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Anaergia
(TSX:ANRG)
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Rating:47Neutral
Price Target:
C$2.50
▼(-3.85% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by stressed fundamentals—negative equity and weak/negative free cash flow—despite improving revenue and margins. Technicals also remain unfavorable with the stock below key moving averages and a negative MACD. Partially offsetting this are a constructive earnings update with strong backlog/bookings and positive adjusted EBITDA, while valuation is moderate but not clearly cheap given the remaining profitability and cash conversion risks.
Positive Factors
Strong revenue growth and backlog
Rapid revenue growth combined with a substantial backlog provides meaningful visibility into future project activity. The contracted pipeline can support continued scaling, improve utilization of delivery capabilities, and reinforce Anaergia’s position in waste-to-energy infrastructure markets over coming quarters.
Negative Factors
Negative equity and balance-sheet risk
Negative equity reflects accumulated losses and materially reduces financial flexibility. It can make refinancing more difficult and increase reliance on external capital, while any need for additional financing could create dilution or constrain investment in projects and operating assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and backlog
Rapid revenue growth combined with a substantial backlog provides meaningful visibility into future project activity. The contracted pipeline can support continued scaling, improve utilization of delivery capabilities, and reinforce Anaergia’s position in waste-to-energy infrastructure markets over coming quarters.
Read all positive factors
Anaergia (ANRG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$441.08M
Dividend YieldN/A
Average Volume (3M)167.66K
Price to Earnings (P/E)28.8
Beta (1Y)1.05
Revenue Growth101.45%
EPS GrowthN/A
CountryCA
Employees285
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)0.09
Shares Outstanding172,974,230
10 Day Avg. Volume86,868
30 Day Avg. Volume167,660
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)-8.36
Price to Sales (P/S)2.15
P/FCF Ratio118.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.00Price Target Upside92.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)C$260.47M
Anaergia Business Overview & Revenue Model
Company Description
Anaergia Inc., together with its subsidiaries, provides solutions for the generation of renewable energy and conversion of waste to resources in Italy, North America, Europe, the Middle East and Africa, and the Asia Pacific. It operates through th...
How the Company Makes Money
Anaergia makes money primarily by designing, supplying, and delivering waste-to-energy and organics recovery projects, and by operating and owning certain assets once built.
Key revenue streams typically include:
- Project development and deliver...
Anaergia Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
Overall the call was positive: the company reported very strong top-line growth (Q2 revenue +98.1% YoY, YTD +109%), continued improvement in profitability (fourth consecutive quarter of positive adjusted EBITDA and sizable YoY EBITDA improvement), expanding backlog and notable contracted wins (CAD 66M in Q2) as well as the milestone of first delivery under California SB 1440 and a new credit facility to support growth. Key negatives are concentrated in specific assets (notably the Rhode Island Bioenergy Facility causing an approximate CAD 1.8M gross margin loss and keeping gross margins below expectations), an idled Charlotte facility, ongoing net losses (albeit much reduced), and quarter-to-quarter O&M timing volatility. Management emphasizes operational discipline and sees clear execution capacity to scale, while also exploring strategic options for underperforming assets.Positive Updates
Record Revenue Growth
Revenue for Q2 2026 was CAD 63.9 million, up 98.1% year-over-year (CAD +31.7M). Year-to-date revenue grew 109% to CAD 119.1 million from CAD 57.1 million.
Negative Updates
Underperforming Rhode Island Bioenergy Facility (RIB)
RIB produced an approximate CAD 1.8 million gross margin loss in Q2 2026 and is a material drag on consolidated gross margin and adjusted EBITDA. Management reports steady operational improvements but is exploring alternative options for the asset given continued underperformance.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Revenue for Q2 2026 was CAD 63.9 million, up 98.1% year-over-year (CAD +31.7M). Year-to-date revenue grew 109% to CAD 119.1 million from CAD 57.1 million.
Read all positive updates
Company Guidance
Management reiterated that the positive trajectory will continue, emphasizing conversion of a CAD 274.9 million revenue backlog and further ramping of platform assets while running the business with operational discipline; Q2 revenue nearly doubled YoY to CAD 63.9 million (YTD CAD 119.1M, +109% YTD), gross profit was CAD 14.5M (+38.2% YoY) with a Q2 gross margin of 22.7% (YTD 22.8%; excluding the Rhode Island asset’s ~CAD 1.8M gross margin loss margins would be ~3.2 ppt higher to ~26%), adjusted EBITDA was positive CAD 1.9M in Q2 (YTD positive CAD 3.0M, trailing-12-month CAD 9.7M), net loss narrowed to CAD 2.1M in Q2 (YTD loss CAD 6.5M), and management highlighted CAD 66M of Q2 bookings (including CAD 58M Neogenyx and CAD 8M Vanguard) while securing a CAD 20M revolving credit facility (accordion to CAD 30M); they said manufacturing can scale from one to three shifts and see a clear path to double– or triple‑digit revenue growth, but noted the Rhode Island asset remains under review and the previously expected breakeven timing for that facility is now unknown.Anaergia Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Jun 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 242.21M | 180.20M | 111.65M | 147.22M | 162.85M | 153.58M |
| Gross Profit | 47.31M | 40.01M | 25.63M | 14.60M | 28.60M | 31.63M |
| EBITDA | 7.92M | -7.66M | -38.37M | -185.49M | -53.59M | -11.38M |
| Net Income | 15.48M | 6.96M | -42.89M | -182.60M | -74.71M | -9.38M |
Balance Sheet | ||||||
| Total Assets | 260.90M | 237.94M | 233.33M | 278.67M | 935.11M | 703.91M |
| Cash, Cash Equivalents and Short-Term Investments | 25.66M | 43.45M | 30.22M | 22.11M | 55.38M | 79.32M |
| Total Debt | 74.57M | 64.69M | 71.71M | 70.89M | 377.65M | 221.50M |
| Total Liabilities | 205.13M | 179.27M | 180.12M | 205.08M | 592.97M | 367.30M |
| Stockholders Equity | -48.97M | -46.28M | -57.65M | -55.38M | 208.84M | 218.02M |
Cash Flow | ||||||
| Free Cash Flow | -5.58M | 3.26M | -41.01M | -130.87M | -152.97M | -127.54M |
| Operating Cash Flow | 1.76M | 9.88M | -30.23M | -66.76M | -30.56M | -38.95M |
| Investing Cash Flow | -26.52M | -22.89M | 10.90M | -27.80M | -192.50M | -149.62M |
| Financing Cash Flow | 16.05M | 5.21M | 32.52M | 64.76M | 198.13M | 229.91M |
Anaergia Technical Analysis
Positive
2.60
Price Trends
2.45
Positive
2.66
Negative
2.57
Positive
Market Momentum
0.02
Positive
55.56
Neutral
44.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ANRG, the sentiment is Positive. The current price of 2.6 is above the 20-day moving average (MA) of 2.57, above the 50-day MA of 2.45, and above the 200-day MA of 2.57, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 55.56 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ANRG.
Anaergia Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | C$441.08M | 28.84 | -29.88% | ― | 101.45% | ― | |
45 Neutral | C$40.06M | -132.50 | -6.70% | ― | 11.30% | 97.22% | |
44 Neutral | C$11.97M | -3.14 | 123.35% | ― | ― | 94.33% | |
41 Neutral | C$25.66M | -1.49 | 152.16% | ― | 6.95% | -13.65% |
* Industrials Sector Average
TSE:ANRG
Anaergia
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Anaergia Corporate Events
Business Operations and StrategyFinancial Disclosures
Anaergia Nearly Doubles Q2 Revenue as Backlog Climbs and Profitability Improves
Positive
Aug 10, 2026
Anaergia reported Q2 2026 revenue of $63.9 million, a 98.1% increase year-over-year, driven mainly by higher capital project execution in Italy, other European markets, and North America. Gross profit rose to $14.5 million, while Adjusted EBITDA t...
Business Operations and StrategyFinancial Disclosures
Anaergia to Release Q2 2026 Results and Host Investor Webcast
Positive
Aug 5, 2026
Anaergia Inc. is a technology company focused on the renewable natural gas sector, developing proprietary systems that convert organic waste into RNG, fertilizer, and water. Leveraging hundreds of patents and extensive engineering and project deli...
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.