Financial Results for UGE in 2023

UGE International Ltd., a leader in commercial and community solar, has reported its financial results for the year ended December 31, 2023. The company doubled the size of its operational portfolio and achieved Notice to Proceed on 18.2MW of projects, a record for the company.

Key financial results for Q4 2023 and the year ended December 31, 2023, included ending the year with 4.8MW of operating assets that contributed to energy generation revenue. While the annual figure reflected an increase over the prior year, the quarterly figure declined due to one system being offline for repairs. Total revenue declined for the three- and 12-month periods compared to the same periods in 2022, attributed to the run-off of legacy third-party contracts.

The net loss and adjusted net loss for the quarter increased due to continued investment in developing UGE’s project portfolio. Cash used in operations for 2023 also increased compared to 2022.

In terms of business highlights, UGE reached commercial operation on 2.5MW of projects in 2023, including a 1.0MW project in Maine. The company also reached NTP on 18.2MW of projects, a new record. Project backlog was 324MW on December 31, 2023, compared to previous periods.

CEO Nick Blitterswyk stated, “In 2023, UGE began to realize its vision as a develop-to-own IPP.” The company’s full financial results and Management’s Discussion and Analysis are available on SEDAR and the company’s website.

UGE will be hosting a webinar to provide further analysis of the financial results, and they have also released their second Environmental, Social, and Governance (ESG) Report for 2023.