Sheet

Leverage appears conservative, with low debt relative to equity across the period (e.g., ~0.08–0.09 debt-to-equity in 2023–2024) and modest total debt in 2025 (~2.7M) versus equity (~23.7M). The main weakness is that shareholder returns have been negative due to ongoing losses (negative return on equity in 2023–2024), and equity has trended down from 2022 levels, reflecting cumulative profitability challenges.

Cash Flow

Cash generation has been inconsistent. 2024 was a bright spot with positive operating cash flow (~4.6M) and positive free cash flow (~4.5M), but 2025 reverted to cash burn (operating cash flow ~-0.5M; free cash flow ~-1.1M). Earlier years also show frequent negative free cash flow, indicating volatility in working capital and/or project timing, which adds execution risk despite the improved earnings trajectory.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	44.43M	51.82M	57.82M	71.24M	55.35M
Gross Profit	17.95M	15.43M	14.38M	14.93M	12.89M
EBITDA	1.93M	655.00K	-11.15M	-3.05M	-868.00K
Net Income	-1.04M	-1.86M	-29.58M	-5.50M	-2.45M
Balance Sheet
Total Assets	46.77M	45.35M	54.35M	83.39M	78.79M
Cash, Cash Equivalents and Short-Term Investments	18.11M	16.17M	11.79M	21.38M	31.47M
Total Debt	2.66M	2.07M	1.95M	1.24M	459.00K
Total Liabilities	23.09M	21.38M	29.05M	29.90M	22.30M
Stockholders Equity	23.67M	23.98M	25.30M	53.48M	56.48M
Cash Flow
Free Cash Flow	-1.08M	4.54M	-9.20M	-475.00K	-10.69M
Operating Cash Flow	-453.00K	4.62M	-9.00M	40.00K	-10.48M
Investing Cash Flow	296.00K	-53.00K	-311.00K	-9.91M	-217.00K
Financing Cash Flow	-385.00K	-278.00K	-265.00K	-231.00K	25.72M

Greenlane Renewables Inc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRN, the sentiment is Negative. The current price of 0.24 is below the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.23, and above the 200-day MA of 0.21, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 42.96 is Neutral, neither overbought nor oversold. The STOCH value of 17.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GRN.

Greenlane Renewables Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BRM	68 Neutral	C$40.13M	6.78	18.99%	―	-13.85%	-60.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
TMG	59 Neutral	C$25.61M	9.22	13.24%	―	-3.45%	-104.92%
GRN	54 Neutral	C$35.90M	-34.71	-4.33%	―	-30.45%	―
ACT	53 Neutral	C$561.08M	-21.37	-114.59%	―	-33.91%	-40.26%
QST	44 Neutral	C$8.89M	-3.39	-7.46%	―	87.15%	47.74%
SHRC	42 Neutral	C$16.41M	-4.72	399.66%	―	14.18%	-29.19%

Greenlane Renewables Inc Corporate Events

Greenlane Renewables Returns to Positive EBITDA and Advances Next-Gen Landfill Gas Technology

Greenlane Renewables reported fiscal 2025 results showing a return to positive adjusted EBITDA of $2.3 million, an improvement of $4.0 million from the prior year, on annual revenue of $44.4 million and gross profit of $18.1 million. The company ended the year with $17.7 million in cash, no debt besides payables, and a sales order backlog of $33.6 million, indicating solid revenue visibility despite lower year-over-year revenue.

Management highlighted a strategic pivot toward higher-margin segments, noting strong profitability from its parts, service, and proprietary standard products while deliberately winding down low-margin legacy system integration contracts. Greenlane also advanced its Cascade LF next-generation landfill gas upgrading product line and filed a patent for its Linear Nitrogen Rejection Unit, positioning the company for potentially higher-margin growth as it plans localized manufacturing in Brazil and targets first shipments by the end of 2026.

The most recent analyst rating on (TSE:GRN) stock is a Hold with a C$0.22 price target. To see the full list of analyst forecasts on Greenlane Renewables Inc stock, see the TSE:GRN Stock Forecast page.

Greenlane Renewables Tops 500 Biogas Systems Sold as Next-Gen Product Line Nears Production

Greenlane Renewables has surpassed sales of 500 biogas desulfurization and upgrading systems across 32 countries, up sharply from more than 355 systems in 28 countries a year earlier. The expanding installed base underlines strong demand for its technology in landfill gas-to-RNG, agricultural digesters, and wastewater treatment projects as customers seek to capture more methane and boost renewable natural gas output.

Management framed the milestone as validation of Greenlane’s long-standing leadership in the global RNG and biogas markets and of its ability to execute large-scale deployments. The company is focusing on bringing its next generation Cascade LF product line into production this year, a move aimed at enhancing landfill gas upgrading capabilities, improving project economics for developers, and reinforcing Greenlane’s long-term growth trajectory and technology leadership.

Greenlane is also investing in ongoing innovation, intellectual property development, and an expanded service offering to support customers across the lifecycle of their RNG assets. These efforts are intended to lower costs, raise performance, and make renewable natural gas projects more accessible and scalable for stakeholders worldwide.

The most recent analyst rating on (TSE:GRN) stock is a Hold with a C$0.22 price target. To see the full list of analyst forecasts on Greenlane Renewables Inc stock, see the TSE:GRN Stock Forecast page.