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Source: Streetwise Reports 11/05/2024

Revolve Renewable Power Corp. (TSXV:REVV; OTCQB:REVVF) released its strongest financial results since going public in 2022, those for fiscal year 2024 (FY24) ended June 30, 2024, the company announced in a news release.

"FY24 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 revenues and cash flow for the business," the release noted.

This company, headquartered in British Columbia, develops utility-scale solar, wind, hydro, and battery storage projects in North America. The Revolve Renewable Business Solutions division installs and operates sub-20-megawatt, behind-the-meter distributed generation assets.

FY24 revenue of US$6.7 million (US$6.7M) exceeded guidance by 35% and surpassed FY23 revenue by 509%. Significant contributors to total revenue for this latest fiscal year were deferred revenues and milestone payments of US$4.25M from the sale of the Bouse and Parker projects to ENGIE. Completion of the WindRiver Power Corp. acquisition in February added $671,738 of total revenue. In the future, WindRiver business is projected to generate recurring revenue of US$1.8M on a 12-month basis.

Adjusted EBITDA in FY24 also was up year over year (YOY), at US$2.7M versus US$1.5M of guidance and (US$2.1M) in FY23.

The gross margin in FY24 was strong at 96%. This was due to increased recurring revenues from the distributed generation portfolio, low operating costs of the rooftop solar projects therein, the addition of operating utility-scale projects in Canada, and sale proceeds from utility-scale projects in the U.S.

FY24 resulted in a net income of US$2.6M, whereas FY23 saw a net loss of US$2.3M.

As for the balance sheet, at FY24's end, Revolve had US$3.2M in cash. Total liabilities were US$10M, up from US$2.6M in FY23 due to nonrecourse debt taken on via the WindRiver acquisition plus additional loans granted by RE Royalties Ltd., a Canadian royalty finance company, throughout FY24.

Operational Progress Made

Operationally, in FY24, according to the release, Revolve generated 8,048,729 kilowatt-hours (8,048,729 kWh) of renewable energy, up 397% from 1,618,456 kWH the year before. The main drivers were continuing output from the company's operational distributed generation portfolio and power produced at the Box Springs wind farm.

During the 15 months between July 1, 2023, and Oct. 31, 2024, Revolve added of 76.1 megawatts (76.1 MW) net of development hydro projects in Canada through the WindRiver acquisition and 480 MW of new greenfield development projects in Canada and the U.S. These took the total of Revolve's utility-scale projects under development to 3,015 MW.

The company made significant progress on its 20 megawatt (20 MW)/80 MWh Vernal BESS battery storage project and 49.5 MW Primus wind projects, now in the late stage of development and expected to reach ready-to-build status at the end of 2025 (2025E).

Revolve is still building its two distributed generation assets in Mexico, totaling 3.45 MW. Permitting work continues on the 3 MW CHP project continues, and the final commissioning of the 450-KW-peak rooftop solar project is taking place.

The distributed generation project pipeline remains at about 150 MW, and efforts are ongoing to sign additional power purchase agreements for new projects from it.

Also, Revolve recently announced its acquisition of a 30-MW-peak solar development project in Alberta, Canada, and expects a 20-MW-peak first phase will be ready for construction by 2025E.

Independent Power Producer

Revolve is a revenue-generating, renewable-focused independent power producer formed in 2012 to capitalize on the growing global demand for renewable power, according to its October 2024 Corporate Presentation.

The company began as solely a developer of utility-scale projects, a line of business that provides investors access to higher returns. Currently, the company has two projects under construction, the ones in Mexico and 3,000-plus MW worth of projects in development in Canada, the U.S., and Mexico. To date, Revolve has developed and sold more than 1,550 MW of utility-scale projects and is now targeting 5,000 MW under development.

Today, Revolve is also an owner-operator of renewable energy distribution generation projects that provide recurring revenue and cash flow via long-term power purchase agreements. Currently, the portfolio contains 150-plus MW of generation projects in Canada and Mexico. The company will continue expanding this line of business through organic growth and mergers and acquisitions (M&A) activity.

Revolve's management team has a successful track record in taking renewable energy projects from greenfield to ready-to-build status and in selling them to large operators. Collectively, it has generated about US$23M in revenue historically from the sale of 1,550 MW of development assets and has raised US$10.3M in equity capital.

Significant Sector Growth Forecasted

The transition to net zero emissions continues driving the renewable energy industry after nearly 200 countries at the COP28 UN Climate Change Conference in December 2023 pledged to triple global capacity by the end of this decade. In a report last month, the International Energy Agency (IEA) forecasted global renewable capacity reaching almost 11,000 gigawatts (GW) by then, reflecting 2.7 times growth, falling short of the goal.

Solar Photovoltaic (PV) Power: Of the growth predicted for renewable energy during this period, solar photovoltaic power will make up 80% of it, according to the IEA, due to its increasing economic attractiveness in most countries.

"At the end of this decade, solar PV is set to become the largest renewable source, surpassing both wind and hydropower," the agency wrote. Hydropower currently is the top source worldwide.

Wind Power: Wind power will account for 15% of all forecasted renewable capacity growth, noted the IEA. This sector has suffered recently from macroeconomic factors and supply chain difficulties, but it is expected to recover. Global wind capacity is projected to expand between 2024 and 2029 at double the rate it grew between 2017 and 2023.

"Policy changes concerning auction design, permitting, and grid connection in Europe, the United States, India, and other emerging and developing economies are expected to enhance project bankability and help the wind sector recover from recent financial difficulties," the article noted.

Hydropower: As for hydropower, capacity is continuing to grow consistently, noted the IEA, due primarily to efforts by China, India, Africa and the Association of Southeast Asian Nations region.

In North America, the U.S. is expected to be the biggest market for hydropower, according to Mordor Intelligence. Between 2024 and 2029, the market is forecasted to expand at a compound annual growth rate of 1%, spurred by demand for renewable energy and investments in hydropower plants.

"The technological advancements in efficiency and decrease in the production cost of hydropower projects are expected to create ample opportunity for market players," the article noted.

The Catalysts: Results of Business as Usual

As Revolve continues effecting its growth strategies, numerous potential stock-boosting events should occur, according to its corporate presentation.

Catalysts resulting from ongoing efforts include further M&A transactions, signing additional power purchase agreements, and bringing new distributed generation projects online. wo increasing revenue and cash flow growth.

Specifically, the company reaching its goals of advancing 70 MW of the BESS and Wind projects to ready-to-build status as well as 30 MW of solar in Canada, in 2025. These have the potential to generate material revenue and add value.

Another catalyst is Revolve achieving ready-to-build status for its two wind projects in Mexico, the 103 MW El 24 and the 400 MW Presa Nueva. The company's ultimate goal with these assets is to partner on or sell them. [OWNERSHIP_CHART-10982]

Finally, payments toward the remaining US$45–55M balance still owed to Revolve regarding the ENGIE sale could boost its stock.

Ownership and Share Structure

About 60% of the company is owned by insiders and management, Revolve said.

Top shareholders include Joseph O'Farrell with 13.21%, Roger Norwich with 12.15%, the CEO and Director Stephen Dalton with 6.01%, President and Director Omar Bojorquez with 4.82%, and Jonathan Clare with 1.84%, according to Reuters and the company.

The rest is retail.

Revolve has a market cap of CA$17.96M. It has 63.04M outstanding shares and 38.75M free float traded shares. Its 52-week high and low are CA$0.50 and CA$0.21 per share, respectively.

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Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Revolve Renewable Power Corp.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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( Companies Mentioned: TSXV:REVV;OTCQB:REVVF, )

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