Revolve Reports Q2 FY2024 Financial Results
- Successful acquisition of WindRiver enhances the company's renewable energy portfolio.
- Total revenues of US$130,882 for the 3-month period and US$1,330,762 for the 6-month period.
- Net Loss of US$421,257 for the quarter ending December 31, 2023, and Net Income of US$500,519 for the 6-month period.
- Cash on balance sheet as at December 31, 2023, was US$1,353,618.
- Ongoing development of utility scale projects in the US and Mexico.
- None.
VANCOUVER, BC / ACCESSWIRE / February 27, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), a North American owner, operator and developer of renewable energy projects, reported its financial results for the three and six month period ended December 31, 2023 ("Q2 FY2024"). All amounts reported are in US dollars.
Steve Dalton, CEO of Revolve commented, "The major focus for the Company during the quarter was the proposed acquisition of WindRiver, which we're delighted to close in the last number of weeks. The successful closing of the private placement has also allowed us to continue to build out our DG portfolio with another 3.45MW expected to be operational over the coming months."
Key Business & Financial Highlights in Q2 2024
- Total revenues for the 3-month period to December 31, 2023, of US
$130,882 consisting of electricity generation revenue from our operational DG portfolio. Total revenues for the 6-month period to the same date were US$1,330,762 , which included the milestone payment received in August 2023 from the sale of the Parker Solar & Storage project. - Renewable energy generation from the Company's operational DG portfolio was 547,421kWh for the 3-month period to December 31, 2023 and 995,454kWh for the 6 month period to December 31, 2023.
- During the quarter the Company announced the proposed acquisition of WindRiver Power Corporation ("WindRiver"), a Canadian based renewable energy operator and developer with interests in a number of operating hydro and wind projects as well as a hydro project development pipeline. This portfolio generated gross revenue of CAD
$3,169,973 for the 6 month period to June 30, 2023 of which CAD$982,139 is attributable to WindRiver. The transaction was completed on February 13, 2024 (https://revolve-renewablepower.com/revolve-completes-acquisition-of-windriver-power-corporation-a-canadian-renewable-energy-operator-and-developer/). - Distributed Generation ("DG") assets under construction during the quarter consisted of a 3MW CHP project. This project has been fully installed with commissioning subject to ongoing permitting work. Progress continues to be made on this project with final commissioning targeted by the end of H1 2024. Post the quarter end the Company has also commenced construction on a new 450kWp rooftop solar project in Mexico, this project is also expected to be commissioned by the end of H1 2024.
- Distribution Generation assets under development reduced slightly to 146MW with a continued focus on converting this pipeline into signed power purchase agreements. A letter of Intent ("LOI") has been signed on a new DG project with a capacity of 1.77MW with a Power Purchase Agreement and EPC contract expected to be signed before the end of Q3 FY2024.
- Development work across our utility scale portfolio continues to be focused on the 80MWh/20MW Vernal BESS and 49.5MW Primus Wind in the US. Both projects are in the final stages of the interconnection process, which will be a material milestone once completed. We also continue to move development work forward on the 103.4MW El 24 and 400MW Presa Nueva wind projects in Mexico, where we are seeing signs of improving market conditions and growing interest in renewable power purchase agreements from large corporates.
- The Company's greenfield development activities in Canada resulted in the signing of a new 150MW solar development project in Saskatchewan post the quarter end. We intend on adding further new greenfield development projects in Canada and the US although limited transmission capacity and congested interconnection queues will see the Revolve being selective on what new development project are added to the portfolio.
- Net Loss for the quarter ending December 31, 2023, was US
$421,257 compared with a Net Loss of US$186,060 for the quarter ending December 31, 2022. The Company recorded Net Income for the 6-month period to December 31, 2023 of US$500,519. - Cash on balance sheet as at December 31, 2023 was US
$1,353,618 following completion of the first two tranches of the private placement during November and December 2023.
Full Financial Statements and Management Discussion and Analysis can be found on the Company's website (https://revolve-renewablepower.com/financials/).
The Company has also issued a Q2 FY2024 Financial & Operating Results presentation, which can be found on the Company's website (https://revolve-renewablepower.com/financials/).
About Revolve
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico with a portfolio of approx. 3070MW under development. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve Renewable Business Solutions currently has an operating portfolio of 6MW with an additional 3MW under construction phase and 146MW under development.
Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" (or "RTB") status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects.
Revolve is targeting 5,000MW of utility-scale projects under development in the US, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG (distributed generation) assets.
For further information contact:
Steve Dalton, CEO
IR@revolve-renewablepower.com
Or
Sunita Prasad
VP, Corporate Development & Investor Relations
Phone:+1778-885-5550
IR@revolve-renewablepower.com
Forward Looking Information
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures including Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings on SEDAR+ at sedarplus.ca and posted on our website.
Financial Projections
The Company's financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this press release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the Company may attain. Future oriented financial information in this press release includes statements with respect to (i) revenues and EBITDA for FY2023; and (ii) that the Company's revenue will increase to US
Revolve does not provide reconciliations for forward-looking non-GAAP financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of Revolve's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Forward Looking Information
The forward-looking statements contained in this news release constitute ‘‘forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ‘‘forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ‘‘forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to (i) statements with respect to the business plans of the Company, including it's goal of developing 5,000MW of utility-scale projects in the US, Canada and Mexico and growing its portfolio of revenue-generating DG (distributed generation) assets; (ii) the Company's intention to distribute it's its FY2023 financial statements along with supplementary information providing an update on the business on October 30, 2023 before the markets open at 8am Eastern Time; and (iii) that increases to the Company's revenue and EBITDA for the 2024 financial year will be driven by the Company's existing operational distribution generation portfolio as well as further milestone payments from utility scale projects previously sold to 3rd parties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.
Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Revolve Renewable Power Corp.
View the original press release on accesswire.com
FAQ
What were the total revenues for Revolve Renewable Power Corp. for the 3-month period ended December 31, 2023?
What was the Net Loss for Revolve Renewable Power Corp. for the quarter ending December 31, 2023?
What was the Net Income for Revolve Renewable Power Corp. for the 6-month period ended December 31, 2023?
How much cash did Revolve Renewable Power Corp. have on balance sheet as of December 31, 2023?
What new projects did Revolve Renewable Power Corp. announce post the quarter end?
