Pinnacle Renewable Energy reported revenues of $131.7 million in 3Q 2020, $39.1 million, or 42% higher than 3Q 2019 revenues of $92.6 million. The increase in revenues in 3Q 2020 versus the comparable quarter in 2019 results from higher production volumes at a number of the company's facilities during the quarter.
The company's Adjusted Gross Margin ("AGM") increased by $13.8 million to $31.7 million in 3Q 2020, compared to 3Q 2019, or 24.1% of revenue in 3Q 2020 (19.3% of revenue in 3Q 2019). AGM was $20 million, or 15.1% of revenue in 2Q 2020 and $17.9 million, or 19.3% of revenue in 3Q 2019.
Adjusted EBITDA was $10 million higher in 3Q 2020, coming in at $26.1 million, versus $16.1 million in 2Q 2020 and $13.6 million in 3Q 2019, while net income was $7.7 million compared with net income of $0.02 million in 2Q 2020 and a net loss of $1.5 million in 3Q 2019.
Pinnacle is the third largest producer of industrial wood pellets in the world. The company's products are used to displace fossil fuels in the production of baseload electrical power in key markets around the world.
