PowerBank Corporation Reports Strategic Transition Progress Amid Revenue Decline

PowerBank Corporation reported fiscal 2025 revenue of C$41.5 million, representing a 29% decrease compared to the previous year, while demonstrating significant progress in its transition to an independent power producer model. The company's gross margin improved to 25%, and its IPP revenues surged dramatically by 1,508% to C$9.3 million, indicating successful execution of its strategic shift toward owning and operating renewable energy assets. This transitional period reflects PowerBank's strategic pivot from pure project development to a hybrid model that includes ownership and operation of renewable energy assets.

The company posted a net loss of C$31.1 million for the fiscal year, primarily attributed to a one-time impairment charge of C$30.4 million and increased consulting costs associated with its Solar Flow-Through Funds acquisition. Despite the reported loss, CEO Dr. Richard Lu characterized FY 2025 as a transitional year for the company, emphasizing the substantial progress made in scaling retained IPP assets and advancing development initiatives across North American markets. The substantial growth in IPP revenues suggests the company is successfully executing this transition, positioning itself for long-term stability and recurring revenue streams in the rapidly expanding renewable energy sector.

PowerBank's strategic focus includes advancing U.S. solar development projects under new Investment Tax Credit rules and expanding Canadian battery storage and community solar initiatives. The company's development pipeline exceeds one gigawatt of potential capacity, with over 100 megawatts of renewable and clean energy projects already developed. Additional information about the company's forward-looking statements can be found at https://ibn.fm/2S1S4.

The company's business model centers on developing solar and Battery Energy Storage System projects that sell electricity to utilities, commercial, industrial, municipal, and residential off-takers. PowerBank maximizes returns through a diverse portfolio across multiple North American markets, including projects with utilities, host off-takers, community solar, and virtual net metering arrangements. Investors can access the latest news and updates relating to SUUN through the company's newsroom at https://ibn.fm/SUUN. The improved gross margin percentage further indicates enhanced operational efficiency despite the overall revenue decline, which may reflect the company's strategic decision to retain more valuable assets rather than selling them outright.