Pinnacle Renewable Energy's 4Q 2020 revenue was $116.9 million, $25.4 million, or 27.8% higher than in the 4Q 2019 revenue of $91.5 million. 4Q 2020 net loss was $2.5 million versus $3.1 million in the 4Q 2019.
The net loss for 4Q 2020 includes $0.1 million for expenses related to the proposed acquisition of Pinnacle by Drax Group PLC and $0.2 million of net insurance benefits compared with $3 million in 4Q 2019.
Adjusted gross marginin 4Q 2020 was $19.8 million, or 17% of revenue compared to $16.4 million, or 17.9% of revenue in 4Q 2019.
4Q 2020 adjusted EBITDA was $15.4 million, or 13.2% of revenue compared to $11.3 million, or 12.3% of revenue in 4Q 2019.
Pinnacle Renewable Energy's revenue for fiscal 2020 totaled $490.5 million, or 29.8% higher than fiscal 2019 revenue of $377.8 million. Net loss in fiscal 2020 was $3.9 million, compared to a net loss of $10 million in fiscal 2019.
The company's adjusted gross margin for fiscal 2020 was $80.5 million, or 16.4% of revenue compared to $65 million or 17.2% of revenue in fiscal 2019. Adjusted EBITDA for fiscal 2020 was $61.6 million versus $47.2 million in fiscal 2019.
Pinnacle Renewable Energy is the second largest producer of industrial wood pellets in the world. The company operates nine production facilities in Western Canada and one in Alabama, with one additional facility under construction in Alabama and more in development.
