Revolve Announces Q3 2023 Financial Results

VANCOUVER, BC / ACCESSWIRE / May 30, 2023 / Revolve Renewable Power Corp. (TSXV:REVV) ("Revolve" or the "Company") an owner, operator and developer of renewable energy projects is pleased to announce its unaudited financial and operating results for the quarter ending March 31, 2023 (Q3 FY2023). All amounts reported are in US dollars.

Key business and financial highlights for Q3 FY2023 included:

• Total revenues of US$888,185 for the quarter ending March 31, 2023 consisting of electricity generation revenue from our operational DG portfolio as well as the initial proceeds from the sale of the development rights to the Bouse and Parker Solar & Storage projects to ENGIE. Total revenues of US$1,012,524 for the financial year to date.
• Renewable energy generation for the quarter was 334,870kWh and 1,010,081kWh for the financial year to date. Extensions to various power purchase agreements ("PPA's") agreed with existing customers increasing the average contract length of PPA's remaining to 9 years.
• Strong gross profit margin trend continues driven by low operating costs associated with rooftop solar DG projects and contribution from Utility Scale project sale proceeds. Gross margins for the quarter ending March 31, 2023 were 83.2% and 82.7% for the financial year to date.
• Distributed Generation assets under construction during the quarter of 6.2MW consisting of a 3MW CHP project and a 3.2MWh battery storage project. Subsequent to the quarter end the Company announced the successful commissioning of the 3.2MWh battery storage project, which is now operational and generating revenue.
• Significant increase in the distributed generation project pipeline from 65.8MW at the end of the last quarter to 156.8MW as at the date of this release. This increase is the result of a number of business development initiatives undertaken since the start of the year, which have started to generate new project opportunities. The Company is now focused on converting this pipeline into signed power purchase agreements and is pleased to report the signing of an LOI for a new 533kW rooftop solar project in Mexico. The Company has also issued further LOI's to prospective customers for an additional 32MW of new DG capacity, which are currently awaiting acceptance and signing.
• Utility scale projects under development of 2,838MW as at the date of this release, this reflects (i) the sale of 1,250MW of US solar and storage projects to ENGIE on January 11, 2023 (https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of ...) and (ii) the recent addition of 480MW of new greenfield development projects in the US.
• Net Income for the quarter ending March 31, 2023 was US$523,085 and a Net Loss of (US$235,972) for the financial year to date.
• Cash on balance sheet as at March 31, 2022 was US$1,410,390, following receipt of the US$2m upfront payment from ENGIE from the sale of the Bouse and Parker solar & storage projects.

Full Financial Statements and Management Discussion and Analysis can be found on the Company's website (https://revolve-renewablepower.com/financials/).