- Revenue for the six month period of
$26.3 million - Net income for the six month period of
$2 million or$0.08 per share (undiluted) - Reaffirmed revenue guidance of $45 million to
$50 million for the full fiscal year endedJune 30, 2024
Fiscal Year to Date Highlights (All Amounts are for the Six Month Period)
- Revenue of
$26.3 million: - Net income of
$2.0 million ; - Net income of
$0.08 per share (undiluted); US$41 million transaction with Honeywell International Inc. ("Honeywell") whereby Honeywell acquired the SB-1, SB-2 and SB-3 Community Solar Projects and agreed to enter into an engineering, procurement, and construction ("EPC") Contract with SolarBank for their construction.$36 million in EPC contracts awarded to SolarBank for the construction of three separate BESS projects inOntario Canada . The projects are owned by Solar Flow-Through Funds, two First Nations communities, and a third party developer.- Growth of independent power producer portfolio with the acquisition of control of two corporations, OFIT GM Inc. and
OFIT RT Inc. that hold solar projects located inOntario with a combined capacity of 2.5 MW. - Senior listing on Cboe Canada stock exchange.
Summary of Quarterly Results (All Amounts are for the Six Month Period)
Quarter Ended | ||||
Statement of Income and Comprehensive Income | ||||
Total Revenue | $ | 26,325,066 | $ | 8,445,386 |
Cash flow from operating activities | $ | 26,744,582 | $ | 753,587 |
Net income | $ | 2,023,461 | $ | 352,499 |
Basic earnings per share | $ | 0.08 | $ | 0.02 |
Diluted earnings per share | $ | 0.05 | $ | 0.02 |
The Company ended the second quarter of 2024 with
Current liabilities increased from
For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the six months ended
2024 Year End Outlook
The Company is reaffirming its guidance of expected full year revenue in fiscal 2024 of between
The Company notes that the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements for the Company and its customers and the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power, which could cause demand for the Company's services to decline. Further the forecasted MW capacity of a solar project may not be reached. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release.
About
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the Company's growth strategies; the expected energy production from the solar power project mentioned in this press release; the megawatt capacity and type of future solar projects; the size of the Company's development pipeline and future revenue guidance. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this press release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the final long form prospectus of the Company dated
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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