This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated June 5, 2025, to its short form base shelf prospectus dated May 7, 2025.
TORONTO, Feb. 13, 2026 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company") reports its fiscal second quarter 2026 financial results. All financial figures are in Canadian dollars and in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board as presented in the interim consolidated financial statements. References to "FY2025" mean the year ended June 30, 2025 and references to "FY2026" mean the year ended June 30, 2026.
Fiscal Year-to-Date Financial Highlights (All amounts are for the six-month period ended December 31, 2025)
Gross profit was $8.1 million, or 36% of revenues, compared to $5.7 million, or 30% of revenues in the same period for FY2025.
Adjusted EBITDA(1) of $2.5 million compared to $2.3 million for the same period during FY2025.
Revenues were $22.3 million compared to $19.2 million in the same period during FY2025.
Net loss of $6.7 million, or $(0.18) per basic share during the period in FY2026, compared to a net loss of $28.2 million, or $(0.91) per basic share during the same period in FY2025.
Cash flow from operating activities was an inflow of $5.0 million compared to an outflow of $1.1 million in the same period in FY2025.
Development fees increased from $2.2 million to $3.4 million during the same period in FY2025.
EPC services increased to $13.8 million from $12.3 million during the same period in FY2025.
IPP production increased from $4.6 million to $5.1 million during the same period in FY2025.
Corporate Second Quarter Highlights and Milestones:
Announced collaboration with Smartlink AI ("Orbit AI") on November 19, 2025, to launch the "Orbital Cloud" initiative—a revolutionary space-based infrastructure where AI compute, connectivity, and blockchain verification converge in Low Earth Orbit powered by solar energy. Subsequently a $500,000 USD investment by the Company into Orbit AI has been announced.
Announced beta testing partnership with Intellistake Technologies Corp. on November 28, 2025, for the deployment of IntelliScope AI Agent Enterprise Hub, providing analytical intelligence for renewable energy development including site location optimization and grant eligibility evaluation.
Received $1.47 million USD Commercial Operation Payment from NYSERDA for the 3.79 MW Geddes Solar Project on November 4, 2025, with an additional $245,000 USD expected through the Inclusive Community Solar Adder.
Announced $41 million USD transaction with Solar Advocate Development LLC ("Solar Advocate") on December 22, 2025, for the sale and construction of three community solar projects (Elmira, Jordan Road 1, and Jordan Road 2) totaling 16.87 MW; received first payment of $4 million USD on December 24, 2025, marking the 11th project in a seven-year strategic partnership dating back to 2018.
Secured safe harbor status for 15 distributed solar and energy storage projects across New York State valued at $168 million USD in construction value with $65 million USD in potential Investment Tax Credit eligibility; projects expected to bring approximately 67 MW DC of solar and 11 MWh of energy storage.
Announced 6.9 MW DC NY-Crawford Rd ground-mount solar project in New York's Capital District on October 7, 2025, with lease agreement executed and interconnection application initiated.
Announced 1.76 MW NY-North Main St. solar project in Upstate New York on October 16, 2025.
Advanced development of 2.6 MW Elmira project securing municipal approvals including site plan approval, special use permit, and negative declaration under State Environmental Quality Review Act on October 28, 2025.
Executed lease agreement for 5 MW AC NY-Cloverdale Rd hybrid solar plus battery energy storage project in Upstate New York on December 9, 2025, eligible for NYSERDA NY-Sun Program and Retail Storage Incentive Program.
Secured 20 MW of solar and BESS power purchase agreements with New York State Division of Military and Naval Affairs (DMNA) on October 14, 2025, serving 50 installations and 20,000 military personnel across New York.
Advanced construction of 4.99 MW SFF-06 Battery Energy Storage System (BESS) project in Ontario toward substantial completion, with the project expected to reach commercial operation in February 2026; project secured under IESO's Long-Term RFP framework providing decade-long contracted revenue stream.
Dr. Richard Lu, President and CEO of PowerBank commented:
"PowerBank's second quarter demonstrates the Company's continued execution across multiple strategic fronts. Fiscal year to date revenue and gross profit are up as we continue to improve financial performance. Beyond our financial performance, this quarter marked several transformational milestones for PowerBank, most notably our announced collaboration with Orbit AI, which has now successfully launched and operating. The satellite validates our vision that solar-powered infrastructure can extend beyond Earth's surface to power the next generation of computing. On the ground, our New York operations continue to demonstrate strong execution—the $41 million USD transaction with Solar Advocate Development, our 11th project with this strategic partner since 2018, reinforces the strength of PowerBank's development model, while securing safe harbor status for 15 projects representing $168 million USD in construction value further solidifies our near-term revenue pipeline. As we look ahead, PowerBank's strategy remains clear: grow our Independent Power Producer asset base for long-term recurring revenues while selectively monetizing development projects to fuel that growth. With over 1 GW in our development pipeline and strategic partnerships spanning from terrestrial infrastructure to orbital systems, PowerBank is well-positioned to capitalize on the accelerating demand for clean, reliable energy solutions."
(1)EBITDA and Adjusted EBITDA are non-IFRS financial measures with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of Non-IFRS financial measures to the most directly comparable IFRS measures see "Non-IFRS Financial Measures" in this News Release.
Summary of Year-to-Date Results (All amounts are for the six-months period)
Six Months Ended
December 2025
December 2024
Consolidated Statements of Comprehensive Income (loss)
