Greenlane Renewables Inc.

Good afternoon, ladies and gentlemen. Welcome to the Greenland Renewables Inc. Second Quarter 2024 Results Conference Call. At this time, all participants are in listen-only mode. Following the results, we will conduct a question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then 0. Today's call is being recorded and a replay will be available on the GreenLane website. I will now turn the call over to Darren Seed with Insight Capital Markets. You may begin your conference.

Thank you, operator, and good afternoon. Welcome to the GreenLane Renewable Second Quarter 2024 conference call. I'm joined today by Ian Cain, GreenLane's President and Chief Executive Officer, and Monty Balderson, GreenLane's Chief Financial Officer. Before beginning our formal remarks, we'd like to remind listeners that today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Green Lane Renewables does not undertake to update any forward-looking statements except as may be required by applicable laws. Listeners are urged to review the full discussion of risk factors in the company's annual information form, which has been filed with the Canadian securities regulators. Lastly, while this conference call is open to the public and for the sake of brevity, questions will be prioritized for analysts. Now I'll turn the call over to Ian.

Good afternoon and thank you everybody for participating on the call today. I would like to start off with a brief recap of our business progress. before I turn the call over to Monty for more detailed review of the numbers. We reported 14.6 million in revenue and adjusted EBITDA loss of 0.8 million, while continuing to work towards our goal of becoming adjusted EBITDA positive. We've seen robust sales from both our ADEP division and our service business this quarter. And building on the success of our biogas desulfurization product line in Europe, we have delivered the first Cascade H2S unit in North America. These products and services contracts are helping drive our financial goals valued by our stakeholders as we shift into our next phase of market and related product development. The overall market backdrop for the biogas upgrading portion of our business however, has been challenging. Our drive towards our goal of adjusted EBITDA this year requires refilling our biogas upgrading system sales order backlog. We have seen several project opportunities in the late stage of sales final process experience delays associated with our customers' final decisions to start construction. We continue to anticipate converting them into purchase orders soon. In the meantime, we've taken action to help reduce the cost in affected parts of our business. We've realigned some resources and reduced the related workforce count, which Monty will get into shortly. As noted in our news release today, we've been awarded four new service contracts for biogas upgrading systems. The systems were recently supplied to a number of large US-based RNG facilities. With 25 new biogas upgrading system projects recently completed or nearly completed, the company is pursuing service contracts for this new installed base by the end of the year. The company is generating profitable recurring revenue from securing these multi-tier service and maintenance agreements servicing the RNG facilities. Securing these new service contracts is testament to the hard work and dedication of our service team. Our goal of acquiring multiple new contracts by year-end is ambitious but achievable as we continue to provide first-class service and support to our customers. We are known for our large facility expertise where Greenland services all facilities with variable gas flow rates and helps factor in winning these new contracts. I want to thank all those who have continued to support Greenland as our business evolves as a leading global provider of biogas upgrading systems and join us in our mission to help clean up two of the largest and most difficult to decarbonize sectors of the global energy system. the natural gas grid, and commercial transportation. I will now pass the call over to Monty.