04:36 PM EDT, 05/28/2024 (MT Newswires) -- EverGen Infrastructure ( EVGIF ) shares edged lower and closer to 52-week low levels on Tuesday, and the company then marked the closing bells by announcing a widened in its first-quarter loss, despite revenues nearly doubling.

The renewable-natural gas (RNG) company said it lost $1.3 million, or $0.10 per share, in the quarter, widening from $1.0 million, or $0.07, in the year-prior period which was burnished by a gain.

Among highlights, revenues of $3.2 million for the quarter increased 92%, from $1.7 million , primarily due to record RNG production and associated revenues from the completion of the Fraser Valley Biogas project in December, and the start of RNG production at GrowTEC in the late second quarter of 2023.

Adjusted EBITDA of $0.7 million increased from nil, on higher revenue, partially offset by an increase in direct operating costs commensurate with increased RNG production.

Other highlights included, record quarterly renewable natural gas production. Fraser Valley Biogas achieved record daily and monthly RNG production following the successful completion of the project

"With the completion of the expansion at Fraser Valley Biogas in December 2023, our capital investments have translated into significant revenue growth," chief executive Mischa Zajtmann said in a release. "As we continue to ramp up RNG production and advance the development of our core project base, we expect to achieve continued revenue growth."

EverGen shares closed down $0.01 to $1.99 on the TSX Venture Exchange, nearer to a 52-week low $1.95.