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SolarBank Announces Second Quarter Results

Press Release

Feb. 22, 2024

Toronto, Ontario, — SolarBank Corporation (Cboe CA: SUNN) (OTCQX: SUUNF) (FSE: GY2) (“SolarBank” or the “Company”) reports second 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 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 in Ontario 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 in Ontario 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 December 31, 2023 December 31, 2022
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 $37.5 million in current assets, an increase of $15.5 million compared to year end June 30, 2023. The increase is mainly due to an increase in cash balances offset by the decrease in short-term investment.

Current liabilities increased from $7.0 million as of year ended June 30, 2023 to $28.6 million in the current quarter, mainly due to an increase in trade and other payables and unearned revenue.

For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the six months ended December 31, 2023, available on SEDAR+ (www.sedarplus.com).

2024 Year End Outlook

The Company is reaffirming its guidance of expected full year revenue in fiscal 2024 of between $45 million and $50 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

IBF4

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