Business
Revolve Reports Fiscal Year 2024 Financial Results Exceeding Forecast
VANCOUVER, BC / ACCESSWIRE / October 29, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:R...
About this update from Revolve Renewable Power Corp
[{"type":"text","content":"Revolve Reports Fiscal Year 2024 Financial Results Exceeding ForecastVANCOUVER, BC / ACCESSWIRE / October 29, 2024 / 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 year ended June 30, 2024 (\"FY2024\"). This earnings release should be read in conjunction with the Company's 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. All amounts reported are in US dollars.FY2024 marked significant progress for the Company as it continues its transition to an owner and operator of renewable energy projects incorporating a focus on building long term recurring revenue and cashflow for the business.Steve Dalton, CEO of Revolve commented: \"We are delighted to report our strongest set of financial results since becoming a public company in 2022. Success in delivering against development milestones for the Bouse & Parker projects enabled the company to earn significant revenue from the sale transaction completed with ENGIE. This revenue has allowed the Company to continue to invest in building our long term sustainable revenue base through the acquisition of WindRiver and the construction of further DG assets.The Company has moved into FY2025 with growing momentum behind the business driven by strong development progress in the US on our Vernal BESS and Primus Wind projects. We also look forward to the launch of the Mexican Governments new energy plan before the end of the year as well as continued progress on the Bouse & Parker project by ENGIE, where the Company has the potential to generate a further US$50m+ in revenues over the coming years.\"The Company is reporting revenues of US$6,742,297 for FY2024, a 35% increase from its previous revenue forecast of US$6m (https://revolve-renewablepower.com/revolve-revises-fy2024-forecast-upwards/) and a material increase of 509% from the US$1,109,374 revenue recorded for the 12 month period to June 30, 2023 (FY2023). Adjusted EBITDA (refer to notes) for FY2024 was US$2,719,126, a significant increase from previous forecast guidance of US$1,500,000. In FY2023 the company recorded a neg...