- The company reported a 1,508% increase in revenues from its IPP segment in FY 2025.
- Total company assets rose 253% year-over-year, driven by IPP expansion and strategic project acquisitions.
- Gross margin improved to 25% from 20% in FY 2024.
- The company announced up to US$100 million in project-based financing through a mandate with CIM Group.
- PowerBank’s development pipeline now totals 1,806 (MWdc, MWh) of solar PV and battery energy storage projects.
- CEO Dr. Richard Lu highlighted a transition toward long-term recurring revenue through asset ownership and financing.
Disseminated on behalf of PowerBank Corporation
PowerBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., recently released its financial results for Fiscal Year 2025, which underscore a pivotal shift toward becoming a stable, asset-backed independent power producer (https://ibn.fm/jRa6y). The company’s strategy to retain and finance more of its energy assets appears to be taking shape, reflected in a significant increase in IPP revenue and asset growth during the fiscal year ended June 30, 2025.
While total revenues fell 29% to C$41.5 million (US$ 29.76 million), PowerBank’s IPP segment grew exponentially, posting C$9.3 million (US$ 6.67 million) compared to just C$0.6 million (US$ 0.43 million) in FY 2024, a 1,508% jump. The company’s gross margin also improved to 25% from 20%, indicating higher margins from IPP operations.
Total current assets climbed to C$41.3 million (US$ 29.61 million), up from C$17.6 million (US$ 12.62 million) a year earlier. The growth was fueled by the expansion of the IPP portfolio, new project financing agreements, and an increasingly diverse pipeline of renewable energy developments.
PowerBank ended FY 2025 with C$14.9 million (US$ 10.68 million) in cash, restricted cash, and short-term investments. The company also raised approximately US$8.5 million through a registered direct offering and could potentially secure an additional US$10.65 million if all related warrants are exercised.
PowerBank’s management has emphasized that FY 2025 was a transition year. The acquisition of Solar Flow-Through Funds Ltd. (“SFF”) early in the year, valued at up to C$45 million (US$ 32.27 million), added 29 MW of operating assets and set the foundation for sustained, recurring income streams.
“PowerBank’s strategic focus is growing its independent power producer asset base, creating long term revenues for years to come,” said Dr. Richard Lu, PowerBank’s president and CEO. “This means more projects retained and a longer cycle as PowerBank works to finance these assets to retain ownership.”
A potential catalyst for PowerBank’s growth is its announced financing with CIM Group, which provides for up to US$100 million in project-based financing. The funds, once the transaction closes, will support a portfolio of up to 97 MW of solar projects in the U.S., helping accelerate PowerBank’s goal of scaling its IPP base without diluting shareholders.
The company’s development pipeline now spans 942 MW of solar PV and 864 MWh of battery energy storage system (“BESS”) capacity, a combined 1,806 MW/MWh of potential future assets. These projects are divided into operational, under construction, advanced development, and early-stage development phases, providing a clear roadmap for future growth.
Among its deals completed during the financial year, PowerBank entered an agreement with Qcells to sell and build four ground-mounted solar projects in upstate New York totaling 25.6 MW. The combined value of the sale and EPC contracts is approximately US$49.5 million, with PowerBank expected to retain operations and maintenance contracts after completion. Two of these projects have already begun construction and two remain subject to permitting.
PowerBank continues to develop multiple BESS projects in Ontario, two of which are supported by a C$25.8 million (US$ 18.50 million) project finance facility from the Royal Bank of Canada. The SFF-06 project, featuring a 4.99 MW BESS, is already under construction and expected to begin operations by year-end and the other project (903) remains in permitting.
The company also reported delays in the permitting process for other Ontario projects (OZ-1 and 903 (noted above)), citing ongoing municipal reviews and appeals. PowerBank has filed force majeure notices to preserve its rights under existing contracts and continues to work through planning and approval challenges.
Beyond traditional solar and storage, during the fiscal year PowerBank announced its intent to enter the data center energy supply market. While still exploratory, the company said it is in discussions with potential partners and customers as it evaluates opportunities to provide power infrastructure to this rapidly expanding sector.
PowerBank is positioning itself to become a more stable, cash-generating independent power producer. Its participation in programs such as Nova Scotia’s Community Solar initiative, which recently granted three of the projects it is developing for a third party a total of C$1.74 million (US$ 1.25 million) in funding, adds another layer of regional diversification.
Dr. Lu noted that new U.S. incentives under the “One Big Beautiful Bill Act” have created an opportunity to fast-track projects qualifying for full investment tax credits. Combined with PowerBank’s activity under Canada’s IESO Long-Term RFP framework, the company appears to be laying the groundwork for sustained growth.
“The company has prioritized development pathways in key U.S. states where site control, interconnection progress, and permitting are sufficiently advanced to qualify for full ITC treatment under the new rules. In parallel, PowerBank’s diversified footprint across Canada offers resilience against U.S. policy risk. The company is currently deploying battery storage systems in Ontario under the Independent Electricity System Operator’s (‘IESO’) Long-Term RFP framework, which is designed to secure clean, dispatchable capacity through decade-long contracts,” Dr. Lu explained. “PowerBank is also a leader in Nova Scotia’s Community Solar program, where it holds significant market share and is actively expanding.”
For more information, visit the company’s website at https://PowerBankCorp.com.
This report contains forward looking information. Please refer to the press releases entitled “PowerBank Announces Fiscal Year End Results” and dated October 2, 2025, for additional details on the information, risks and assumptions.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
