PowerBank Corporation reported fiscal year-to-date (YoD) revenue of $22.3 million with a 36% gross margin for the six months ended December 31, 2025. Adjusted EBITDA improved and net loss narrowed significantly. Operating cash flow turned positive. The company advanced U.S. solar and storage projects, secured safe harbor status, and strengthened its balance sheet position.
PROJECT SNAPSHOT
Canadian renewable energy developer, PowerBank Corporation has released financial results 6 months ended December 31, 2025, which shows a rise in revenue and improved gross margin.
According to the report, the company earned CAD 22.3 million (~ $16.5 million) in revenue for the six-month period. This is an increase from CAD 19.2 million (~ $14.2 million) during the same period last year. Gross profit reached CAD 8.1 million (~ $6.0 million), representing a 36% gross margin. This is up from 30% margin recorded in the previous year.
Adjusted EBITDA reached $2.5 million for the period, compared with $2.3 million a year earlier. The company reduced its six-month net loss to CAD 6.7 million (approximately $5.0 million), from CAD 28.2 million in the same period of the previous fiscal year. Cash flow from operating activities improved to an inflow of CAD 5.0 million (approximately $3.7 million).
EPC services revenue increased to $13.8 million (approximately $10.2 million), up from $12.3 million (approximately $9.1 million). Development fees rose to $3.4 million (approximately $2.5 million), compared with $2.2 million (approximately $1.6 million) in the prior year period. Independent Power Producer production revenue increased to $5.1 million (~ $3.8 million), compared to $4.6 million (~ $3.4 million) in the previous year.
During the quarter, PowerBank also announced a $41 million transaction with Solar Advocate Development LLC for the sale and construction of three community solar projects totaling 16.87 MW, with an initial $4 million payment received. The company also secured safe harbor status for 15 distributed solar and energy storage projects across New York, representing approximately 67 MW DC of solar capacity and 11 MWh of battery storage, with an estimated construction value of $168 million and potential Investment Tax Credit eligibility of $65 million.
The company’s additional project developments include execution of a lease agreement for a 5 MW AC hybrid solar plus battery energy storage project in Upstate New York and also secured 20 MW of solar and BESS power purchase agreements (PPAs) with the New York State Division of Military and Naval Affairs (DMNA). The construction of the 4.99 MW SFF-06 BESS project has advanced in Ontario and secured under the IESO Long-Term RFP framework, with commercial operation expected in February 2026.
PowerBank reported current assets of CAD 35.7 million (~ $26.4 million), including CAD 20.8 million (~ $15.4 million) in cash, restricted cash and short-term investments. Current liabilities declined to CAD 31.3 million (~ $23.2 million), down from CAD 43.1 million (~ $31.9 million), mainly reflecting lower trade payables and a reduced current portion of long-term debt.
Dr. Richard Lu, President and CEO of PowerBank said that the company reported higher year-to-date revenue and gross profit alongside operational progress during the quarter, including the collaboration with Orbit AI and the $41 million transaction with Solar Advocate Development. He added that safe harbor status for 15 projects valued at $168 million supports near-term visibility, while the strategy remains focused on expanding the Independent Power Producer portfolio and monetizing development assets within a pipeline exceeding 1 GW.