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RE Royalties Announces 178% Increase in Quarterly Revenue - First Quarter 2023 Financial Results
All amounts in Canadian dollars unless otherwise stated VANCOUVER, BC / ACCESSWIRE / May 29, ...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Announces 178% Increase in Quarterly Revenue - First Quarter 2023 Financial ResultsAll amounts in Canadian dollars unless otherwise statedVANCOUVER, BC / ACCESSWIRE / May 29, 2023 / RE Royalties Ltd. (TSX.V:RE)(OTCQX:RROYF) (\"RE Royalties\" or the \"Company\"), a global leader in renewable energy royalty-based financing, is pleased to announce the financial results for the first quarter ended March 31, 2023 (\"Q1 2023\"). For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for Q1 2023, filed on SEDAR at www.sedar.com.Key financial and business highlights of Q1 2023 include:Quarterly revenue and income, including the share of income from the Company's investment in OCEP2 for the three months ended March 31, 2023, of $1,824,000, an increase of $1,169,000 or 178% over the similar period in the prior year.Quarterly gross profit, including changes in fair value of financial assets and share of income in OCEP2, of $1,790,000, an increase of $1,253,000 or 233% over the similar period in the prior year.Quarterly Earnings Before Interest, Taxes, Depreciation and Amortization (\"EBITDA\") for Q1 2023 of $1,346,000, an increase of $1,358,000 over the similar period in the prior year.Quarterly net income after income tax of $558,000, an increase of $1,108,000 over the similar period in the prior year.Cash and cash equivalents of $17,862,000, including restricted cash.Completed the offering of its Series-3 Green Bonds and issued a total of 16,423 Canadian dollar denominated Green Bonds for aggregate gross proceeds of $16,423,000 and 1,242 United States dollar denominated Green Bonds for aggregate gross proceeds of US$1,242,000. The Series-3 Green Bonds will have a maturity date of January 30, 2028, and bear interest at a rate of 9% per annum, payable quarterly.In February 2023, the Company acquired a gross revenue royalty on the 27 MWdc (20 MWac) Jackson Center Solar Project Phase 2 from Teichos Energy LLC. The Company provided a US$1.8 million letter of credit on behalf of Teichos to meet their interconnection requirements.Subsequent to the end of Q1 2023:In May 2023, the Company acquired a royalty on 100MW of output from a wind project located in Alberta, Canada (\"Alberta Wind Project\") for $940,000 Canadian dollars. T...