VANCOUVER, 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 and have been posted on SEDAR+ at . 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 () 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 negative adjusted EBITDA of ($2,124,995).

Key FY2024 business and financial highlights:

• During FY2024 the Company completed a number of material transactions including: (i). successfully completing the interconnection milestones for both the Bouse Solar & Storage ("Bouse") and Parker Solar & Storage ("Parker") projects sold to ENGIE in January 2023, realizing milestone payment revenue of US$4,250,000 and the (ii) completion of the acquisition of WindRiver Power Corporation in February 2024 adding 6.63MW of net operational capacity and 90MW of development assets in Canada.

• Total revenues of US$6,742,297 for FY2024 compared to revenues of US$1,109,374 for FY2023 a substantial increase from the prior year. Revenue for FY2024 was primarily driven by milestone payments and deferred revenue from the sale of the Bouse and Parker projects to ENGIE, which totaled US$4,250,000 for the period. In addition to this the Company continued to build its long term recurring revenue base with the acquisition of WindRiver adding US$671,738 of revenue for the period (representing revenue from completion of the acquisition in February 12, 2024). The WindRiver business is forecast to generate revenue of US$1.8m on a fully consolidated 12-month basis.

• Renewable energy generation for FY2024 was 8,048,729kWh a significant increase from 1,618,456kWh in FY2023 primarily driven by the electricity generated by the Box Springs windfarm and continued output from the Company's operational distributed generation portfolio.

• Strong gross profit margin trend continues driven by the increase of recurring revenue from our DG portfolio, the addition of the operating Utility Scale projects in Canada and the sale proceeds received from the Utility Scale projects in the US. The strong gross profits are also as result of low operating costs associated with the rooftop solar DG projects. Gross margins for the 12-month period ending June 30, 2024 were 96%.

• Utility scale projects under development stand at 3,015MW as at the date of this release, after taking into effect (i) the addition of 90MW (net 76.1MW) of development hydro projects in Canada through the WindRiver Acquisition; and (ii) the addition of 480MW of new greenfield development projects in the US & Canada during the period. The Company made significant progress on its 20MW/80MWh Vernal BESS and 49.5MW Primus Wind projects during the period, which have now moved to late stage development status and are expected to reach ready to build by the end of 2025. In addition to this the Company recently announced the acquisition of a 30MWp solar development project in Alberta ( A 20MWp first phase of this project is also expected to be ready to build by the end of 2025.

• Distributed Generation ("DG") assets under construction remained at 3.45MW with permitting work continuing on the 3MW CHP project and final commissioning work now being completed on the 450kWp rooftop solar project both located in Mexico.

• The Company's DG project pipeline remained stable at c.150MW as at the date of this release. The Company continues to remain focused on prioritizing near term opportunities to sign PPA's for new projects from this pipeline.

• Net income for the year ending June 30, 2024, was US$2,602,510 compared with a Net loss of (US$2,342,561) for the year ending June 30, 2023.

• Cash on balance sheet as at June 30, 2024 was US$3,181,827, following receipt of the US$3,400,000 milestone payment from ENGIE from the sale of the Bouse and Parker Solar & Storage project.

• Total liabilities as at June 30, 2024 were US$10,029,045 compared to total liabilities of US$2,630,750. The increase in total liabilities was directly related to non-recourse debt acquired through the WindRiver acquisition and additional loans granted by RE Royalties throughout the year.

Full financial results and Management's Discussion and Analysis are posted on SEDAR () and well as on the Company's website at the link below

About Revolve

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve's portfolio includes the following:

• Operating Assets: 11MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;

• Under Construction: a 3MW CHP project and a 450kWp rooftop solar project that are both under construction and expected to be operational later this year; and

• Development: a diverse portfolio of utility scale development projects across the US, Canada and Mexico with a combined capacity of over 3,000MWs as well as a 140MW+ distributed generation portfolio that is under development.

Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects.

Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

For further information contact:

Tania Ontiveros, CFO
+1 778 372 8499
IR@revolve-renewablepower.com

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures including Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with IFRS (including the notes), included in our filings on SEDAR+ at sedarplus.ca and posted on our website.

Financial Projections

The Company's financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this press release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the Company may attain. Future oriented financial information in this press release includes statements with respect to (i) revenues and EBITDA for FY2025; and (ii) that it's increase in revenue and EBITDA will be driven by the Company's existing operational distribution generation portfolio as well as further contingent milestone payments from utility scale projects previously sold to 3rd parties. There is a risk that the conditions related to these contingent payments may not be met and therefore the payments will not be received by the Company, which would materially impact the Company's projected revenues and EBITDA. The projections are based upon a number of estimates and assumptions and have not been examined, reviewed or compiled by independent accountants or other third-party experts, including assumptions with respect to the Company's anticipated expenses and future revenues from the Company's existing operational distribution generation portfolio as well as further milestone payments from utility scale projects previously sold to 3rd parties. These assumptions may vary from the actual results. Accordingly, there is no assurance that future events will correspond to management's assumptions or that actual results during the periods covered will approximate the financial projections. Any variations of actual results from projections may be material and adverse. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the reasonable assumptions of the Company and management as at the date hereof. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, profitability, EBITDA may differ materially from any revenue, and profitability profiles provided in this press release. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations.

Revolve does not provide reconciliations for forward-looking non-IFRS financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of Revolve's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking IFRS financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-IFRS financial measures may vary materially from the corresponding IFRS financial measures.

Forward Looking Information

The forward-looking statements contained in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to (i) statements with respect to the business plans of the Company, including it's goal of developing 5,000MW of utility-scale projects in the US and Mexico and growing its portfolio of revenue-generating DG (distributed generation) assets; (ii) the Company's intention to distribute it's its FY2024 financial statements along with supplementary information providing an update on the business onOctober 29, 2024 before the markets open at 8am Eastern Time; and (iii) that increases to the Company's revenue and EBITDA for the 2025 financial year will be driven by the Company's existing operational distribution generation portfolio as well as further milestone payments from utility scale projects previously sold to 3rd parties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.

Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Revolve Renewable Power Corp.