Greenlane Renewables Inc.

Good afternoon ladies and gentlemen and welcome to the GreenLane Renewables 3rd Quarter 2024 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 the star button followed by the number 1 on your telephone keypad. Should you need assistance during this conference call, you may signal an operator by pressing the star button followed by the number 0. Today's call is being recorded and the replay will be available on GreenLane's website. I will now turn the call over to Darren Seed from Inside Capital Markets. You may begin your conference.

Thank you, Operator, and good afternoon. Welcome to the GreenLane Renewables third quarter 2024 conference call. I'm joined today by Brad DeVille, GreenLane's 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, with this conference call, as it's open to the public and for the sake of brevity, questions will be prioritized for analysts before opening the call for others. Now, I'll turn the call over to Brad.

Good afternoon, and thank you, everyone, for joining us today. It's been over a a year since I last spoke on a GreenLane quarterly conference call, and I'm excited to be back. So let's get to it. I'll start with GreenLane's third quarter performance. Our performance in the quarter demonstrates our commitment to diligent completion of biogas upgrading system contracts, disciplined cost management, and realizing operational efficiencies. The result is an increase in revenue over the same quarter last year and a substantial improvement in our cash balance and adjusted EBITDA. Bonnie will expand on the numbers in a moment, and I encourage investors to look at our adjusted EBITDA trend over the last 18 months, which is heading in the right direction, demonstrating strong improvements. We've adapted accordingly, and in Q3, implemented changes to our cost structure through a reduction in workforce. This was to adjust for completion of projects, realized operational efficiencies, and opportunities in front of us. Our stated goal of achieving positive adjusted EBITDA for the full year depended on signing new biogas upgrading system contracts that have experienced delays associated with our customers' final decisions to start construction. As a consequence, while we maintain our goal of positive adjusted EBITDA, we have determined that it will not be achieved in 2024. As recently announced, we have increased our service business by adding maintenance contracts that generate additional opportunities from GreenLane's large installed customer base. GreenLane continues to expand its impact in RNG markets, completing over 20 biogas upgrading system projects in the last two years, over 145 in total. While uncertainties in customer project starts and competitive pressures continue to affect new biogas upgrader system sales, We are excited about Green Lane's future. We are well positioned to capitalize on the global push towards decarbonization, and our ongoing projects underscore our commitment to supporting a sustainable energy transition. We're confident that our streamlined, agile organization will continue to make meaningful contributions to the R&G industry. The R&G industry has seen some positive developments, and I wanted to encourage listeners today to check out the Green Lane Digest for RNG-related content we find interesting. For example, the IEA's recent report reflects optimism for the global renewable sector, emphasizing a collective effort to unlock the potential of bioenergy and biofuels. Notably, this year's report includes, for the first time, a dedicated chapter on renewable fuels covering bioenergy, biogases, hydrogen, and e-fuels, and anticipates a 30% increase in global demand for biogases, including both biogas and biomethane from 2024 to 2030. Referencing a separate article from the digest, the Brazilian market is advancing its renewable natural gas initiatives with the recent passage of the Future Fuels Law, a pivotal framework supporting decarbonization in sectors like transportation. The growth of the overall RNG industry continues to gain traction. The Coalition for Renewable Natural Gas reported that 433 RNG producing facilities are now operational across North America, marking a 44% increase from last year's 300 facilities. An additional 436 facilities are now in various stages of planning or construction, creating a robust pipeline of forthcoming projects. Beyond our evolving marketplace, service, and other business updates, Greenland is a pioneer and a leader in driving change, actively contributing to the decarbonization of our planet for over 35 years. It's not just a line, it's what we do. And while that's not easy, what we do matters. We set ourselves up for the longer term with a more nimble, fully capable organization as the foundation to continue to make a sustainable difference. With that, I will now turn the call over to Monty to take you through the numbers.