Polaris Renewable Energy (PIF) Q4 2024 earnings summary

Executive summary

• Consolidated power production for 2024 was 764,756 MWh, down from 800,951 MWh in 2023, with Q4 production slightly up year-over-year at 195,797 MWh.

• Revenue for 2024 was $75.8 million, down from $78.5 million in 2023, with Q4 revenue nearly flat year-over-year at $18.8 million.

• Net earnings for 2024 were $3 million ($0.14 per share), a significant decrease from $11.7 million ($0.56 per share) in 2023.

• Adjusted EBITDA for 2024 was $55 million, down from $57.7 million in 2023; margin was approximately 72.6%.

• Completed a $175 million green bond issue and signed an agreement to acquire Punta Lima Wind Farm in Puerto Rico, expected to close in Q1 2025.

Financial highlights

• Net cash from operating activities was $35.1 million for 2024, down from $44 million in 2023.

• Net cash used in investing activities was $3.3 million, a decrease from $11.4 million in 2023.

• Net cash from financing activities was $27.7 million, driven by the $175 million green bond issuance in December 2024.

• Cash and cash equivalents at year-end were $217.9 million, including $120 million used in January 2025 to settle debt.

• Declared and paid $12.6 million in dividends for 2024; quarterly dividend of $0.15 per share announced for February 2025.

Outlook and guidance

• 2025 production is expected to be flat year-over-year, with guidance of 460,000–470,000 MWh, including major maintenance.

• Management expects the Punta Lima Wind Farm acquisition to close in Q1 2025, supporting growth initiatives.

• Organic growth focus shifting to Puerto Rico, with grid-connected storage and solar-plus-storage projects under consideration.

• Dominican Republic storage project delayed, with revenue now expected in 2027.

• Forward-looking statements highlight expectations for stable production, expansion in the Dominican Republic, and regulatory approvals for new projects.