PowerBank (SUNN) Q4 2026 earnings summary

Executive summary

• Advanced three community solar projects in Nova Scotia, securing interconnection agreements for a 12.4 MW pipeline.

• Launched three new battery energy storage projects in Upstate New York, adding 60 MWh to the portfolio; all three community solar projects in the 21 MW Upstate New York portfolio achieved commercial operation.

• Secured a joint development agreement with Nodiac Corp. for distributed AI infrastructure and won a CAD 2.95 million U.S. federal contract for solar projects.

• Achieved commercial operation of the SFF 06 battery storage project in Ontario, adding a new recurring IPP revenue stream.

• Fiscal 2026 marked a strategic shift from project sales to ownership, resulting in lower revenue but improved gross margin and a narrowed net loss year-over-year.

Financial highlights

• Fiscal 2026 revenue was CAD 27.4 million, down 34% from CAD 41.5 million in 2025, mainly due to lower EPC and development fee revenue, partially offset by higher IPP production revenue.

• EPC services revenue fell to CAD 16.1 million from CAD 23.3 million; development fee revenue dropped to CAD 0.9 million from CAD 7.7 million; IPP production revenue rose to CAD 9.8 million from CAD 9.3 million.

• Gross margin improved to 35% in 2026 from 25% in 2025 and 20% in 2024.

• Net loss for 2026 was CAD 24.3 million (CAD 0.58 per share), compared to CAD 31.1 million (CAD 0.97 per share) in 2025 and CAD 3.6 million (CAD 0.13 per share) in 2024.

• Adjusted EBITDA loss was CAD 3.5 million, up from a loss of CAD 846,000 in 2025, due to lower gross profit from EPC services and higher operating expenses.

Outlook and guidance

• Total development pipeline is approximately 200 MW and 756 MWh, with 15.5 MW under construction and 130 MW in advanced development.

• Management expects revenue to return to growth in Fiscal 2027, building on the foundation of new projects and improved financial metrics.

• Actively managing permitting for remaining Ontario battery storage projects and pursuing growth in IPP base.