Announcement • Oct 31
Wolverine Energy and Infrastructure to Delist from NEX, Effective November 1, 2024 Effective at the close of business on November 1, 2024, securities of Wolverine Energy and Infrastructure Inc. (the ‘Company’) will be delisted from NEX, for failure to maintain Exchange Requirements. Prior to delisting, the shares of the Company were subject to suspension from trading. Board Change • Jul 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Chris Hoose was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Chris Hoose was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 14
Price target decreased by 33% to CA$0.20 Down from CA$0.30, the current price target is provided by 1 analyst. New target price is 300% above last closing price of CA$0.05. Stock is down 29% over the past year. The company posted a net loss per share of CA$0.24 last year. Reported Earnings • Sep 02
First quarter 2024 earnings released: CA$0.06 loss per share (vs CA$0.092 loss in 1Q 2023) First quarter 2024 results: CA$0.06 loss per share (improved from CA$0.092 loss in 1Q 2023). Revenue: CA$7.91m (down 35% from 1Q 2023). Net loss: CA$6.52m (loss narrowed 36% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Price Target Changed • Aug 08
Price target decreased by 33% to CA$0.20 Down from CA$0.30, the current price target is provided by 1 analyst. New target price is 167% above last closing price of CA$0.075. Stock is down 52% over the past year. The company posted a net loss per share of CA$0.24 last year. Announcement • Aug 04
Wolverine Energy and Infrastructure Inc. Announces Board Changes Wolverine Energy and Infrastructure Inc. announced the appointment of Jesse Douglas as a member of Audit Committee. Mr. Douglas currently serves as Executive Chair of the Board of Directors and brings extensive private and public company experience to the committee. Mr. Douglas assumes the role on an interim basis. The company also announced the resignation of Jacquelyn Colville from the Board of Directors, and as chair of the Audit Committee, effective July 22, 2023. Reported Earnings • Jul 29
Full year 2023 earnings released: CA$0.23 loss per share (vs CA$0.039 loss in FY 2022) Full year 2023 results: CA$0.23 loss per share (further deteriorated from CA$0.039 loss in FY 2022). Revenue: CA$61.2m (down 7.6% from FY 2022). Net loss: CA$25.2m (loss widened CA$21.0m from FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Price Target Changed • May 24
Price target decreased by 33% to CA$0.20 Down from CA$0.30, the current price target is provided by 1 analyst. New target price is 100% above last closing price of CA$0.10. Stock is down 13% over the past year. The company posted a net loss per share of CA$0.039 last year. Reported Earnings • Mar 01
Third quarter 2023 earnings released: CA$0.12 loss per share (vs CA$0.11 loss in 3Q 2022) Third quarter 2023 results: CA$0.12 loss per share (further deteriorated from CA$0.11 loss in 3Q 2022). Revenue: CA$16.9m (up 31% from 3Q 2022). Net loss: CA$13.3m (loss widened 17% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: CA$9.61m (up 21% from 2Q 2022). Net loss: CA$4.60m (loss narrowed 65% from 2Q 2022). Revenue missed analyst estimates by 31%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 22
Price target decreased to CA$0.30 Down from CA$0.40, the current price target is provided by 1 analyst. New target price is 445% above last closing price of CA$0.055. Stock is down 78% over the past year. The company is forecast to post a net loss per share of CA$0.16 next year compared to a net loss per share of CA$0.039 last year. Announcement • Sep 30
Wolverine Energy and Infrastructure Inc., Annual General Meeting, Nov 28, 2022 Wolverine Energy and Infrastructure Inc., Annual General Meeting, Nov 28, 2022. Reported Earnings • Aug 30
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: CA$0.09 loss per share (down from CA$0.19 profit in 1Q 2022). Revenue: CA$12.2m (down 48% from 1Q 2022). Net loss: CA$10.1m (down 152% from profit in 1Q 2022). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 50%. Over the next year, revenue is forecast to grow 33%, compared to a 16% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from CA$74.3m to CA$72.4m. Losses expected to increase from CA$0.13 per share to CA$0.16. Energy Services industry in Canada expected to see average net income growth of 51% next year. Consensus price target of CA$0.40 unchanged from last update. Share price fell 4.0% to CA$0.12 over the past week. Reported Earnings • Jul 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: CA$0.04 loss per share (up from CA$0.20 loss in FY 2021). Revenue: CA$66.2m (down 43% from FY 2021). Net loss: CA$4.18m (loss narrowed 81% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 12%, compared to a 15% growth forecast for the industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target decreased to CA$0.40 Down from CA$0.50, the current price target is provided by 1 analyst. New target price is 122% above last closing price of CA$0.18. Stock is down 76% over the past year. The company is forecast to post a net loss per share of CA$0.07 next year compared to a net loss per share of CA$0.20 last year. Major Estimate Revision • Mar 08
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CA$69.3m to CA$66.1m. Losses expected to increase from CA$0 per share to CA$0.07. Energy Services industry in Canada expected to see average net income growth of 19% next year. Consensus price target of CA$0.40 unchanged from last update. Share price rose 2.6% to CA$0.20 over the past week. Major Estimate Revision • Dec 06
Consensus revenue estimates fall to CA$63.3m The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CA$74.3m to CA$63.3m. Forecast loss of CA$0.09, down from of -CA$0.02 per share profit previously. Energy Services industry in Canada expected to see average net income growth of 3.7% next year. Consensus price target of CA$0.50 unchanged from last update. Share price was steady at CA$0.20 over the past week. Reported Earnings • Dec 01
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: CA$0.12 loss per share (down from CA$0.037 loss in 2Q 2021). Revenue: CA$7.96m (down 76% from 2Q 2021). Net loss: CA$13.2m (loss widened 234% from 2Q 2021). Revenue missed analyst estimates by 39%. Earnings per share (EPS) exceeded analyst estimates by 140%. Earnings per share (EPS) surpassed analyst estimates by 140%. Over the next year, revenue is expected to shrink by 31% compared to a 10.0% growth forecast for the industry in Canada. Board Change • Sep 15
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Dirk LePoole is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Sep 15
Price target increased to CA$0.35 Up from CA$0.25, the current price target is an average from 2 analysts. New target price is 52% above last closing price of CA$0.23. Stock is down 49% over the past year. Announcement • Jun 16
Wolverine Energy and Infrastructure Inc. Announces Organizational Changes Wolverine Energy and Infrastructure Inc. announced that due to ongoing consolidation in the conventional energy industry, Wolverine has adjusted its business model to further service its current clients and emerging sector clients. Specifically, Wolverine will now operate under three business units including: Canadian Energy Services, US Energy Services and Infrastructure/Clean Energy. The intention of the organizational changes are to further enhance service offering to its clients and establish a further extensive Infrastructure/Clean Energy business unit. In addition, the consolidation of business units is expected to result in significant cost savings through general and administrative savings. Major Estimate Revision • Jun 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CA$161.8m to CA$80.0m. EPS estimate unchanged from -CA$0.09 per share at last update. Energy Services industry in Canada expected to see average net income growth of 15% next year. Consensus price target down from CA$1.28 to CA$0.97. Share price fell 12% to CA$0.53 over the past week. Announcement • Mar 07
Wolverine Energy and Infrastructure Inc. and Green Impact Partners Inc. Announce the Results of Initial Studies on Hydrogen Production Wolverine Energy and Infrastructure Inc., and its wholly owned subsidiary Green Impact Partners Inc. (GIP), announce the completion of the initial Hydrogen Front End Engineering Design FEED study (the Study) conducted on Wolverine's current operating asset location in Alberta (the Alberta Project). The Alberta Project forms part of the clean energy and renewable natural gas (RNG) assets proposed for sale in connection with Wolverine's previously announced reverse takeover transaction involving Blackheath Resources Inc. (the Transaction). Upon completion of the Transaction, GIP can proceed to the next stage of hydrogen development on the Alberta Project. Phase one of the hydrogen development of the Alberta Project is intended to result in twenty four tons of production of green, electrolysis-based hydrogen with the facility using only clean, renewable energy for operations. The dual purpose of the facility is expected to lower operating costs of the Alberta Project significantly, creating a profitable full cycle of production. Future development phases of the Alberta Project are expected to allow for substantial growth as demand and usage increases. It is anticipated that the process of hydrogen production utilized by the Alberta Project will also result in saleable industrial oxygen. The Study was completed earlier then expected, with stronger financial and environmental results than originally anticipated, adding another important development opportunity to those previously available to GIP following the Transaction. GIP intends to continue development of its RNG assets following completion of the Transaction. Management believes that RNG and hydrogen will be the leading complimentary fuels to a low carbon future, and a key to the achievement of Net Zero Earth Impact. Reported Earnings • Feb 28
Third quarter 2021 earnings released: CA$0.07 loss per share (vs CA$0.014 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CA$31.3m (down 19% from 3Q 2020). Net loss: CA$6.93m (down CA$8.37m from profit in 3Q 2020). Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings miss expectations Revenue missed analyst estimates by 31%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 33% compared to a 1.6% growth forecast for the Energy Services industry in Canada. Is New 90 Day High Low • Feb 13
New 90-day high: CA$0.64 The company is up 94% from its price of CA$0.33 on 04 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.82 per share. Is New 90 Day High Low • Dec 30
New 90-day high: CA$0.50 The company is up 25% from its price of CA$0.40 on 30 September 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.30 per share. Analyst Estimate Surprise Post Earnings • Dec 04
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 52%. Earnings per share (EPS) exceeded analyst estimates by 33%. Over the next year, revenue is forecast to grow 41% compared to a 11% decline forecast for the Energy Services industry in Canada. Analyst Estimate Surprise Post Earnings • Dec 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 52%. Earnings per share (EPS) exceeded analyst estimates by 33%. Over the next year, revenue is forecast to grow 46% compared to a 11% decline forecast for the Energy Services industry in Canada. Reported Earnings • Dec 02
Second quarter 2021 earnings released: CA$0.04 loss per share The company reported a soft second quarter result with increased losses and weaker control over expenses, although revenues were improved. Second quarter 2021 results: Revenue: CA$33.3m (up 14% from 2Q 2020). Net loss: CA$3.97m (loss widened 367% from 2Q 2020). Price Target Changed • Nov 22
Price target lowered to CA$0.75 Down from CA$0.88, the current price target is an average from 2 analysts. The new target price is 188% above the current share price of CA$0.26. As of last close, the stock is down 73% over the past year. Is New 90 Day High Low • Nov 21
New 90-day low: CA$0.26 The company is down 20% from its price of CA$0.33 on 21 August 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.30 per share. Announcement • Oct 31
Wolverine Energy and Infrastructure Inc. Announces Retirement of Dennis Sharp as Board of Directors Chairman Wolverine Energy and Infrastructure Inc. announces the retirement of its Board of Directors Chairman, Dennis Sharp. Mr. Sharp is retiring for personal reasons. Mr. Sharp, who has been an energy industry leader for the past 50 years, has served in a variety of executive capacities in the private and public energy sectors including Chairman and Chief Executive Officer of UTS Energy Corporation, CS Resources Limited and Command Drilling Inc. Major Estimate Revision • Oct 18
Analysts update estimates The Energy Services industry in Canada is expected to see a 16% decline in net income next year. The consensus price target of CA$0.88 was unchanged from the last update. Share price is down by 8.0% to CA$0.40 over the past week. Announcement • Sep 03
Wolverine Energy and Infrastructure Inc. (TSXV:WEII) entered into an asset purchase agreement to acquire Strategic Renewables and Infrastructure Crane Business in United States for CAD 33.5 million. Wolverine Energy and Infrastructure Inc. (TSXV:WEII) entered into an asset purchase agreement to acquire Strategic Renewables and Infrastructure Crane Business in United States for CAD 33.5 million on August 31, 2020. Wolverine has partnered with a lender to fund the acquisition in addition to the current working capital of Wolverine. The transaction closing is subjected to court approval in the United States and Canada. As of August 31, 2020, Wolverine has obtained Canadian Court approval. The transaction is expected to close around October 1, 2020. Announcement • Sep 02
Wolverine Energy and Infrastructure Inc. (TSXV:WEII) entered into a definitive agreement to acquire the assets of renewables and infrastructure crane business in United States for CAD 33.5 million. Wolverine Energy and Infrastructure Inc. (TSXV:WEII) entered into a definitive agreement to acquire the assets of renewables and infrastructure crane business in United States for CAD 33.5 million subsequent to the quarter ended June 30, 2020. The purchase is through an SISP (sale and investor solicitation process) transaction. Wolverine has partnered with Great Rock Capital Partners to fund the acquisition in addition to the current working capital of Wolverine. The transaction has obtained Canadian Court approval. The transaction is expected to close around October 1, 2020. Announcement • Jul 20
Wolverine Energy and Infrastructure Inc.(TSXV:WEII) dropped from S&P/TSX Venture Composite Index Wolverine Energy and Infrastructure Inc.(TSXV:WEII) dropped from S&P/TSX Venture Composite Index 
