Pinnacle Renewable Energy ("Pinnacle") announced its financial results for the Q3 2019. Revenue totaled $92.6 million, an increase of 5.6% compared to $87.6 million for the 3Q 2018. The increase was primarily attributable to higher selling price per MT and a higher proportion of cost, insurance and freight contracts, as the company said in the press release received by Lesprom Network.
Pinnacle Renewable Energy reported a net loss of $0.7 million in 3Q 2019, compared to a net profit $1.5 million in Q3 2018.
Adjusted EBITDA totaled $14.3 million in Q3 2019, $0.2 million lower than the $14.5 million in Q3 2018. Increased revenue was more than offset by higher cash conversion costs (due primarily to fibre mix constraints which increased repair and maintenance costs), distribution costs and other expenses.
"The Q3 2019 was a challenging period as a number of our B.C. fibre suppliers curtailed operations, resulting in a transition to an increased use of harvest residuals in our production process, driving higher costs," said Rob McCurdy, CEO of Pinnacle.
Pinnacle produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.
