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PowerBank (SUNN) investor relations material
PowerBank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal 2025 marked a strategic shift to asset ownership and recurring IPP revenue, with revenue at CAD 41.5 million, down 29% year-over-year.
Gross margin improved by 5 percentage points to 25%, driven by a higher share of high-margin IPP revenue.
IPP revenue surged to CAD 9.3 million, up 1,508% year-over-year, mainly due to the Solar Flow-Through Fund acquisition.
Net loss widened to CAD 31.1 million (CAD 0.97 per share), mainly from non-cash impairment losses and acquisition costs.
Asset base increased by 250% to CAD 138 million, and cash position rose to CAD 15 million, up 140% year-over-year.
Financial highlights
Total revenue declined 29% year-over-year to CAD 41.5 million.
IPP revenues surged 1,508% to CAD 9.3 million, while EPC services revenue dropped 57% to CAD 23.3 million.
Gross margin rose to 25% from 20% last year, with IPP gross margin including CAD 2.8 million in depreciation.
Operating expenses increased to CAD 49.6 million, mainly due to CAD 30.4 million in impairment losses and CAD 3.5 million in acquisition-related costs.
Adjusted EBITDA was (CAD 0.68) million, down from CAD 0.82 million in the prior year.
Outlook and guidance
IPP revenue expected to provide a stable CAD 10 million annually for the next 15 years, with upside from new projects and renewals.
Focus on accelerating U.S. development to qualify for full ITC treatment and leveraging Canadian operations for policy resilience.
Significant pipeline of solar and battery projects positioned to benefit from U.S. tax credits and market demand through 2030.
Continued expansion into data center power supply and digital asset ventures, with near-term focus on distributed and behind-the-meter solutions.
Ongoing deployment of battery storage in Ontario and expansion in Nova Scotia's Community Solar program.
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