Mr. Steve Dalton reports

REVOLVE REPORTS FISCAL YEAR 2024 FINANCIAL RESULTS EXCEEDING FORECAST

Revolve Renewable Power Corp. has released its financial results for the year ended June 30, 2024 (FY (fiscal year) 2024). This earnings news release should be read in conjunction with the company's consolidated financial statements and management's discussion and analysis, which are available on the company's website and have been posted on SEDAR+. All amounts reported are in U.S. dollars.

FY 2024 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.

Steve Dalton, chief executive officer of Revolve, commented: "We are delighted to report our strongest set of financial results since becoming a public company in 2022. Success in delivering against development milestones for the Bouse and Parker projects enabled the company to earn significant revenue from the sale transaction completed with Engie. This revenue has allowed the company to continue to invest in building our long-term sustainable revenue base through the acquisition of WindRiver and the construction of further DG assets.

"The company has moved into FY 2025 with growing momentum behind the business driven by strong development progress in the U.S. on our Vernal BESS and Primus wind projects. We also look forward to the launch of the Mexican governments new energy plan before the end of the year, as well as continued progress on the Bouse and Parker project by Engie, where the company has the potential to generate a further $50-million (U.S.) in revenues over the coming years."

The company is reporting revenues of $6,742,297 for FY 2024, a 35-per-cent increase from its previous revenues forecast of $6-million and a material increase of 509 per cent from the $1,109,374 of revenues recorded for the 12-month period to June 30, 2023 (FY 2023). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (refer to notes) for FY 2024 was $2,719,126, a significant increase from previous forecast guidance of $1.5-million. In FY 2023, the company recorded a negative adjusted EBITDA of $2,124,995.

Key FY 2024 business and financial highlights:

• During FY 2024, the company completed a number of material transactions, including: (i) successfully completing the interconnection milestones for both the Bouse solar and storage and Parker solar and storage projects sold to Engie in January, 2023, realizing milestone payment revenues of $4.25-million; and the (ii) completion of the acquisition of WindRiver Power Corp. in February, 2024, adding 6.63 megawatts of net operational capacity and 90 megawatts of development assets in Canada.
• Total revenues of $6,742,297 for FY 2024 compared with revenues of $1,109,374 for FY 2023, a substantial increase from the prior year. Revenues for FY 2024 were primarily driven by milestone payments and deferred revenues from the sale of the Bouse and Parker projects to Engie, which totalled $4.25-million for the period. In addition to this, the company continued to build its long-term recurring revenue base with the acquisition of WindRiver, adding $671,738 of revenues for the period (representing revenues from completion of the acquisition in Feb. 12, 2024). The WindRiver business is forecast to generate revenues of $1.8-million on a fully consolidated 12-month basis.
• Renewable energy generation for FY 2024 was 8,048,729 kilowatt-hours, a significant increase from 1,618,456 kilowatt-hours in FY 2023, primarily driven by the electricity generated by the Box Springs wind farm and continued output from the company's operational distributed generation portfolio.
• Strong gross profit margin trend continues driven by the increase of recurring revenues from the DG (distributed generation) portfolio, the addition of the operating utility-scale projects in Canada and the sale proceeds received from the utility-scale projects in the United States. The strong gross profits are also as result of low operating costs associated with the rooftop solar DG projects. Gross margins for the 12-month period ending June 30, 2024, were 96 per cent.
• Utility-scale projects under development stand at 3,015 megawatts as at the date of this news release, after taking into effect: (i) the addition of 90 megawatts (net 76.1 megawatts) of development hydro projects in Canada through the WindRiver acquisition; and (ii) the addition of 480 megawatts of new greenfield development projects in the U.S. and Canada during the period. The company made significant progress on its 20-megawatt-hour/80-megawatt-hour Vernal BESS and 49.5-megawatt-hour Primus wind projects during the period, which have now moved to late-stage development status and are expected to reach ready to build by the end of 2025. In addition to this, the company recently announced the acquisition of a 30-megawatt-peak solar development project in Alberta. A 20-megawatt-peak first phase of this project is also expected to be ready to build by the end of 2025.
• Distributed generation assets under construction remained at 3.45 megawatts, with permitting work continuing on the three-megawatt CHP project and final commissioning work now being completed on the 450-kilowatt-peak rooftop solar project both located in Mexico.
• The company's DG project pipeline remained stable at c.150 megawatts as at the date of this news release. The company continues to remain focused on prioritizing near-term opportunities to sign power purchase agreements (PPAs) for new projects from this pipeline.
• Net income for the year ending June 30, 2024, was $2,602,510, compared with a net loss of $2,342,561 for the year ending June 30, 2023.
• Cash on balance sheet as at June 30, 2024, was $3,181,827, following receipt of the $3.4-million milestone payment from Engie from the sale of the Bouse and Parker solar and storage project.
• Total liabilities as at June 30, 2024, were $10,029,045, compared with total liabilities of $2,630,750. The increase in total liabilities was directly related to non-recourse debt acquired through the WindRiver acquisition and additional loans granted by RE Royalties throughout the year.

Full financial results and management's discussion and analysis are posted on SEDAR+, as well as on the company's website.

About Revolve Renewable Power Corp.

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the U.S., Canada and Mexico. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub-20-megawatt behind-the-metre distributed generation assets. Revolve's portfolio includes the following:

• Operating assets: 11 megawatts (net) of operating assets under long-term power purchase agreements across Canada and Mexico, covering wind, solar, battery storage and hydro generation;
• Under construction: a three-megawatt CHP project and a 450-kilowatt-peak rooftop solar project that are both under construction and expected to be operational later this year;
• Development: a diverse portfolio of utility-scale development projects across the U.S., Canada and Mexico, with a combined capacity of over 3,000 megawatts, as well as a 140-megawatt-plus distributed generation portfolio that is under development.

Revolve has an accomplished management team with a demonstrated record of taking projects from greenfield through to ready-to-build status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To date, Revolve has developed and sold over 1,550 megawatts of projects.

Going forward, Revolve is targeting 5,000 megawatts of utility-scale projects under development in the U.S., Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

We seek Safe Harbor.