04:31 PM EDT, 08/14/2025 (MT Newswires) -- Greenlane Renewables ( GRNWF ) after trade Thursday said it swung to a profit in the second quarter on improved revenue, with its chief executive saying the company overall is "trending in the right direction, but still have much to accomplish".

Greenlane posted net and comprehensive income of $1.4 million compared to a loss of $416,000 a year earlier and reported revenue of $15.1 million, up 3% from the year-prior period.

"Our second quarter results reflect positive progress on all fronts of our 2025 strategic plan, which I set out early this year in my letter to fellow shareholders," said chief executive Brad Douville. "That strategy entails development of advanced products, superior project execution, a strong parts and service platform, and royalty revenue, all underpinned by financial discipline with relentless focus on improving adjusted EBITDA results and maintaining healthy cash reserves. This quarter's financial results indicate that overall we are trending in the right direction, but still have much to accomplish including launch of our next generation landfill gas upgrading product line and establishment of our own manufacturing."

Douville added: "Of particular note this quarter is the royalty contract revenue and its corresponding gross margin contribution. Greenlane reached the second anniversary of its technology licensing agreement with a local partner in Brazil which triggered revenue recognition of the agreement's one-time minimum volume commitment. As a reminder, Greenlane entered into this technology licensing agreement with the primary aim of accelerating growth of production of biomethane in Brazil, the world's largest sugarcane producing region. This continues to represent one of the most exciting long-term growth opportunities in our portfolio. With over 400 sugar mills, located in agricultural regions far from the Amazon rainforest, the scale of this market is vast and still largely untapped. As with any new market, especially one of this size and complexity, we expect the trajectory to be uneven during the early commercialization phase. However, we believe the long-term potential of sugar mill-based biomethane production in Brazil is significant, and we are well-positioned to participate meaningfully as the sector scales."

Regarding the launch of a next generation landfill gas upgrading product line, Douville said the company is looking ahead to the upcoming product reveal next month. "The new product line will incorporate the contents of our recent patent applications that relate specifically to proprietary system architecture and process enhancements that optimize oxygen and nitrogen removal, two of the most persistent technical barriers to efficient landfill gas upgrading ... We believe that the launch of this product line will enable renewed growth driving long-term value and reinforce our leadership in distributed, dispatchable and decarbonized energy production solutions."

Greenlane shares closed down $0.005 to $0.095 on the Toronto Stock Exchange.