RE Royalties Reports Q1 2024 Financial Results and Recent Developments

RE Royalties Ltd. (TSX.V:RE) (OTCQX:RROYF), based in Vancouver, BC, has announced its financial results for the first quarter of 2024. For the period ending March 31, 2024, the company reported revenues of $2.637 million, reflecting a 45% increase compared to the same period last year. This improvement is attributed to a rise in investments over the past 12 months.

The company's quarterly gross profit stood at $2.538 million, and EBITDA reached $1.797 million, both marking a 45% and 34% increase, respectively, from Q1 2023. Net income after tax was $659,000, an 18% rise from the previous year. As of the end of March, RE Royalties held $14.614 million in cash and cash equivalents.

Key business activities in Q1 2024 included a $1.7 million loan agreement with Clean Communities Corporation for a 4MW solar project in Alberta, a loan and royalty deal with Revolve Renewable Power Corp. for hydro and wind projects in British Columbia and Alberta, and a secured loan with Revolve for a rooftop solar project in Mexico. Additionally, the company received early repayment of a $5.6 million loan from Nomad Transportable Power Systems Inc., securing ongoing revenue via royalties from NOMAD’s product sales.

CEO Bernard Tan noted that despite challenging market conditions, the company's investment portfolio continues to generate strong, stable cash flows. Management will hold a conference call on May 31, 2024, to discuss these results further.