Altius Renewable Royalties Reports Q3 2022 Financial Results
Altius Renewable Royalties Corp. (OTCQX: ATRWF) reported its Q3 2022 financial results, showcasing significant improvements. The company achieved $0.2 million in revenue, up from $0.04 million in Q3 2021, and net earnings of $0.3 million, a turnaround from a $1.4 million loss in the previous year.
Additionally, the joint venture Great Bay Renewables raised its annual royalty revenue guidance to $6.5 million-$7.0 million, driven by stronger merchant power prices. Operating cash flows are now sufficient to cover overhead costs, supporting expected growth with new royalty projects.
- Revenue increased to $0.2 million in Q3 2022 from $0.04 million in Q3 2021.
- Net earnings improved to $0.3 million from a loss of $1.4 million year-over-year.
- Great Bay Renewables raised annual royalty revenue guidance to $6.5 million-$7.0 million.
- Operating cash flows are sufficient to cover overhead costs, indicating positive cash flow.
- None.
All currency references in USD unless otherwise indicated
ST. JOHN’S,
For the quarter ended
As a result, primarily due to stronger than forecast merchant power prices, the
Operating cash flows from the growing portfolio of operating assets is now sufficient to cover the overhead costs of GBR. This positive cash flow is expected to grow in the near term with three additional royalties totalling 975 MW of capacity coming online in early 2023. Furthermore, the Corporation continues to evaluate new royalty investment opportunities spanning the full spectrum of development to production stage assets, which could potentially augment its built-in growth profile.
New Royalty Investments
On
The
On
As of
Commenting on the quarter and recently announced transactions,
Non-GAAP Financial Measures
- Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty 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 its operating segments 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. 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
DATE |
|
|||
EVENT |
ARR Q3 2022 Conference Call and Webcast, ID 44414561 |
|||
DIAL IN |
+1 888 886 7786 OR +1 416 764 8658 |
|||
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 31 renewable energy royalties representing 665 MW of renewable power on operating projects and an additional approximately 6 GW on projects in the development phase, 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/20221107006153/en/
Email: Flora@arr.energy
Tel: 1.877.576.2209
Direct: +1.416.346.9020
Email: Ben@arr.energy
Tel: +1.877.576.2209
Source:
FAQ
What were Altius Renewable Royalties' Q3 2022 revenue figures?
What is the net earnings report for ATRWF in Q3 2022?
What is the new revenue guidance for Great Bay Renewables for 2022?