Polaris Renewable Energy (PIF) Q3 2026 earnings summary

Executive summary

• Q3 production was 175,791 MWh, down 3.0% YoY; revenue was $19.005 million and Adjusted EBITDA was $12.338 million.

• An $8.3 million non-cash impairment contributed to a $7.211 million net loss attributable to owners.

• Cash and cash equivalents, including restricted cash, were $99.135 million at September 30; nine-month operating cash flow was $27.158 million.

Financial highlights

• Q3 revenue was $19.005 million versus $19.037 million YoY; nine-month revenue was $58.708 million versus $60.966 million.

• Q3 Adjusted EBITDA was $12.338 million versus $12.781 million YoY; nine-month Adjusted EBITDA was $39.471 million versus $43.223 million.

• Q3 net loss attributable to owners was $7.211 million, or $0.34 per share, versus a $0.328 million loss, or $0.02 per share; nine-month loss was $8.688 million, or $0.41 per share.

• Q3 operating cash flow was $12.141 million versus $12.711 million YoY; nine-month operating cash flow was $27.158 million versus $29.242 million.

Outlook and guidance

• Three Mexico projects total ~250 MWdc of solar and 61.6 MW / 192 MWh of storage; definitive agreements, including PPAs, are being finalized ahead of construction.

• Punta Lima's 35.7 MW, eight-hour BESS is advancing under a 20-year agreement; gross capex is estimated at $55 million to $60 million, subject to final EPC costs.

• Battery equipment delivery is expected to start in March–April 2027, targeting Q3 2027 commissioning.

• Clarity on Mixtos 2 awards is expected by end-November; Puerto Rico RFP clarity is expected in Q4, while Dominican Republic timing may move to Q1.

• Forward-looking outcomes depend on approvals, financing, capital costs, resource conditions, PPAs, and continued renewable-energy demand and policy support.