Net revenue

Enviva Partners Reports 18% Increase in First Quarter Net Revenue

Enviva Partners‘ (the “Partnership”) increased $36.6 million, or 17.9%, for Q1 2021 compared to Q1 2020, primarily due to a $26.7 million increase in sales of revenue and a $9.9 million increase in other income.

Gross margin for 1Q 2021 decreased by $5 million, or 18.3%, compared to 1Q 2020, mainly due to a $6.8 million increase in amortization expense associated with the acquisitions of July 2020 and $8 million less in changes in unrealized derivative instruments, which were primarily offset by a 14% increase in product sales volumes.

Adjusted EBITDA for 1Q 2021 increased by $17.2 million, or 58.8%, compared to 1Q 2020, mainly due to higher sales volumes and higher prices due to the composition of customer contracts.

“Given that the 1st quarter of the year is usually our period of low seasonality, we were very pleased to report a 59% increase in adjusted EBITDA compared to the same period last year,” said said John Keppler, President and CEO. “Production and sales from the recently acquired Greenwood and Waycross plants and the performance of our sales and operations teams, who continued to deliver high quality, uninterrupted deliveries to our customers, fueled our strong financial results. Building on this, we look forward to the ongoing commissioning and production ramps at the Northampton and Southampton plant expansions, driving further margin increases throughout the year, in support of our previously announced forecasts.

Enviva Partners, LP is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and transforms it into a transportable form, wood pellets.