Viridis Energy Inc. recently reported full year and fourth quarter financial results for the year ended December 31, 2014. Revenues increased to $8.3 million during the three month period ended December 31, 2014, an increase of $2.2 million or 36% from $6.1 million for the comparable period in 2013. For the year ended December 31, 2014 revenues increased to $28.2 million, an increase of $14.3 million or 103% over 2013. The Company’s Q4 2014 revenue also represents the fourth sequential quarter of growth, increasing approximately $0.7 million or 9% over the third quarter 2014.
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 increasedsales 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 fourth quarter 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.
