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Greenlane Renewables’ Q2 Loss Widens Despite Record Revenues

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The Canadian company’s net loss doubled even though its revenues grew 44% year-over-year.

Greenlane Renewables, Inc.’s (TSE: GRN) second-quarter results were a mixed bag. While the Canadian firm’s loss widened year-over-year, its revenues rose to a record level.

What Does Greenlane Renewables Do?

Headquartered in British Columbia, Greenlane Renewables supplies biogas upgrading systems. These systems use organic waste to produce renewable natural gas. The organic waste comes from dairy farms, wastewater treatment plants, landfills and food waste.

A Snapshot of GRN’s Q2 Results

Revenues increased 44% year-over-year to a record C$18.1 million, and gross profit climbed 34% to C$3.9 million.

Adjusted EBITDA declined to a loss of C$400,000 from a profit of C$100,000 in the second quarter of last year. Net loss doubled to C$2.2 million from C$1.1 million in the previous year.

Sales order backlog stood at C$40.7 million as of June 30, 2022, and cash and cash equivalents totaled C$23.2 million.

The President and CEO of Greenlane Renewables, Brad Douville, said, “On the back of another record revenue quarter for Greenlane, we remain optimistic about our long-term outlook…We continue to invest in building the company and strengthening the team to position for further growth.”

Is Greenlane Renewables Stock a Good Buy?

Investors looking for long-term returns could consider buying GRN stock as renewable energy is the future. On TipRanks, Greenlane Renewables has a Strong Buy consensus rating, which is based on four unanimous Buys. GRN’s average price target of C$2.46 implies upside potential of 173.3%. Shares of Greenlane Renewables have grown 18.4% over the last three months.

Lastly, financial bloggers are 100% Bullish on the stock, compared to the sector average of 66%.

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