Polaris Renewable Energy Announces Q2 2025 Results
31.7.2025 14:00:00 CEST | ACCESS Newswire | Press release
TORONTO, ONTARIO / ACCESS Newswire / July 31, 2025 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three and six months ended June 30, 2025. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
2025 HIGHLIGHTS
Second quarter consolidated energy production totaled 215,797 MWh, representing a 15% increase compared to 186,886 MWh in the same quarter last year. The increase is mainly attributable to stronger hydrological conditions in Peru and the contribution from the Puerto Rican wind farm, acquired on March 3, 2025, which did not contribute to consolidated energy production in the comparative quarter of 2024.
The Company generated $21.6 million in revenue from energy sales for the three months ended June 30, 2025, compared to $18.7 million in the same period in 2024.
Adjusted EBITDA was $15.4 million for the three-month period ended June 30, 2025, compared to $13.3 million in the same period in 2024.
Net earnings attributable to shareholders of the Company for the quarter ended June 30, 2025 were $2,203 or $0.10 per share - basic, compared to $985 or $0.05 per share - basic in the comparative period of 2024.
For the six months ended June 30, 2025, the Company generated $16.5 million in net cash flow from operating activities, ending with a cash position of $90.7 million, including restricted cash.
Cost and G&A management improved year-over-year, (adjusting for Punta Lima Wind Farm acquisition) underscoring strong cost discipline and operational efficiency amid continuing inflationary pressure.
Maintaining a quarterly dividend remains a goal for the Company. In respect of the second quarter of 2025, the Company declared and expects to pay a quarterly dividend of $0.15 per outstanding common share on August 22, 2025.
OPERATING AND FINANCIAL OVERVIEW
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
Energy production | ||||||||||||||||
Consolidated Power MWh | 215,797 | 186,886 | 432,289 | 400,320 | ||||||||||||
Financials | ||||||||||||||||
Total revenue | $ | 21,642 | $ | 18,702 | $ | 41,929 | $ | 39,334 | ||||||||
Net earnings (loss) attributable to owners | $ | 2,203 | $ | 985 | $ | (8,238 | ) | $ | 5,331 | |||||||
Adjusted EBITDA | $ | 15,429 | $ | 13,319 | $ | 30,442 | $ | 29,060 | ||||||||
Net cash flow from operating activities | $ | 4,764 | $ | 8,297 | $ | 16,531 | $ | 16,984 | ||||||||
Per share | ||||||||||||||||
Net earnings (loss) attributable to owners - basic and diluted | $ | 0.10 | $ | 0.05 | $ | (0.39 | ) | $ | 0.25 | |||||||
Adjusted EBITDA - basic | $ | 0.73 | $ | 0.63 | $ | 1.44 | $ | 1.38 | ||||||||
Balance Sheet | As at June 30, 2025 | As at | ||||||||||||||
Total cash and cash equivalents (Restricted and Unrestricted) | $ | 90,663 | $ | 217,882 | ||||||||||||
Total current assets | $ | 103,402 | $ | 228,563 | ||||||||||||
Total assets | $ | 549,594 | $ | 662,105 | ||||||||||||
Current and Long-term debt | $ | 217,789 | $ | 328,349 | ||||||||||||
Total liabilities | $ | 304,850 | $ | 402,579 | ||||||||||||
During the three months ended June 30, 2025, quarterly consolidated power production was 15% higher than the production in the same period of 2024. The year-over-year growth was primarily driven by the contribution of the Punta Lima Wind Farm, acquired in March 2025, and by stronger hydrological conditions in Peru, which significantly boosted output across its hydroelectric portfolio.
Production in Ecuador and Peru both exceeded prior-year levels, supported by favorable rainfall patterns. In contrast, production in Nicaragua was slightly lower versus the second quarter of 2024 , due to recurring but unpredictable well behavior that can intermittently impact generation.
The Canoa 1 facility in the Dominican Republic generated 7% more electricity during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase primarily reflects improved productivity from the newly installed solar panels, partially offset by system-wide curtailment that persisted throughout the second quarter and was higher than in Q1. Curtailment levels observed in Q2 are expected to continue for the remainder of the year.
Production at the Vista Hermosa Solar Park in Panama was slightly lower compared to the second quarter of 2024, primarily due to isolated technical issues, now fixed, with the internal transmission line and an unusually prolonged rainy season, which led to lower solar irradiation.
In contrast, the Punta Lima Wind Farm delivered strong results in Q2 2025, exceeding management's expectations, reflecting both favorable wind conditions and solid operational performance.
"We are pleased to report another quarter of strong operational and financial performance. The 15% year-over-year increase in energy production reflects both the successful integration of the Punta Lima Wind Farm and favorable hydrological conditions across our hydroelectric portfolio. These results highlight the benefits of our diversified asset base and disciplined operating model.
Our ability to grow revenue and adjusted EBITDA, while managing costs effectively, positions us well in the current inflationary environment. With over $90 million in cash and a stronger balance sheet, we are in a good position to pursue selective growth opportunities.
We continue to evaluate options to complement our generation portfolio with battery storage projects, particularly in jurisdictions where storage can enhance grid stability and improve revenue certainty. As we move into the second half of the year, we remain focused on operational execution and maintaining our quarterly dividend", said Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America & the Caribbean. We are a high-performing and financially sound contributor to the energy transition.
The Company's operations include a geothermal plant (82 MW), four run-of river hydroelectric plants (39 MW), three solar (photovoltaic) projects in operation (35 MW) and an onshore wind park (26 MW).
For more information, contact:
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
SOURCE: Polaris Renewable Energy Inc.
View the original press release on ACCESS Newswire
Polaris Renewable Energy Inc.
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Polaris Modifies Quorum Requirement for Upcoming AGM24.6.2026 23:05:00 CEST | Press release
TORONTO, ON / ACCESS Newswire / June 24, 2026 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company") announced today that its Board of Directors has approved an amendment to the Corporation's by-law to modify the quorum requirement for shareholder meetings. The amendment will apply to the annual meeting of shareholders (the "Meeting") to be held on June 26, 2026 at 9:00 a.m. (Toronto time). Under the Corporation's by-laws, quorum for shareholder meetings previously required the presence, in person or by proxy, of holders of a majority of the outstanding shares entitled to vote at the meeting. The amended by-law provides that quorum will consist of one person present, in person or represented by proxy, holding or representing not less than 45% of the outstanding shares of the Company entitled to vote at the meeting. The amendment does not change the level of shareholder approval required to approve any matter at the Meeting. The amendment is effective as of the date of a
Datavault AI Inc. (NASDAQ: DVLT) and WiSA Technologies Announce the Goho LS7 2.0 and 5.1 Home Theater Systems with WiSA E Wireless Connectivity23.6.2026 16:10:00 CEST | Press release
WiSA Technologies, a Datavault AI Company, powers wireless connectivity for two new home theater and karaoke systems from Goho, a brand of Goldhorn WISA E solves critical cross-brand interoperability problems, providing ubiquity on an enterprise scale for another of the world's premium acoustic brands. PHILADELPHIA, PA / ACCESS Newswire / June 23, 2026 / Datavault AI Inc. (NASDAQ:DVLT), through its Acoustic Sciences division's WiSA Technologies, today announced integration of the WiSA E Enterprise module in the new LS7 2.0 and 5.1 wireless home audio and karaoke systems from Goho, a brand of Goldhorn. These two stunning new systems are designed to bring high-definition two-channel and immersive 5.1 channel surround sound into the home entertainment environment with the simplicity and reliability of WiSA wireless audio transmission. "Goldhorn has built a strong reputation for delivering premium audio components to the mobile audio market, and we are very excited to enter the home audio
CTO Confidence in Scaling AI Falls for Third Straight Year, Akkodis Report Finds23.6.2026 06:45:00 CEST | Press release
"What CTOs Think 2026: Scaling the agentic enterprise with confidence" reveals for the first time, innovation, not efficiency, as the primary driver of digital investment, signaling a move from cost-focused optimization toward growth. ZURICH, SWITZERLAND / ACCESS Newswire / June 23, 2026 / New research released today by Akkodis, a global leader in digital engineering consulting and part of the Adecco Group, shows that CTO confidence in scaling AI is declining, falling to 48% in 2026 from 82% in 2024 - even as AI adoption accelerates and enterprises face growing pressure to turn ambition into execution at scale. Image: What CTOs Think 2026: Scaling the agentic enterprise with confidence. Source: Akkodis The third edition of Akkodis' What CTOs Think report, What CTOs Think 2026: Scaling the agentic enterprise with confidence, features insights from 500 Chief Technology Officers (CTOs) as part of the Adecco Group's Business Leaders 2026 research of 2,000 C-suite executives, The human prem
LiberNovo Prime Sale Fully Launches June 23: Full Chair Lineup and Accessories, Up to 49% Off23.6.2026 04:00:00 CEST | Press release
The limited Omni Premium Bundle headlines a flash sale across the EU and UK, stacked with tiered gifts, a prize wheel, and triple loyalty points, from June 23 through July 11. HONG KONG, HK / ACCESS Newswire / June 22, 2026 / LiberNovo today opened one of its biggest sales of the year. From June 23 through July 11, the entire collection goes on sale across the EU and UK with savings of up to 49% off, and the headline deal is the Omni Premium Bundle: a limited flash-sale price on the original Omni, starting from €939 ( £869) up to 49% off, the chair that started it all, available only while clearance stock lasts. Accessories and the rest of the range join at Prime Sale pricing too, making it the best time of the year to build your complete setup. Every LiberNovo chair is built on the world's first dynamic ergonomic design. A flexible backrest bends and moves with you as you shift, lean, and change position, so your support follows your body instead of holding you in one pose. A powered
Leggett Dynamics Launches Mid-Class Massage System & Makes Luxury Comfort Accessible on High-Volume Programs22.6.2026 13:00:00 CEST | Press release
DETROIT, MI / ACCESS Newswire / June 22, 2026 / Leggett Dynamics today launched its Mid-Class Massage System (MCM), a breakthrough non-electronic innovation that makes premium massage more accessible beyond the luxury vehicle segment. Now in production with a global OEM, MCM was also shortlisted for the 2026 Auto Tech Partnership Award for industry-leading innovation and collaboration. Breakthrough by Design MCM creates a distinctive massage experience with a compact 30 x 35 mm module that uses the Coandă effect, an air jet's natural tendency to follow a curved surface. With no electronics or moving parts, it reduces complexity and cost, making a premium experience accessible to more vehicle segments and consumers. Balancing Innovation, Speed and Cost "Automakers must balance innovation, speed and cost while consumers expect more personalized, affordable, premium experiences," said Julien Rea, VP of Global Innovation & Engineering at Leggett Dynamics. "Leggett Dynamics' Mid-Class Massa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom