Financials

Financial Highlights

Three Months Ended March 31,
($ in thousands except per share amounts) 2025 2024
Revenue 20,253 34,768
Net income 3,266 10,487
Earnings per share – basic 0.05 0.21
Earnings per share – diluted 0.05 0.18
Adjusted EBITDA (1) 5,236 15,922
Total generation – (MWh) 413,031 476,531
Total fuel consumption – (GJ) 3,489,423 3,915,660
Average Alberta market power price ($ per MWh) 39.78 99.30
Average realized power price ($ per MWh) 49.04 72.96
Loans and borrowings 80,782
Total net debt (net cash) (1) (31,486) (4,425)
Total assets 364,000 435,438
Free cash flow (1) 3,295 13,018

(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 Q1 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 (including the convertible loan facility) less unrestricted cash.

Quarterly Reports

2025 Q1
2024 Q1 Q2 Q3
2023 Q1 Q2 Q3

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