Evergen Infrastructure Corp.

all participants to our website at www.evergeninfra.com, where you will find a copy of the first quarter 2024 earnings presentation. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the first quarter 2024 management discussion and analysis. I will now turn the call over to Misha Zatman, Evergen Infrastructure's President and Chief Executive Officer, to begin.

Thanks Jeremy, and thanks a lot everyone for joining the call today. As you'll see, it was a constructive start to the year as we continue to ramp up Fraser Valley Biogas and develop our core project pipeline. We are all set and well established for continued long-term revenue growth. To go into more detail on our Q1 results, I'll hand it over to our Chief Financial Officer, Sean Hennessy.

Thank you, Misha, and welcome everyone to the Q1 Unix call. Q1 2024 was a strong quarter for Evergen, and as a result of the completion of the Fraser Valley Biogas RNG expansion in December, as well as the commencement of RNG production at Brotek in Q3 2023, revenues increased 92% compared to Q1 2023. During the same period, our direct operating costs after adjusting for depreciation increased by only 14%. And as a result, our adjusted EBITDA increased to $654,000 for Q124, up from $18,000 from last year. Our net loss was impacted by the absence of a contingent consideration gain recorded in Q123. And the increase in revenues touched on earlier was partially offset by an increase in depreciation and as well as finance costs both related to the completion of the Fraser Valley biogas energy expansion. Our cash and working capital balances were utilized for Fraser Valley biogas. During Q1 2024, we drew down $3 million under a $3.5 million term loan, which improved the working capital deficit by $2.5 million. In summary, Q1-24 represents the strongest first quarter results in Evergent's history, and RNG production reports were broken at Fraser Valley Biogas during a period where the facility is still in a ramp-up phase. As we look forward, the focus is on maximising the production capability of the Fraser Valley Biogas facility to continue to drive revenue and earnings growth. I'll now hand the presentation back to Misha.