PowerBank (SUNN) Q3 2026 earnings summary

Executive summary

• Advanced construction on nine New York projects totaling 42 MW solar and 21 MW battery storage, supporting eligibility for US$65 million in Investment Tax Credits and marking significant operational progress.

• Strategic agreements and project mobilizations in New York and Ontario expanded the development pipeline, including partnerships for edge data center deployment and joint development of solar and battery projects in Ontario.

• Achieved commercial operation of Ontario SFF-06 BESS project, adding recurring IPP revenue.

• Maintained a robust development pipeline: 1 GWh solar, 1 GWh battery, 58 MW under construction, 164 MW in advanced development.

• Working capital turned positive at CAD 10.7M, compared to a deficit of CAD 2M at the previous fiscal year-end.

Financial highlights

• Q3 2026 revenue was -CAD 34,000, reflecting a CAD 2.5M revenue adjustment due to project repurchase; excluding this, EPC revenue was CAD 949,000 and IPP revenue CAD 938,000.

• Nine-month revenue was CAD 22M, down from CAD 23.9M year-over-year; gross profit rose to CAD 7.8M (35% margin) from CAD 6.2M (26%).

• Operating expenses for nine months were CAD 20.1M, down from CAD 30.7M, with prior year including a CAD 7.8M impairment charge.

• Net loss for nine months was CAD 12.2M (CAD 0.31/share), improved from CAD 34.7M (CAD 1.10/share) year-over-year.

• Adjusted EBITDA loss for the nine months was CAD 1.3M, nearly unchanged year-over-year.

Outlook and guidance

• Positioned for growth in edge data center power supply, leveraging network and permitting experience.

• Entering the final stretch of FY2026 with strong momentum and a robust project pipeline heading into FY2027.

• Focused on disciplined capital allocation, advancing construction milestones, and selectively monetizing assets.

• Continued focus on expanding distributed solar and battery energy storage projects across North America.