We may earn commissions if you use the recommended services on this site.  

Altius Renewable Royalties Releases Q3 2023 Financial Results

Latest Business News

Altius Renewable Royalties Announces Q3 2023 Financial Results

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) is pleased to report its financial results for the third quarter of 2023. The company's 50% owned joint venture, Great Bay Renewables (GBR), recorded $3.9 million in royalty revenue for the quarter, an increase from $3.2 million in Q3 2022. Operating cash flows at GBR were $1.7 million in Q3 2023, compared to $1.8 million in the same period last year. For the nine months ended September 30, 2023, GBR recorded $7.8 million in royalty revenue, up from $5.6 million in the same period in 2022. Operating cash flows for the nine months were $3.6 million, compared to $2.3 million in the previous year. ARR reported a net loss of $0.7 million for the quarter, with proportionate revenue of $2.5 million and adjusted EBITDA of $1.5 million. This compares to net earnings of $0.3 million, proportionate revenue of $1.8 million, and adjusted EBITDA of $1.0 million in Q3 2022. For the nine months ended September 30, 2023, ARR reported a net loss of $0.9 million, proportionate revenue of $5.6 million, and adjusted EBITDA of $2.8 million. This is compared to a net loss of $0.4 million, proportionate revenue of $3.2 million, and adjusted EBITDA of $0.8 million in the same period in 2022. The results reflect the increased revenues at GBR, offset by increased costs, including GBR's share of loss in equity investments Bluestar and Nova. GBR's operating royalty portfolio continues to benefit from the addition of new projects, and the company is progressing several new royalty investment opportunities. In conclusion, Altius Renewable Royalties has reported positive financial results for Q3 2023, driven by increased royalty revenue and operating cash flows at GBR. The company's ongoing growth and diversification efforts position it well for future success in the renewable energy sector.

Implications of Altius Renewable Royalties' Q3 2023 Financial Results for New Businesses

Altius Renewable Royalties Corp.'s Q3 2023 financial report provides crucial insights for new businesses in the renewable energy sector. The company’s 50% owned joint venture, Great Bay Renewables (GBR), saw an increase in royalty revenue for the quarter, indicating a positive trend in the sector.

Increased Revenues and Operating Cash Flows

The rise in GBR's royalty revenue and operating cash flows, from $3.2 million in Q3 2022 to $3.9 million in Q3 2023, suggests a growing market for renewable energy projects. This growth could present lucrative opportunities for new businesses looking to enter the renewable energy sector.

Challenges in Equity Investments

However, the report also highlights challenges, such as increased costs and losses in equity investments in Bluestar and Nova. New businesses must be prepared to navigate such challenges and potential financial risks in their growth journey.
Conclusion
In conclusion, Altius Renewable Royalties' Q3 2023 financial results offer both encouragement and caution for new businesses in the renewable energy sector. While the increased revenues and operating cash flows signal a promising market, the challenges underscore the need for strategic planning and risk management.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/altius-renewable-royalties-reports-q3-2023-financial-results
Brought to you by BusinessFormation.io
Know Your State's Registered Agent Requirements: What is a Registered Agent
Learn How To Create An LLC: What Is An LLC and How To Start an LLC Online
Business Formation Services: View Top 3 Online LLC Filing Companies

LLC Filing & Registered Agent Services

Compare Online LLC Filing Services Today

We work with the market leaders in business formation and registered agent services.

Getting started is simple and inexpensive. Form your business today & secure your brand name before someone beats you to it! Click below to view the Top 3 Best LLC and registered agent service providers.
View Top 3 Providers Now
x

Filing An LLC Can Be Complicated

Streamline Your LLC Filing Online for $39

Northwest Registered Agent is the best-rated service for first time filers.

Get professional LLC formation & registered agent services for only $39 + state filing fee. This offers includes your full LLC setup, plus a private business address, lifetime support, and more.

Trusted by Millions. Save 82% Today.