PowerBank Returns to Profitability with 106% Year-Over-Year Gross Profit Growth in Q1, 145% Adjusted EBITDA Increase

Core Insights - PowerBank Corporation reported fiscal first quarter 2026 revenues of $19.15 million, a 27.8% increase from $15.06 million in the same period of FY2025, with a gross margin of 44.61% [1][4] - The company returned to profitability with a net income of $1.01 million, or $0.03 per basic share, compared to a net loss of $26.49 million, or $(0.87) per basic share, in the same quarter of FY2025 [1][4] - Adjusted EBITDA for the quarter was $4.84 million, significantly up from $1.97 million in the first quarter of FY2025 [4][7] Financial Performance - Gross profit reached $8.54 million, representing 44.62% of revenues, compared to $4.14 million, or 27.47% of revenues, in the same quarter of FY2025 [4] - Cash flow from operating activities was $2.31 million, down from $7.42 million in the same period last year [7] - Current assets decreased to $35.46 million from $41.32 million at the end of FY2025, primarily due to a reduction in prepaid expenses [7][8] Project Developments - The Geddes Solar Power Project in New York State is now fully operational, generating 3.79 MW of renewable energy, enough to power approximately 450 homes annually [4] - The company executed lease and power purchase agreements for a portfolio of solar projects totaling 20 MW DC with the New York State Division of Military and Naval Affairs [4] - PowerBank is advancing several solar projects, including a 6.9 MW DC ground-mount project and a 5.7 MW project in upstate New York, both in the permitting and financing stages [4][5] Strategic Focus - The company aims to rapidly advance its project development pipeline to retain eligibility for U.S. tax credits and drive revenue growth [6] - PowerBank's strategy includes developing, financing, and constructing solar projects, with a focus on maximizing returns through a diverse project portfolio [17] - The company has a potential development pipeline exceeding one gigawatt and has developed renewable energy projects with a combined capacity of over 100 megawatts [17]