Financial Performance - Revenue from development fees for Q4 2024 was CAD 2.17 million, a significant increase from CAD 67,668 in Q4 2023[5] - Gross profit for the six months ended December 31, 2024, was CAD 5.86 million, compared to CAD 4.84 million for the same period in 2023, reflecting a growth of 21%[5] - The net loss for Q4 2024 was CAD 2.10 million, compared to a net loss of CAD 15,507 in Q4 2023[5] - For the six months ended December 31, 2024, SolarBank Corporation reported a net loss of CAD 1,857,441 compared to a net income of CAD 2,023,461 for the same period in 2023, indicating a significant decline in profitability[9] - For the three months ended December 31, 2024, total revenue was $4,096,264, a decrease from $18,643,805 in the same period of 2023, representing a decline of approximately 78%[113] - For the six months ended December 31, 2024, total revenue was $20,101,585, down from $26,325,066 in the same period of 2023, indicating a decrease of about 24%[115] Assets and Liabilities - Total assets increased to CAD 185.34 million as of December 31, 2024, up from CAD 39.23 million on June 30, 2024, representing a growth of 372%[2] - Total liabilities increased to CAD 122.50 million as of December 31, 2024, up from CAD 20.50 million on June 30, 2024, representing a growth of 497%[2] - Current liabilities rose to CAD 34.74 million as of December 31, 2024, compared to CAD 13.39 million on June 30, 2024, an increase of 159%[2] - Cash reserves increased to CAD 13.76 million as of December 31, 2024, up from CAD 5.27 million on June 30, 2024, marking a growth of 161%[2] - The company’s equity attributable to shareholders increased to CAD 46.45 million as of December 31, 2024, compared to CAD 16.36 million on June 30, 2024, reflecting a growth of 184%[2] Cash Flow and Operating Activities - Cash generated from operating activities was CAD 3,622,907 for the six months ended December 31, 2024, a decrease from CAD 27,588,072 in 2023, highlighting a substantial drop in operational cash flow[9] - The total comprehensive loss for the period was CAD 610,179, which includes a net loss of CAD 69,616 and other comprehensive income of CAD 679,795[7] Expenses - Operating expenses totaled CAD 6.52 million for the six months ended December 31, 2024, compared to CAD 4.58 million in the previous year, indicating a rise of 42%[5] - The company experienced a depreciation and amortization expense of CAD 3,050,350 for the six months ended December 31, 2024, compared to CAD 71,298 in the previous year, reflecting increased asset utilization[9] Shareholder Information - The company issued 3,575,632 common shares for the acquisition of SFF on July 8, 2024, and 55,000 broker warrants were exercised at $0.75 per share[95] - The company has 31,067,655 common shares issued and outstanding as of December 31, 2024, an increase from 27,136,075 in 2023[94] - The basic loss per share for the three months ended December 31, 2024, was $(0.07), while it was $(0.00) for the same period in 2023[122] - The basic loss per share for the six months ended December 31, 2024, was $(0.06), compared to a profit of $0.08 for the same period in 2023[122] Acquisitions and Investments - The company acquired shares of Solar Flow-Through Funds Ltd. on July 8, 2024, which leases 70 properties for IPP facilities, enhancing its operational capacity[47] - The acquisition of Solar Flow-Through Funds Ltd on July 8, 2024, contributed $37,147,456 to the goodwill balance[124] - The preliminary fair value of net identified assets acquired from SFF was $21,377,669, with goodwill arising on acquisition amounting to $37,147,456[79] Debt and Financing - Long-term debt as of December 31, 2024, reached CAD $62,974,941, with a current portion of CAD $4,968,457[60] - The company obtained a line of credit for USD $1,000,000 on December 3, 2024, with an interest rate of 2.5% above the applicable variable interest rate[56] - The company entered into a credit agreement with Royal Bank of Canada, obtaining $8,352,254 for BESS projects, with estimated principal repayments totaling $62,974,941 over the next five years[16] Operational Focus - The company has focused on expanding its operations in solar photovoltaic power generation projects in Canada and the United States, particularly in Ontario and New York[10] - The company operates in two principal geographical areas: Canada and the United States, with total revenue from external customers in the U.S. for the three months ended December 31, 2024, being $2,077,661[119] Risk Management - The company maintains a low credit risk with its counterparties, as receivables are from reputable customers and local government utilities[84] - The company has a liquidity risk management strategy to ensure sufficient liquidity to meet financial obligations as they become due[89] Employee Compensation - The remuneration for key management personnel for the six months ended December 31, 2024, includes short-term employee benefits of $1,322,387, up from $610,628 in 2023[107] - The company reported a significant increase in short-term employee benefits for the three months ended December 31, 2024, totaling $619,161 compared to $303,029 in the same period of 2023[107]
SolarBank Corp(SUUN) - 2025 Q2 - Quarterly Report