SolarBank Announces $50.4 million of Revenue for Third Quarter
Press Release
Toronto, Ontario, May 14, 2024 — SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) (“SolarBank” or the “Company”) reports third quarter 2024 interim financial results. All financial figures are in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS) as presented in the interim consolidated financial statements.
Fiscal Year to Date Highlights (All Amounts are for the Nine Month Period)
- Revenue of $50.4 million:
- Net income of $5.5 million;
- Net income of $0.20 per share (undiluted);
- $41 million USD transaction with Honeywell International Inc. (“Honeywell”) sees mechanical completion reached on the SB-1, SB-2 and SB-3 Community Solar Projects acquired by Honeywell. The projects are being constructed under an engineering, procurement, and construction (“EPC”) Contract with SolarBank;
- Nasdaq Global Market listing completed; and
- Cboe Canada stock exchange listing completed.
Dr. Richard Lu, President and CEO of SolarBank commented: “The fantastic numbers demonstrated again our ability to execute and in nine months we have already exceeded the top end of the Company’s revenue guidance for fiscal 2024. With major milestones such as mechanical completion on the Honeywell projects, Nasdaq Global Market listing and Cboe Canada listing, the Company is continuing to deliver.”
Summary of Quarterly Results (All Amounts are for the Nine Month Period)
| Quarter Ended | March 31, 2024 | March 31, 2023 |
| Statement of Income and Comprehensive Income | ||
| Total Revenue | $ 50,400,013 | $ 9,152,242 |
| Cash flow from operating activities | $ 10,929,336 | $ 4,653,394 |
| Net income | $ 5,522,702 | $ 3,426,589 |
| Basic earnings per share | $ 0.20 | $ 0.13 |
| Diluted earnings per share | $ 0.15 | $ 0.10 |
The Company ended the third quarter of fiscal 2024 with $17.58 million in current assets, as compared to $22.05 million in current assets as of year end June 30, 2023. The decrease is mainly due to a decrease in unbilled revenue.
Current liabilities increased from $7.08 million as of year ended June 30, 2023 to $8.18 million in the current quarter, mainly due to an increase in trade and other payables.
For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the nine months ended March 31, 2024, available on SEDAR+ (www.sedarplus.com).
2024 Year End Outlook
The Company is updating its guidance of expected full year revenue in fiscal 2024 of between $56 million and $61 million. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2024 financial results for evaluating the performance of the Company’s business and is dated as of the date of this press release. This information may not be appropriate for other purposes. Information about the Company’s guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “Forward-Looking Statements” in this press release and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause the Company’s actual future financial and operating results to differ from what it currently expects.
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 SolarBank Corporation
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading solar markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 70 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
For further information, please contact:
SolarBank Corporation
Tracy Zheng
Email: tracy.zheng@solarbankcorp.com
Phone: 416.494.9559
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