Canada's Polaris Renewable Q1 revenue falls 2.6% on lower output

Polaris Renewable Energy

07/05/2026 13:00

Overview

Canada renewable energy operator's Q1 revenue declined yr/yr due to lower energy production

Adjusted EBITDA for Q1 fell yr/yr, reflecting scheduled maintenance and higher curtailment

Net loss narrowed sharply from prior year, driven by lower operating losses

Outlook

Company expects grid-scale storage in Dominican Republic to be implemented in 18-24 months

Polaris expects Puerto Rico Battery Energy Storage System construction to take about 12 months after approval

Company says curtailment in Dominican Republic has moderated to 30% in Q2 2026, timing for normalization unclear

Result Drivers

SCHEDULED MAINTENANCE - Lower production in Nicaragua due to scheduled major maintenance reduced overall output

CURTAILMENT IMPACT - Higher curtailment in the Dominican Republic further reduced energy production

PERU AND PUERTO RICO OFFSET - Improved production in Peru and a full quarter of results from Puerto Rico partially offset declines

Company press release: ID:nACSWDJvna

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
-$631,000
Q1 Adjusted EBITDA
$13.5 mln
Q1 Cash Flow from Operating Activities
$8.5 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the independent power producers peer group is "buy"

Wall Street's median 12-month price target for Polaris Renewable Energy Inc is C$20.00, about 56.9% above its May 6 closing price of C$12.75

The stock recently traded at 29 times the next 12-month earnings vs. a P/E of 19 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)