PowerBank (SUNN) Q1 2026 earnings summary

Executive summary

• Fiscal Q1 2026 revenue reached CAD 19.2 million (USD 19.15 million), up 27% year-over-year, driven by growth in development fees, EPC services, and IPP revenue.

• Gross margin improved to 45% (44.62%) from 27% (27.47%) in the prior year quarter, attributed to efficient project management and procurement.

• Net income was CAD 1 million (USD 1.01 million), reversing a net loss of CAD 26.5 million (USD 26.49 million) in Q1 2025, due to higher gross profit and absence of impairment charges.

• Achieved 106% year-over-year gross profit growth and 145% increase in Adjusted EBITDA.

• Major operational milestones include the commissioning of the Getty/Geddes Solar Power Plant, new contracts in New York and Nova Scotia, and progress on Canadian battery storage projects.

Financial highlights

• Revenue increased to CAD 19.2 million (USD 19.15 million) from CAD 15.1 million (USD 15.06 million) year-over-year.

• Development fee revenue was CAD 3.4 million (USD 3.37 million), up from zero last year.

• EPC services revenue rose to CAD 11.9 million, up 1% year-over-year.

• IPP revenue grew to CAD 3.8 million (USD 3.85 million), up 18% from the prior year.

• Adjusted EBITDA increased to CAD 4.8 million (USD 4.84 million) from CAD 2 million (USD 1.97 million) year-over-year.

Outlook and guidance

• Projects totaling 104 MW of solar and 44 MWh of battery storage expected to reach notice to proceed within 12 months.

• Focus on expanding the IPP portfolio and advancing development pipelines in both the US and Canada.

• Strategic shift toward battery storage development in the US, leveraging favorable incentives through 2036.

• Strategy includes project sales to strategic partners to drive revenues.

• Continued pursuit of new opportunities in data centers, AI, and crypto treasury strategies.