Anaergia Inc. (ANRG-T) reported a successful Q4 with revenue, profit and net income all improved from the same quarter in 2024, a sign its capital-light operating model is on the right track, CEO Assaf Onn said.

The Burlington, Ont.-based biogas firm reported Q4 revenue of $71.7 million, a year-over-year (YoY) increase of 111 per cent. Gross profit was $16.1 million, a 79-per-cent jump over the year prior. Net income was $11.4 million in Q4 2025, up from a net loss of $15.4 million in Q4 2024.

The results, which were accompanied by its year-end financials, show an upswing from the nadir the company was in from 2023 to 2024, when it operated at a consistent loss and year-end revenue was less than half of where it ended in 2025.

“2025 was a historic year for Anaergia,” Onn said in a conference call about its latest financial results. “We improved how we run the business. We focused on execution and we remained disciplined about the opportunities we pursue.”

Anaergia’s technology turns organic matter from sources such as municipal solid waste or wastewater into biomethane, a renewable fuel.

Delivering on a plan

From 2024 to 2025, Anaergia’s year-end revenue increased by 61 per cent, going from $111.6 million to $180.2 million. The increase was fuelled mainly by strong sales in Italy and North America, CFO Greg Wolf said on the call.

Increased project activity, improved execution and a focus on profitable capital sales drove a similar boost to its gross profit, Wolf said. Anaergia’s gross profit for 2025 ended at $46.8 million, up 82 per cent compared to $25.6 million the year prior.

Anaergia ended 2025 with a revenue backlog of $257 million, a 149 per cent increase compared to $103 million at the end of 2024.

More than doubling Anaergia's Q4 revenue and a positive adjusted EBITDA of approximately $600,000 for full-year 2025 “was our plan,” Onn said.

“We delivered it, the result of a clear strategy and disciplined execution.”

Anaergia's global opportunities

Anaergia’s executives also laid out the company’s upcoming projects on the call.

For 2026, Anaergia identified opportunities for growth in the build-own-operate asset class. It will evaluate its options for a facility in Charlotte, N.C. which was paused in 2025. A facility in Rhode Island is being restarted to a more consistent production. Finally, Anaergia has a project in California which is planned to be the first to supply renewable natural gas under the state’s procurement program.

2025 was a strong year for project bookings, COO Yaniv Scherson said on the call.

The company saw particularly strong momentum in Europe. In Spain, Anaergia received a commitment for over 15 biomethane facilities in a $184-million framework. In Italy, it secured a multimillion-dollar project platform contract.

“These projects reflect the scale of demand in the market and our ability to deliver within structured, multi-project portfolios,” Scherson said.

In North America, the company expanded its scope in California with projects such as being awarded a $43.8-million design-build contract by the East County Advanced Water Purification Joint Powers Authority in San Diego. It also signed a deal with Pepsi’s Mexico subsidiary to supply technology for an initiative to turn organic waste into biomethane.

As part of its capital-light model, Anaergia will focus on supplying its technology; engineering, procurement, and construction delivery; and long-term maintenance, Scherson said.

Anaergia is seeing momentum around the world for its business, he continued, with incentives for renewable natural gas use in Canada, the U.K., Italy and California.

The company is also receiving “very interesting calls” from governments interested in energy security, Onn said in response to an analyst’s question about how the Iran war has affected Anaergia.