Financial Data and Key Metrics Changes - For the fiscal year 2025, the company reported revenue of CAD 41.5 million, a decrease of CAD 16.9 million compared to the previous year [5][16] - The gross profit decreased by only CAD 1.2 million despite the significant drop in revenue, indicating improved gross margin which increased by 5% to 25% [5][17] - The net loss for the year was CAD 31.1 million or CAD 0.97 per basic share, compared to a net loss of CAD 3.6 million or CAD 0.13 per basic share in the prior year [19] Business Line Data and Key Metrics Changes - EPC services revenue declined by approximately 57% to CAD 23.3 million due to lower construction activity [16][17] - IPP production generated CAD 9.3 million in high-margin revenue, a significant increase from CAD 0.6 million in the previous year [6][17] - The gross margin for EPC service revenue improved from 18% to 30% year over year [17] Market Data and Key Metrics Changes - The company has projects representing approximately 84 MW of solar and 44 MW-hour of battery storage expected to reach notice to proceed within the next 12 months [4] - The company is actively expanding its footprint in key markets such as Nova Scotia, Ontario, Alberta, and British Columbia [14] Company Strategy and Development Direction - The company is focusing on owning more assets to grow its IPP business, which is expected to provide high-margin, recurring revenue over time [5][24] - The acquisition of the Solar Flow-Through Fund is seen as a strategic move to enhance operational capabilities and generate stable revenue [7][36] - The company is prioritizing development in key U.S. states to qualify for full ITC treatment under the One Big Beautiful Bill Act [12][13] Management's Comments on Operating Environment and Future Outlook - The management noted that the clean and renewable energy market has faced significant challenges, with many companies experiencing a drop in value of over 60% [23] - Despite the challenges, the management expressed confidence in the company's ability to stabilize and grow, citing a 1,500% increase in IPP revenue [24][25] - The management emphasized the importance of a clear strategy for long-term sustainable profitability, even in a difficult market environment [25][26] Other Important Information - The company closed a registered direct offering for CAD 8.5 million, marking its first capital raise since going public [10] - The company has secured project-based financing of up to CAD 100 million for a portfolio of solar projects in the U.S. [8][32] Q&A Session Summary Question: Major increase in IPP revenue year over year and its impact on margins - Management highlighted that the IPP revenue is expected to continue growing, with a focus on retaining projects for long-term profitability [28][30] Question: Integration and synergies following the acquisition of Solar Flow-Through Fund - Management explained that the acquisition is strategic for long-term profitability, with a focus on enhancing operational capabilities [35][36] Question: Updates on data center expansion and crypto treasury strategy - Management discussed plans to become a power partner for data centers and the ongoing development of a crypto strategy without compromising core business [40][44]

Financial Data and Key Metrics Changes - For the fiscal year 2025, the company reported revenue of approximately $41.5 million, a decrease of about 29% from $58.4 million in the prior year [15] - The EPC services revenue declined by approximately 57% to $23.3 million compared to $54.1 million in fiscal 2024, primarily due to lower construction activity [15][16] - The gross margin improved to approximately 25% in the current fiscal year from 20% in the last year, driven by a favorable shift in revenue mix [16] - Net loss for the year was around $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 the prior year [17] Business Line Data and Key Metrics Changes - The Independent Power Producer (IPP) revenue increased significantly by $8.7 million, reaching $9.3 million in the current fiscal year, following the acquisition of the Solar Flow-Through Fund [16] - The gross margin for EPC service revenue improved from 18% to 30% year over year [16] Market Data and Key Metrics Changes - The company is actively expanding its footprint in both the U.S. and Canada, focusing on key markets such as Nova Scotia, Ontario, Alberta, and British Columbia [13] - The company has secured project-based financing of up to $100 million for a portfolio of 97 megawatts of solar projects located in the U.S. [7] Company Strategy and Development Direction - The company is focusing on building assets and growing its IPP business, which is expected to provide high-margin, recurring revenue over time [5] - The company has diversified its operations across Canada to mitigate policy risks and is actively participating in procurement processes [12] - The One Big Beautiful Build Act has created opportunities for the company to accelerate its development pipeline [11] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the future, stating that the company is well-positioned for growth despite current market challenges [20] - The management highlighted that the company is not only stabilizing but also trending upwards due to its strategic focus on asset building and improving gross margins [22] Other Important Information - The company closed a registered direct offering for $8.5 million, marking its first capital raise since going public [10] - The company has a significant development pipeline, with projects totaling approximately 942 megawatts of solar and 864 megawatt-hours of battery storage [8] Q&A Session Summary Question: Major increase in IPP revenue year over year - Management indicated that the IPP revenue is expected to continue growing, with a focus on retaining projects for long-term recurring profitability [27][30] Question: Integration and synergies following the acquisition of Solar Flow-Through Fund - Management emphasized the strategic value of the acquisition, which is expected to produce $10 million annually for the next 15 years, despite accounting challenges leading to impairment losses [33][34] Question: Updates on data center expansion and crypto treasury strategy - Management discussed ongoing discussions with data center developers and the strategy to become a power partner rather than owning data centers, while also exploring opportunities in the crypto space [38][42]