Revolve Renewable Power Corp Announces Second Quarter Fiscal 2024 Financial Results

Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF), a notable player in the renewable energy space in North America, reports its financial results for the second quarter of fiscal year 2024, covering the three and six month periods ending December 31, 2023. According to Steve Dalton, CEO of Revolve, the company recently completed the acquisition of WindRiver Power Corporation and successfully completed the private placement, enabling the expansion of its distributed generation (DG) portfolio by 3, 45MW.

Total revenues for the quarter amounted to $130,882, mainly from electricity generation. For the half year, revenues reached $1,330,762, including a significant payment in August 2023 for the sale of the Parker Solar & Storage project. Renewable energy produced by the DG operational portfolio amounted to 547,421 kWh over the quarter and 995,454 kWh over the half-year.

The acquisition of WindRiver represents an addition of gross revenues of 3,169,973 CAD over six months. Furthermore, a 3 MW CHP project has been fully installed and construction of a new 450 kWp solar project has started in Mexico, aiming for commissioning in the first half of 2024. DG assets under development total 146 MW with a focus on converting this pipeline into signed power purchase agreements.

The CEO also highlights the development of large-scale wind and solar projects in the United States and Mexico, as well as a new 150 MW solar development initiative in Saskatchewan.

The company reported a net loss of $421,257 for the quarter, an increase from the prior year's loss of $186,060, but a net profit of $500,519 for the half. The company has cash of $1,353,618 as of December 31, 2023, thanks in particular to two private placement tranches completed in November and December 2023.