Revolve Reports Q1 2024 Financial Results

VANCOUVER, BC / ACCESSWIRE / November 29, 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 three months ended September 30, 2023 (Q1 FY2024). All amounts reported are in US dollars.

Steve Dalton, CEO of Revolve commented, "The Company delivered a strong performance in Q1 2024 as we continue to make progress against the strategic objectives for FY2024. Quarterly revenue was the highest since the Company's RTO in 2022 driven by a milestone payment from the sale of the Parker Solar & Storage project combined with stable revenue from the Company's distributed generation portfolio. We also announced an important transaction in the Canadian market with the proposed acquisition of WindRiver Power Corporation. The acquisition will add further momentum to our financial and project development targets for FY2024 and we look forward to completion of the transaction in the coming weeks."

Key Business & Financial Highlights in Q1 2024

• Total Q1 2024 revenues of US$1,199,880 consisting of electricity generation revenue from our operational DG portfolio as well as the second milestone payment from the sale of the Parker Solar & Storage project to ENGIE in January 2023. The remaining milestone payments due to the Company from the sale of the Parker Solar & Storage project range between US$8.95m to US$11.45m and are linked to the successful completion of the notice to proceed ("NTP") construction and commissioning milestones for the project.
• Renewable energy generation from the Company's operational DG portfolio was 547,421kWh for Q1 2024, with work ongoing to continue to improve the operational performance of the portfolio further.
• 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, which is targeted for completion by the end of H1 2024.
• Distribution Generation assets under development remained stable at 155MW with a continued focus on converting this pipeline into signed power purchase agreements. Letters of Intent ("LOI") have been signed on two new DG projects with a combined capacity of 1.9MW with Power Purchase Agreements ("PPA") expected to be signed before the end of December 2023.
• Development work across our utility scale portfolio has been focused on the 80MWh/20MW Vernal BESS and 49.5MW Primus Wind in the US and the 103.4MW El 24 Wind and 400MW Presa Nueva Wind projects in Mexico. These projects are targeted to reach a ready to build status over the next 12-18 months. The Company expects to sign an interconnection agreement for the Vernal BESS project before the end of the year.
• The Company is also continuing to invest in greenfield development activities particularly in the US and Canada where it has commenced a number of new development initiatives over the last 6 months. These initiatives are expected to deliver a number of new project development opportunities with a 400MW target for the US and 200MW for the Canadian market before the end of FY2024 (30^th June).
• Net Income for the quarter ending September 30, 2023 was US$921,776 compared with a Net Loss of (US$572,997) for the quarter ending September 30, 2022.
• Cash on balance sheet as at September 30, 2023 was US$592,189 following receipt of the US$850,000 second milestone payment from ENGIE from the sale of the Parker solar & storage project.

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