Altius Renewable Royalties Reports Q1 2023 Financial Results
- Altius Renewable Royalties Corp. recorded $2.0 million in royalty revenue for Q1 2023, a significant increase from $0.6 million in Q1 2022. GBR's royalty portfolio grew due to the addition of new projects. The Corporation has a cash balance of $48.5 million and expected commitments of $10.0 million for 2023.
- None.
All currency references in USD unless otherwise indicated
ST. JOHN’S,
The Corporation’s
GBR’s royalty portfolio increased relative to the comparable period in 2022 from the additions of each of the Titan Solar, Young Wind, Appaloosa Run and Hansford County Wind projects, which were either acquired or reached operational status in the second half of 2022. Offsetting some of the production volume based growth were impacts from lower merchant pricing during the quarter that are largely a function of lower natural gas prices as compared to the prior year comparable period and mild winter weather.
The GBR Joint Venture continues to progress several new royalty investment opportunities spanning the full spectrum of development to production stage assets while several of its existing development stage royalty assets continue to advance towards construction and operations.
As of March 31, 2023, the Corporation held cash of
Commenting on the quarter, Frank Getman, CEO of GBR, said “Our royalty portfolio revenue and cash flow profile is benefitting from the addition of operational stage royalties while we are experiencing an increase in the number of potential investment opportunities we are seeing. This reflects strong industry tailwinds in the US that are related to supportive policies while at the same time competing equity and debt capital sources have tightened recently.”
Brian Dalton, CEO of ARR added that “The GBR joint venture continues to outpace our portfolio and production growth expectations as adoption of the royalty based funding model gains traction and appeal within the US renewable energy sector. We look forward to playing an increased role in supporting the energy transition and to adding further diversity and scale to the portfolio on behalf of shareholders.”
Non-GAAP Financial Measures
- Management uses the following non-GAAP financial measures: proportionate royalty and other revenue (“proportionate revenue”) and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA).
- Management uses these measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business which are held primarily in jointly controlled entities. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.
Conference Call Details
A conference call and webcast will be held on Monday, May 8, 2023 at 9:00 am EST to provide an update and to offer an open Q&A session for analysts and investors. Access details are as follows:
DATE |
Monday, May 8, 2023 at 9:00 am EST |
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EVENT |
ARR Q1 2023 Financial Results, ID 10413570 |
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DIAL IN |
+1 888 396 8049 OR +1 416 764 8646 |
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WEBCAST |
About ARR
ARR is a renewable energy royalty company whose business is to provide long-term, royalty-level investment capital to renewable power developers, operators, and originators. ARR currently has 10 renewable energy royalties representing 2,068 MW of renewable power on operating projects, and an additional approximately 6.0 GW on projects in the construction and development phases, across several regional power pools in the
Forward-looking information
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005476/en/
Flora Wood
Email: Flora@arr.energy
Tel: +1.877.576.2209
Direct: +1.416.346.9020
Ben Lewis
Email: Ben@arr.energy
Tel: +1.877.576.2209
Source: Altius Renewable Royalties Corp.
FAQ
What were Altius Renewable Royalties Corp.'s Q1 2023 financial results?
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