on Polaris Renewable Energy Inc. (NASDAQ:RAMPF)
Polaris Renewable Energy Reports Q3 2024 Financial Results
Polaris Renewable Energy Inc. announced its Q3 2024 financial results. The company's energy production fell to 168,639 MWh, down from 178,877 MWh in Q3 2023. Revenue decreased to $17.7 million, compared to $18.8 million the previous year, due mainly to reduced output from its geothermal facility in Nicaragua.
Adjusted EBITDA was reported at $12.4 million, declining from $13.7 million in Q3 2023. Net earnings dropped sharply to $451 from $1,018. Despite lower production in Peru and Nicaragua, cost control measures helped stabilize financial performance.
Notably, Polaris finalized a deal with Santander Bank for the Punta Lima Wind Farm in Puerto Rico, aiming to finalize the transaction by Q1 2025. The company expects enhanced productivity from solar panel upgrades in the Dominican Republic and continues to support its diversification strategy.
R. E.
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