Viridis Energy’s 1Q sales increased by 55%

Market: Biofuel
May 29, 2015
May 29, 2015. /Lesprom Network/. Viridis Energy Inc. reported its financial results for its 1Q ended March 31, 2015. Revenues increased to $8.8 million during the three-month period ended March 31, 2015, an increase of $3.1 million, or 55% from $5.6 million for the comparable period in 2014, as the company said in the press release received by Lesprom Network.

The Company’s 1Q 2015 revenue also represents the fifth quarter of sequential growth, increasing approximately $450,000 or 5% over the 4Q 2014.

“Five sequential quarters of revenue growth, supported by an appreciable increase in Viridis Merchants business, is confirmation of our aggregation strategy implemented a year ago,” said Christopher Robertson, CEO. “Clearly, the growth in demand for wood pellets in the residential heating market, coupled with the quality of our premium pellets, are positioning Viridis to benefit from this fast developing trend.”

EBITDA was a loss of $514,000 for the period ended March 31, 2015, compared to an EBITDA loss of $1.1 million the same period last year.

Viridis Energy Inc. is a publicly traded, "Cleantech" manufacturer and distributor of renewable energy providing wood pellet biomass to global residential and industrial markets.



Topics: Finance

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