PowerBank (SUNN) Q3 2026 earnings summary

Executive summary

• Gross margin expanded to 35% year-to-date, up from 25.8% in the prior year period.

• Net loss narrowed significantly to $12.2 million from $34.7 million year-over-year for the nine months ended March 31, 2026.

• Working capital turned positive at $10.7 million, compared to a deficit of $1.8 million at the previous fiscal year-end.

• Nine projects broke ground in New York, supporting eligibility for US$65 million in Investment Tax Credits.

• Strategic agreements and project mobilizations in New York and Ontario expanded the development pipeline.

Financial highlights

• Revenue for the nine months ended March 31, 2026, was $22.2 million, down from $23.9 million year-over-year.

• Gross profit increased to $7.8 million (35.0% margin) from $6.2 million (25.8% margin) year-over-year.

• Adjusted EBITDA loss was $1.3 million, nearly flat compared to the prior year.

• Cash flow from operating activities was an outflow of $11.4 million, compared to $4.9 million outflow in the prior year.

• Current assets at quarter-end were $36.7 million, including $11.3 million in cash.

Outlook and guidance

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

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