Revolve Renewable Power Corp. (“Revolve” or the “Company”), a North American owner, operator and developer of renewable energy projects, reported its financial results for the three and six months ended December 31, 2025 (“Q2 FY2025”). This earnings release should be read in conjunction with the Company’s condensed interim consolidated financial statements and management’s discussion and analysis, which are available on the Company’s website at www.revolve-renewablepower.com and have been posted on SEDAR+ at www.sedarplus.ca.
“Revolve recorded another strong quarter with recurring revenue from operating assets increasing 375%,” said CEO Myke Clark. “In addition to that revenue growth, the Revolve team achieved several milestones on our utility scale portfolio while continuing to expand our distributed generation pipeline. In addition to our organic growth, Revolve continues to assess additional acquisition opportunities to accelerate our near-term recurring revenue stream even more aggressively. This focused strategy of combining near-term, cash flowing operating projects with longer-term, larger utility scale development provides investors with a diversified investment opportunity that is unique in the current market environment.”
Key financial highlights (all figures reported in USD):
• Total recurring revenue from operating assets of $621,927, an increase of 375% from recurring revenue of $130,882 in Q2, FY2024. For the six months ended December 31, 2024, total recurring revenue of $1,070,769, an increase of 345% from recurring revenue of $240,762 in the same period in Q2, FY2024.
• On a full year basis, recurring revenue from these operating assets is expected to range between $2,000,000 to $2,200,000. The Company expects to generate a gross profit margin between 70-80% on that recurring revenue.
• Energy Production of 4,441,039 kWh from operating assets compared to 397,759 kWh in Q2, FY2024. The significant increase in recurring revenue is the result of an accelerated scaling of the Company’s operational portfolio.
• Total revenue of $621,927, compared to total revenue of $130,882 in Q2, FY2024. For the six months ended December 31, 2024, total revenue of $1,070,769 compared to total revenue of $1,330,762 in the same period in FY2024. Total revenues in H1, FY2024 were higher due to the receipt of a milestone payment related to sale of the Parker solar project.
• Gross profit of $488,605, representing a gross profit margin of 79%.
• The net loss for the quarter was $908,959, compared to net loss of $421,257 in Q2, FY2024, the result of continued investment in developing Revolve’s project development portfolio.
• Cash and security deposits on the balance sheet as at December 31, 2024 was $893,620.
Key business highlights:
• The Company completed the acquisition of a 30 megawatt (“MW”) solar project in Alberta, as announced on November 26, 2024. The first phase of the project is at an advanced stage of permitting and the Company expects the first phase to achieve “ready to build” (“RTB”) status in early 2026. Revolve intends to own and operate the project.
• On December 3, 2024, Revolve completed a major interconnection milestone on the 49.6 MW Primus Wind Project located in Colorado, US. The Company signed an interconnection agreement with Tri-State Generation and Transmission Inc. Completion of this milestone paves the way for the Project to complete the remaining permitting works with a target of being RTB in late 2025. Revolve intends to own and operate this project.
• Subsequent to the end of the quarter, Revolve advanced several key initiatives including the announcement of financial partnership with Export Development Canada (“EDC”). On January 6, 2025, the Company announced the closing of a $2,900,000 Account Performance Security Guarantee facility with EDC, which was later increased to $4,500,000 on January 23, 2025. The Company used this facility to replace the surety bonds previously issued to PacifiCorp for the Vernal Battery Energy Storage System Project and Tri-State Generation and Transmission Inc. for the Primus Wind Project with Irrevocable Letters of Credit, resulting in the release of $1,089,126 in previously posted cash collateral.
• On January 15, 2025, the Company announced the commissioning of a 450-kilowatt solar project in Colima, Mexico (the “Colima Solar Project”). The Colima Solar Project is generating clean, renewable energy for a local commercial customer under a 15-year power purchase agreement. The Colima Solar Project is part of Company’s growing portfolio of operating Distributed Generation (“DG”) assets. The Company’s DG project pipeline remains stable at c.150MW as at the date of this release as the Revolve team remains focused on prioritizing near term opportunities to sign power purchase agreements for new projects from this pipeline.
• On January 29, 2025, the Company entered into a 9-year loan facility with a 9.25% fixed interest rate with Vancity Capital Corporation to refinance the $2,761,245 (CA$3,968,800) WindRiver acquisition loan originally provided by RE Royalties.
• On February 18, 2025, the Company announced the sale of a 3 MW combined heat and power project from its distributed generation portfolio for a total cash consideration received of $1,500,000. The sale of this asset will strengthen Revolve’s balance sheet and allow the Company to advance additional project and corporate initiatives.
The Company also announces the grant of Deferred Share Units (“DSUs”) to a consultant and Company directors effective February 26, 2025. A total of 421,837 DSUs have been granted under the Company’s Deferred Share Unit Plan adopted on July 6, 2022. Each DSU entitles the holder to receive one share of the Company, or in certain circumstances a cash payment equal to the value of one share of the Company, at the time the holder ceases their position with the Company. The DSUs vest one year from the date of grant. 27,360 were granted for the first quarter (Q1 2025) at a price of C$0.31 per share and 394,477 were granted for the second quarter (Q2 2025) at a price of C$0.26 per share. The Company issues DSUs at the end of each quarter in lieu of cash director’s fees to preserve working capital for project development initiatives.
