Altius Renewable Royalties Reports Q3 2023 Financial Results

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Corporation”), is pleased to report its financial results for the third quarter of 2023 with a conference call to follow November 7, 2023 at 9:00 am EDT.

The Corporation’s 50% owned Great Bay Renewables (“GBR”) joint venture recorded $3.9 million in royalty revenue for the quarter ended September 30, 2023 compared to $3.2 million in Q3 2022 . Operating cash flows at GBR were $1.7 million in the third quarter of 2023 as compared to $1.8 million in Q3 2022. For the nine months ended September 30, 2023 GBR recorded $7.8 million in royalty revenue compared to $5.6 million in the same period in 2022. Operating cash flows at GBR were $3.6 million for the nine months ended September 30, 2023 as compared to $2.3 million in the same period in 2022.

ARR reported a net loss of $0.7 million, proportionate revenue⁽¹⁾of $2.5 million and adjusted EBITDA⁽¹⁾ of $1.5 million for the quarter. This compares to net earnings of $0.3 million, proportionate revenue⁽¹⁾ of $1.8 million and adjusted EBITDA⁽¹⁾ of $1.0 million in Q3 2022. Total proportionate revenue⁽¹⁾ in Q3 2023 was comprised of $2.0 million in royalty revenue and $0.5 million in interest income.

For the nine months ended September 30, 2023, ARR reported a net loss of $0.9 million, proportionate revenue⁽¹⁾ of $5.6 million and adjusted EBITDA⁽¹⁾ of $2.8 million. This compares to a net loss of $0.4 million , proportionate revenue⁽¹⁾ of $3.2 million and adjusted EBITDA⁽¹⁾ of $0.8 million for the comparative period in 2022. Total proportionate revenue⁽¹⁾ for the nine month period was comprised of $3.9 million in royalty revenue and $1.7 million in interest income.

The Corporation’s current quarter and year to date results reflect the proportionate share of increased revenues at GBR offset by the proportionate share of increased costs including GBR’s non-cash based share of loss in equity investments Bluestar and Nova of approximately $4.2 million and $6.2 million respectively. Bluestar and Nova are currently engaged in early-stage renewable energy development resulting in increased levels of expenses with minimal offsetting revenues thus far at those entities. Nova continues to make good progress in building its greenfield development pipeline as the current portfolio of projects with site control has now grown to over 2 GW of wind, solar and battery storage projects.