Not easy to navigate this ship.I have the company at 227 million o/s a year ago. Now it's 250 million shares. 10% more stock out there. And if the revenues will take time to materialize then EPS per share will drop. In turn this impacts the stock price.
Also nothing more about Northland's Green Financing Framework formulated back in Dec 2021.
Orsted for example again successfully issued green bonds a few months ago. 3.6% for short term maturities and 4.1% fixed rate until 2035.
Bonds issued in earlier years were at 2.5% fixed rate to 2033. All oversubscribed.
I don't know whether Orsted diluted their stock, but it tumbled with all the rest.
Losses in hedging contracts took their toll in 2022. Whereas Northland did well in this regard.
Other developers lost in employing too much variable rate financing. Interest rates went up and this cut into the bottom line.