217% increase in revenues to $58.4 million of revenue for the fiscal year 2024 compared to $18.4 million in fiscal year 2023
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023
TORONTO, Sept. 30, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") today reported results for the fiscal year ended June 30, 2024. 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 Highlights (All Amounts are for the Twelve Month Period ended June 30, 2024)
217% increase in revenue to $58.4 million of revenue compared to $18.4 million in 2023;
255% increase in cash flow from operating activities to $8.5 million compared to $2.4 million in 2023;
Adjusted EBITDA(1) of $0.5 million compared to $(2.5) million for 2023;
Net loss of $3.6 million, or ($0.13) per basic share, compared to net income of $2.2 million, or $0.11 per basic share in in 2023. The net loss includes major items below:
Expense of $4.1 million for investor relations activities principally associated with the Cboe Canada Exchange and Nasdaq Global Market listing completed during the year;
Expense of $0.7 million listing fees associated with the Cboe Canada Exchange and Nasdaq Global Market listing completed during the year, which is non-recurring;
Expense of $1.9 million in professional fees that were higher due to M&A transactions, in particular the acquisition of Solar Flow-Through Funds Ltd. that closed shortly after year-end; and
Impairment loss of $4.1 million related to acquisition and investment the company closed during the year, which is non-recurring; and
The Company qualified for listing and commenced trading on the Nasdaq Global Market under the symbol "SUUN".
"We reported a year of significant growth for SolarBank in fiscal 2024, starting with a tripling of revenues over the prior fiscal year," stated Dr. Richard Lu, SolarBank Corporation Chief Executive Officer. "While the Company was not profitable at year-end, there were certain expenses that were at levels that are higher than usual and the non-recurring impairment loss. With the closing of the acquisition of Solar Flow-Through Funds Ltd., valued at $45 million, the Company has significantly expanded its IPP portfolio and it has several projects under development to continue its growth plans."
"With a current operational capacity of 32 MWdc and a development pipeline of approximately 1 GW, including 100 MWdc in the advanced development stage expected to begin construction by 2025/2026, the Company is well-positioned to capitalize on the accelerating global energy transition," concluded Dr. Lu
(1)EBITDA and Adjusted EBITDA are non-IFRS financial measures with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of Non-IFRS financial measures to the most directly comparable IFRS measures see "Non-IFRS Financial Measures" in this News Release.
Fourth Quarter Operational Highlights
During the quarter ended June 30, 2024, the Company achieved the following business objectives:
The Company reached mechanical completion on the SB-1, SB-2 and SB-3 Community Solar Projects acquired by Honeywell International Inc. ("Honeywell"). The projects are being constructed under an EPC Contract with SolarBank. SolarBank also expects that it will retain an operations and maintenance contract for the projects following the completion of construction.
Construction commenced on a 1.4 MW DC rooftop solar project in Alberta as a pilot project. This project received interconnection approval in December 2023, full permitting in March 2024, and is currently undergoing the process of engineering and final design. Construction is expected to be completed in the second fiscal quarter of FY2025.
The Company partnered with TriMac Engineering of Sydney, Nova Scotia to develop a 10 MW DC community solar garden in the rural community of Enon, Nova Scotia, and three 7 MW DC projects in Sydney, Halifax and Annapolis, Nova Scotia respectively (the "NS Projects"). The NS Projects are being developed under a Community Solar Program that was announced by the Government of Nova Scotia on March 1, 2024 and owned by AI Renewable Fund.
The Company announced that it intends to develop a 6.41 MW DC ground-mount solar power project know as the Rice Road project on a site located in Bloomfield, New York.
The Company entered into a loan agreement with Seminole Financial Services, LLC for an initial US$2,600,000 construction to mini-perm loan that will be used to complete construction of the Geddes Project located in Upstate, New York.
Post Year-End Updates
Subsequent to June 30, 2024, the Company achieved the following business objectives:
The Company closed its acquisition of Solar Flow-Through Funds Ltd. ("SFF"). This transaction values SFF at up to $45M but the consideration payable excludes the common shares of SFF currently held by the Company.
Provided an update on its 3.25 MW DC ground-mount solar power project located in the Town of Camillus, New York on a closed landfill. The project has now received its plan approval and special use permit from the town of Camillus.
The Company advanced construction on the 1.4MW DC rooftop solar project in Alberta. Construction of the project is expected to be completed in November 2024.
The Company announced that it intends to develop a 7 MW DC ground-mount solar power project known as the Oak Orchard project located in Clay, New York.
The Company announced that it intends to develop a 5.4 MW DC ground-mount solar power project known as the Boyle project located in Broome County, New York. The project is expected to employ agrivoltaics (the dual use of land for solar energy production and agriculture) including sheep grazing with a local agricultural partner.
The Company announced that it intends to develop a 7 MW DC ground-mount solar power project known as the Hwy 28 project on a 45 acre site located in Middletown, New York.
The Company submitted $1.5 million in grant applications for three fast electric vehicle (EV) charger projects located in Ontario, Canada. The actual amount of grant funding provided is subject to the final approval ...
