Alternus Energy Group PLC has posted impressive unaudited financial results for its fourth-quarter and 2021 fiscal year on the back of strong project execution.
The vertically integrated independent power producer said it delivered the "highest growth on record" for both its fiscal 4Q and full year.
The company's full-year revenue bookings were estimated at € 20.6 million (US$23.4 million), up 540% compared to the previous year.
Alternus noted that the company is now over five times larger in recurring long-term revenues and gross margins, and just under four times larger in operating assets, with a backlog of contracted and pipeline projects.
“These results reaffirm Alternus Energy’s ability to execute and deliver on our ambitious growth targets,” said Vincent Browne, CEO of Alternus in a statement. “We have met and exceeded every target we set for ourselves at the beginning of the 2021 fiscal year.”
READ: Alternus Energy announces appointment of David Farrell to newly created role of chief commercial officer
Browne noted that having integrated the Unisun team and by adding key resources across the whole organization, the company is well-positioned to continue the growth and take full advantage of the large and growing market for solar and renewable energy over the next few years.
Shares of the company traded at $28 after the earnings report on Wednesday.
Key highlights for 4Q 2021 are:
- Power production increased to 16.4 gigawatt-hour (GWh) from 2.9 GWh
- Booked revenues increased to €7.5 million from €0.3 million in 4Q 2020
- EBITDA increased to € 3.5 million from € 0.1 million
- Gross margins for the period were 73% of booked revenues
- Net loss reduced to €0.9 million from a loss of €1.5 million in 4Q 2020
- Operating assets increased to 143 Megawatts-peak (MWp) with the acquisition of 13MWp operating parks in Poland
- Total owned assets increased by 100MWp to 573MWp
- Successfully completed € 20 million bond tap issuance
- Spanish market entry with 35MWp park owned and in development
Key highlights for the full year 2021 are:
- Power production increased to 70.1 GWh from 27.9 GWh
- Booked revenues increased to EUR 20.6 million from EUR 3.8 million
- EBITDA increased to €10.6 million from €0.3 million
- Net income grew to €9.5 million from a loss of €4.8 million for FY 2020
- Operating assets increased to 143MWp from 30MWp
- Annual Recurring Revenues increased to €24.1 million from €4 million
- Total owned assets increased to 573MWp from 44MWp
Joseph Duey, chief financial officer, said: “The results for this quarter, in particular, are demonstrative of the underlying financial performance generated from the growth in operating assets over the past year. The larger contracted backlog is testament to our flexible go-to-market strategy, differentiated business model, and execution reputation with current and new industry partners.”
Contact Ritika at ritika@proactiveinvestors.com