RE Royalties Announces Fiscal 2023 Year End Results and Highlights

RE Royalties Ltd., a global leader in renewable energy royalty-based financing, reported significant growth in its fiscal year 2023 financial results. The company, which is listed on TSXV and OTCQX under the symbols RE and RROYF respectively, observed a year-over-year revenue and income increase of 107%, totaling $9,806,000. This growth was primarily due to an increase in investment numbers and the full year's revenue from prior investments.

The company's gross profit rose by 116% to $9,521,000, while EBITDA saw an 11% increase to $2,234,000. Despite these gains, RE Royalties recorded a net loss of $1,811,000, attributed mainly to higher finance expenses from the Series 3 Green Bond issuance and other financial factors. Cash and cash equivalents stood at $14,439,932 as of December 31, 2023.

In key business highlights, RE Royalties detailed several strategic agreements including a new loan and royalty agreement with Revolve Renewable Power Corp., aimed at supporting renewable projects in British Columbia and Alberta. Another notable transaction involved a loan and royalty agreement with Butler Corporation SpA for the expansion in Latin America.

The fiscal year 2023 has been described by CEO Bernard Tan as a milestone year with strong revenue growth. Nonetheless, challenges such as expected credit losses and market volatility were acknowledged. Looking forward, the company remains optimistic about leveraging their current cash reserves for pending investments under due diligence.