Toronto – September 29, 2026 -- PowerBank Corporation (NASDAQ: PBK) posted a 34.7% gross margin for fiscal year 2026, up from 25.3% a year earlier, as the renewable energy developer shifted from selling projects to retaining ownership of its power portfolio.
Revenue fell to $27.4 million but profitability metrics improved sharply
Revenue for the twelve months ended June 30, 2026 dropped to $27.4 million from $41.5 million in FY2025, reflecting the Company's pivot away from development-and-EPC sales toward long-term asset ownership. Despite the top-line decline, gross profit reached $9.5 million versus $10.5 million a year prior. Net loss narrowed to $24.3 million, or $(0.58) per basic share, from $31.1 million, or $(0.97) per share, in FY2025. Adjusted EBITDA fell to a loss of $3.5 million from a loss of $0.8 million, driven by lower development and EPC revenue alongside higher operating expenses.
Independent power production revenue climbs to $9.8 million as balance sheet strengthens
Revenue from the Company's independent power producer (IPP) segment rose to $9.8 million from $9.3 million. Cash flow from operating activities improved to an outflow of $12.8 million from $17.3 million a year earlier. Working capital swung to a positive $1.6 million at June 30, 2026, from a deficit of $(1.8) million at the prior year-end, supported by current assets of $40.9 million, including $10.7 million in cash, against current liabilities of $39.4 million.
Company brings five projects into commercial operation and secures $2.95 million U.S. defense contract
PowerBank's SFF 06 battery energy storage project in Ontario reached commercial operation on April 20, 2026. In upstate New York, the Company added three new battery storage projects totaling 60 MWh and brought its full 21 MW community solar portfolio online, later signing an operations and maintenance agreement covering the three sites. On June 9, eight distributed solar and storage projects in New York State met the IRS Physical Work Test ahead of the July 4, 2026 deadline, safe-harboring an estimated US$29.7 million in Investment Tax Credit value against a projected US$74.3 million in portfolio construction value.
PowerBank was awarded a $2.95 million contract with the U.S. Department of Defense and Department of the Army for a covered parking canopy solar project on June 26. Three community solar projects in Nova Scotia secured interconnection agreements, advancing a 12.4 MW provincial pipeline. On June 29, the Company signed a Joint Development Agreement with Nodiac Corp. to deploy distributed AI compute infrastructure across PowerBank's North American solar and battery storage sites.
CEO points to Fiscal 2027 revenue growth after balance-sheet reset
Chief Executive Officer Dr. Richard Lu said gross margin expansion, the $6.8 million reduction in net loss, and the shift to positive working capital reflect the Company's financial transformation during fiscal 2026, adding that PowerBank expects revenue to return to growth in Fiscal 2027.