Polaris Renewable Energy (PIF) Q4 2023 earnings summary

Executive summary

• Record 2023 consolidated production reached 800,951 MWh, up 23% YoY; annual revenue was $78.5M and net earnings attributable to owners were $11.7M.

• Adjusted EBITDA rose to $57.7M from $44.9M in 2022, while operating cash flow reached $44.0M.

Financial highlights

• FY 2023 revenue was $78.522M vs. $62.600M in 2022; Q4 revenue was $16.870M vs. $18.748M.

• FY net earnings attributable to owners were $11.744M vs. $2.499M; Q4 net earnings were $3.001M vs. $1.408M.

• FY Adjusted EBITDA was $57.663M vs. $44.921M; Q4 Adjusted EBITDA was $11.658M vs. $13.391M.

• FY net cash flow from operating activities was $43.960M vs. $33.506M; Q4 was $12.846M vs. $10.167M.

Outlook and guidance

• Management said the operating platform can pursue regional growth through internal development and opportunistic acquisitions.

• A quarterly dividend of $0.15 per outstanding common share was declared for payment on February 23, 2024.