For the year ended December 31, 2014 revenues increased to $28.2 million, an increase of $14.3 million, or 103% over 2013.
The increase in revenues in 2014 is primarily attributable to sales from the Company’s subsidiary, Scotia Atlantic Biomass Ltd., which operated for only four months in 2013. Scotia generated $9.3 million of additional revenue in 2014.
In addition, Viridis Merchants realized an increase in revenue of $5.1 million in 2014, primarily due to increased sales to the US Northeast, compared to 2013.
“Our efforts to create a solid foundation for growth materialized in 2014 with a doubling of revenue. Our 4Q continued to pick up this speed, setting the foundation for the year ahead. We achieved a consolidated gross margin of 19%, excluding depreciation, and expect this growth momentum to continue improving our margins. Another significant milestone for Viridis was reaching break-even EBITDA on a run rate basis by year end 2014,” commented Christopher Robertson, Viridis’ CEO.
Gross profit increased by $0.59 million to $1.2 million for the three month period ended December 31, 2014 from $0.6 million for the comparable period in 2013.
Gross profit increased by $0.4 million to $2.4 million in 2014 from $2 million in 2013. Gross profit as a percentage of revenues (“gross margin”) decreased to 8.6% in 2014 from 14.4% in 2013.
“Our strategy to expand and aggregate will be the cornerstone of our 2015 business plan. We are comfortable offering guidance of $36 million in revenue, positive EBITDA and cash flow for 2015,” concluded Mr. Robertson. Viridis Energy Inc. is a publicly traded, "Cleantech" manufacturer and distributor of renewable energy providing wood pellet biomass to global residential and industrial markets.
