Evolution PowerX (E) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter revenue, marking four consecutive quarters of growth in both revenue and adjusted EBITDA.

• Activity levels in 2026 outpaced the prior year, driven by strong Alberta market growth and deployment of Canada’s first drilling operation powered by synchronized natural gas/fuel gas turbine generators.

• Expanded natural gas turbine fleet with the addition of a 3.2-megawatt unit to meet increasing customer demand and project scale.

Financial highlights

• Three-month revenue rose 36% year-over-year to $8.8 million; adjusted EBITDA up 164% to $2.1 million.

• Six-month revenue increased 24% year-over-year to $20.8 million; adjusted EBITDA up 45% to $7.5 million.

• Gross margin for the quarter was $3.0 million, up from $1.6 million year-over-year; six-month gross margin reached $9.1 million, up from $6.8 million.

Outlook and guidance

• The new 3.2-megawatt SPG4 turbine generator is expected to be commercially available for customer projects in Q4 2026.

• Management anticipates continued expansion of the natural gas turbine fleet to address broader power market opportunities.