Revolve Reports Fiscal Year 2023 Financial Results in Line with Expectations

VANCOUVER, BC / ACCESSWIRE / October 31, 2023 / 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 year ended June 30, 2023 ("FY2023"). All amounts reported are in US dollars.

FY2023 marked a significant transition for the Company as it began the implementation of its strategy to move to an owner and operator of renewable energy projects incorporating a focus on building long term recurring revenue and cashflow for the business.

During FY2023 the Company completed a number of material transactions including: (i) the acquisition of Centrica Business Solutions Mexico S.A. de C.V. and its 2.85MW portfolio of operating distribution generation assets and a further 3MW distribution generation asset that is under construction, (ii) the completion of the construction and commissioning of a 3.2MWh battery storage system in Cancun, Mexico and (iii) the successful sale of 1,250MW of US utility-scale development assets to ENGIE.

Key FY 2023 business and financial highlights:

• Total revenues of US$1,109,374 for the 12-month period ending June 30, 2023, consisting of electricity generation revenue from our operational Distributed Generation (or ‘DG") portfolio and receipt of the initial proceeds from the sale of the development rights to the Bouse and Parker Solar & Storage projects to ENGIE. The Company recorded no revenue for the comparable 12-month period financial period to June 30, 2022.
• Renewable energy generation for the 12-month period ending June 30, 2023 was 1,618,456kWh. Extensions to various power purchase agreements (or "PPAs") agreed with existing customers increasing the average contract length of PPAs remaining to just under 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 12-month period ending June 30, 2023 were 90%.
• DG assets under construction at the year ended June 30, 2023, consist of a 3MW CHP project. The Company announced the successful commissioning of a 3.2MWh battery storage project in May 2023, which is now operational and generating revenue.
• The Company continues to increase its DG project pipeline, which currently stands at c.150MW as at the date of this release. This increase is the result of a number of business development initiatives undertaken since the beginning of the year, which have begun to generate new project opportunities. The Company continues to remain focused on converting this pipeline into signed power purchase agreements and has signed a number of new letters of intent for three new distribution generation projects with a combined capacity of 1.9MW.
• Utility scale projects under development stand at 2,838MW as at the date of this release, after taking into effect (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 addition of 480MW of new greenfield development projects in the US during the period.
• Net Loss for the year ending June 30, 2023 was (US$2,342,561) compared with a Net Loss of (US$6,456,046) for the year ending June 30, 2022.
• Cash on balance sheet as at June 30, 2023 was US$611,922, following receipt of the US$2m upfront payment from ENGIE from the sale of the Bouse and Parker solar & storage projects. This does not include a further US$874,000 held as interconnection and security projects for a number of the Company's utility scale development projects.

Material Subsequent Events occurring after June 30, 2023