PowerBank Announces Second Quarter Results
Executive Summary
- PowerBank reported FY2026 Q2 results showing revenue of C$22.3 M (up 16% YoY) and a gross margin of 36%, an improvement from 30% in the prior year.
- Net loss narrowed to C$6.7 M ($0.18 per share) versus C$28.2 M ($0.91 per share) in FY2025 Q2, while operating cash flow turned positive at C$5.0 M.
- The company announced several strategic milestones, including a $500k investment in Orbit AI, a $41 M transaction with Solar Advocate Development for three community solar projects, and secured safe‑harbor status for 15 NY projects valued at $168 M.
Key Details
- Financial Highlights (Six months ended Dec 31, 2025)
- Revenue: C$22.3 M vs. C$19.2 M YoY.
- Gross profit: C$8.1 M (36% margin) vs. C$5.7 M (30%).
- Adjusted EBITDA: C$2.5 M vs. C$2.3 M YoY.
- Net loss: C$6.7 M ($0.18/share) vs. C$28.2 M ($0.91/share).
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Operating cash flow: +C$5.0 M vs. –C$1.1 M YoY.
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Balance Sheet (Quarter‑end)
- Current assets: $35.7 M (incl. $20.8 M cash & short‑term investments).
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Current liabilities: $31.3 M, down from $43.1 M a year earlier.
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Strategic Partnerships & Investments
- Invested USD 500k in Orbit AI; collaboration launched “Orbital Cloud” satellite platform.
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Beta testing partnership with Intellistake Technologies for IntelliScope AI Agent Enterprise Hub.
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Project‑Level Transactions
- Received USD 1.47 M CO₂ payment from NYSERDA for the 3.79 MW Geddes Solar Project; additional $245k expected via Community Solar Adder.
- Signed a USD 41 M EPC/sale agreement with Solar Advocate Development for three community solar projects (total 16.87 MW); first payment of USD 4 M received.
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Secured safe‑harbor status for 15 NY distributed solar & storage projects valued at $168 M, with $65 M potential ITC eligibility (~67 MW DC solar, 11 MWh storage).
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Project Updates (New York)
- 6.9 MW DC NY‑Crawford Rd ground‑mount solar project – lease signed, interconnection pending.
- 1.76 MW NY‑North Main St. solar project announced.
- 2.6 MW Elmira project received municipal approvals (site plan, special use permit).
- 5 MW AC NY‑Cloverdale Rd hybrid solar‑battery project lease executed; eligible for NYSERDA NY‑Sun and Retail Storage Incentive programs.
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20 MW of PPAs with NY State Division of Military & Naval Affairs covering 50 installations, 20,000 personnel.
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Battery Energy Storage
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4.99 MW SFF‑06 BESS in Ontario progressing toward substantial completion; slated for commercial operation Feb 2026 under IESO long‑term RFP (decade‑long contracted revenue).
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Conference Call
- Scheduled for Feb 13, 2026 at 4:30 PM ET to discuss results and business update.
Notable Quotes
“PowerBank's second quarter demonstrates the Company's continued execution across multiple strategic fronts… The $41 million transaction with Solar Advocate reinforces the strength of PowerBank's development model, while securing safe‑harbor status for 15 projects representing $168 million in construction value further solidifies our near‑term revenue pipeline.” – Dr. Richard Lu, President & CEO
Materiality Assessment: Material – Positive (significant improvement in financial performance and disclosure of material project transactions and partnerships).