08:16 AM EDT, 07/08/2024 (MT Newswires) -- Anaergia ( ANRGF ) , a renewable fuels company, over the weekend reported first-quarter and fourth-quarter results

The company reported a first-quarter net loss of $11.5 million, or $0.02 per share, as compared with a loss of $8.4 million, or $0.10, per share, a year earlier.

A $10.1 million gain in last year's first quarter from the sale of the company's stake in a subsidiary that owned a biogas facility in Denmark wasn't repeated in this year's first quarter.

Revenue for the quarter ended March 31 declined by a third to $25 million from $37.1 million a year ago. Revenue fell primarily because of the completion of Italian Capital Sales projects, and some projects face customer delays and delays in new signings, the company said.

Separately, the company reported a fourth-quarter net loss of $34.1 million, narrower than a loss of $41.3 million a year ago.

The increase was mainly due to a loss related to the deconsolidation of the Rialto Bioenergy Facility during the second quarter of 2023, estimated credit loss expenses taken during fiscal 2023, a single event where a letter of credit related to a terminated operation and maintenance contract was drawn, and a larger loss from operations due to increased selling and general administrative expenses.

Revenue for the fourth quarter dropped to $33.4 million from $41 million a year ago. The decrease was driven mainly by lower capital sales revenue in the third quarter of 2023 due to a combination of some projects nearing completion, some projects facing customer and vendor delays, and delays in new project signings.

The company said Andrew Spence resigned as chief financial officer for personal reasons following the first-quarter filing. Anaergia ( ANRGF ) has named Gregory Wolf as interim CFO.