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, May 15, 2026 /CNW/ - PowerBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company") reports its fiscal third quarter and fiscal 2026 interim 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 nine-month period ended March 31, 2026)
Revenues were $22.2 million compared to $23.9 million in the same period during FY2025.
Gross profit was $7.8 million, or 35.0% of revenues, compared to $6.2 million, or 25.8% of revenues in the same period for FY2025.
IPP production revenue increased from $5.8 million to $6.0 million during the period.
Adjusted EBITDA(1) of $(1.3) million compared to $(1.3) million for the same period during FY2025.
Net loss of $12.2 million, or $(0.31) per basic share during the period in FY2026, compared to a net loss of $34.7 million, or $(1.10) per basic share during the same period in FY2025.
Cash flow from operating activities was an outflow of $11.4 million compared to an outflow of $4.9 million in the same period in FY2025.
Working capital improved to $10.7 million as of March 31, 2026, compared to a working capital deficit of $(1.8) million at June 30, 2025.
Corporate Third Quarter Highlights and Milestones:
On April 13, 2026, the Company announced the execution of a lease agreement on a 5 MW AC hybrid solar plus battery energy storage project known as the NY-Conklin Hill Rd project in upstate New York, eligible for incentives under the NYSERDA NY-Sun Program and the Retail Storage Incentive Program.
On April 8, 2026, the Company announced a Letter of Intent with Nodiac Corp. to leverage PowerBank's portfolio of solar and BESS sites across North America for the deployment of distributed AI compute infrastructure.
On March 17, 2026, the Company announced the spring mobilization of 9 projects in New York State, including Jordan Rd 1 and 2, Elmira, Newark and Camp Smith projects, with a combined generation capacity of 42.24 MW and battery energy storage systems with a generation capacity of 21.76 MWh.
On March 3, 2026, the Company and GrandBridge Corporation announced an agreement to jointly develop and invest in solar energy and battery storage projects in Ontario, establishing a collaborative framework for projects with nameplate capacity of 2 MWac or greater within GrandBridge Energy's service territory.
The Company announced NYSERDA approval of incentives totaling approximately US$3.4 million across the Elmira, Jordan Rd 1, and Jordan Rd 2 projects.
On February 18, 2026, PowerBank announced the appointment of Mr. Andrew van Doorn as President & Chief Operating Officer.
Dr. Richard Lu, CEO of PowerBank commented: "Our third quarter reflects the financial transformation underway at PowerBank, margins up, working capital positive, and our development engine firmly in motion. With nine projects breaking ground this spring that have been safe harbored to support eligibility for US$65 million in Investment Tax Credits secured, we enter the final stretch of Fiscal 2026 with strong momentum heading into Fiscal 2027."
(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 nine-months period)
Nine Months Ended
March 31, 2026
March 31, 2025(Restated)
Consolidated Statements of Comprehensive Income (Loss)
Total Revenue
$ 22,219
$ 23,890
Cash flow from operating activities
$ (11,393)
$ (4,949)
Adjusted EBITDA (a non-IFRS measure)
$ (1,339)
$ (1,331)
Net (loss) income
$ (12,163)
$ (34,681)
Basic (loss) earnings per share
$ (0.31)
$ (1.10)
Diluted (loss) earnings per share
$ (0.31)
$ (1.10)
Note: Prior year comparatives have been restated as a result of corrections made to the fiscal 2025 presentation. Refer to Note 2(e) of the unaudited condensed consolidated interim financial statements for further details.
The Company ended the third quarter of FY2026 with $36.7 million in current assets (including $11.3 million in cash), as compared to $41.3 million in current assets as of year-end June 30, 2025. The decrease is principally the result of continued investment in project development and construction activities.
Current liabilities decreased from $43.1 million as of the year ended June 30, 2025, to $26.0 million in the current quarter, primarily due to decreases in trade and other payables and the current portion of long-term debt, resulting in positive working capital of $10.7 million.
For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the nine months ended March 31, 2026, available on SEDAR+ (https://www.sedarplus.ca).
The Company notes that the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements for the Company and its customers and the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power, which could cause demand for the Company's services to decline. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release.
Conference Call, May 19, 2026, at 4:30 PM ET
The Company will review financial results and provide a business update. Interested parties can register for the webinar by clicking here.
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