Polaris Renewable Energy (PIF) Q1 2026 earnings summary

Executive summary

• Q1 2026 production decreased 5% year-over-year due to scheduled maintenance in Nicaragua and higher curtailment in the Dominican Republic, partially offset by strong hydro in Peru, stable output in Ecuador and Panama, and a full quarter from Puerto Rico.

• Resilient operating performance was achieved despite temporary headwinds, with strong liquidity and continued focus on disciplined growth and long-term value creation.

Financial highlights

• Revenue for Q1 2026 was $19.8 million, down from $20.3 million in Q1 2025, reflecting lower energy production.

• Adjusted EBITDA was $13.5 million, compared to $15 million in the prior year, reflecting lower production and integration costs from Puerto Rico.

• Net loss attributable to shareholders was $0.6 million ($0.03 per share), a significant improvement from a $10.4 million loss ($0.49 per share) in Q1 2025.

• Cash flow from operations was $8.5 million; total cash at quarter-end was $97.5 million, up from $93.2 million at year-end 2025.

• Quarterly dividend of $0.15 per share announced, payable May 22nd.

Outlook and guidance

• Full-year consolidated production guidance revised slightly down to 760–770 GWh due to higher curtailment in the Dominican Republic.

• The Battery Energy Storage System (BESS) project in Puerto Rico (71.4 MW) is expected to advance to construction upon final regulatory approval, with a 12-month build timeline and 20-year payment terms.

• Dominican curtailment expected to moderate in coming quarters, with further improvement anticipated as storage solutions are implemented.

• Growth pipeline includes solar and storage projects in Puerto Rico and Mexico, with key approvals and bid processes expected to conclude in Q2–Q3.

• Management remains focused on disciplined growth, advancing strategic initiatives, and maintaining a strong liquidity position.