Polaris Renewable Energy Announces Q3 2024 Results
Polaris Renewable Energy reported Q3 2024 financial results with consolidated energy production of 168,639 MWh, down from 178,877 MWh in Q3 2023. Revenue decreased to $17.7 million from $18.8 million, primarily due to lower production at the Nicaragua geothermal facility. Adjusted EBITDA was $12.4 million, compared to $13.7 million in Q3 2023. Net earnings were $451 ($0.02 per share), down from $1,018 ($0.05 per share) in Q3 2023. The company maintained stable operating costs and completed a solar panel optimization project in Dominican Republic. Post-quarter, Polaris announced a $20 million agreement to acquire the 26.0 MW Punta Lima Wind Farm in Puerto Rico.
Polaris Renewable Energy ha riportato i risultati finanziari del terzo trimestre 2024, con una produzione energetica consolidata di 168.639 MWh, in calo rispetto ai 178.877 MWh del terzo trimestre 2023. I ricavi sono diminuiti a 17,7 milioni di dollari rispetto ai 18,8 milioni, principalmente a causa della riduzione della produzione presso l'impianto geotermico in Nicaragua. EBITDA rettificato è stato di 12,4 milioni di dollari, rispetto ai 13,7 milioni del terzo trimestre 2023. Gli utili netti sono stati di 451 dollari (0,02 dollari per azione), in calo rispetto ai 1.018 dollari (0,05 dollari per azione) del terzo trimestre 2023. L'azienda ha mantenuto costi operativi stabili e ha completato un progetto di ottimizzazione dei pannelli solari nella Repubblica Dominicana. Dopo il trimestre, Polaris ha annunciato un accordo di 20 milioni di dollari per acquisire il parco eolico Punta Lima da 26,0 MW in Porto Rico.
Polaris Renewable Energy informó los resultados financieros del tercer trimestre de 2024, con una producción de energía consolidada de 168.639 MWh, inferior a los 178.877 MWh del tercer trimestre de 2023. Los ingresos disminuyeron a 17.7 millones de dólares desde 18.8 millones, principalmente debido a una menor producción en la instalación geotérmica de Nicaragua. EBITDA ajustado fue de 12.4 millones de dólares, en comparación con 13.7 millones en el tercer trimestre de 2023. Las ganancias netas fueron de 451 dólares (0.02 dólares por acción), en comparación con 1.018 dólares (0.05 dólares por acción) en el tercer trimestre de 2023. La empresa mantuvo costos operativos estables y completó un proyecto de optimización de paneles solares en la República Dominicana. Después del trimestre, Polaris anunció un acuerdo de 20 millones de dólares para adquirir el parque eólico Punta Lima de 26.0 MW en Puerto Rico.
폴라리스 재생 에너지는 2024년 3분기 재무 결과를 보고하며, 통합 에너지 생산량은 168,639 MWh로, 2023년 3분기의 178,877 MWh에서 감소했습니다. 수익은 1880만 달러에서 1770만 달러로 감소했으며, 이는 니카라과 지열 시설에서의 생산 감소에 주로 기인합니다. 조정된 EBITDA는 1270만 달러로, 2023년 3분기의 1370만 달러와 비교됩니다. 순이익은 451달러(주당 0.02달러)로, 2023년 3분기의 1018달러(주당 0.05달러)에서 감소했습니다. 회사는 안정적인 운영 비용을 유지했으며, 도미니카공화국에서 태양광 패널 최적화 프로젝트를 완료했습니다. 분기 후, 폴라리스는 푸에르토리코의 26.0 MW 푼타 리마 풍력 발전소를 인수하기 위한 2000만 달러의 계약을 발표했습니다.
Polaris Renewable Energy a publié les résultats financiers du troisième trimestre 2024, avec une production d'énergie consolidée de 168 639 MWh, en baisse par rapport à 178 877 MWh au troisième trimestre 2023. Le chiffre d'affaires a diminué à 17,7 millions de dollars contre 18,8 millions de dollars, principalement en raison d'une production inférieure dans l'installation géothermique du Nicaragua. EBITDA ajusté s'est élevé à 12,4 millions de dollars, par rapport à 13,7 millions de dollars au troisième trimestre 2023. Le bénéfice net était de 451 dollars (0,02 dollar par action), contre 1 018 dollars (0,05 dollar par action) au troisième trimestre 2023. L'entreprise a maintenu des coûts opérationnels stables et a terminé un projet d'optimisation des panneaux solaires en République dominicaine. Après le trimestre, Polaris a annoncé un accord de 20 millions de dollars pour acquérir le parc éolien Punta Lima de 26,0 MW à Porto Rico.
Polaris Renewable Energy hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einer konsolidierten Energieproduktion von 168.639 MWh, im Vergleich zu 178.877 MWh im 3. Quartal 2023. Der Umsatz sank auf 17,7 Millionen Dollar von 18,8 Millionen Dollar, hauptsächlich aufgrund niedrigerer Produktionsmengen in der geothermischen Anlage in Nicaragua. Bereinigtes EBITDA betrug 12,4 Millionen Dollar, verglichen mit 13,7 Millionen Dollar im 3. Quartal 2023. Der Nettoertrag betrug 451 Dollar (0,02 Dollar pro Aktie), im Vergleich zu 1.018 Dollar (0,05 Dollar pro Aktie) im 3. Quartal 2023. Das Unternehmen hielt die Betriebskosten stabil und schloss ein Projekt zur Optimierung von Solarpanelen in der Dominikanischen Republik ab. Nach dem Quartal kündigte Polaris eine Vereinbarung über 20 Millionen Dollar zum Erwerb des 26,0 MW Punta Lima Windparks in Puerto Rico an.
- Completed solar panel optimization in Dominican Republic expected to boost productivity by 15%
- Strong cash position of $46.4 million including restricted cash
- Stable operating costs despite expansion of operations
- Strategic acquisition of 26.0 MW wind farm pending for portfolio diversification
- Revenue decreased 5.9% YoY to $17.7 million in Q3 2024
- Net earnings declined 55.7% YoY to $451 in Q3 2024
- Energy production decreased 5.7% YoY to 168,639 MWh
- Adjusted EBITDA decreased 9.6% YoY to $12.4 million
TORONTO, ON / ACCESSWIRE / October 31, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three and six months ended September 30, 2024. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
HIGHLIGHTS
Consolidated energy production of 168,639 MWh in the third quarter compared to 178,877 MWh in the third quarter of last year.
The Company generated
$17.7 million in revenue from energy sales for the quarter ended September 30, 2024, compared to$18.8 million in the same period in 2023. Lower revenue resulted from, principally, lower production in the Company's geothermal facility in Nicaragua.Adjusted EBITDA was
$12.4 million for the three-month period ended September 30, 2024, compared to Adjusted EBITDA of$13.7 million in the same period in 2023 as a result of the revenue decrease, as explained above.Net earnings attributable to shareholders of the Company in the second quarter of 2024 were
$451 or$0.02 per share - basic, compared to net earnings attributable to shareholders of the Company of$1,018 or$0.05 per share - basic in the comparative quarter of 2023.Consolidated Direct Costs and General and Administrative expenses remained flat during the nine months ended September 30, 2024, when compared to the same period in 2023, despite the inclusion of a full quarter of operating costs for Vista Hermosa Solar Park in Panama (which was under construction until April 2023).
The reduction in production year over year was a combination of lower hydrology in Peru compared with the same period last year as well as expected declines and lower Binary unit output in Nicaragua. While production in Nicaragua was down year over year, it was sequentially higher than fourth quarter 2023 and first quarter 2024.
The Company concluded its phase 1 optimization project in the Dominican Republic, consisting of replacing
50% of its photovoltaic ("PV") panels at the solar plant Canoa 1. The replaced panels are expected to boost productivity of the plant by at least15% .For the nine-month period ended September 30, 2024, the Company generated
$26.0 million in net cash flow from operating activities, ending with a cash position of$46.4 million , including restricted cash.Subsequent to quarter end, on October 29, 2024, the Company announced it had signed an Equity Capital Contribution Agreement ("ECCA") with respect to Punta Lima Wind Farm LLC ("PLWF" or the "Project"), a wholly owned subsidiary of Santander Bank N.A. ("Santander"). The Project operates an onshore wind farm with a nameplate capacity of 26.0 MW's located in the Municipality of Naguabo, Puerto Rico. The transaction is being completed using a tax-equity structure which will result in Polaris, through a wholly owned subsidiary, operating the Project and Santander retaining a tax equity interest in the Project. The agreed upon equity
contribution is
OPERATING AND FINANCIAL OVERVIEW
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| Three Months Ended |
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| Nine MonthsEnded |
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| September 30, 2024 |
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| September 30, 2023 |
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| September 30, 2024 |
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| September 30, 2023 |
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Energy production |
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Consolidated Power MWh |
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| 168,639 |
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| 178,753 |
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| 568,959 |
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| 608,131 |
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Financials |
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Total revenue |
| $ | 17,658 |
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| $ | 18,842 |
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| $ | 56,992 |
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| $ | 59,774 |
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Net earnings attributable to owners |
| $ | 451 |
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| $ | 1,018 |
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| $ | 5,782 |
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| $ | 10,336 |
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Adjusted EBITDA |
| $ | 12,417 |
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| $ | 13,734 |
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| $ | 41,477 |
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| $ | 44,445 |
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Netcash flow from operating activities |
| $ | 8,991 |
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| $ | 13,451 |
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| $ | 25,975 |
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| $ | 33,793 |
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Per share |
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Net earnings attributable to owners - basic and diluted |
| $ | 0.02 |
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| $ | 0.05 |
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| $ | 0.27 |
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| $ | 0.49 |
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Adjusted EBITDA - basic |
| $ | 0.59 |
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| $ | 0.65 |
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| $ | 1.97 |
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| $ | 2.11 |
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Balance Sheet |
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| As at September 30, 2024 |
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| As at December 31, 2023 |
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Total cash and cash equivalents (Restricted and Unrestricted) |
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| $ | 46,363 |
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| $ | 44,683 |
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Total current assets |
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| $ | 57,605 |
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| $ | 54,042 |
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Total assets |
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| $ | 505,204 |
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| $ | 519,400 |
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Current and Long-term debt |
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| $ | 163,316 |
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| $ | 172,379 |
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Total liabilities |
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| $ | 238,727 |
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| $ | 249,468 |
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During the three months ended September 30, 2024, quarterly consolidated power production was lower than the same period in 2023. This was mainly driven by a decrease in production from the geothermal facility in Nicaragua and a below normal dry season in Peru.
Production in Nicaragua was lower year over year as a result of typical declines in steam production as well as lower production from the Binary unit. The Company made the decision to lower the throughput of the Binary unit in order to maintain declines from the steam field in our targeted range. It is important to note that the current quarter still represents the highest production from the San Jacinto plant in the last four quarters.
Consolidated production in Peru for the three months ended September 30, 2024, was
The Canoa 1 facility in the Dominican Republic increased generation by
For Ecuador, in the third quarter of 2024, HSJM's expected production of 6,535 MWh was in line with the production of the comparative period in 2023.
Similarly, Vista Hermosa Solar Park in Panama, connected to the electrical grid in April 2023, produced 4,447 MWh, which was in line with Company's expectations for the three months ended September 30, 2024.
" I am pleased with the EBITDA and cash flow generation in the current quarter despite that fact that it is always a seasonally weak quarter for us due to seasonality in Peru, which was even lower than normal. This has also been made possible through continued cost control measures and decreased G&A expenses - worth highlighting in the current economic environment. In addition, I am very excited about the recent acquisition announcement with respect to Punta Lima. It rounds out our generation mix, accelerates our diversification strategy and increases our ability to grow organically", said Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America. We are a high-performing and financially sound contributor in the energy transition.
The Company's operations are in 5 Latin American countries and include a geothermal plant (82 MW), 4 run-of-river hydroelectric plants (39 MW) and 3 solar (photovoltaic) projects in operation (35 MW).
For more information, contact :
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
Cautionary Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include, but is not limited to, financial and other projections as well as statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, business prospects and opportunities, construction plans in Panama, production in the fourth quarter in Nicaragua and synergies of the acquisitions discussed above, and the effects of the COVID-19 pandemic. In addition, statements relating to estimates of recoverable energy "resources" or energy generation capacities are forward-looking information, as they involve implied assessment, based on certain estimates and assumptions, that electricity can be profitably generated from the described resources in the future. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "estimates", "goals", "intends", "targets", "aims", "likely", "typically", "potential", "probable", "projects", "continue", "strategy", "proposed", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.
A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others: failure to discover and establish economically recoverable and sustainable resources through exploration and development programs; imprecise estimation of probability simulations prepared to predict prospective resources or energy generation capacities; inability to complete hydro projects in the required time to meet COD; variations in project parameters and production rates; defects and adverse claims in the title to the Company's properties; failure to obtain or maintain necessary licenses, permits and approvals from government authorities; the impact of changes in foreign currency exchange and interest rates; changes in government regulations and policies, including laws governing development, production, taxes, labour standards and occupational health, safety, toxic substances, resource exploitation and other matters; availability of government initiatives to support renewable energy generation; increase in industry competition; fluctuations in the market price of energy; impact of significant capital cost increases; the ability to file adjustments in respect of applicable power purchase agreements; unexpected or challenging geological conditions; changes to regulatory requirements, both regionally and internationally, governing development, geothermal or hydroelectric resources, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, project safety and other matters; economic, social and political risks arising from potential inability of end-users to support the Company's properties; insufficient insurance coverage; inability to obtain equity or debt financing; fluctuations in the market price of Shares; inability to retain key personnel; the risk of volatility in global financial conditions, as well as a significant decline in general economic conditions; uncertainty of political stability in countries in which the Company operates; uncertainty of the ability of Nicaragua, Peru, Panama, Ecuador and Dominican Republic to sell power to neighbouring countries; economic insecurity in Nicaragua, Peru, Panama, Ecuador and Dominican Republic; and other development and operating risks, as well as those factors discussed in the section entitled "Risks and Uncertainties" in the Company's annual and interim MD&A, copies of which are available on SEDAR. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors are not intended to represent a complete list of the risk factors that could affect us. These factors should be carefully considered, and readers of this press release should not place undue reliance on forward-looking information.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein
is provided as at the date hereof and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information due to the inherent uncertainty therein.
Additional information about the Company, including the Company's AIF and sustainability report for the year ended December 31, 2023, its annual and interim financial statements and related MD&A is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.PolarisREI.com.
Non-GAAP Performance Measures
Certain measures in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are not considered GAAP measures. Where non-GAAP measures or terms are used, definitions are provided. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.
This news release includes references to the Company's adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") and adjusted EBITDA per share, which are non-GAAP measures. These measures should not be considered in isolation or as an alternative to net earnings (loss) attributable to the owners of the Company or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Polaris Renewable Energy's results since the Company believes that the presentation of these measures will enhance an investor's understanding of Polaris Renewable Energy's operating performance. Management's determination of the components of non-GAAP performance measures are evaluated on a periodic basis in accordance with its policy and are influenced by new transactions and circumstances, a review of stakeholder uses and new applicable regulations. When applicable, changes to the measures are noted and retrospectively applied.
Descriptions and reconciliations of the above noted non-GAAP performance measures are included in Section 13: Non- GAAP Performance Measures in the Company's MD&A for the period ended September 30, 2024 and on the Company's website www.polarisREI.com/Non-GAAP.
SOURCE: Polaris Renewable Energy Inc.
View the original press release on accesswire.com
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