Greenlane 2026年Q2财报电话会议：业务进展与增长前景

发布时间：2026-08-19 一、AI总结内容 一、核心业绩与财务 1. Q2 2026实现经调整EBITDA转正，摊销前毛利率维持41%（加拿大元）2. Q2收入同比低于上年同期，因上年同期含大额零部件订单及许可收入，剔除后系统销售（沼气脱硫）贡献90万加元增量3. 期末现金及等价物1200万加元，无债务，在手订单积压2560万加元，不含零部件业务订单 二、战略进展与产品规划 1. 与松下达成协议：在巴西建立Cascade LF、Cascade MS产品量产基地，松下投资200-300万加元改造生产线，格林莱恩负责产品设计、供应链及销售等2. Cascade LF核心氮气回收装置（NRU）测试超预期，甲烷回收性能优异，计划2026年底前实现量产准备3. 美国沼气市场：填埋气占美国RNG产量64%，2025年新增20个填埋气项目，仍有约700座潜在可开发填埋场4. 欧洲沼气市场：2026年Q2末装机产能达82亿立方米/年，同比增17%，投资达360亿欧元，欧盟2030年潜力31-32亿立方米、2050年163-184亿立方米 三、增长机遇与后续看点 1. Cascade LF与Cascade MS目标市场为巴西、美国、加拿大，总可寻址市场（TAM）达6亿加元，约为公司上年营收14倍2. 未来12-18个月需关注Cascade LF商业化进展、客户拓展及量产落地3. 研发投入同比翻倍至80万加元，维持在创新投入同时改善核心业务盈利能力 二、音频原文（转写） there's some spare parts is not included in thebacklog, so any increases that you're seeing there, you're not going to see come through in thesales under backlog. And Stephanie, gross marginbefore amortization remains strong at 41% thisquarter. As Cascade LF enters the market and theproduct mix evolves, how should investors thinkabout the sustainability of margins going forward? Yes, that's a really good question. So with theannouncement of the agreement of Panasonic, oneof the part of those agreements is a technologylicensing agreement, which is going to be royalty based revenue. And if you look, we have kind o f a baseline for historical royalty-based margins that are significantly higher than I would sayour historical systems business has allowed. This quarter marked a return to positive adjustedEBITDA, Stephanie, while maintaining investmentin research and development. What are the key operational milestones investors should watch overthe next 12 to 18 months This green lane workstoward consistently profitable growth. Thanks, Dan. I'd like to say that. we had are indeed investments of around 800,000, which is consistent with what we saw in Q1. And in Q2, we were able to achieve a positive adjusted EBITDA result. aswe're working towards production readiness at the end of 2026. hello Castiel, yes. results willcome sometime thereafter. Okay, thanks Stephanie. And Brad, today you stated that the total addressable market size for Cascade ALAB and CascadeMS six hundred million dollars. I believe thisis the first time you've mentioned this number.What can you say about where this number comes from and how investors should think about Greenlane's growth prospects? Yes, a big number. 系啊。It's the first time we'vetalked about it. Stephanie's mentioned it. I'vementioned it now today. Um, So before I talk about where it comes from, what is the first thingto talk about. So what it is is. It's the addressable market with 2 products. So remember, we'vegot multiple product lines, but the 2 new products. So the Cascade LF. that together comes withthat, the CAT-8MS. 呃 So between those 2 products, but also specific geographies. So that is thespecific geographies of Brazil. U.S. and canadaSo that's. in products three geographies Is thescope of that number. big number. and where itcomes from is we typically and i think investorshave seen from us we typically rely on iea dataso that's the international rate energy agencies data they tend to be one of the more credible data sources in the industry 嗯。 We show that in our. investor information that'son our website So we rely on that. It has a projection through 2035. Um. using some of our internal management estimates together with the IAEAdata, we put together what we believe can be the the number of upgraders that are necessary tosatisfy the incremental year-by-year biometron growth in those 3 geographies in the sectors in which those 2 new products address. so 嗯。 six hundred million just to put that into context. it's roughly 14x our last year's revenue as incremental opportunity that were targeted うん。togo after. So when we talk about. adding step change profitable growth with Cascade LF and Cascade MS This is what we're talking about. Perfect.Well, thanks, Brad. Thank you, Stephanie. And welook forward to seeing everyone For the next quarter's review, with that, say good afternoon. All one. As a reminder, all figures are in Canadian dollars unless otherwise stated. Our financial performance reflects the progress we are making in executing our strategic plan. Revenue and adjusted EBITDA in Q22026 are lower than the sameperiod last year due to the recognition of royalty revenue and a large parts order that occurred in Q22025. Excluding these two items, the NAGAresults improved. moved over the same period last year, driven by a zero point nine million improvement in system sales revenue largely from biogas desulfurization sales. Q two twenty twentysix marked a return to positive adjusted EBITDA,and we maintained a strong gross margin beforeamortization of forty one percent, reflecting the continued benefits of our focus on the most profitable business areas disciplined project execution and operational efficiency. At the same time, as Brad noted, we continue to Investing in our next generation cast-ADLF landfill gas operat ing technolo