Evolution PowerX (E) Q3 2026 earnings summary

Executive summary

• Five consecutive quarters of YoY revenue and Adjusted EBITDA growth; Q3 revenue rose 12% to C$10.29M and Adjusted EBITDA rose 13% to C$3.52M.

• 9M revenue increased 19% to C$31.06M and Adjusted EBITDA increased 33% to C$11.06M, supported by Alberta activity and demand for natural-gas power.

• Customer concentration improved in 2026 as the customer base diversified.

Financial highlights

• Q3 gross margin was C$4.19M versus C$3.83M YoY; 9M gross margin was C$13.29M versus C$10.65M.

• Q3 net income was C$0.59M versus C$0.82M; 9M net income was C$2.94M versus C$2.87M.

• 9M income before tax was C$3.86M versus C$3.65M; income before financing and taxes was C$5.42M versus C$3.98M.

• 9M operating cash flow was C$8.55M versus C$9.15M; period-end cash was C$7.66M versus C$11.14M at December 31, 2025.

Outlook and guidance

• The SPG4 3.2-MW natural-gas turbine was in development and expected to be ready for deployment in late 2026, as an initial step toward larger-capacity power solutions.

• Two turbine-manufacturer exclusivity agreements provide access to units, with estimated six-to-nine-month deployment capability to respond to demand.

• Priorities include disciplined capital allocation, operating efficiency, customer and Indigenous-partner collaboration, and reliable lower-emission energy solutions.