PowerBank Announces Fiscal Year End Results

Core Insights - PowerBank Corporation reported a significant increase in revenues from independent power producer (IPP) production, with a 1,508% rise to $9.3 million in FY 2025 compared to $0.6 million in FY 2024, despite an overall revenue decrease of 29% to $41.5 million [5][6] - The company’s assets grew by 253%, driven by the expansion of its IPP portfolio [1] - The strategic focus of PowerBank is on growing its independent power producer asset base to create long-term recurring revenues [4] Financial Performance - Total revenues decreased by 29% to $41.5 million in FY 2025 from $58.4 million in FY 2024 [5][6] - Gross margin improved to 25.0% in FY 2025 from 20.0% in FY 2024 [5] - Adjusted EBITDA was reported at ($0.68) million in FY 2025 compared to $0.82 million in FY 2024 [5][6] - The net loss for FY 2025 was $31.1 million, or $0.97 per basic share, compared to a net loss of $3.6 million, or $0.13 per basic share in FY 2024 [5][6] Strategic Developments - PowerBank acquired Solar Flow-Through Funds Ltd. and its 29 MW of operating assets, marking a significant step in its growth strategy [4] - The company is working with CIM Group to secure up to US$100 million in non-dilutive equity capital for projects aimed at transforming its IPP asset base [4][10] - PowerBank is prioritizing development pathways in key U.S. states to qualify for full Investment Tax Credit (ITC) treatment under new regulations [4] Project Pipeline - The company has a development pipeline totaling approximately 1,806 MW, including 942 MW of solar projects and 864 MWh of Battery Energy Storage Systems (BESS) [9][10] - PowerBank is actively involved in community solar projects in Nova Scotia and is expanding its market share in this area [4][11] - The company has entered into agreements to sell and develop solar power projects in New York, valued at approximately US$49.5 million [11] Current Assets and Liabilities - As of June 30, 2025, PowerBank reported current assets of $41.3 million, up from $17.6 million the previous year [6][7] - Current liabilities increased significantly from $13.4 million to $43.1 million during the same period [7] Future Outlook - The company is exploring opportunities in the data center market, although no contracts have been finalized yet [12] - PowerBank is also developing BESS projects in Ontario, with ongoing construction and permitting challenges impacting timelines [12][13]