Xebec Adsorption Inc. (TSX: XBC) announced today its financial results for Q2 2021, which recorded $32.7 million in revenue. This is an increase from Q1 2021’s $20.6 million and Q2 2020’s $19.6 million.
The clean energy firm relayed that the increase is mainly due to the result of acquisitions made in 2020 and 2021, including ACS, HyGear, Inmatec, and several service companies. However, this revenue contribution is partially offset by lower revenues coming from the company’s long-term production-type renewable natural gas projects.
“While we still saw a meaningful impact from our legacy production-type RNG contracts, I am happy to report that this impact will be reduced going forward,” Xebec Adsorption CEO Kurt Sorschak said in a statement.
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The company continued to record a net loss for the quarter amounting to $7.5 million compared to last quarter’s net loss of $9.2 million and last year’s net loss of $0.8 million. This net figure translates to $0.05 loss per share.
At quarter’s end, the firm’s cash and restricted cash balance is at $79.9 million compared to its balance at the start of the year of $168.6 million.
While the company’s revenue guidance stays to be between $110 and $130 million, adjusted EBITDA margins are being lowered to a negative range of -3.0% to -4.0%. The company further reasons that the adjusted EBITDA margins are being impacted by new investments and lower gross margins from RNG projects. For Q2 2021, adjusted EBITDA came in at a loss of $4.6 million compared to a loss of $0.1 million last year.
Xebec Adsorption last traded at $3.75 on the TSX.
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