Pinnacle Renewable Energy ("Pinnacle") reported record revenues of $132.2 million in 2Q 2020, $28.1 million or 27% higher than 2Q 2019 revenues of $104.2 million and $21.5 million or 19% above the previous record of $110.7 million set in 1Q 2020.
The increase in revenues in 2Q 2020 results from an increase in production and shipment volumes at a number of the company's facilities and improved logistics and port operations during the quarter.
The company's Adjusted Gross Margin ("AGM") was $20 million or 15.1% of revenue in 2Q 2020, an increase of $10.9 million relative to 1Q 2020. AGM was $20.3 million or 19.5% of revenue in 2Q 2019.
Adjusted EBITDA increased $12.1 million in 2Q 2020, coming in at $16.1 million, versus $4 million in 1Q 2020 and increased 5% relative to the $15.3 million in 2Q 2019, while net income was $0.02 million compared with a net loss of $9.1 million in 1Q 2020 and net income of $1.5 million in 2Q 2019.
Pinnacle Renewable Energy is a growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.
