Mr. Steve Dalton reports

REVOLVE REPORTS Q1 2024 FINANCIAL RESULTS

Revolve Renewable Power Corp. has released its financial results for the three months ended Sept. 30, 2023 (first quarter (Q1) of fiscal year (FY) 2024). All amounts reported are in U.S. dollars.

Steve Dalton, chief executive officer of Revolve, commented: "The company delivered a strong performance in Q1 2024 as we continue to make progress against the strategic objectives for FY 2024. Quarterly revenue was the highest since the company's RTO in 2022, driven by a milestone payment from the sale of the Parker solar and storage project, combined with stable revenue from the company's distributed generation portfolio. We also announced an important transaction in the Canadian market with the proposed acquisition of WindRiver Power Corp. The acquisition will add further momentum to our financial and project development targets for FY 2024, and we look forward to completion of the transaction in the coming weeks."

Key business and financial highlights in Q1 2024:

• Total Q1 2024 revenues were $1,199,880 (U.S.), consisting of electricity generation revenue from the company's operational DG portfolio, as well as the second milestone payment from the sale of the Parker solar and storage project to Engie in January, 2023. The remaining milestone payments due to the company from the sale of the Parker solar and storage project range between $8.95-million (U.S.) to $11.45-million (U.S.) and are linked to the successful completion of the notice to proceed (NTP) construction and commissioning milestones for the project.
• Renewable energy generation from the company's operational DG portfolio was 547,421 kilowatt-hours (kWh) for Q1 2024, with work to continue to improve the operational performance of the portfolio further.
• Distributed generation (DG) assets under construction during the quarter consisted of a three-megawatt CHP project. This project has been fully installed with commissioning subject to continuing permitting work, which is targeted for completion by the end of the first half (H1) of 2024.
• Distribution generation assets under development remained stable at 155 megawatts with a continued focus on converting this pipeline into signed power purchase agreements. Letters of intent (LOI) have been signed on two new DG projects with a combined capacity of 1.9 megawatts with power purchase agreements (PPAs) expected to be signed before the end of December, 2023.
• Development work across the company's utility-scale portfolio has been focused on the 80 megawatt-hour-per-20-megawatt Vernal BESS and 49.5-megawatt Primus Wind in the United States, and the 103.4-megawatt El 24 Wind and 400-megawatt Presa Nueva Wind projects in Mexico. These projects are targeted to reach a ready to build status over the next 12 to 18 months. The company expects to sign an interconnection agreement for the Vernal BESS project before the end of the year.
• The company is also continuing to invest in greenfield development activities, particularly in the U.S. and Canada, where it has commenced a number of new development initiatives over the last six months. These initiatives are expected to deliver a number of new project development opportunities with a 400-megawatt target for the U.S. and 200 megawatts for the Canadian market before the end of FY 2024 (June 30).
• Net income for the quarter ending Sept. 30, 2023, was $921,776 (U.S.), compared with a net loss of $572,997 (U.S.) for the quarter ending Sept. 30, 2022.
• Cash on balance sheet as at Sept. 30, 2023, was $592,189 (U.S.) following receipt of the $850,000 (U.S.) second milestone payment from Engie from the sale of the Parker solar and storage project.

Full financial statements and management's discussion and analysis can be found on the company's website.

The company has also issued a Q1 FY 2024 financial and operating results presentation, which can be found on the company's website.

About Revolve Renewable Power Corp.

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the U.S., Canada and Mexico, with a portfolio of approximately 2,838 megawatts under development. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub-20-megawatt behind-the-meter distributed generation assets. Revolve Renewable Business Solutions currently has an operating portfolio of six megawatts with an additional three megawatts under construction phase and 156 megawatts under development.

Revolve has an accomplished management team with a demonstrated record of taking projects from greenfield through to ready-to-build (RTB) status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To date, Revolve has developed and sold over 1,550 megawatts of projects.

Revolve is targeting 5,000 megawatts of utility-scale projects under development in the U.S., Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

Non-IFRS (international financial reporting standards) measures

This news release makes reference to certain non-IFRS measures, including earnings before interest, taxes, depreciation and amortization (EBITDA). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable with similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of the company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the company's financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures have limitations and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (generally accepted accounting principles) (including the notes), included in the company's filings on SEDAR+ and posted on the company's website.

Financial projections

The company's financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this news release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the company may attain. Future oriented financial information in this news release includes statements with respect to: (i) revenues and EBITDA for FY 2023; and (ii) that the company's revenue will increase to $5-million (U.S.) and that it will have a break-even EBITDA for FY 2024; and (iii) that its increase in revenue and EBITDA will be driven by the company's existing operational distribution generation portfolio as well as further contingent milestone payments from utility-scale projects previously sold to third parties. There is a risk that the conditions related to these contingent payments may not be met and therefore the payments will not be received by the company, which would materially impact the company's FY 2024 projected revenues and EBITDA. The projections are based upon a number of estimates and assumptions, and have not been examined, reviewed or compiled by independent accountants or other third party experts, including assumptions with respect to the company's anticipated expenses and future revenues from the company's existing operational distribution generation portfolio as well as further milestone payments from utility-scale projects previously sold to third parties. These assumptions may vary from the actual results. Accordingly, there is no assurance that future events will correspond to management's assumptions or that actual results during the periods covered will approximate the financial projections. Any variations of actual results from projections may be material and adverse. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the reasonable assumptions of the company and management as at the date hereof. The company's actual financial position and results of operations may differ materially from management's current expectations, and, as a result, its revenue, profitability, EBITDA may differ materially from any revenue and profitability profiles provided in this news release. Such information is presented for illustrative purposes only and may not be an indication of the company's actual financial position or results of operations.

Revolve does not provide reconciliations for forward-looking non-GAAP financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of Revolve's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.

We seek Safe Harbor.