Financials
Financial Highlights
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||
| ($ in thousands except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenue | 17,966 | 24,048 | 86,873 | 101,482 |
| Net income (loss) | 2,422 | (341) | 16,694 | 21,946 |
| Earnings (loss) per share – basic | 0.04 | (0.01) | 0.26 | 0.42 |
| Earnings (loss) per share – diluted | 0.04 | (0.01) | 0.26 | 0.38 |
| Adjusted EBITDA (1) | 6,007 | 5,647 | 28,813 | 38,531 |
| Total generation – (MWh) | 312,769 | 425,486 | 1,596,541 | 1,733,267 |
| Total fuel consumption – (GJ) | 2,731,215 | 3,514,660 | 13,262,203 | 14,221,985 |
| Average Alberta market power price ($ per MWh) | 43.27 | 51.52 | 43.74 | 62.78 |
| Average realized power price ($ per MWh) | 57.44 | 56.52 | 54.41 | 58.55 |
| Loans and borrowings | – | – | – | – |
| Total net debt (net cash) (1) | (56,917) | (30,068) | (56,917) | (30,068) |
| Total assets | 383,424 | 359,098 | 383,424 | 359,908 |
| Free cash flow (1) | 2,454 | (1,016) | 17,521 | 28,763 |
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(1) Select financial information was derived from the consolidated financial statements and is prepared in accordance with GAAP, except certain non-GAAP measures including: free cash flow (“FCF”), adjusted Earnings before Interest, Income Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and total net debt, (see Non-GAAP and other Financial Measures in the Q4 2025 Management’s Discussion and Analysis). Total net debt is included in the notes to the annual consolidated financial statements. Net debt is calculated to include: loans and borrowings less unrestricted cash. |
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Annual Reports
2025
2024
2023