{"success":true,"data":{"pressRelease":{"id":"155170","rtpr_id":"nPn8GrMbja-20260929","ticker":"PBK","exchange":"NASDAQ","all_tickers":["PBK"],"title":"PowerBank Announces Fiscal Year End Results","author":"PR Newswire","published_at":"2026-09-29T11:45:00.044Z","article_body":"PowerBank Announces Fiscal Year End Results\nPR Newswire\n\nTORONTO, Sept. 29, 2026\n\n Gross Margin Expands to 34.7% from 25.3%; Net Loss Narrows by $6.8 Million;\nIPP Production Revenue Reaches $9.8 Million\n\nThis news release constitutes a \"designated news release\" for the purposes of\nthe Company's prospectus supplement dated June 5, 2025, to its short form base\nshelf prospectus dated May 7, 2025.\n\nTORONTO, Sept. 29, 2026 /PRNewswire/ -- PowerBank Corporation (NASDAQ: PBK)\n(Cboe CA: PBK) (FSE: 103) (\"PowerBank\" or the \"Company\") reports results for\nthe fiscal year ended June 30, 2026. All financial figures are in Canadian\ndollars and are in accordance with IFRS Accounting Standards (\"IFRS\") as\nissued by the International Accounting Standards Board as presented in the\nconsolidated financial statements. References to \"FY2025\" mean the year ended\nJune 30, 2025 and references to \"FY2026\" mean the year ended June 30, 2026.\n\nFiscal Year Financial Highlights (All amounts are for the Twelve-Month Period\nended June 30, 2026)\n\n * Revenues were $27.4 million compared to $41.5 million in the same period\nduring FY2025.\n * Gross profit was $9.5 million, or 34.7% of revenues, compared to $10.5\nmillion, or 25.3% of revenues in the same period for FY2025.\n * IPP production revenue increased from $9.3 million to $9.8 million during the\nperiod.\n * Adjusted EBITDA((1)) of $(3.5) million compared to $(0.8) million for the\nsame period during FY2025.\n * Net loss of $24.3 million, or $(0.58) per basic share during the period in\nFY2026, compared to a net loss of $31.1 million, or $(0.97) per basic share\nduring the same period in FY2025.\n * Cash flow from operating activities was an outflow of $12.8 million compared\nto an outflow of $17.3 million in the same period in FY2025.\n * Working capital improved to $1.6 million as of June 30, 2026, compared to a\nworking capital deficit of $(1.8) million at June 30, 2025.\nCorporate Fourth Quarter Highlights and Milestones:\n\n * On May 5, the Company announced the SFF 06 battery energy storage project in\nOntario achieved commercial operation on April 20, 2026.\n * On May 21, the Company announced three new battery energy storage system\nprojects in upstate New York, adding 60 MWh to the growing portfolio of BESS.\n * The Company announced all three Community Solar Projects in the 21 MW upstate\nNew York portfolio reached commercial operation.  On June 30, the Company\nannounced that it has executed an Operations and Maintenance Services\nAgreement for the three projects.\n * On June 9, the Company announced that equipment procurement and physical work\noccurred for 8 distributed solar and energy storage projects in New York\nState, meaning the projects met the IRS Physical Work Test ahead of the July\n4, 2026 deadline. The estimated ITC value associated with the safe-harbored\nprojects is approximately US$29.7 million, with an estimated portfolio\nconstruction value of approximately US$74.3 million.\n * The Company announced that all three community solar projects in Nova Scotia\nhave secured interconnection agreements, advancing the 12.4 MW pipeline in the\nprovince.\n * On June 26, the Company announced it was awarded a $2.95 million federal\ncontract with the US Department of Defense and the Department of the Army for\na Covered Parking Canopy Solar Project.\n * On June 29, the Company announced a Joint Development Agreement with Nodiac\nCorp. to leverage PowerBank's portfolio of solar and BESS sites across North\nAmerica for the deployment of distributed AI compute infrastructure.\nDr. Richard Lu, CEO of PowerBank commented: \"Fiscal 2026 was the year\nPowerBank's financial transformation took hold. While revenue declined as we\nshifted from selling projects toward owning them, gross margin expanded to\n34.7% from 25.3%, we narrowed our net loss by $6.8 million, reduced cash used\nin operations by $4.4 million, and moved from a working capital deficit to\npositive working capital of $1.6 million. We brought five projects into\ncommercial operation during the year, including our SFF 06 battery energy\nstorage project in Ontario, and our IPP portfolio generated $9.8 million in\nproduction revenue. With this foundation in place, we expect revenue to return\nto growth in Fiscal 2027.\"\n (1) EBITDA and Adjusted EBITDA are non-IFRS financial measures with no\n standardized meaning under IFRS, and therefore they may not be comparable to\n similar measures presented by other issuers. For further information and\n detailed reconciliations of Non-IFRS financial measures to the most directly\n comparable IFRS measures see \"Non-IFRS Financial Measures\" in this News\n Release.\n\nSummary of Annual Results (All amounts are for the Twelve-Month Period)\n Twelve Months Ended                                     June 30, 2026  June 30, 2025\n Consolidated Statements of Comprehensive Income (loss)\n Total revenue                                           $27,410        $41,531\n Cash flow from operating activities                     ($12,828)      ($17,260)\n Adjusted EBITDA (a non-IFRS measure)                    ($3,514)       ($846)\n Net (loss) income                                       ($24,296)      ($31,116)\n Basic (loss) earnings per share                         (0.58)         (0.97)\n Diluted (loss) earnings per share                       (0.58)         (0.97)\n\nThe Company ended the 2026 fiscal year with $40.9 million in current assets\n(including $10.7 million in cash), as compared to $41.3 million in current\nassets as of year-end June 30, 2025. The decrease was primarily due to lower\nprepaid expenses and deposits and trade and other receivables, substantially\noffset by higher inventories and cash.\n\nCurrent liabilities decreased from $43.1 million as of the year ended June 30,\n2025, to $39.4 million as of June 30, 2026, primarily due to lower trade and\nother payables and contract liabilities, partially offset by increases in the\ncurrent portion of long-term debt and short-term loans. As a result, the\nCompany had working capital of $1.6 million at June 30, 2026.\n\nFor complete details please refer to the unaudited condensed interim\nconsolidated financial statements and associated Management Discussion and\nAnalysis for the nine months ended March 31, 2026, available on SEDAR+\n(https://www.sedarplus.ca (https://www.sedarplus.ca) ).\n\nThe Company notes that the execution of the Company's growth strategy depends\nupon the continued availability of third-party financing arrangements for the\nCompany and its customers and the Company's future success depends partly on\nits ability to expand the pipeline of its energy business in several key\nmarkets. In addition, governments may revise, reduce or eliminate incentives\nand policy support schemes for solar and battery storage power, which could\ncause demand for the Company's services to decline. Please refer to\n\"Forward-Looking Statements\" for additional discussion of the assumptions and\nrisk factors associated with the statements in this press release.\n\nConference Call — September 29, 2026, at 4:30 PM ET\n\nThe Company will review financial results and provide a business update.\nInterested parties can register for the webinar by clicking here\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4784689-1&h=324548398&u=https%3A%2F%2Fevents.teams.microsoft.com%2Fevent%2F72322fdf-b202-42a1-ba3a-e88e3d7dd623%40f90ea049-87a1-4082-95af-7e4e24c02cb4%3Fsource%3DcopyLinkLegacyShareLinkDialog&a=here)\n.\n\nAfter registering, you will receive a confirmation email containing\ninformation about joining the webinar.\n\nNon-IFRS Financial Measures\n\nThe Company has disclosed certain non-IFRS financial measures and ratios in\nthis press release, as discussed below. These non-IFRS financial measures and\nnon-IFRS ratios are widely reported in the renewable energy industry as\nbenchmarks for performance and are used by management to monitor and evaluate\nthe Company's operating performance and ability to generate cash. The Company\nbelieves that, in addition to financial measures and ratios prepared in\naccordance with IFRS, certain investors use these non-IFRS financial measures\nand ratios to evaluate the Company's performance. However, the measures do not\nhave a standardized meaning under IFRS and may not be comparable to similar\nfinancial measures disclosed by other companies. Accordingly, non-IFRS\nfinancial measures and non-IFRS ratios should not be considered in isolation\nor as a substitute for measures and ratios of the Company's performance\nprepared in accordance with IFRS.\n\nNon-IFRS financial measures are defined in National Instrument 52-112 –\nNon-GAAP and Other Financial Measures Disclosure (\"NI 52-112\") as a financial\nmeasure disclosed that (a) depicts the historical or expected future financial\nperformance, financial position or cash flow of an entity, (b) with respect to\nits composition, excludes an amount that is included in, or includes an amount\nthat is excluded from, the composition of the most directly comparable\nfinancial measure disclosed in the primary financial statements of the entity,\n(c) is not disclosed in the financial statements of the entity, and (d) is not\na ratio, fraction, percentage or similar representation.\n\nA non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that\n(a) is in the form of a ratio, fraction, percentage, or similar\nrepresentation, (b) has a non-IFRS financial measure as one or more of its\ncomponents, and (c) is not disclosed in the financial statements.\n\nAdjusted EBITDA\n\nAdjusted EBITDA is a non-IFRS financial measure, which excludes the following\nfrom net earnings:\n\n * Income tax (income) expense;\n * Finance costs;\n * Amortization and depreciation;\n * Fair value gain/loss;\n * Stock based compensation;\n * Impairment charges or reversals;\n * Loss on investments;\n * Foreign exchange gains or losses.\nManagement believes Adjusted EBITDA is a valuable indicator of the Company's\nability to generate liquidity by producing operating cash flow to fund working\ncapital needs, service debt obligations, and fund capital expenditures.\nManagement uses Adjusted EBITDA for this purpose. EBITDA is also frequently\nused by investors and analysts for valuation purposes whereby Adjusted EBITDA\nis multiplied by a factor or \"EBITDA multiple\" based on an observed or\ninferred relationship between Adjusted EBITDA and market values to determine\nthe approximate total enterprise value of a Company. Management also believes\nthat Adjusted EBITDA provides useful information to investors and others in\nunderstanding and evaluating our operating results because it is consistent\nwith the indicators management uses internally to measure the Company's\nperformance.\n\nAdjusted EBITDA is intended to provide additional information to investors and\nanalysts. It does not have any standardized definition under IFRS and should\nnot be considered in isolation or as a substitute for measures of operating\nperformance prepared in accordance with IFRS. Other companies may calculate\nAdjusted EBITDA differently.\n                                                                                 Twelve months ended June 30,\n                                                                                 2026             2025\n                                                                                 $                $\n Net income (loss) per financial statements                                      $ (24,296)       $ (31,116)\n Add (Deduct):\n Depreciation and amortization                                                   204              100\n Depreciation and amortization included in cost of goods sold                    5,503            5,018\n Interest income                                                                 (353)            (607)\n Interest expense                                                                3,762            3,263\n Interest expense included in cost of goods sold                                 448              461\n Share-based compensation                                                        4,584            2,203\n Current tax (recovery) expense                                                  (477)            953\n Deferred income tax (recovery) expense                                          (372)            (5,173)\n Fair value change of derivatives                                                70               1,340\n Fair value change of warrant liabilities                                        (1,111)          (3,575)\n Fair value change of CVR liabilities                                            (713)            (7,195)\n Fair value change of other liabilities due to non-controlling interest holders  38               -\n Inventory write-offs (reversals)                                                1,856            56\n Accounts receivable write-offs                                                  933              -\n Assets abandonment                                                              542              -\n Impairment loss                                                                 4,724            30,374\n Finance costs                                                                   679              -\n Loss on investments                                                             -                3,385\n Contract cancellation fees                                                      578\n Other (income) expense ((1))                                                    (113)            (333)\n Adjusted EBITDA                                                                 $ (3,514)        $ (846)\n\n (1) Other (income) expense primarily consist of unrealized foreign exchange\n gains and losses, along with certain one-time payments received.\n\nFor the twelve months ended June 30, 2026, Adjusted EBITDA was a loss of\n$3,514, compared to a loss of $846 in the same period in the prior year,\nrepresenting a decrease of $2,668. The decrease primarily reflected lower\ndevelopment and EPC revenue and higher operating expenses.\n\nAbout PowerBank Corporation\n\nPowerBank Corporation is an independent renewable and clean energy project\ndeveloper and owner focusing on distributed and community solar projects in\nCanada and the USA. The Company develops solar and Battery Energy Storage\nSystem (BESS) projects that sell electricity to utilities, commercial,\nindustrial, municipal and residential off-takers. The Company maximizes\nreturns via a diverse portfolio of projects across multiple leading North\nAmerica markets including projects with utilities, host off-takers, community\nsolar, and virtual net metering projects. The Company has a potential\ndevelopment pipeline of over one gigawatt and has developed renewable and\nclean energy projects with a combined capacity of over 100 megawatts built. To\nlearn more about PowerBank, please visit www.powerbankcorp.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4784689-1&h=2557814789&u=http%3A%2F%2Fwww.powerbankcorp.com%2F&a=www.powerbankcorp.com)\n.\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements and forward-looking\ninformation within the meaning of Canadian securities legislation\n(collectively, \"forward-looking statements\") that relate to the Company's\ncurrent expectations and views of future events. Any statements that express,\nor involve discussions as to, expectations, beliefs, plans, objectives,\nassumptions or future events or performance (often, but not always, through\nthe use of words or phrases such as \"will likely result\", \"are expected to\",\n\"expects\", \"will continue\", \"is anticipated\", \"anticipates\", \"believes\",\n\"estimated\", \"intends\", \"plans\", \"forecast\", \"projection\", \"strategy\",\n\"objective\" and \"outlook\") are not historical facts and may be forward-looking\nstatements and may involve estimates, assumptions and uncertainties which\ncould cause actual results or outcomes to differ materially from those\nexpressed in such forward-looking statements. In particular and without\nlimitation, this news release contains forward-looking statements pertaining\nto the Company's expectations regarding its industry trends and overall market\ngrowth; the Company's growth strategies; the expected energy production from\nsolar power and BESS projects mentioned in this press release; the expected\nvalue of EPC agreements; the Company's expectations regarding project\ndevelopment; the Company's business plan and forecasts; the safe-harboring of\nInvestment Tax Credits under the OBBBA; and the size of the Company's\ndevelopment pipeline. No assurance can be given that these expectations will\nprove to be correct and such forward-looking statements included in this news\nrelease should not be unduly relied upon. These statements speak only as of\nthe date of this news release.\n\nForward-looking statements are based on certain assumptions and analyses made\nby the Company in light of the experience and perception of historical trends,\ncurrent conditions and expected future developments and other factors it\nbelieves are appropriate, and are subject to risks and uncertainties. In\nmaking the forward-looking statements included in this news release, the\nCompany has made various material assumptions, including but not limited to:\nobtaining the necessary regulatory approvals; that regulatory requirements\nwill be maintained; general business and economic conditions; the Company's\nability to successfully execute its plans and intentions; the availability of\nfinancing on reasonable terms; the Company's ability to attract and retain\nskilled staff; market competition; the products and services offered by the\nCompany's competitors; that the Company's current good relationships with its\nservice providers and other third parties will be maintained; and government\nsubsidies and funding for renewable energy will continue as currently\ncontemplated. Although the Company believes that the assumptions underlying\nthese statements are reasonable, they may prove to be incorrect, and the\nCompany cannot assure that actual results will be consistent with these\nforward-looking statements. Given these risks, uncertainties and assumptions,\ninvestors should not place undue reliance on these forward-looking statements.\n\nWhether actual results, performance or achievements will conform to the\nCompany's expectations and predictions is subject to a number of known and\nunknown risks, uncertainties, assumptions and other factors, including those\nlisted under \"Forward-Looking Statements\" and \"Risk Factors\" in the Company's\nmost recently completed Annual Information Form, and other public filings of\nthe Company, which include: the Company may be adversely affected by volatile\nsolar power market and industry conditions; the execution of the Company's\ngrowth strategy depends upon the continued availability of third-party\nfinancing arrangements; the Company's future success depends partly on its\nability to expand the pipeline of its energy business in several key markets;\ngovernments may revise, reduce or eliminate incentives and policy support\nschemes for solar and battery storage power; general global economic\nconditions may have an adverse impact on our operating performance and results\nof operations; the Company's project development and construction activities\nmay not be successful; developing and operating solar projects exposes the\nCompany to various risks; the Company faces a number of risks involving Power\nPurchase Agreements (\"PPAs\") and project-level financing arrangements; any\nchanges to the laws, regulations and policies that the Company is subject to\nmay present technical, regulatory and economic barriers to the purchase and\nuse of solar power; the markets in which the Company competes are highly\ncompetitive and evolving quickly; foreign exchange rate fluctuations; a change\nin the Company's effective tax rate can have a significant adverse impact on\nits business; seasonal variations in demand linked to construction cycles and\nweather conditions may influence the Company's results of operations; the\nCompany may be unable to generate sufficient cash flows or have access to\nexternal financing; the Company and CIM may be unable to conclude definitive\ndocumentation for the CIM Transaction; the Company may incur substantial\nadditional indebtedness in the future; the Company is subject to risks from\nsupply chain issues and tariffs; risks related to inflation; unexpected\nwarranty expenses that may not be adequately covered by the Company's\ninsurance policies; if the Company is unable to attract and retain key\npersonnel, it may not be able to compete effectively in the renewable energy\nmarket; there are a limited number of purchasers of utility-scale quantities\nof electricity; compliance with environmental laws and regulations can be\nexpensive; the future impact of any public health threats; the Company has\nlimited insurance coverage; the Company will be reliant on information\ntechnology systems and may be subject to damaging cyberattacks; the Company\nmay become subject to litigation; there is no guarantee on how the Company\nwill use its available funds; the Company will continue to sell securities for\ncash to fund operations, capital expansion, mergers and acquisitions that will\ndilute the current shareholders; and future dilution as a result of\nfinancings.\n\nThe Company undertakes no obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as may be required by law. New factors emerge from time to\ntime, and it is not possible for the Company to predict all of them, or assess\nthe impact of each such factor or the extent to which any factor, or\ncombination of factors, may cause results to differ materially from those\ncontained in any forward-looking statement. Any forward-looking statements\ncontained in this news release are expressly qualified in their entirety by\nthis cautionary statement.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/powerbank-announces-fiscal-year-end-results-302892297.html\n(https://www.prnewswire.com/news-releases/powerbank-announces-fiscal-year-end-results-302892297.html)\n\nSOURCE PowerBank Corporation\n\n\n\nFor further information, please contact: PowerBank Corporation, Tracy Zheng, Email: ir@powerbankcorp.com, Phone: 289.439.4718\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1698220/PowerBank-Corporation-PowerBank-Announces-Fiscal-Year-End-Result.jpg?id=OA2974997\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn8GrMbja-20260929","title":"PowerBank Announces Fiscal Year End Results","author":"PR Newswire","ticker":"PBK","created":"2026-09-29T11:45:00.044Z","tickers":["PBK"],"exchange":"NASDAQ","article_body":"PowerBank Announces Fiscal Year End Results\nPR Newswire\n\nTORONTO, Sept. 29, 2026\n\n Gross Margin Expands to 34.7% from 25.3%; Net Loss Narrows by $6.8 Million;\nIPP Production Revenue Reaches $9.8 Million\n\nThis news release constitutes a \"designated news release\" for the purposes of\nthe Company's prospectus supplement dated June 5, 2025, to its short form base\nshelf prospectus dated May 7, 2025.\n\nTORONTO, Sept. 29, 2026 /PRNewswire/ -- PowerBank Corporation (NASDAQ: PBK)\n(Cboe CA: PBK) (FSE: 103) (\"PowerBank\" or the \"Company\") reports results for\nthe fiscal year ended June 30, 2026. All financial figures are in Canadian\ndollars and are in accordance with IFRS Accounting Standards (\"IFRS\") as\nissued by the International Accounting Standards Board as presented in the\nconsolidated financial statements. References to \"FY2025\" mean the year ended\nJune 30, 2025 and references to \"FY2026\" mean the year ended June 30, 2026.\n\nFiscal Year Financial Highlights (All amounts are for the Twelve-Month Period\nended June 30, 2026)\n\n * Revenues were $27.4 million compared to $41.5 million in the same period\nduring FY2025.\n * Gross profit was $9.5 million, or 34.7% of revenues, compared to $10.5\nmillion, or 25.3% of revenues in the same period for FY2025.\n * IPP production revenue increased from $9.3 million to $9.8 million during the\nperiod.\n * Adjusted EBITDA((1)) of $(3.5) million compared to $(0.8) million for the\nsame period during FY2025.\n * Net loss of $24.3 million, or $(0.58) per basic share during the period in\nFY2026, compared to a net loss of $31.1 million, or $(0.97) per basic share\nduring the same period in FY2025.\n * Cash flow from operating activities was an outflow of $12.8 million compared\nto an outflow of $17.3 million in the same period in FY2025.\n * Working capital improved to $1.6 million as of June 30, 2026, compared to a\nworking capital deficit of $(1.8) million at June 30, 2025.\nCorporate Fourth Quarter Highlights and Milestones:\n\n * On May 5, the Company announced the SFF 06 battery energy storage project in\nOntario achieved commercial operation on April 20, 2026.\n * On May 21, the Company announced three new battery energy storage system\nprojects in upstate New York, adding 60 MWh to the growing portfolio of BESS.\n * The Company announced all three Community Solar Projects in the 21 MW upstate\nNew York portfolio reached commercial operation.  On June 30, the Company\nannounced that it has executed an Operations and Maintenance Services\nAgreement for the three projects.\n * On June 9, the Company announced that equipment procurement and physical work\noccurred for 8 distributed solar and energy storage projects in New York\nState, meaning the projects met the IRS Physical Work Test ahead of the July\n4, 2026 deadline. The estimated ITC value associated with the safe-harbored\nprojects is approximately US$29.7 million, with an estimated portfolio\nconstruction value of approximately US$74.3 million.\n * The Company announced that all three community solar projects in Nova Scotia\nhave secured interconnection agreements, advancing the 12.4 MW pipeline in the\nprovince.\n * On June 26, the Company announced it was awarded a $2.95 million federal\ncontract with the US Department of Defense and the Department of the Army for\na Covered Parking Canopy Solar Project.\n * On June 29, the Company announced a Joint Development Agreement with Nodiac\nCorp. to leverage PowerBank's portfolio of solar and BESS sites across North\nAmerica for the deployment of distributed AI compute infrastructure.\nDr. Richard Lu, CEO of PowerBank commented: \"Fiscal 2026 was the year\nPowerBank's financial transformation took hold. While revenue declined as we\nshifted from selling projects toward owning them, gross margin expanded to\n34.7% from 25.3%, we narrowed our net loss by $6.8 million, reduced cash used\nin operations by $4.4 million, and moved from a working capital deficit to\npositive working capital of $1.6 million. We brought five projects into\ncommercial operation during the year, including our SFF 06 battery energy\nstorage project in Ontario, and our IPP portfolio generated $9.8 million in\nproduction revenue. With this foundation in place, we expect revenue to return\nto growth in Fiscal 2027.\"\n (1) EBITDA and Adjusted EBITDA are non-IFRS financial measures with no\n standardized meaning under IFRS, and therefore they may not be comparable to\n similar measures presented by other issuers. For further information and\n detailed reconciliations of Non-IFRS financial measures to the most directly\n comparable IFRS measures see \"Non-IFRS Financial Measures\" in this News\n Release.\n\nSummary of Annual Results (All amounts are for the Twelve-Month Period)\n Twelve Months Ended                                     June 30, 2026  June 30, 2025\n Consolidated Statements of Comprehensive Income (loss)\n Total revenue                                           $27,410        $41,531\n Cash flow from operating activities                     ($12,828)      ($17,260)\n Adjusted EBITDA (a non-IFRS measure)                    ($3,514)       ($846)\n Net (loss) income                                       ($24,296)      ($31,116)\n Basic (loss) earnings per share                         (0.58)         (0.97)\n Diluted (loss) earnings per share                       (0.58)         (0.97)\n\nThe Company ended the 2026 fiscal year with $40.9 million in current assets\n(including $10.7 million in cash), as compared to $41.3 million in current\nassets as of year-end June 30, 2025. The decrease was primarily due to lower\nprepaid expenses and deposits and trade and other receivables, substantially\noffset by higher inventories and cash.\n\nCurrent liabilities decreased from $43.1 million as of the year ended June 30,\n2025, to $39.4 million as of June 30, 2026, primarily due to lower trade and\nother payables and contract liabilities, partially offset by increases in the\ncurrent portion of long-term debt and short-term loans. As a result, the\nCompany had working capital of $1.6 million at June 30, 2026.\n\nFor complete details please refer to the unaudited condensed interim\nconsolidated financial statements and associated Management Discussion and\nAnalysis for the nine months ended March 31, 2026, available on SEDAR+\n(https://www.sedarplus.ca (https://www.sedarplus.ca) ).\n\nThe Company notes that the execution of the Company's growth strategy depends\nupon the continued availability of third-party financing arrangements for the\nCompany and its customers and the Company's future success depends partly on\nits ability to expand the pipeline of its energy business in several key\nmarkets. In addition, governments may revise, reduce or eliminate incentives\nand policy support schemes for solar and battery storage power, which could\ncause demand for the Company's services to decline. Please refer to\n\"Forward-Looking Statements\" for additional discussion of the assumptions and\nrisk factors associated with the statements in this press release.\n\nConference Call — September 29, 2026, at 4:30 PM ET\n\nThe Company will review financial results and provide a business update.\nInterested parties can register for the webinar by clicking here\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4784689-1&h=324548398&u=https%3A%2F%2Fevents.teams.microsoft.com%2Fevent%2F72322fdf-b202-42a1-ba3a-e88e3d7dd623%40f90ea049-87a1-4082-95af-7e4e24c02cb4%3Fsource%3DcopyLinkLegacyShareLinkDialog&a=here)\n.\n\nAfter registering, you will receive a confirmation email containing\ninformation about joining the webinar.\n\nNon-IFRS Financial Measures\n\nThe Company has disclosed certain non-IFRS financial measures and ratios in\nthis press release, as discussed below. These non-IFRS financial measures and\nnon-IFRS ratios are widely reported in the renewable energy industry as\nbenchmarks for performance and are used by management to monitor and evaluate\nthe Company's operating performance and ability to generate cash. The Company\nbelieves that, in addition to financial measures and ratios prepared in\naccordance with IFRS, certain investors use these non-IFRS financial measures\nand ratios to evaluate the Company's performance. However, the measures do not\nhave a standardized meaning under IFRS and may not be comparable to similar\nfinancial measures disclosed by other companies. Accordingly, non-IFRS\nfinancial measures and non-IFRS ratios should not be considered in isolation\nor as a substitute for measures and ratios of the Company's performance\nprepared in accordance with IFRS.\n\nNon-IFRS financial measures are defined in National Instrument 52-112 –\nNon-GAAP and Other Financial Measures Disclosure (\"NI 52-112\") as a financial\nmeasure disclosed that (a) depicts the historical or expected future financial\nperformance, financial position or cash flow of an entity, (b) with respect to\nits composition, excludes an amount that is included in, or includes an amount\nthat is excluded from, the composition of the most directly comparable\nfinancial measure disclosed in the primary financial statements of the entity,\n(c) is not disclosed in the financial statements of the entity, and (d) is not\na ratio, fraction, percentage or similar representation.\n\nA non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that\n(a) is in the form of a ratio, fraction, percentage, or similar\nrepresentation, (b) has a non-IFRS financial measure as one or more of its\ncomponents, and (c) is not disclosed in the financial statements.\n\nAdjusted EBITDA\n\nAdjusted EBITDA is a non-IFRS financial measure, which excludes the following\nfrom net earnings:\n\n * Income tax (income) expense;\n * Finance costs;\n * Amortization and depreciation;\n * Fair value gain/loss;\n * Stock based compensation;\n * Impairment charges or reversals;\n * Loss on investments;\n * Foreign exchange gains or losses.\nManagement believes Adjusted EBITDA is a valuable indicator of the Company's\nability to generate liquidity by producing operating cash flow to fund working\ncapital needs, service debt obligations, and fund capital expenditures.\nManagement uses Adjusted EBITDA for this purpose. EBITDA is also frequently\nused by investors and analysts for valuation purposes whereby Adjusted EBITDA\nis multiplied by a factor or \"EBITDA multiple\" based on an observed or\ninferred relationship between Adjusted EBITDA and market values to determine\nthe approximate total enterprise value of a Company. Management also believes\nthat Adjusted EBITDA provides useful information to investors and others in\nunderstanding and evaluating our operating results because it is consistent\nwith the indicators management uses internally to measure the Company's\nperformance.\n\nAdjusted EBITDA is intended to provide additional information to investors and\nanalysts. It does not have any standardized definition under IFRS and should\nnot be considered in isolation or as a substitute for measures of operating\nperformance prepared in accordance with IFRS. Other companies may calculate\nAdjusted EBITDA differently.\n                                                                                 Twelve months ended June 30,\n                                                                                 2026             2025\n                                                                                 $                $\n Net income (loss) per financial statements                                      $ (24,296)       $ (31,116)\n Add (Deduct):\n Depreciation and amortization                                                   204              100\n Depreciation and amortization included in cost of goods sold                    5,503            5,018\n Interest income                                                                 (353)            (607)\n Interest expense                                                                3,762            3,263\n Interest expense included in cost of goods sold                                 448              461\n Share-based compensation                                                        4,584            2,203\n Current tax (recovery) expense                                                  (477)            953\n Deferred income tax (recovery) expense                                          (372)            (5,173)\n Fair value change of derivatives                                                70               1,340\n Fair value change of warrant liabilities                                        (1,111)          (3,575)\n Fair value change of CVR liabilities                                            (713)            (7,195)\n Fair value change of other liabilities due to non-controlling interest holders  38               -\n Inventory write-offs (reversals)                                                1,856            56\n Accounts receivable write-offs                                                  933              -\n Assets abandonment                                                              542              -\n Impairment loss                                                                 4,724            30,374\n Finance costs                                                                   679              -\n Loss on investments                                                             -                3,385\n Contract cancellation fees                                                      578\n Other (income) expense ((1))                                                    (113)            (333)\n Adjusted EBITDA                                                                 $ (3,514)        $ (846)\n\n (1) Other (income) expense primarily consist of unrealized foreign exchange\n gains and losses, along with certain one-time payments received.\n\nFor the twelve months ended June 30, 2026, Adjusted EBITDA was a loss of\n$3,514, compared to a loss of $846 in the same period in the prior year,\nrepresenting a decrease of $2,668. The decrease primarily reflected lower\ndevelopment and EPC revenue and higher operating expenses.\n\nAbout PowerBank Corporation\n\nPowerBank Corporation is an independent renewable and clean energy project\ndeveloper and owner focusing on distributed and community solar projects in\nCanada and the USA. The Company develops solar and Battery Energy Storage\nSystem (BESS) projects that sell electricity to utilities, commercial,\nindustrial, municipal and residential off-takers. The Company maximizes\nreturns via a diverse portfolio of projects across multiple leading North\nAmerica markets including projects with utilities, host off-takers, community\nsolar, and virtual net metering projects. The Company has a potential\ndevelopment pipeline of over one gigawatt and has developed renewable and\nclean energy projects with a combined capacity of over 100 megawatts built. To\nlearn more about PowerBank, please visit www.powerbankcorp.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4784689-1&h=2557814789&u=http%3A%2F%2Fwww.powerbankcorp.com%2F&a=www.powerbankcorp.com)\n.\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements and forward-looking\ninformation within the meaning of Canadian securities legislation\n(collectively, \"forward-looking statements\") that relate to the Company's\ncurrent expectations and views of future events. Any statements that express,\nor involve discussions as to, expectations, beliefs, plans, objectives,\nassumptions or future events or performance (often, but not always, through\nthe use of words or phrases such as \"will likely result\", \"are expected to\",\n\"expects\", \"will continue\", \"is anticipated\", \"anticipates\", \"believes\",\n\"estimated\", \"intends\", \"plans\", \"forecast\", \"projection\", \"strategy\",\n\"objective\" and \"outlook\") are not historical facts and may be forward-looking\nstatements and may involve estimates, assumptions and uncertainties which\ncould cause actual results or outcomes to differ materially from those\nexpressed in such forward-looking statements. In particular and without\nlimitation, this news release contains forward-looking statements pertaining\nto the Company's expectations regarding its industry trends and overall market\ngrowth; the Company's growth strategies; the expected energy production from\nsolar power and BESS projects mentioned in this press release; the expected\nvalue of EPC agreements; the Company's expectations regarding project\ndevelopment; the Company's business plan and forecasts; the safe-harboring of\nInvestment Tax Credits under the OBBBA; and the size of the Company's\ndevelopment pipeline. No assurance can be given that these expectations will\nprove to be correct and such forward-looking statements included in this news\nrelease should not be unduly relied upon. These statements speak only as of\nthe date of this news release.\n\nForward-looking statements are based on certain assumptions and analyses made\nby the Company in light of the experience and perception of historical trends,\ncurrent conditions and expected future developments and other factors it\nbelieves are appropriate, and are subject to risks and uncertainties. In\nmaking the forward-looking statements included in this news release, the\nCompany has made various material assumptions, including but not limited to:\nobtaining the necessary regulatory approvals; that regulatory requirements\nwill be maintained; general business and economic conditions; the Company's\nability to successfully execute its plans and intentions; the availability of\nfinancing on reasonable terms; the Company's ability to attract and retain\nskilled staff; market competition; the products and services offered by the\nCompany's competitors; that the Company's current good relationships with its\nservice providers and other third parties will be maintained; and government\nsubsidies and funding for renewable energy will continue as currently\ncontemplated. Although the Company believes that the assumptions underlying\nthese statements are reasonable, they may prove to be incorrect, and the\nCompany cannot assure that actual results will be consistent with these\nforward-looking statements. Given these risks, uncertainties and assumptions,\ninvestors should not place undue reliance on these forward-looking statements.\n\nWhether actual results, performance or achievements will conform to the\nCompany's expectations and predictions is subject to a number of known and\nunknown risks, uncertainties, assumptions and other factors, including those\nlisted under \"Forward-Looking Statements\" and \"Risk Factors\" in the Company's\nmost recently completed Annual Information Form, and other public filings of\nthe Company, which include: the Company may be adversely affected by volatile\nsolar power market and industry conditions; the execution of the Company's\ngrowth strategy depends upon the continued availability of third-party\nfinancing arrangements; the Company's future success depends partly on its\nability to expand the pipeline of its energy business in several key markets;\ngovernments may revise, reduce or eliminate incentives and policy support\nschemes for solar and battery storage power; general global economic\nconditions may have an adverse impact on our operating performance and results\nof operations; the Company's project development and construction activities\nmay not be successful; developing and operating solar projects exposes the\nCompany to various risks; the Company faces a number of risks involving Power\nPurchase Agreements (\"PPAs\") and project-level financing arrangements; any\nchanges to the laws, regulations and policies that the Company is subject to\nmay present technical, regulatory and economic barriers to the purchase and\nuse of solar power; the markets in which the Company competes are highly\ncompetitive and evolving quickly; foreign exchange rate fluctuations; a change\nin the Company's effective tax rate can have a significant adverse impact on\nits business; seasonal variations in demand linked to construction cycles and\nweather conditions may influence the Company's results of operations; the\nCompany may be unable to generate sufficient cash flows or have access to\nexternal financing; the Company and CIM may be unable to conclude definitive\ndocumentation for the CIM Transaction; the Company may incur substantial\nadditional indebtedness in the future; the Company is subject to risks from\nsupply chain issues and tariffs; risks related to inflation; unexpected\nwarranty expenses that may not be adequately covered by the Company's\ninsurance policies; if the Company is unable to attract and retain key\npersonnel, it may not be able to compete effectively in the renewable energy\nmarket; there are a limited number of purchasers of utility-scale quantities\nof electricity; compliance with environmental laws and regulations can be\nexpensive; the future impact of any public health threats; the Company has\nlimited insurance coverage; the Company will be reliant on information\ntechnology systems and may be subject to damaging cyberattacks; the Company\nmay become subject to litigation; there is no guarantee on how the Company\nwill use its available funds; the Company will continue to sell securities for\ncash to fund operations, capital expansion, mergers and acquisitions that will\ndilute the current shareholders; and future dilution as a result of\nfinancings.\n\nThe Company undertakes no obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as may be required by law. New factors emerge from time to\ntime, and it is not possible for the Company to predict all of them, or assess\nthe impact of each such factor or the extent to which any factor, or\ncombination of factors, may cause results to differ materially from those\ncontained in any forward-looking statement. Any forward-looking statements\ncontained in this news release are expressly qualified in their entirety by\nthis cautionary statement.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/powerbank-announces-fiscal-year-end-results-302892297.html\n(https://www.prnewswire.com/news-releases/powerbank-announces-fiscal-year-end-results-302892297.html)\n\nSOURCE PowerBank Corporation\n\n\n\nFor further information, please contact: PowerBank Corporation, Tracy Zheng, Email: ir@powerbankcorp.com, Phone: 289.439.4718\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1698220/PowerBank-Corporation-PowerBank-Announces-Fiscal-Year-End-Result.jpg?id=OA2974997\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-29T11:45:00.1205152Z","server_sent_at_ms":1790682300120},"received_at":"2026-09-29T11:45:00.273Z","source_url":"https://www.prnewswire.com/news-releases/powerbank-announces-fiscal-year-end-results-302892297.html"},"analysis":{"id":"143912","press_release_id":"155170","analysis_json":{"industry":{"label":"Renewable Electricity","sector":"Utilities"},"redFlags":["revenue fell roughly 34% year-over-year","Adjusted EBITDA loss widened to $(3.5)M from $(0.8)M","still net-loss-making with $12.8M operating cash outflow; growth strategy depends on continued third-party financing","risk factors flag ongoing dilution from future securities sales"],"eventType":"earnings","narrative":"PowerBank reported FY2026 revenue of $27.4 million, down from $41.5 million, as the company shifted from selling projects toward owning them.\n\nGross margin expanded to 34.7% from 25.3% and net loss narrowed by $6.8 million to $24.3 million, while the company swung to positive working capital of $1.6 million; however, Adjusted EBITDA worsened to a $(3.5) million loss from $(0.8) million.\n\nIPP production revenue reached $9.8 million, five projects entered commercial operation, and management expects revenue to return to growth in Fiscal 2027.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Revenue down but business-model pivot to ownership showing: margins up, losses narrowing, FY2027 growth guided."},"keyFigures":{"revenue":"$27.4 million","guidance":"expects revenue to return to growth in Fiscal 2027","revenueYoy":"-34%","customDimensions":{"cash":"$10.7 million","net_loss":"$24.3 million","dod_contract":"$2.95 million","gross_margin":"34.7%","prior_net_loss":"$31.1 million","adjusted_ebitda":"$(3.5) million","working_capital":"$1.6 million","prior_adjusted_ebitda":"$(0.8) million","ipp_production_revenue":"$9.8 million","operating_cash_outflow":"$12.8 million","prior_year_gross_margin":"25.3%","itc_safe_harbor_value_usd":"US$29.7 million","portfolio_construction_value_usd":"US$74.3 million"}},"quotedText":"Fiscal 2026 was the year PowerBank's financial transformation took hold.","namedEntities":{"people":[{"name":"Dr. Richard Lu","role":"CEO"},{"name":"Tracy Zheng","role":"investor relations contact"}],"products":["SFF 06 battery energy storage project","Community Solar Projects (21 MW upstate New York portfolio)","Covered Parking Canopy Solar Project"],"companies":[{"name":"PowerBank Corporation","ticker":"PBK","relationship":"filer"},{"name":"Nodiac Corp.","relationship":"partner (joint development agreement for AI compute)"},{"name":"US Department of Defense / Department of the Army","relationship":"customer (solar canopy contract)"}],"dollarAmounts":[{"amount":"$27.4 million","context":"FY2026 revenue"},{"amount":"$41.5 million","context":"FY2025 revenue"},{"amount":"$24.3 million","context":"FY2026 net loss"},{"amount":"$6.8 million","context":"net loss narrowing vs prior year"},{"amount":"$9.8 million","context":"IPP production revenue"},{"amount":"$(3.5) million","context":"Adjusted EBITDA"},{"amount":"$1.6 million","context":"working capital at June 30, 2026"},{"amount":"US$29.7 million","context":"estimated ITC value of safe-harbored projects"},{"amount":"US$74.3 million","context":"estimated portfolio construction value of safe-harbored projects"},{"amount":"$2.95 million","context":"US DoD/Army federal contract"}]},"materialImpact":{"score":3,"reasoning":"Annual results show a 34% revenue decline to $27.4M but narrowing net loss ($24.3M vs $31.1M), gross margin expansion to 34.7%, and positive working capital. Mixed quality: Adjusted EBITDA deteriorated to a $(3.5)M loss."},"tickerRelevance":{"others":[],"primary":"PBK"},"globalImportance":28,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"annual earnings with revenue decline but margin/loss improvement","sectorWeight":"renewables developer"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"mixed","material_impact_score":3,"narrative":"PowerBank reported FY2026 revenue of $27.4 million, down from $41.5 million, as the company shifted from selling projects toward owning them.\n\nGross margin expanded to 34.7% from 25.3% and net loss narrowed by $6.8 million to $24.3 million, while the company swung to positive working capital of $1.6 million; however, Adjusted EBITDA worsened to a $(3.5) million loss from $(0.8) million.\n\nIPP production revenue reached $9.8 million, five projects entered commercial operation, and management expects revenue to return to growth in Fiscal 2027.","key_figures":{"revenue":"$27.4 million","guidance":"expects revenue to return to growth in Fiscal 2027","revenueYoy":"-34%","customDimensions":{"cash":"$10.7 million","net_loss":"$24.3 million","dod_contract":"$2.95 million","gross_margin":"34.7%","prior_net_loss":"$31.1 million","adjusted_ebitda":"$(3.5) million","working_capital":"$1.6 million","prior_adjusted_ebitda":"$(0.8) million","ipp_production_revenue":"$9.8 million","operating_cash_outflow":"$12.8 million","prior_year_gross_margin":"25.3%","itc_safe_harbor_value_usd":"US$29.7 million","portfolio_construction_value_usd":"US$74.3 million"}},"named_entities":{"people":[{"name":"Dr. Richard Lu","role":"CEO"},{"name":"Tracy Zheng","role":"investor relations contact"}],"products":["SFF 06 battery energy storage project","Community Solar Projects (21 MW upstate New York portfolio)","Covered Parking Canopy Solar Project"],"companies":[{"name":"PowerBank Corporation","ticker":"PBK","relationship":"filer"},{"name":"Nodiac Corp.","relationship":"partner (joint development agreement for AI compute)"},{"name":"US Department of Defense / Department of the Army","relationship":"customer (solar canopy contract)"}],"dollarAmounts":[{"amount":"$27.4 million","context":"FY2026 revenue"},{"amount":"$41.5 million","context":"FY2025 revenue"},{"amount":"$24.3 million","context":"FY2026 net loss"},{"amount":"$6.8 million","context":"net loss narrowing vs prior year"},{"amount":"$9.8 million","context":"IPP production revenue"},{"amount":"$(3.5) million","context":"Adjusted EBITDA"},{"amount":"$1.6 million","context":"working capital at June 30, 2026"},{"amount":"US$29.7 million","context":"estimated ITC value of safe-harbored projects"},{"amount":"US$74.3 million","context":"estimated portfolio construction value of safe-harbored projects"},{"amount":"$2.95 million","context":"US DoD/Army federal contract"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-29T11:45:09.729Z","global_importance":28,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap","eventGravity":"annual earnings with revenue decline but margin/loss improvement","sectorWeight":"renewables developer"}},"durationMs":9442,"modelName":"glm-5.3-flashx"}}