Revolve Announces Change to Board of Directors and Provides Corporate Update

• Board Reconstitution: Powers Spencer appointed to the Board representing strategic investor Callaway Capital; Co-founder Roger Norwich retired. This follows the $40M convertible financing closed in February 2026.
• Mexico Operations (EL24 Wind): Final interconnection agreement with CFE executed April 6, 2025 (contextual date likely 2026); First environmental permit from SEMARNAT received. Target Ready-to-Build late 2026, Commercial Operation Date (COD) 2028.
• Mexico Operations (Distributed Generation): Construction commenced on 16 projects totaling 2.8 MW in partnership with RER Energy. Estimated capital cost $2.7M funded by cash and project debt. Projected annual revenue $620k-$922k, EBITDA $533k-$794k. Operational by August 2026.
• Canada Operations (Bright Meadows): Completed Stage 2 Cluster Assessment for 15.7 MW Solar Project; transitioned to Stage 3 of AESO interconnection process.
• US Operations: Expecting remaining milestone payments from Bouse & Power sale to ENGIE ($40k-$50k per MW). Vernal BESS and Primus Wind in late-stage development seeking commercial offtake.

• Governance Change: The appointment of a Callaway Capital representative is material for governance alignment but expected following the $40M convertible loan closing in February 2026. It reduces agency risk regarding debt covenants and strategic direction.
• Project Milestones: The EL24 Wind interconnection agreement (announced April 6) and Distributed Generation construction start are incremental progress updates rather than new surprises. They confirm the execution of the strategy funded by the February financing.
• Financial Context: Q2 FY2026 results showed a 15% revenue increase to $717k but continued net loss ($859k). The news confirms capital deployment into these projects, which is consistent with the use of proceeds from the Callaway facility.
• Overall Impact: Positive confirmation of execution and governance stability. However, it does not introduce new valuation drivers (e.g., asset sale, breakthrough permitting) that would significantly alter the risk/reward profile beyond what was priced in during the financing round.

• Company Profile: Revolve Renewable Power Corp. develops utility-scale wind, solar, hydro, and battery storage projects across North America.
• Flagship Project: EL24 Wind Project (130 MW) in Tamaulipas, Mexico. This is the primary value driver currently in late-stage permitting/interconnection.
• Operating Assets: 13 MW of contracted assets generating recurring revenue (Windriver Power Corp acquisition + Colima DG project).
• Pipeline: >5,000 MW under development including Presa Nueva Wind (400 MW) and Bright Meadows Solar (15.7 MW).