Pinnacle Renewable Energy’s (“Pinnacle”) 1Q 2019 revenue totaled $89.6 million, an increase of 26.2% compared to $71 million for the 1Q 2018.
Pinnacle reported a net loss of $6.3 million in 1Q 2019, compared to $12.8 million in Q1 2018. Net profit in 1Q 2019 was $0.2 million. Comprehensive loss for 1Q 2019 was $6.8 million. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) totaled $8.3 million in 1Q 2019, compared to $12 million in Q1 2018.
“Our strong 1Q revenue growth reflects early contributions from our new production facilities and the continued market demand,” said Rob McCurdy, CEO of Pinnacle.
Pinnacle is a rapidly 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.
Photo: Rob McCurdy, CEO of Pinnacle.