Altius Renewable Royalties Reports Q2 2023 Financial Results

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Corporation”) is pleased to report its financial results for the second quarter of 2023 with a conference call to follow August 2, 2023 at 9:00 am EST.

The Corporation’s 50% owned Great Bay Renewables (“GBR”) joint venture recorded $2.0 million in royalty revenue for the quarter ended June 30, 2023 compared to $1.2 million in Q2 2022. Operating cash flows at GBR increased to $1.0 million in the second quarter of 2023 as compared to $0.3 million in Q2, 2022. For the six months ended June 30, 2023 GBR recorded $4.0 million in royalty revenue compared to $2.4 million in the same period in 2022. Operating cash flows at GBR were $1.9 million for the six months ended June 30, 2023 as compared to $0.5 million in the same period in 2022.

ARR reported a net loss of $0.1 million, proportionate revenue⁽¹⁾of $1.6 million and adjusted EBITDA⁽¹⁾ of $0.7 million for the quarter. This compares to a net loss of $0.5 million, proportionate revenue⁽¹⁾ of $0.7 million and adjusted EBITDA⁽¹⁾ of $(0.1) million in Q2 2022. Total proportionate revenue⁽¹⁾ in Q2 2023 was comprised of $1.0 million in royalty revenue and $0.6 million in interest income.

For the six months ended June 30, 2023 ARR reported a net loss of $0.2 million, proportionate revenue⁽¹⁾ of $3.2 million and adjusted EBITDA⁽¹⁾ of $1.2 million. This compares to a net loss of $0.7 million, proportionate revenue⁽¹⁾ of $1.4 million and adjusted EBITDA⁽¹⁾ of $(0.2) million for the comparative period in 2022. Total proportionate revenue⁽¹⁾ for the six month period was comprised of $2.0 million in royalty revenue and $1.2 million in interest income.

GBR’s operating royalty portfolio benefitted from the additions of each of the Titan Solar, Young Wind, Appaloosa Run and Hansford County Wind projects, which were either acquired or reached operational status in the second half of 2022. GBR continues to progress several new royalty investment opportunities spanning the full spectrum of development to production stage assets while the El Sauz project is currently in construction and expected to reach commercial operation in Q4 2023. Several additional royalty projects continue to be advanced towards construction start by several operators across a variety of US power regions.