HomeBiogas improved profitability in 2025 and reduced cash burn, but the core story is still the gap between a large and conditional carbon backlog and a narrow cash base that requires proof of funding and execution already in 2026.
HomeBiogas's carbon backlog is mostly long-dated contractual visibility, and only a relatively small portion is close to revenue because conversion still depends on approvals, financing, and installation pace.
HomeBiogas’s funding room at the end of 2025 is much tighter than the cash balance alone suggests, because most of the liquidity stack is already lined up against near-term obligations, while the remaining tools are dilutive equity, temporary internal deferrals or performance-li…
