Core Viewpoint - SolarBank Corporation is adopting a treasury strategy that integrates Bitcoin as a strategic reserve asset, inspired by successful models from other companies, aiming to leverage the growing adoption of Bitcoin while maintaining its primary focus on renewable energy development [1][2]. Company Strategy - The company has filed an application with Coinbase Prime for secure custody and management of its Bitcoin holdings, which is expected to provide financial resilience against currency debasement and inflation [1][3]. - SolarBank's primary business remains as a renewable energy developer and power producer, with a significant pipeline of over 1 GW in development across North America [2]. Financial Partnerships and Projects - SolarBank has established a $100 million community solar financing partnership with CIM Group, targeting 97 MW of renewable power projects in the USA [4]. - The company has also engaged in a $49.5 million transaction with Qcells to deploy community solar power plants using "Made-in-USA" solar panels [4]. - Additionally, a $41 million clean energy partnership with Honeywell aims to repurpose closed landfill sites for community solar farms [4]. - A $25 million credit facility from Royal Bank of Canada is intended to support SolarBank's battery energy storage system (BESS) project portfolio [4]. Market Position and Growth - SolarBank is positioned as a first-mover in blending clean energy with decentralized finance (DeFi) and Web3, appealing to tech-savvy investors and capitalizing on the growth of the renewable energy sector [4]. - The company generates recurring revenue through long-term Power Purchase Agreements (PPAs) with utilities and partners, enhancing its financial stability [2].

[Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Statement of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets surged to C$194.0 million, primarily due to acquisitions, while liabilities and equity also significantly increased - Significant increases in non-current assets were observed in **Property, Plant & Equipment (C$34.8 million vs C$3.5 million)**, **Development Assets (C$32.9 million vs C$8.9 million)**, **Goodwill (C$37.6 million vs C$0.4 million)**, and **Intangible Assets (C$34.5 million vs C$2.0 million)**, largely due to acquisitions[3](index=3&type=chunk) Consolidated Statement of Financial Position (C$) | | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$193,972,608** | **$39,225,861** | | Current Assets | $45,277,012 | $17,629,849 | | Non-current Assets | $148,695,596 | $21,596,012 | | **Total Liabilities** | **$127,222,702** | **$20,501,560** | | Current Liabilities | $40,070,938 | $13,388,850 | | Non-current Liabilities | $87,151,764 | $7,112,710 | | **Total Equity** | **$66,749,906** | **$18,724,301** | [Statement of (Loss) Income and Comprehensive (Loss) Income](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20%28Loss%29%20Income%20and%20Comprehensive%20%28Loss%29%20Income) The company reported a net loss of C$9.0 million for the nine months ended March 31, 2025, driven by a 42% revenue drop and increased expenses - Revenue from EPC services, the largest contributor, decreased significantly to **C$20.3 million** from **C$47.5 million** year-over-year, while IPP production revenue grew to **C$6.6 million** from **C$0.26 million**[5](index=5&type=chunk) Financial Performance for the Nine Months Ended March 31 (C$) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $29,105,028 | $50,400,013 | -42.2% | | Gross Profit | $5,799,820 | $10,269,052 | -43.5% | | Total Operating Expenses | $(12,614,867) | $(8,125,069) | +55.3% | | Net (Loss) Income | $(9,029,169) | $5,522,702 | -263.5% | | Basic (Loss) Income Per Share | $(0.29) | $0.20 | -245.0% | | Diluted (Loss) Income Per Share | $(0.29) | $0.15 | -293.3% | [Statement of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to C$66.7 million, primarily due to C$28.6 million in share issuances for acquisitions and C$6.6 million from offerings Reconciliation of Total Equity (Nine months ended Mar 31, 2025) | Description | Amount (C$) | | :--- | :--- | | **Balance at June 30, 2024** | **$18,724,301** | | Net Loss | $(9,029,169) | | Other Comprehensive Income | $508,664 | | Shares issued for SFF Acquisition | $44,455,267 | | Shelf Prospectus Shares Issued | $6,615,200 | | Other Share-related Transactions | $4,475,643 | | **Balance at March 31, 2025** | **$66,749,906** | [Statement of Cash Flows](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities resulted in a C$2.1 million net cash outflow, offset by C$21.2 million from financing, leading to a C$18.8 million cash increase Cash Flow Summary (Nine months ended Mar 31, C$) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $(2,088,001) | $10,919,336 | | Net Cash from Investing Activities | $(333,706) | $(5,078,827) | | Net Cash from Financing Activities | $21,218,282 | $(310,121) | | **Increase in Cash** | **$18,796,575** | **$5,341,685** | | **Cash, Ending** | **$23,929,445** | **$6,091,112** | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Nature of Operations and Corporate Developments](index=10&type=section&id=1.%20Nature%20of%20operation%3A) SolarBank Corporation develops and operates solar projects in Canada and the US, with shares trading on Cboe Canada and Nasdaq Global Market - The company develops and operates solar photovoltaic power generation projects in **Canada (Ontario)** and the **United States (New York)**[11](index=11&type=chunk) - Common shares commenced trading on the **Nasdaq Global Market** under the symbol **'SUUN'** on April 8, 2024[13](index=13&type=chunk) [Basis of Presentation and Consolidation](index=10&type=section&id=2.%20Basis%20of%20presentation) Financial statements are prepared under IAS 34, consolidating new subsidiaries from the Solar Flow-Through Funds Ltd. acquisition, with functional currencies based on entity location - Financial statements are prepared in accordance with **IAS 34, Interim Financial Reporting**[14](index=14&type=chunk) - A significant number of new subsidiaries, primarily in Canada, were added during the period as part of the **Solar Flow-Through Funds Ltd. transaction**[23](index=23&type=chunk) [Development Assets](index=17&type=section&id=10.%20Development%20assets) Development assets surged to C$32.9 million, primarily due to C$22.6 million in BESS and C$0.5 million in EV charge systems from the SFF acquisition - Additions of **Battery energy storage systems** and **EV charge point systems** were related to the business acquisition of **Solar Flow-Through Funds Ltd.**[39](index=39&type=chunk)[40](index=40&type=chunk) Development Assets Breakdown (C$) | Asset Type | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | IPP facilities | $9,791,246 | $8,909,371 | | Battery energy storage systems | $22,602,603 | $ - | | EV charge point systems | $541,666 | $ - | | **Total** | **$32,935,515** | **$8,909,371** | [Loan Payables](index=21&type=section&id=14.%20Loan%20payables) Loan payables totaled C$4.7 million, including a Geddes construction loan, a new USD$1.0 million line of credit, and a C$3.0 million subsidiary loan - The Geddes Construction Loan is for up to **USD$2.6 million**, secured by Geddes Project assets valued at **C$9.8 million**[51](index=51&type=chunk)[54](index=54&type=chunk) - A subsidiary obtained a new line of credit for **USD$1.0 million** in December 2024[55](index=55&type=chunk) - Subsidiary Solar High Yield Project 1 Ltd. entered into a **C$3.0 million** loan agreement with an **11% annual interest rate**, maturing in November 2025[56](index=56&type=chunk) [Intangible Assets](index=21&type=section&id=15.%20Intangible%20assets) Intangible assets increased to C$34.5 million, primarily from C$29.3 million in FIT and C$4.9 million in BESS contracts due to the SFF acquisition - The addition of **FIT** and **BESS contracts** is related to the business acquisition of **SFF**[58](index=58&type=chunk) Intangible Assets (C$) | Asset Type | Net Book Value (Mar 31, 2025) | Net Book Value (Jun 30, 2024) | | :--- | :--- | :--- | | FIT contracts | $29,534,574 | $2,001,447 | | BESS contracts | $4,925,500 | $ - | | **Total** | **$34,460,074** | **$2,001,447** | [Long-Term Debt](index=23&type=section&id=16.%20Long-term%20debt) Long-term debt surged to C$63.8 million, primarily due to C$52.7 million in assumed loans from SFF and OFIT acquisitions, plus a new C$10.1 million RBC credit agreement - The company assumed **51 term loans** from the **SFF acquisition** and **2 loans** from the **OFIT GM and OFIT RT acquisition**[62](index=62&type=chunk)[66](index=66&type=chunk) - The company entered into a credit agreement with **RBC**, obtaining an advancement of **C$10.1 million** for the construction of **BESS projects** in Ontario[68](index=68&type=chunk) Long-Term Debt Breakdown (C$) | Component | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | HASCAP Loan | $675,926 | $759,259 | | Long-term loans (Acquired) | $53,042,265 | $4,068,139 | | Credit agreement (RBC) | $10,090,819 | $ - | | **Total** | **$63,809,010** | **$4,827,398** | [Acquisitions](index=25&type=section&id=18.%20Acquisitions) On July 8, 2024, the company acquired Solar Flow-Through Funds Ltd. for up to C$41.8 million, resulting in C$37.1 million goodwill and contributing C$5.0 million revenue - The company acquired all common shares of **SFF** on **July 8, 2024**, through a plan of arrangement[73](index=73&type=chunk)[75](index=75&type=chunk) - Consideration included an upfront payment of **3.6 million SolarBank shares** and **contingent value rights (CVRs)** for up to **2.3 million additional shares**[74](index=74&type=chunk) Preliminary SFF Purchase Price Allocation (C$) | Item | Value | | :--- | :--- | | Total fair value of consideration | $42,710,670 | | Subtotal identifiable net assets | $21,377,669 | | **Goodwill arising on acquisition** | **$37,147,456** | [Financial Instruments and Risk Management](index=27&type=section&id=19.%20Financial%20instruments) The company manages credit, currency, concentration, liquidity, and interest rate risks, with significant customer concentration and C$101.4 million in contractual obligations - For the nine months ended March 31, 2025, **one customer (Customer A)** accounted for **43% of total revenue**, compared to **two customers (E and F)** accounting for **81%** in the prior year[88](index=88&type=chunk) - The company uses **interest rate swaps** to hedge floating rate term loans into fixed-rate arrangements[81](index=81&type=chunk)[90](index=90&type=chunk) Contractual Obligations as at March 31, 2025 (C$) | Obligation | Total | Less than one year | | :--- | :--- | :--- | | Long-Term Debt | $63,809,010 | $5,248,436 | | Operating Lease | $10,552,219 | $987,454 | | Loan payable | $4,738,794 | $4,738,794 | | Accounts Payable | $20,761,894 | $20,761,894 | | **Total** | **$101,372,078** | **$32,377,184** | [Share Capital](index=29&type=section&id=20.%20Share%20Capital) Common shares outstanding increased to 34.9 million, driven by issuances for the SFF acquisition, a registered direct offering, and an ATM program - Issued **3.6 million common shares** for the **SFF acquisition** on July 8, 2024[94](index=94&type=chunk) - Sold **2.4 million common shares** in a registered direct offering at **$5.08 per share** for gross proceeds of **$12.2 million**[94](index=94&type=chunk) - Sold **1.2 million common shares** through at-the-market offerings for gross proceeds of **$3.0 million**[94](index=94&type=chunk) Warrants Outstanding | | Mar 31, 2025 | Mar 31, 2024 | | :--- | :--- | :--- | | Warrants Outstanding | 10,212,085 | 7,928,000 | [Non-Controlling Interest (NCI)](index=33&type=section&id=21.%20Non-Controlling%20Interest) Non-controlling interests (NCI) totaled C$15.0 million, primarily from SFF acquisition subsidiaries, with a C$3.0 million net loss allocated to NCI NCI Summary (C$) | Metric | As at Mar 31, 2025 | | :--- | :--- | | Total Net Assets of Subsidiaries with NCI | $27,570,209 | | **Carrying Amount of NCI** | **$14,964,443** | | Net Loss Allocated to NCI (9 months) | $(2,980,037) | [Segment Information](index=36&type=section&id=24.%20Segment%20Information) Post-SFF acquisition, segments are Development & EPC (C$22.5M revenue), IPP Production (C$6.6M revenue), and Corporate; US is top revenue source, Canada holds most non-current assets - Effective December 31, 2024, reportable segments are: **Development and EPC**, **IPP Production**, and **Corporate and other activities**[110](index=110&type=chunk) Revenue by Segment (Nine months ended Mar 31, 2025, C$) | Segment | External Revenue | Gross Profit | | :--- | :--- | :--- | | Development & EPC | $22,491,700 | $5,431,548 | | IPP Production | $6,575,712 | $547,236 | | Corporate and other | $37,616 | $(178,964) | | **Total** | **$29,105,028** | **$5,799,820** | Geographic Information (C$) | Geography | Revenue (9M 2025) | Non-Current Assets (Mar 31, 2025) | | :--- | :--- | :--- | | Canada | $9,919,553 | $138,085,855 | | United States | $19,185,475 | $10,609,741 | [Goodwill](index=40&type=section&id=27.%20Goodwill) Goodwill increased to C$37.6 million, primarily driven by C$37.1 million from the Solar Flow-Through Funds Ltd. acquisition Goodwill Balance by Acquisition (C$) | Entity | Goodwill Balance | | :--- | :--- | | OFIT GM | $289,202 | | OFIT RT | $149,555 | | Solar Flow-Through Funds Ltd | $37,147,456 | | **Total** | **$37,586,213** |

Core Viewpoint - SolarBank Corporation has filed a final short form base shelf prospectus allowing it to offer up to C$200 million in various securities over a 25-month period, replacing its previous prospectus set to expire in June 2025 [1][2]. Company Overview - SolarBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the USA [5]. - The company has developed renewable energy projects with a combined capacity of over 100 megawatts and has a potential development pipeline exceeding one gigawatt [5]. Financial Offering Details - The Shelf Prospectus allows the company to offer common shares, debt securities, warrants, subscription receipts, units, and share purchase contracts, with terms determined by market conditions at the time of offering [2][3]. - Net proceeds from any securities sold will be used for advancing business objectives, general corporate purposes, and potential future acquisitions [3]. Regulatory Filings - A corresponding shelf registration statement has been filed with the United States Securities and Exchange Commission, but it is not yet effective [1][4]. - The Shelf Prospectus and Registration Statement can be accessed through SEDAR+ and EDGAR respectively [4].

Core Viewpoint - SolarBank Corporation has secured up to US$100 million in project-based financing from CIM Group to accelerate its growth as an independent power producer, focusing on a portfolio of 97 MW of solar power projects in the U.S. [1][2] Group 1: Financing Details - The financing will be structured as a preferred equity investment into a new joint venture entity called New HoldCo, formed between CIM and SolarBank's subsidiary, Abundant Solar Power Inc. [1][2] - SolarBank will retain a majority ownership interest in 21 solar energy projects with a total capacity of 97 MW, assuming full funding is achieved [2]. - CIM will acquire non-convertible preferred equity interests in New HoldCo and will receive a semi-annual coupon of 3% on the aggregate investment [4]. Group 2: Project Structure and Operations - New HoldCo will purchase membership interests of project companies that own the 97 MW capacity from ASP, with a payment structure of 20% at mechanical completion and 80% at substantial completion of each project [2][4]. - Each project is expected to sell investment tax credits (ITCs) to creditworthy third-party buyers under tax credit transfer agreements [3]. Group 3: Company Background - SolarBank Corporation focuses on developing renewable and clean energy projects, including solar, Battery Energy Storage Systems (BESS), and EV Charging projects, with a development pipeline exceeding one gigawatt [8]. - CIM Group has a history of delivering over $60 billion in essential real estate and infrastructure projects, emphasizing community impact and environmental sustainability [7].

Core Insights - SolarBank Corporation plans to develop a 7.2 MW DC ground-mount solar power project in upstate New York, expected to power approximately 850 homes, contributing to its expanding development pipeline exceeding one gigawatt [1][7] Project Details - The Glor Rd project will be eligible for the VDER rate compensation mechanism, with an average compensation projected at $0.0971 per kWh in the first year [2] - The project aims to secure incentives under the NY-Sun Program, targeting up to $0.245 per watt DC as a one-time payment to support financing [3] Community Solar Concept - Once operational, the project will function as a community solar initiative, allowing renters and homeowners to save on electricity bills by subscribing to the project without needing to install solar panels on their properties [4] Customer Engagement - Solar Simplified will manage customer-facing activities for the community solar projects, ensuring full project subscription and maximizing revenue from the outset, which aligns with the company's growth strategy [5] Company Overview - SolarBank Corporation focuses on developing renewable energy projects, including solar, Battery Energy Storage Systems (BESS), and EV Charging projects, with a diverse portfolio across North America [7]

Core Viewpoint - SolarBank Corporation is advancing its community solar initiatives with the development of a 4.584 MW DC solar power project in upstate New York, expected to power 540 homes, as part of its growing pipeline exceeding one gigawatt [1][4]. Project Details - The Forest Hill Rd project will be eligible for the VDER rate compensation mechanism, with an average compensation projected at $0.0971 per kWh in the first year [2]. - The project aims to secure incentives under the NY-Sun Program, targeting up to $0.345 per watt DC [3]. Supply Chain Management - SolarBank has not been importing solar panels from countries affected by recent U.S. tariffs, allowing its operations to remain unaffected [3]. - The company is exploring alternative sourcing options from regions like the Middle East and North America, where solar panels are becoming cost-competitive [3]. Community Solar Concept - The project will operate as a community solar initiative, allowing renters and homeowners to benefit from solar energy without needing to install panels on their properties [4]. Customer Engagement - Solar Simplified manages customer-facing activities for SolarBank's community solar projects, ensuring full project subscription and maximizing revenue from the outset [5]. Company Overview - SolarBank Corporation focuses on developing renewable energy projects, including solar, battery energy storage systems, and EV charging projects, with a diverse portfolio across North America [7][8].

Core Viewpoint - SolarBank Corporation has refiled its Audited Consolidated Annual Financial Statements for the year ended June 30, 2024, to include the report of its predecessor independent auditor, MSLL CPA LLP, as requested by the Ontario Securities Commission Staff [1]. Group 1 - The refiled financial statements were initially filed on September 30, 2024, and no other changes were made to the 2024 Financial Statements [1]. - The refiling is part of a prospectus review process [1].

Core Viewpoint - SolarBank Corporation is expanding into the data center market and has appointed Jonathan Martone as an advisor to support this strategic initiative [1][2]. Company Overview - SolarBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the USA [6]. - The company has developed renewable and clean energy projects with a combined capacity of over 100 megawatts and has a potential development pipeline of over one gigawatt [6]. Strategic Expansion - The company announced its strategic expansion into the data center market in November 2024 and has been evaluating potential data center opportunities since then [2]. - Jonathan Martone will assist in evaluating various potential opportunities and introducing new ones, leveraging his extensive experience in the data center and telecommunications industries [2][3]. Advisor's Expertise - Jonathan Martone has over 25 years of experience in the data center and telecommunications industries and has worked with private equity firms and data center operators to identify new sites [3][4]. - His specialties include site selection, utility work, and ensuring the availability of necessary infrastructure for data center operations [3][4]. Market Context - The demand for data centers is driven by the growth of data-hungry artificial intelligence deployments, which SolarBank aims to support through its expansion [2].

Core Viewpoint - SolarBank Corporation is developing a 7.2 MW DC community solar project in upstate New York, which is expected to power approximately 850 homes and is part of the company's expanding development pipeline exceeding one gigawatt [1][3][6] Group 1: Project Development - The Hoadley Hill Rd project has secured a site lease and is in the process of obtaining interconnection approval and necessary permits [1][2] - The project is anticipated to qualify for incentives under the NY-Sun Program by the New York State Energy Research and Development Authority (NYSERDA) [2] - SolarBank will continue to seek financing for the construction of the project once approvals are received [2] Group 2: Community Solar Benefits - Community solar allows multiple renters and homeowners to benefit from solar energy without needing to install panels on their properties, providing monthly credits on their electric bills [3] - The project aims to maximize revenue and ensure full subscription through the partnership with Solar Simplified, which manages customer-facing activities [4] Group 3: Company Overview - SolarBank Corporation focuses on distributed and community solar projects in Canada and the USA, with a development pipeline of over one gigawatt and a history of projects totaling over 100 megawatts [6]

Core Viewpoint - SolarBank Corporation has successfully closed a registered direct offering with a single institutional investor, raising approximately US$8.5 million to advance its renewable energy projects and for general corporate purposes [1][2]. Group 1: Offering Details - The offering involved the sale of 2,394,367 common shares and warrants at a combined price of US$3.55 per share, with warrants exercisable at US$4.45 per share for five years [1]. - The total gross proceeds from the offering are approximately US$8.5 million, with the potential for an additional US$10.65 million if all warrants are exercised [1][2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to advance independent power producer assets, including battery energy storage system (BESS) projects and a community solar project in New York, as well as for working capital and other corporate purposes [2]. Group 3: Company Overview - SolarBank Corporation is focused on developing and owning renewable and clean energy projects, particularly in distributed and community solar sectors in Canada and the USA [6]. - The company has a development pipeline exceeding one gigawatt and has completed renewable energy projects with a total capacity of over 100 megawatts [6].