Atlantic Power and Infrastructure Corp Reports Record Quarterly Revenues and Profits

Rhea-AI Summary

Atlantic Power and Infrastructure Corp. (AWSL) reported a remarkable 135% increase in revenues year-over-year for Q2 2022, totaling $2.1 million, up from $0.9 million in Q2 2021 and 39% higher than the $1.5 million in Q1 2022. The company achieved profits of $0.3 million, driven by operating profits of $0.4 million. For the first six months of 2022, revenues reached $3.5 million, compared to $1.1 million in the same period last year. The significant growth is attributed to the acquisition of K.B. Industries, contributing notably to the total revenues.

Positive

• Q2 2022 revenues increased 135% year-over-year to $2.1 million.
• Profits of $0.3 million for Q2 2022 driven by operating profits of $0.4 million.
• YTD revenues for 2022 are $3.5 million, compared to $1.1 million in 2021.
• Successful acquisition of K.B. Industries contributing $2.1 million in revenues.

Negative

• None.

2022 Second Quarter Revenues Up 135% Year-over-Year and 39% over 2022 First Quarter

TAMPA BAY, FL / ACCESSWIRE / August 18, 2022 / Atlantic Power and Infrastructure Corp. (OTC PINK:AWSL) is pleased to announce strong revenue growth and record profits.

For the second quarter ended June 30, 2022, Atlantic Power and Infrastructure Corp. (API) reports revenues of $2.1 million compared to $0.9 million for the quarter ended June 30, 2021 and $1.5 million for the quarter ended March 31, 2022.

API reports profits of $0.3 million for the 2022 second quarter driven by operating profits of $0.4 million.

For the six months ended June 30, 2022, revenues are $3.5 million as compared to $1.1 million for the six months ended June 30, 2021.

API's operations generated positive cash flow of $0.3 million for the six months ended June 30, 2022.

API's CEO Kevin Bagnall stated; "Our record results demonstrate the success of our acquisition of K.B. Industries, UK Ltd. in August 2021, with that operation contributing $2.1 million in revenues to our $3.5 million in total revenues for the six months ended June 30, 2022. All revenues to date have come from our Flexi^®-Pavebusiness, for which we see continued strong growth potential as infrastructure spending budgets expand in the U.S. In addition, we are developing complimentary businesses within the API platform that protect the planet's environment and would significantly add to our future financial performance.

About Flexi^®-Pave

Flexi^®-Pave uses the natural, vulcanized strength of scrap tires, along with KBI's proprietary technology, and converts the "Recycled Tire Granules" into proven, sustainable infrastructure construction products. This massively porous but strong structural material can be used for a variety of infrastructure applications with demonstrated success. Applications include storm water management, water treatment and shoreline protection projects, including ship docks. Flexi^®-Pave offers long and short-term permeability, flexibility, crack resistance (even freeze-thaw conditions) trip hazard resistance and slip resistance. Notable locations include Yellowstone National Park; Arlington National Cemetery; Red Butte Gardens, Utah; Atlanta Georgia's Iconic Beltline; Kew Botanical Gardens, London England.

About Atlantic Power and Infrastructure Corp.

Atlantic Power and Infrastructure Corp. provides environmental technologies including converting recycled tire material into proven, sustainable infrastructure products. Its flagship product Flexi^®-Pave 's resounding strength, flexibility and porous nature which protects from land erosion has led to its use in high profile shoreline break walls and other marine and infrastructure projects. The Company's water purification technology removes harmful algae blooms from freshwater rivers and lakes, and Red Tide algae blooms from salt water. The Company further plans to utilize its existing bi-products and relationships to produce waste to energy power generation.

Submit enquiries to:
enquiries@apaicorp.com
Visit: www.AtlanticPIC.com
Tel. ++1 (727) 723-3300

Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth within this website and these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports, and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. Nothing within this site is meant to be a solicitation to buy.

SOURCE: Atlantic Power and Infrastructure Corp.

View source version on accesswire.com:
https://www.accesswire.com/712508/Atlantic-Power-and-Infrastructure-Corp-Reports-Record-Quarterly-Revenues-and-Profits

FAQ

What were the Q2 2022 revenues for Atlantic Power (AWSL)?

The Q2 2022 revenues for Atlantic Power (AWSL) were $2.1 million.

How much did Atlantic Power's (AWSL) profits increase in Q2 2022?

Atlantic Power (AWSL) reported profits of $0.3 million in Q2 2022.

What led to the revenue growth for AWSL in the second quarter of 2022?

The revenue growth was primarily due to the acquisition of K.B. Industries, contributing $2.1 million.

How did AWSL perform compared to the first quarter of 2022?

AWSL's Q2 2022 revenues increased by 39% compared to Q1 2022, which had revenues of $1.5 million.

What is the total revenue for Atlantic Power for the first half of 2022?

The total revenue for Atlantic Power for the first half of 2022 is $3.5 million.