Mr. Myke Clark reports

REVOLVE REPORTS A 15% RECURRING REVENUE INCREASE AND SIGNIFICANT PROGRESS ACROSS NORTH AMERICAN PROJECT PORTFOLIO IN Q2, F2026

Revolve Renewable Power Corp. has released its financial results for the three and six months ended Dec. 31, 2025 (Q2 fiscal 2026). This earnings release should be read in conjunction with the company's condensed interim consolidated financial statements and management's discussion and analysis, which are available on the company's website and have been posted on SEDAR+.

"Revolve recorded a 15-per-cent increase in recurring revenue in Q2 2026, from our 13-megawatt (MW) portfolio of operating assets while making key investments in the continued development of our project pipeline," said chief executive officer Myke Clark. "In addition to that revenue growth, the Revolve team achieved several milestones on our utility-scale portfolio while continuing to expand our distributed generation pipeline and assess additional acquisition opportunities to accelerate our near-term recurring revenue stream even more aggressively. Finally, subsequent to the end of the quarter, Revolve closed a $40-million (U.S.) a transformative strategic financing partnership that will solidify our balance sheet and help to accelerate our business plan."

Key financial highlights (all figures reported in United States dollars):

• Total revenue of $717,457 compared with $621,927 in Q2 fiscal 2025, an increase of 15 per cent. Total revenue in Q2 fiscal 2026 comprising entirely recurring revenue from operating assets.
• Energy production of 5,179,733 kilowatt hours (kWh) from operating assets, an increase of 17 per cent from 4,441,039 kWh, compared with Q2 fiscal 2025.
• Gross profit of $524,226, representing a gross profit margin of 73 per cent compared with a gross profit of $488,605 representing a gross profit margin of 79 per cent in Q2 fiscal 2025.
• A net loss for the quarter of $858,947 compared with a net loss of $908,959 in Q2 fiscal 2025, as a result of continued investment in developing Revolve's project development portfolio and capabilities.
• Cash and security deposits on the balance sheet as at Dec. 31, 2025, was $1,487,169.

Key business highlights

Strategic financing

On Feb. 19, 2026, Revolve closed a transformative $40-million (U.S.) strategic financing agreement with United States-based Callaway that will unlock significant value for shareholders, accelerate the advancement of three-gigawatt renewable energy portfolio and help build a North American energy powerhouse. A total of $10-million (U.S.) was financed on closing and provides Revolve with the necessary resources to advance new and existing projects, capitalize on growing electricity demand, and unlock long-term value while maintaining alignment with shareholder interests. The convertible loan structure is designed to align dilution with long-term value creation, with conversion prices that step up meaningfully in the second tranche, reflecting confidence in Revolve's growth trajectory.

Revolve believes this capital will enable Revolve to transition more rapidly toward a larger operating asset base, supporting long-term cash flow generation and shareholder value creation while increasing its footprint in digital infrastructure and energy-intensive sectors. With this long-term partner and a strengthened balance sheet, the company is well positioned to execute its growth strategy, support digital infrastructure and electricity demand, and create sustainable shareholder value.

Develop and sell

Revolve develops large utility-scale projects from greenfield to ready to build, at which point it sells the development rights to large utilities and independent power producers.

• 1. Mexico: During Q2 2025, Revolve was awarded a final Generation permit for its 130 MW EL 24 wind farm project, located in the state of Tamaulipas, Mexico, from the Comision Nacional de Energia (CNE), Mexico's federal regulator for the renewable energy sector. The project was one of only five wind projects across the entire country granted a generation permit by CNE. The issuance of the CNE Generation permit represents a critical regulatory milestone and materially advances El 24 toward ready-to-build (RTB) status, positioning the project for advanced commercial discussions, financing and potential monetization. Additionally, the company is pleased to report material progress on the interconnection application process for the project. Through its wholly owned subsidiary EPM Eolica 24, the company formally submitted a request on Feb. 17, 2026, for an interconnection agreement to the Comision Federal de Electricidad (CFE). The company expects CFE to issue the final interconnection agreement for signing in the coming weeks. The approval of the generation permit, combined with the interconnection milestone, confirm the project's technical feasibility and compliance with Mexico's regulatory framework and materially enhances its bankability.
• The Mexican government has also announced it will launch a further qualification window in 2026 for new projects to participate in the accelerate permitting process. The company intends to evaluate this new qualification window and the potential to register the 400 MW Presa Nueva wind project for evaluation. The company believes that its on-the-ground experience, local relationships and disciplined development execution provide a competitive advantage as regulatory clarity improves.
• In October, 2025, the Mexican government announced a comprehensive plan for the growth and expansion of the electricity sector in the country with a specific focus on new renewable energy generation capacity and the role of private sector investment. The plan identified a requirement for capacity totalling 5,970 MW from new wind and solar generation projects that would be delivered between 2026 and 2030 specifically from private generators such as Revolve. This new capacity requirement was then broken down into an initial list of preferred locations where projects in these areas would be considered for priority treatment under the federal plan.
• 2. United States: The outlook for all forms of electricity generation projects in the U.S. remains positive with regulatory certainty having been established through the changes made in administration legislation earlier in the year along with the rapidly increasing demand for electricity driven by the AI (artificial intelligence) industry. The company remains optimistic that the remaining milestone payments from the sale of the 1.25 GW Bouse & Power solar and storage projects to ENGIE, equating to between $40,000 to $50,000 per MW, will be received in future periods. The company continues to analyze further development opportunities in the U.S. to add to our current portfolio.

Develop, own and operate

Revolve develops, builds, owns and operates smaller utility-scale projects as well as distributed generation projects to generate recurring revenue. This revenue stream supported by a 13 MW operating portfolio. These projects form Revolve's stable platform for future growth based on long-life, contracted renewable energy assets.

1. Mexico: Revolve expands Mexico distributed generation business with new partnership. On Oct. 9, 2025, Revolve announced it has signed a partnership agreement dated Oct. 8, 2025, with an experienced engineer, procure and construct company (the EPC partner) in Mexico to develop and build a new portfolio of distributed generation power solutions for commercial and industrial customers, targeting two initial portfolios of commercial projects totalling more than five MW of capacity. The EPC partner has previously developed more than 50 MW of distributed generation solar projects and brings valuable expertise to the partnership. The company anticipates signing definitive agreements related to a first group of projects in the current quarter.
2. Canada: Revolve receives approval from the Alberta Utilities Commission for the 15.7 MW Bright Meadows solar project. On Sept. 15, 2025, Revolve, announced that its wholly owned subsidiary, Revolve Meadows Solar GP Inc., has received power plant approval (decision 29985-D01-2025) from the Alberta Utilities Commission (AUC) Bright Meadows solar project. Located in the county of Wetaskiwin, Alberta, approximately 80 kilometres south of Edmonton, the Bright Meadows project is a 15.7 MW solar power project that will generate enough renewable electricity to power more than 3,700 homes once operational. AUC approval is the key regulatory permit required for the Bright Meadows solar project and the company is now moving forward on the final interconnection and construction planning for this project.
3. U.S.: The company continues to make progress on its 20 MW/80 MWh Vernal BESS and 49.5 MW Primus wind projects with a particular emphasis on seeking commercial offtake solutions. Both projects are late-stage developments with signed interconnection agreements.

The company also announces the grant of deferred share units (DSUs) to company directors effective Feb. 24, 2026. A total of 926,702 DSUs have been granted under the company's deferred share unit plan adopted on July 6, 2022. Each DSU entitles the holder to receive one share of the company, or in certain circumstances a cash payment equal to the value of one share of the company, at the time the holder ceases their position with the company. The DSUs vest one year from the date of grant. A total of 418,077 were granted at a price of 23 cents per share and 508,625 were granted at a price of 19 cents per share for the second quarter (Q2 2026). The company issues DSUs at the end of each quarter in lieu of cash directors' fees to preserve working capital for project development initiatives.

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, hydro and battery storage projects in the U.S., Canada and Mexico. Revolve also installs and operates sub-20-megawatt (MW) behind the meter distributed generation (or DG) assets. Revolve's portfolio includes the following:

• Operating assets: 13 MW (net) of operating assets under long-term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;
• Development: a diverse portfolio of utility-scale development projects across the U.S., Canada and Mexico with a combined capacity of over 3,000 MW as well as a 140-plus MW distributed generation portfolio that is under development.

Revolve has an accomplished management team with a demonstrated record of taking projects from greenfield through to ready-to-build 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 MW of projects.

We seek Safe Harbor.