PowerBank’s Gross Margin Rises to 35% While Net Loss Narrows to CA$12.2M
PowerBank reported FY2026 nine-month revenues of CA$22.2M with gross margin rising to 35% from 25.8% year-earlier, narrowing net loss to CA$12.2M (CA$0.31/share) from CA$34.7M. Working capital turned positive CA$10.7M; nine New York solar and storage projects broke ground, securing US$65M in ITC incentives.
1. Strong Margin and Loss Reduction
PowerBank reported revenues of CA$22.2 million for the nine months ended March 31, 2026, down from CA$23.9 million, but gross profit rose to CA$7.8 million, or 35% margin versus 25.8% last year. Net loss narrowed to CA$12.2 million, or CA$0.31 per share, from CA$34.7 million.
2. Cash Flow and Working Capital
Operating cash flow was an outflow of CA$11.4 million, compared to CA$4.9 million last year, reflecting ongoing project development spending. Working capital improved to a positive CA$10.7 million, reversing last year’s CA$1.8 million deficit, supported by reduced current liabilities.
3. Strategic Project Pipeline
On April 13, PowerBank signed a lease for a 5 MW hybrid solar and battery storage project in New York eligible for state incentives. During the spring mobilization, nine New York projects totaling 42.24 MW of solar and 21.76 MWh of storage broke ground, securing US$65 million in investment tax credits.
4. Partnerships and Leadership Appointments
The company executed a Letter of Intent with Nodiac to deploy distributed AI compute infrastructure at its solar and BESS sites and partnered with GrandBridge on Ontario projects exceeding 2 MWac. In February, Andrew van Doorn was appointed President & Chief Operating Officer to drive operational execution.