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Polaris Renewable Energy Announces Q2 2023 Results
TORONTO, ON / ACCESSWIRE / August 3, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Re...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Renewable Energy Announces Q2 2023 ResultsTORONTO, ON / ACCESSWIRE / August 3, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) (\"Polaris Renewable Energy\" or the \"Company\"), is pleased to report its financial and operating results for the three and six months ended June 30, 2023. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR at www.sedar.com. The dollar figures below are denominated in US Dollars unless noted otherwise.HIGHLIGHTSConsolidated energy production increased by 30% to 211,765 MWh for the quarter ended June 30, 2023 from 163,119 MWh in the same quarter of 2022. The increase resulted from higher production of 131,529 MWh contributed by the Company's geothermal facility in Nicaragua (\"San Jacinto\") and an aggregate of 51,986 MWh contributed by the Company's hydroelectric facilities in Peru. Furthermore, the Company's facilities acquired in 2022 contributed an additional 13,398 MWh in Dominican Republic (\"Canoa 1\"), and 11,323 MWh in Ecuador (\"San Jose de Minas\" or \"HSJM\"); while the facility in Panama (\"Vista Hermosa Solar Park\"), which began operations in April 2023, contributed 3,529 MWh during the second quarter.The Company generated $20.8 million in revenue for the three months ended June 30, 2023, compared to $15.2 million in the same period in 2022. The 37% increase was due to additional energy revenue sales from the increase in production mentioned above coupled with the increased prices due to inflation adjustments in the power purchase agreement's (\"PPA\") from our Peruvian facilities.Net earnings attributable to owners was $4.6 million or $0.22 per share - basic for the three months ended June 30, 2023, compared to a net loss of $1.54 million or $(0.08) per share - basic in 2022.Adjusted EBITDA was $15.4 million for the three months ended June 30, 2023, compared to adjusted EBITDA of $11.2 million in the same period in 2022, principally as a result of revenue increases, as described above.For the three months ended June 30, 2023, the Company generated $10.3 million in net cash flow from operating activities, ending with a cash position of $41.9 million, including restricted cas...