Altius Renewable Royalties Reports Q4 2023 and Year-End 2023 Financial Results
- Strong financial results for Altius Renewable Royalties Corp. (ATRWF) in Q4 and year-end 2023.
- Great Bay Renewables, the joint venture, reported a 44% increase in royalty revenue and an 89% increase in operating cash flows.
- Net loss for 2023 was $1.1 million, with proportionate revenue of $7.9 million.
- ARR entered into a $30 million royalty investment with Apex Clean Energy for the Angelo Solar project in Texas.
- The company holds cash of $88.7 million and expects renewable royalty revenue of $13.0 to $16.0 million for 2024.
- None.
All currency references in USD unless otherwise indicated
ST. JOHN’S,
The Corporation's
Selected financial information for the Corporation is included in the table below:
|
Year ended |
||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2021 |
|||||||
Revenue per consolidated financial statements |
$ |
2,665,000 |
|
$ |
781,000 |
|
$ |
82,000 |
|
Net loss |
|
(1,071,000 |
) |
|
(780,000 |
) |
|
(3,416,000 |
) |
Total assets |
|
214,989,000 |
|
|
201,613,000 |
|
|
165,565,000 |
|
Total liabilities |
|
9,618,000 |
|
|
6,566,000 |
|
|
6,510,000 |
|
|
|
|
|
||||||
Non-GAAP financial measures(1) |
|
|
|
||||||
Proportionate revenue (1) |
$ |
7,934,000 |
|
$ |
4,420,000 |
|
$ |
417,000 |
|
Adjusted EBITDA (1) |
|
3,765,000 |
|
|
830,000 |
|
|
(2,958,000 |
) |
Adjusted operating cash flow(1) |
|
2,986,000 |
|
|
163,000 |
|
|
(2,342,000 |
) |
ARR reported a net loss of
For the quarter ended December 31, 2023, ARR reported a net loss of
Full year production from royalties acquired in late 2022 led to higher royalty revenues for the quarter and year ended December 31, 2023, compared to prior year periods.
The Corporation’s current quarter and year end results reflect the proportionate share of increased revenues at GBR offset by the proportionate share of increased costs including GBR’s non-cash share of loss in equity investments Bluestar Energy Capital LLC ("Bluestar") and Nova Energy LLC ("Nova") of approximately
Subsequent to December 31, 2023 GBR announced that it had entered into a
For 2024, GBR expects to realize renewable royalty revenue of
At December 31, 2023 the Corporation held cash of
Commenting on the year, Frank Getman, CEO of GBR, said, "In 2023, we continued to make great progress in building our business. In addition to growing revenues by
Brian Dalton, CEO of ARR added, "As experienced royalty company builders, we recognize and appreciate the contrarian investment windows being presented by current market conditions and sentiment. These are the periods when opportunities are greatest to build long-term value through the royalty model and the GBR team has put itself in an excellent position to continue to seize the current opportunity."
Non-GAAP Financial Measures
- Management uses the following non-GAAP financial measures: proportionate royalty and other revenue (“proportionate revenue”, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) and adjusted operating cash flow. 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 Thursday, March 7, 2024 at 9:00 am EDT to provide an update and to offer an open Q&A session for analysts and investors. Access details are as follows:
DATE |
Thursday, March 7, 2024 at 9:00 am EDT |
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EVENT |
Altius Renewable Royalties Q4 and YE 2023 Financial Results Conference Call and Webcast |
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DIAL IN |
(+1) 888 886 7786 OR (+1) 416 764 8658 |
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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 has 34 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximate 5.8 GW on projects in construction and 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/20240306698146/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
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