1Q24 Results: Revenue Drives Ahead Led by ENGIE Milestone Payment
REVV reported total revenue of $1.2 million in 1Q24, $1.1 million higher than in 4Q23, primarily due to the interconnection milestone payment received from ENGIE under the sale agreement for the Parker project and recurring revenue from the operational distributed generation (DG) portfolio. The company is expected to receive milestone payments for the sale of the Parker Solar & Storage project, with amounts ranging from US$8.95-US$11.45 million. These payments are contingent upon the successful completion of the notice to proceed (NTP) construction and commissioning milestones for the project. During 1Q24, the company's operational DG portfolio generated a total of 547,421 kWh (608,375 kWh in 4Q23) of renewable energy. Efforts are currently underway to enhance the operational performance of the portfolio even further. In the quarter, the company focused on constructing DG assets, specifically a 3 MW CHP project. The installation of this project has been completed, and commissioning is pending the ongoing permitting work. The company aims to finalize the permitting process by the end of 1H24. The DG assets under development remained consistent at 155 MW, with a primary emphasis on converting this pipeline into signed power purchase agreements. The company’s net income was $0.9 million, or $0.01 per share, compared with a loss of $0.6 million, or -$0.01 per share, in 1Q23. REVV closed the quarter with strong cash and security deposits of $1.47 million, following receipt of the US$850,000 second milestone payment from ENGIE from the sale of the Parker Solar & Storage project. US Climate Investor Conference We are pleased to announce that we will be hosting our inaugural hybrid US Climate Investor Conference in New York City on December 7. For more information, please email or visit OTC Virtual Investor Conferences.Philippine Metals is a mineral exploration stage company engaged in the exploration of its exploration and evaluation assets, located in the Philippines. Co. has not been able to identify a known body of commercial grade ore on any of its exploration and evaluation assets. The ability of Co. to realize the costs it has incurred on these exploration and evaluation assets is dependent upon Co. being able to identify a commercial ore body, to finance its exploration costs and to resolve any environmental, regulatory or other constraints which may hinder the development of the exploration and evaluation assets. Co. has not earned any revenues and is considered to be in the exploration stage.
Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.
Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.
Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.