Anaergia (ANRG) Q4 2025 earnings summary

Executive summary

• Achieved record revenue growth of 61% year-over-year to $180.2 million for 2025, with gross profit up 82% and positive Adjusted EBITDA for the full year, marking a significant turnaround.

• Revenue backlog more than doubled to $257 million, up 149% year-over-year, providing strong visibility into future revenue and reflecting strong commercial momentum.

• Major commercial wins and multi-project commitments secured across Europe, North America, APAC, and Latin America, with expanded customer relationships and partnerships.

• Management attributes improvements to a shift toward a capital-light, vertically integrated model and operational discipline.

Financial highlights

• Q4 2025 revenue was $71.7 million, up 111% from Q4 2024; full-year revenue reached $180.2 million, up 61%.

• Q4 gross profit was $16.1 million (+79% YoY); full-year gross profit was $46.8 million (+82% YoY), with gross margin improving to 26% from 23% in 2024.

• SG&A expenses reduced to $60 million for the year, down from $66.8 million in 2024.

• Net loss improved to $4.5 million from $55.9 million in 2024; Q4 net income was $11.4 million, compared to a loss of $15.4 million in Q4 2024.

• Adjusted EBITDA for Q4 was $4.2 million (vs. -$6.3 million in Q4 2024); full-year Adjusted EBITDA was $0.6 million (vs. -$26.9 million in 2024).

Outlook and guidance

• Revenue backlog of $257 million and a pipeline exceeding $1 billion support continued growth, with BOO assets expected to contribute positively to cash flow in 2026.

• Management expects continued momentum in capital sales and O&M, with no revenue pull-forward in 2025 and seasonality expected to persist.

• Targeting Adjusted EBITDA margin of 10%+ in the longer term through top-line growth and SG&A optimization.

• Focus remains on scaling capital-light, vertically integrated project delivery and expanding recurring O&M revenue.