Revel Pulls Plug on Electric Vehicle Ride-Share Business in New York
The company said it was making the move for reasons similar to its decision to end electric moped service in 2023: There are lots of ways to get around the city, and plenty of competitors are vying for passengers. Even at Revel's height, its fleet of cars was dwarfed by companies like Uber and Lyft.
Most of Revel's 500 cars are leased, and the cars will be returned to the owners. The company employed more than 600 drivers a month, who were not given any advance warning about the company's decision, according to a Revel spokesperson.
Frank Reig, Revel's co-founder and chief executive, said ending the ride-share service was best for the company and, broadly, for the continued adoption of electric vehicles by the public. 'The best way we can keep the E.V. transition moving forward is by ending our ride-share service and focusing on building the fast-charging infrastructure our biggest cities need to keep going electric,' he said.
The company said it will look to increase its number of charging stalls around the New York City region to 278 from 88 by the end of next year. Uber could benefit from the build out: In March 2024, the companies agreed to give Uber drivers a discount at Revel's charging stations in New York City.
Revel started its ride-share program in April 2021 with 50 vehicles that operated only in New York City. It had around 80,000 rides in June in New York City, compared with about 20 million combined rides for Uber and Lyft, according to the NYC Taxi and Limousine Commission Factbook.
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The cars come with a 3 year/36,000-mile warranty; the powertrain warranty from Ford remains intact. *850+ FWHP using 93 octane fuel (US and 98 octane ratings in Europe and other markets)**Supercharger available for post-title sales only***Pricing based on using a 600A Ford Mustang Darkhorse About Shelby American, by legend Carroll Shelby, Shelby American, a wholly owned subsidiary of Carroll Shelby International Inc. (CSBI:PK), manufactures and markets performance vehicles and related products. The company builds authentic continuation Cobras, including the 427 S/C, 289 FIA, 289 streetcar, Daytona Coupe and Shelby Series 2 component vehicles; it offers the Shelby GT, 1000, Super Snake, GT350, SE and GT post-title packages for the 2005-2026 Ford Mustang. Shelby American also offers the Shelby Raptor, Shelby F-150 Super Snake and Shelby F-150 trucks, as well as the Shelby F-250 Super Baja. 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(in thousands of dollars, except per share amounts) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 FINANCIALS Revenue from energy sales (1) $ 509,132 $ 528,974 $ 1,157,652 $ 1,283,894 Operating income (1) 122,057 152,025 385,164 498,194 Net income (loss) (1) (53,149 ) 262,356 57,668 411,653 Net income (loss) attributable to shareholders (62,744 ) 246,090 4,088 321,693 Adjusted EBITDA (a non-IFRS measure) (3) 245,325 268,190 606,510 722,056 Cash provided by operating activities (1) 451,077 170,998 873,885 473,414 Free Cash Flow (a non-IFRS measure) (3) 58,444 68,594 215,718 294,325 Cash dividends paid 78,451 49,836 129,107 200,488 Total dividends declared (2) $ 78,451 $ 77,061 $ 156,744 $ 153,760 Per Share Weighted average number of shares — basic and diluted (000s) 261,502 256,659 261,097 256,070 Net income (loss) attributable to common shareholders — basic and diluted $ (0.25 ) $ 0.95 $ 0.00 $ 1.24 Free Cash Flow — basic (a non-IFRS measure) (3) $ 0.22 $ 0.27 $ 0.83 $ 1.15 Total dividends declared $ 0.30 $ 0.30 $ 0.60 $ 0.60 ENERGY VOLUMES Electricity production in gigawatt hours (GWh) (4) 2,094 2,563 5,108 6,030 Northland's share of electricity production (GWh) (5) 1,825 2,258 4,466 5,255 (1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. 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Commercial availability for the three months ended June 30, 2025 was on plan at 98%. Revenue from energy sales of $75 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024. Adjusted EBITDA of $42 million for the three months ended June 30, 2025 decreased 15% or $8 million as compared to the same quarter of 2024, primarily due to lower operating availability because of planned outages at the natural gas from energy sales of $89 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024. Adjusted EBITDA $40 million for the three months ended June 30, 2025 was largely in line with the same quarter of and administrative () costs of $28 million in the second quarter increased $3 million compared to the same quarter of 2024, primarily due to higher long-term incentive plan costs. Development costs of $13 million decreased $4 million compared to the same quarter of 2024, primarily due to a more focused market strategy. Finance costs of $97 million were largely in line with the same quarter of 2024. Fair value loss on financial instruments was $144 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts. Foreign exchange gain of $14 million was primarily due to fluctuations in foreign exchange rates. Share of loss from joint ventures of $22 million was primarily due to losses on the fair value of derivatives. 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(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Adjusted EBITDA of $245 million for the three months ended June 30, 2025 decreased 9% or $23 million compared to the same quarter of 2024. The significant factors decreasing Adjusted EBITDA include: $23 million decrease in operating results at the offshore wind facilities, primarily due to lower production, as described above; and $8 million decrease in operating results from natural gas facilities, primarily due to a planned outage at North Battleford, as described above. 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(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Free Cash Flow of $58 million for the three months ended June 30, 2025 was 15% or $10 million lower than the same quarter of 2024. The significant factors decreasing Free Cash Flow were: $26 million decrease in Adjusted EBITDA (gross of growth expenditures) due to the factors described above; and $12 million increase in scheduled debt repayments on facility-level loans and net movement in funds set aside for maintenance and decommissioning reserves. The factor offsetting the decrease in Free Cash Flow was: $31 million as a result of German trade tax refund receivable. 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(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Outlook In 2025, Northland continues to deliver key milestones across its construction portfolio. Upon reaching commercial operations, these projects will expand Northland's operations into new jurisdictions, including the Taiwan Strait and Baltic Sea, and are expected to enhance production capacity and reduce portfolio volatility. Northland continues to pursue its development pipeline to further enhance its cash flow profile. To capitalize on the market opportunity presented by growing demand for electricity and energy security, Northland is pursuing opportunities in offshore wind, onshore renewables, battery storage, and natural gas. Primarily driven by lower-than-expected wind resource in our offshore wind facilities to date, management anticipates Adjusted EBITDA to be in the range of $1.2 billion to $1.3 billion, compared to the previous guidance of $1.3 billion to $1.4 billion. Free Cash Flow is now projected to be between $1.15 and $1.35 per share, compared to $1.30 to $1.50 per share previously projected. This revision reflects similar assumptions for the remainder of 2025 consistent with the original financial guidance. Free Cash Flow per share guidance includes the favourable impact from a recent tax ruling in Germany, which contributed to the operating results from our German facilities. The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this release as well as the Risk Factors in the 2024 AIF. Second-Quarter Earnings Conference Call Northland will hold an earnings conference call on August 14, 2025, to discuss its second quarter 2025 results. The call will be hosted by Northland's Senior Management, who will discuss the Company's financial results and developments as well as answering questions from analysts. Conference call details are as follows: Thursday, August 14, 2025, 10:00 a.m. ET Participants wishing to join the call and ask questions must register using the following URL below: For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link: Webcast URL: For those unable to attend the live call, an audio recording will be available on on Friday, August 15, 2025. Northland's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, and related MD&A can be found on SEDAR+ at under Northland's profile and on ABOUT NORTHLAND POWER Northland Power is a Canadian-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity. Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, and respectively. NON-IFRS FINANCIAL MEASURES This press release includes references to the Company's adjusted earnings before interest, income taxes, depreciation and amortization (), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland's share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland's results of operations from management's perspective. Management believes that Northland's non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations. FORWARD-LOOKING STATEMENTS This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws ('forward-looking statements') that are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects,' 'anticipates,' 'plans,' 'predicts,' 'believes,' 'estimates,' 'intends,' 'targets,' 'projects,' 'forecasts' or negative versions thereof and other similar expressions or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could'. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of full commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management's current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management's current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland's reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland's ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the 'Risks Factors' section of Northland's MD&A and 2024 AIF, which can be found at under Northland's profile and on Northland's website at Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements. The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Certain forward-looking information in this release and the MD&A may also constitute a 'financial outlook' within the meaning of applicable securities laws. Financial outlook involves statements about Northland's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland's current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material. For further information, please contact:Adam Beaumont, Senior Vice President, Capital Markets647-288-1019investorrelations@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
