Mr. Myke Clark reports

REVOLVE RECORDS 375% INCREASE IN RECURRING REVENUE IN Q2 FY2025

Revolve Renewable Power Corp. has released its financial results for the three and six months ended Dec. 31, 2025 (Q2 (second quarter) FY (fiscal year) 2025). This earnings release should be read in conjunction with the company's condensed interim consolidated financial statements and management's discussion and analysis, which are available on the company's website and have been posted on SEDAR+.

"Revolve recorded another strong quarter, with recurring revenue from operating assets increasing 375 per cent," said chief executive officer Myke Clark. "In addition to that revenue growth, the Revolve team achieved several milestones on our utility-scale portfolio while continuing to expand our distributed generation pipeline. In addition to our organic growth, Revolve continues to assess additional acquisition opportunities to accelerate our near-term recurring revenue stream even more aggressively. This focused strategy of combining near-term, cash-flowing operating projects with longer-term, larger utility-scale development provides investors with a diversified investment opportunity that is unique in the current market environment."

Key financial highlights (all figures reported in U.S. dollars):

• Total recurring revenue from operating assets was $621,927, an increase of 375 per cent from recurring revenue of $130,882 in Q2 FY 2024. For the six months ended Dec. 31, 2024, total recurring revenue was $1,070,769, an increase of 345 per cent from recurring revenue of $240,762 in the same period in Q2 FY 2024.
• On a full-year basis, recurring revenue from these operating assets is expected to range between $2-million and $2.2-million. The company expects to generate a gross profit margin between 70 and 80 per cent on that recurring revenue.
• Energy production of 4,441,039 kilowatt-hours from operating assets compared with 397,759 kilowatt-hours in Q2 FY 2024. The significant increase in recurring revenue is the result of an accelerated scaling of the company's operational portfolio.
• Total revenue of $621,927 compared with total revenue of $130,882 in Q2 FY 2024. For the six months ended Dec. 31, 2024, total revenue of $1,070,769 compared with total revenue of $1,330,762 in the same period in FY 2024. Total revenues in H1 (first half) FY 2024 were higher due to the receipt of a milestone payment related to sale of the Parker solar project.
• Gross profit was $488,605, representing a gross profit margin of 79 per cent.
• The net loss for the quarter was $908,959, compared with a net loss of $421,257 in Q2 FY 2024, the result of continued investment in developing Revolve's project development portfolio.
• Cash and security deposits on the balance sheet as at Dec. 31, 2024, were $893,620.

Key business highlights:

• The company completed the acquisition of a 30-megawatt solar project in Alberta, as announced on Nov. 26, 2024. The first phase of the project is at an advanced stage of permitting and the company expects the first phase to achieve ready-to-build (RTB) status in early 2026. Revolve intends to own and operate the project.
• On Dec. 3, 2024, Revolve completed a major interconnection milestone on the 49.6-megawatt Primus wind project, located in Colorado. The company signed an interconnection agreement with Tri-State Generation and Transmission Inc. Completion of this milestone paves the way for the project to complete the remaining permitting works with a target of being RTB in late 2025. Revolve intends to own and operate this project.
• Subsequent to the end of the quarter, Revolve advanced several key initiatives, including the announcement of financial partnership with Export Development Canada (EDC). On Jan. 6, 2025, the company announced the closing of a $2.9-million account performance security guarantee facility with EDC, which was later increased to $4.5-million on Jan. 23, 2025. The company used this facility to replace the surety bonds previously issued to PacifiCorp for the Vernal battery energy storage system project and Tri-State Generation and Transmission Inc. for the Primus wind project with irrevocable letters of credit, resulting in the release of $1,089,126 in previously posted cash collateral.
• On Jan. 15, 2025, the company announced the commissioning of a 450-kilowatt solar project in Colima, Mexico. The Colima solar project is generating clean, renewable energy for a local commercial customer under a 15-year power purchase agreement. The Colima solar project is part of company's growing portfolio of operating distributed generation (DG) assets. The company's DG project pipeline remains stable at c.150 megawatts as at the date of this news release as the Revolve team remains focused on prioritizing near-term opportunities to sign power purchase agreements for new projects from this pipeline.
• On Jan. 29, 2025, the company entered into a nine-year loan facility with a fixed interest rate of 9.25 per cent with Vancity Capital Corp. to refinance the $2,761,245 ($3,968,800 (Canadian)) WindRiver acquisition loan originally provided by RE Royalties.
• On Feb. 18, 2025, the company announced the sale of a three-megawatt combined heat and power project from its distributed generation portfolio for a total cash consideration received of $1.5-million. The sale of this asset will strengthen Revolve's balance sheet and allow the company to advance additional project and corporate initiatives.

The company also announces the grant of deferred share units (DSUs) to a consultant and company directors, effective Feb. 26, 2025. A total of 421,837 DSUs have been granted under the company's deferred share unit plan adopted on July 6, 2022. Each DSU entitles the holder to receive one share of the company or, in certain circumstances, a cash payment equal to the value of one share of the company, at the time the holder ceases such holder's position with the company. The DSUs vest one year from the date of grant. Twenty-seven thousand three hundred sixty DSUs were granted for the first quarter (Q1 2025) at a price of 31 Canadian cents per share and 394,477 DSUs were granted for the second quarter (Q2 2025) at a price of 26 Canadian cents per share. The company issues DSUs at the end of each quarter in lieu of cash directors' fees to preserve working capital for project development initiatives.

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 United States, Canada and Mexico. Revolve also installs and operates sub-20-megawatt behind-the-metre distributed generation (DG) assets. Revolve's portfolio includes the following:

• Operating assets: 12 megawatts (net) of operating assets under long-term power purchase agreements across Canada and Mexico, covering wind, solar, battery storage and hydro generation;
• 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-plus-megawatt 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.

Non-IFRS (international financial reporting standards) measures

This news release refers to certain non-IFRS measures, including EBITDA. Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable with similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of the company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the company's financial information reported under IFRS. The term EBITDA consists of net loss or gain, and excludes interest, taxes, depreciation and amortization. The most directly comparable measure with EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain, and excludes interest, taxes, depreciation and amortization. These measures have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (generally accepted accounting principles) (including the notes), included in the company's filings on SEDAR+ and posted on the company's website.

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