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 ended June 30, 2024
TORONTO, Feb. 22, 2024 /CNW/ – 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