Polaris Renewable Energy Inc.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Total Revenue | 21.6M | 20.3M | 18.8M | 17.7M | 18.7M |
| Operating Revenue | 21.6M | 20.3M | 18.8M | 17.7M | 18.7M |
| Cost Of Revenue | 11.8M | 10.7M | 10.9M | 10.8M | 10.9M |
| Gross Profit | 9.8M | 9.6M | 7.9M | 6.9M | 7.8M |
| Selling General And Administration | 1.9M | 1.8M | 1.6M | 1.8M | 1.8M |
| General And Administrative Expense | 1.9M | 1.8M | 1.6M | 1.8M | 1.8M |
| Depreciation And Amortization In Income Statement | 106,000 | 58,000 | 59,000 | 61,000 | 46,000 |
| Other Operating Expenses | 30,000 | 143,000 | 307,000 | 266,000 | 2,000 |
| Operating Expense | 971,000 | 2.0M | 2.2M | 2.2M | 1.9M |
| Operating Income | 8.9M | 7.7M | 5.7M | 4.7M | 5.9M |
| EBIT | 9.4M | -1.6M | 993,000 | 5.3M | 6.4M |
| Interest Expense | 5.6M | 5.7M | 5.6M | 4.8M | 4.8M |
| Interest Expense Non Operating | 5.6M | 5.7M | 5.6M | 4.8M | 4.8M |
| Interest Income | 758,000 | 1.0M | 1.2M | 745,000 | 458,000 |
| Interest Income Non Operating | 758,000 | 1.0M | 1.2M | 745,000 | 458,000 |
| Net Interest Income | -5.1M | -4.8M | -4.8M | -4.1M | -4.7M |
| Other Income Expense | -50,000 | -10.1M | -5.5M | -154,000 | 399,000 |
| Other Non Operating Income Expenses | -50,000 | -21,000 | 143,000 | 131,000 | 399,000 |
| Special Income Charges | -- | -10.1M | -5.7M | -285,000 | -- |
| Pretax Income | 3.8M | -7.2M | -4.6M | 480,000 | 1.6M |
| Tax Provision | 1.5M | 3.2M | -897,000 | 20,000 | 531,000 |
| Tax Effect Of Unusual Items | 0.00 | -1.5M | -1.1M | -11,875 | 0.00 |
| Net Income From Continuing And Discontinued Operation | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| Net Income From Continuing Operation Net Minority Interest | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| Net Income Including Noncontrolling Interests | 2.3M | -10.4M | -3.7M | 460,000 | 1.1M |
| Minority Interests | -70,000 | -32,000 | 955,000 | -9,000 | -73,000 |
| Net Income Common Stockholders | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| Net Income | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| EBITDA | 17.1M | 5.8M | 8.3M | 12.7M | 13.8M |
| Normalized EBITDA | 17.1M | 15.9M | 14.0M | 13.0M | 13.8M |
| Reconciled Depreciation | 7.7M | 7.4M | 7.3M | 7.4M | 7.4M |
| Basic EPS | 0.10 | -0.49 | -- | 0.02 | 0.05 |
| Diluted EPS | 0.10 | -0.49 | -- | 0.02 | 0.05 |
| Basic Average Shares | 22.0M | 21.1M | -- | 21.1M | 19.7M |
| Diluted Average Shares | 22.0M | 21.1M | -- | 21.1M | 19.7M |
| Total Unusual Items | -- | -10.1M | -5.7M | -285,000 | -- |
| Total Unusual Items Excluding Goodwill | -- | -10.1M | -5.7M | -285,000 | -- |
| Tax Rate For Calcs | 0.39 | 0.15 | 0.19 | 0.04 | 0.33 |
| Normalized Income | 2.2M | -1.9M | 1.8M | 724,125 | 985,000 |
| Depreciation Amortization Depletion Income Statement | 106,000 | 58,000 | 59,000 | 61,000 | 46,000 |
| Depreciation Income Statement | 106,000 | 58,000 | 59,000 | 61,000 | 46,000 |
| Diluted NI Availto Com Stockholders | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| Insurance And Claims | 33,000 | 42,000 | 42,000 | 42,000 | 43,000 |
| Net Income Continuous Operations | 2.3M | -10.4M | -3.7M | 460,000 | 1.1M |
| Net Non Operating Interest Income Expense | -5.1M | -4.8M | -4.8M | -4.1M | -4.7M |
| Other Gand A | 850,000 | 813,000 | 686,000 | 826,000 | 802,000 |
| Other Special Charges | -- | 10.1M | 381,000 | 285,000 | -- |
| Other Taxes | -1.1M | -- | 261,000 | 0.00 | 0.00 |
| Reconciled Cost Of Revenue | 4.2M | 3.4M | 3.6M | 3.4M | 3.6M |
| Salaries And Wages | 1.0M | 902,000 | 889,000 | 979,000 | 975,000 |
| Total Expenses | 12.8M | 12.6M | 13.1M | 12.9M | 12.8M |
| Total Operating Income As Reported | 7.8M | 7.7M | 399,000 | 4.7M | 5.9M |
| Total Other Finance Cost | 213,000 | 168,000 | 321,000 | 57,000 | 329,000 |
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 86.1M | 87.0M | 213.3M | 41.8M | 40.6M |
| Cash Cash Equivalents And Short Term Investments | 86.1M | 87.0M | 213.3M | 41.8M | 40.6M |
| Accounts Receivable | 13.1M | 13.3M | 11.3M | 11.7M | 11.7M |
| Receivables | 13.1M | 13.3M | 13.4M | 11.7M | 11.7M |
| Prepaid Assets | -- | -- | 1.2M | -- | -- |
| Other Current Assets | 4.3M | 4.7M | 674,000 | 4.1M | 2.9M |
| Current Assets | 103.4M | 105.0M | 228.6M | 57.6M | 55.2M |
| Gross PPE | 708.2M | 707.9M | 679.3M | 682.8M | 683.1M |
| Accumulated Depreciation | -339.1M | -332.2M | -325.3M | -318.7M | -313.0M |
| Net PPE | 369.1M | 375.7M | 354.0M | 364.1M | 370.1M |
| Goodwill | 9.3M | 9.3M | 8.6M | 12.4M | 12.4M |
| Goodwill And Other Intangible Assets | 58.8M | 59.5M | 59.4M | 65.4M | 66.0M |
| Other Intangible Assets | 49.5M | 50.2M | 50.8M | 53.0M | 53.7M |
| Other Non Current Assets | 10.6M | 10.9M | 10.7M | 10.1M | 10.5M |
| Total Non Current Assets | 446.2M | 453.3M | 433.5M | 447.6M | 454.0M |
| Total Assets | 549.6M | 558.2M | 662.1M | 505.2M | 509.1M |
| Current Debt | 3.9M | 2.1M | 3.0M | 3.2M | 3.2M |
| Current Debt And Capital Lease Obligation | 4.3M | 4.7M | 16.7M | 16.8M | 16.7M |
| Accounts Payable | -- | -- | 10.1M | -- | -- |
| Payables | -- | -- | 14.8M | -- | -- |
| Payables And Accrued Expenses | 16.6M | 21.2M | 16.8M | 15.0M | 13.0M |
| Current Accrued Expenses | -- | -- | 2.0M | -- | -- |
| Other Current Liabilities | -- | 20,000 | 20,000 | -- | -- |
| Current Liabilities | 25.8M | 30.7M | 33.8M | 31.7M | 29.7M |
| Long Term Debt | 213.9M | 214.7M | 312.1M | 147.0M | 149.7M |
| Long Term Debt And Capital Lease Obligation | 215.9M | 216.8M | 314.2M | 149.1M | 151.9M |
| Long Term Capital Lease Obligation | 2.0M | 2.1M | 2.1M | 2.1M | 2.2M |
| Other Non Current Liabilities | -- | -1,000 | -- | -- | -- |
| Total Non Current Liabilities Net Minority Interest | 279.1M | 281.7M | 368.7M | 207.0M | 210.2M |
| Total Liabilities Net Minority Interest | 304.9M | 312.4M | 402.6M | 238.7M | 239.9M |
| Common Stock | 666.1M | 666.4M | 666.4M | 666.5M | 666.6M |
| Capital Stock | 666.1M | 666.4M | 666.4M | 666.5M | 666.6M |
| Additional Paid In Capital | 14.0M | 14.0M | 14.1M | 14.0M | 14.0M |
| Retained Earnings | -435.3M | -434.3M | -420.7M | -414.8M | -412.1M |
| Common Stock Equity | 244.9M | 246.0M | 259.7M | 265.7M | 268.5M |
| Stockholders Equity | 244.9M | 246.0M | 259.7M | 265.7M | 268.5M |
| Total Equity Gross Minority Interest | 244.7M | 245.8M | 259.5M | 266.5M | 269.2M |
| Minority Interest | -119,000 | -189,000 | -221,000 | 734,000 | 725,000 |
| Total Capitalization | 458.7M | 460.7M | 571.8M | 412.7M | 418.2M |
| Net Tangible Assets | 186.1M | 186.5M | 200.3M | 200.4M | 202.5M |
| Tangible Book Value | 186.1M | 186.5M | 200.3M | 200.4M | 202.5M |
| Working Capital | 77.6M | 74.3M | 194.7M | 25.9M | 25.4M |
| Invested Capital | 462.7M | 462.8M | 574.9M | 415.9M | 421.4M |
| Total Debt | 220.2M | 221.5M | 330.9M | 165.9M | 168.6M |
| Net Debt | 131.7M | 129.8M | 101.8M | 108.4M | 112.3M |
| Share Issued | 21.0M | 21.0M | 21.1M | 21.1M | 21.1M |
| Ordinary Shares Number | 21.0M | 21.0M | 21.1M | 21.1M | 21.1M |
| Capital Lease Obligations | 2.4M | 2.4M | 2.6M | 2.6M | 2.7M |
| Construction In Progress | 5.2M | 5.2M | 5.0M | 5.1M | 5.7M |
| Current Capital Lease Obligation | 388,000 | 374,000 | 428,000 | 432,000 | 442,000 |
| Current Deferred Liabilities | 4.9M | 4.8M | -- | -- | -- |
| Interest Payable | -- | -- | 1.7M | -- | -- |
| Leases | -- | -- | 2.3M | -- | -- |
| Long Term Provisions | 1.7M | 1.7M | -- | -- | -- |
| Non Current Accounts Receivable | -- | -- | 856,000 | -- | -- |
| Non Current Deferred Assets | 7.6M | 7.2M | 6.8M | 8.0M | 7.4M |
| Non Current Deferred Liabilities | 55.9M | 56.7M | 54.5M | 57.9M | 58.3M |
| Non Current Deferred Taxes Assets | 7.6M | 7.2M | 6.8M | 8.0M | 7.4M |
| Non Current Deferred Taxes Liabilities | 55.9M | 56.7M | 54.5M | 57.9M | 58.3M |
| Non Current Prepaid Assets | -- | -- | 1.8M | -- | -- |
| Other Current Borrowings | 3.9M | 2.1M | 3.0M | 3.2M | 3.2M |
| Other Properties | 703.0M | 702.8M | 671.9M | 677.8M | 677.4M |
| Pensionand Other Post Retirement Benefit Plans Current | -- | -- | 303,000 | -- | -- |
| Taxes Receivable | -- | -- | 2.1M | -- | -- |
| Total Tax Payable | -- | -- | 4.7M | -- | -- |
| Tradeand Other Payables Non Current | 5.5M | 6.5M | -- | -- | -- |
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | 4.8M | 11.8M | 9.1M | 9.0M | 8.3M |
| Cash Flow From Continuing Operating Activities | 4.8M | 11.8M | 9.1M | 9.0M | 8.3M |
| Depreciation And Amortization | 7.7M | 7.4M | 7.3M | 7.4M | 7.4M |
| Depreciation Amortization Depletion | 7.7M | 7.4M | 7.3M | 7.4M | 7.4M |
| Stock Based Compensation | 96,000 | 59,000 | 194,000 | 8,000 | 99,000 |
| Deferred Tax | 434,000 | 3.2M | -897,000 | 20,000 | 531,000 |
| Deferred Income Tax | 434,000 | 3.2M | -897,000 | 20,000 | 531,000 |
| Change In Working Capital | -1.8M | 2.0M | -421,000 | -273,000 | -679,000 |
| Changes In Account Receivables | 191,000 | -188,000 | 401,000 | 48,000 | 97,000 |
| Change In Receivables | 191,000 | -188,000 | 401,000 | 48,000 | 97,000 |
| Change In Payables And Accrued Expense | -3.1M | 2.4M | -682,000 | 284,000 | -353,000 |
| Change In Other Working Capital | 265,000 | 166,000 | -950,000 | 508,000 | -563,000 |
| Other Non Cash Items | 1.3M | 10.5M | 4.9M | 4.9M | 4.8M |
| Capital Expenditure | -273,000 | -69,000 | -106,000 | -1.3M | -726,000 |
| Purchase Of PPE | -273,000 | -69,000 | -106,000 | -1.3M | -726,000 |
| Net PPE Purchase And Sale | -273,000 | -69,000 | -106,000 | -1.3M | -726,000 |
| Purchase Of Business | 0.00 | -14.7M | -- | -- | 0.00 |
| Investing Cash Flow | -273,000 | -14.7M | -106,000 | -1.2M | -772,000 |
| Cash Flow From Continuing Investing Activities | -273,000 | -14.7M | -106,000 | -1.2M | -772,000 |
| Repayment Of Debt | -2.0M | -119.9M | -4.7M | -3.5M | -4.8M |
| Net Issuance Payments Of Debt | -2.0M | -119.9M | 170.3M | -3.5M | -4.8M |
| Repurchase Of Capital Stock | -229,000 | -219,000 | -- | -- | 0.00 |
| Net Common Stock Issuance | -229,000 | -219,000 | -- | -- | 0.00 |
| Common Stock Dividend Paid | -3.2M | -3.2M | -3.2M | -3.2M | -3.2M |
| Common Stock Payments | -229,000 | -219,000 | -- | -- | 0.00 |
| Financing Cash Flow | -5.4M | -123.3M | 162.5M | -6.6M | -8.0M |
| Cash Flow From Continuing Financing Activities | -5.4M | -123.3M | 162.5M | -6.6M | -8.0M |
| Effect Of Exchange Rate Changes | -- | -- | 1,000 | 0.00 | 0.00 |
| Changes In Cash | -930,000 | -126.3M | 171.5M | 1.2M | -446,000 |
| Beginning Cash Position | 87.0M | 213.3M | 41.8M | 40.6M | 41.0M |
| End Cash Position | 86.1M | 87.0M | 213.3M | 41.8M | 40.6M |
| Free Cash Flow | 4.5M | 11.7M | 9.0M | 7.7M | 7.6M |
| Cash Dividends Paid | -3.2M | -3.2M | -3.2M | -3.2M | -3.2M |
| Change In Prepaid Assets | 562,000 | -354,000 | 414,000 | -1.3M | 134,000 |
| Interest Paid Cfo | -9.4M | -949,000 | -4.5M | -3.5M | -4.8M |
| Long Term Debt Payments | -2.0M | -119.9M | -4.7M | -3.5M | -4.8M |
| Net Business Purchase And Sale | 0.00 | -14.7M | -- | -- | 0.00 |
| Net Foreign Currency Exchange Gain Loss | 0.00 | 0.00 | -1,000 | -4,000 | 8,000 |
| Net Income From Continuing Operations | 2.2M | -10.4M | -2.8M | 451,000 | 985,000 |
| Net Long Term Debt Issuance | -2.0M | -119.9M | 170.3M | -3.5M | -4.8M |
| Net Other Investing Changes | -- | -- | 0.00 | 100,000 | -- |
| Operating Gains Losses | -- | -- | -1,000 | -4,000 | 8,000 |