v3.25.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities    
Net (loss) income for the period $ (11,369) $ 11,180
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of intangible assets - expenses (Note 6) 1 2
Amortization of intangible assets - COGS (Note 6) 126 726
Bad debt expense 15 60
Warranty expense 2
Finance interest on loans 2,224 1,242
Depreciation (Note 5) 91 115
Operating lease expense 449 1,033
Loss on unrealized foreign exchange (130) 4
Net deferred income tax asset/liabilities (723) (2,093)
Change in fair value of derivatives 8,305
Share of noncontrolling interest 0
Net P&L gain on disposal of REP & BEP1 (1,329) (17,500)
Net P&L gain on disposal of Sheaf & BEP2   (24,653)
Share-based compensation 5 5,017
Other adjustments relating to disposal of subsidiary (190)
Changes in operating assets and liabilities:    
Short-term investments and amounts held in trust 56
Accounts receivable and other receivables (266) (4,459)
Accrued revenue 470 67
Due from related parties (4)
Prepaid expenses and parts inventory (1,333) (707)
Prepaid manufacturing costs 248 (72)
Investment and other advances (3,451) (2,622)
Lease payments (370) (553)
Accounts payable and accrued liabilities 5,130 8,468
Income taxes payable 989
Warranty provision (19) (186)
Contract liabilities (520) (3,585)
Due to related parties (355) 1,562
Net cash (used in) operating activities (11,108) (17,794)
Investing Activities:    
Purchase of property and equipment, net of sales (77) (55)
Investments advances of BESS Italy SPVs (834)
Projects under development (5,740) (47,590)
Proceeds from sale and leaseback 256
Net proceeds from sale of BEP1 & REP (2023: net of cash disposed of $116,000) 4,433 13,979
Net proceeds from sale of BEP2 & Sheaf (2023: net of cash disposed of $9,418,000) 5,370
Acquisition of BESS Italy SPV’s (1,399)
Loan receivables BESS Projects - Poland (304)
Net cash (used in) investing activities (2,266) (29,695)
Financing Activities    
Interest paid on debt (2,660) (857)
Principal payments on debt (351) (129)
Proceeds from issuance of debt 16,428 1,919
Proceeds from related party debt 124
Debt issuance costs (68)
Proceeds from exercise of stock options 20
Long term obligations – disposal of debt through sale of assets 57,336
Net cash provided by financing activities 13,493 58,269
Effect of foreign exchange rate changes on cash (365) 1,010
Change in cash and cash equivalents (246) 11,790
Cash and cash equivalents, beginning of period 4,221 1,274
Cash and cash equivalents, end of period 3,975 13,064
Cash and cash equivalents $ 3,975 $ 13,064