Revenue for the fiscal year ended June 30 totaled $27.4 million, down from $41.5 million in 2025. CEO Richard Lu attributed the decline to the company’s strategic shift, noting that while top-line revenue dipped, gross margins expanded significantly to 34.7% from 25.3%. The company’s independent power production division proved a bright spot, with production revenue rising to $9.8 million.
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PowerBank Reports Narrowed Losses Amid Strategic Pivot to Asset Ownership
PowerBank Corporation reported a net loss of $24.3 million for the 2026 fiscal year, an improvement over the previous year's $31.1 million deficit, as the Toronto-based developer transitioned its business model from project sales toward long-term ownership of its renewable energy portfolio.
Operational milestones defined the year, including the commercial launch of the SFF 06 battery energy storage project in Ontario and the expansion of its footprint in upstate New York. PowerBank also secured a $2.95 million federal contract with the U.S. Department of Defense for a solar canopy project. By year-end, the company achieved positive working capital of $1.6 million, reversing the $1.8 million deficit recorded in 2025. Management expects this structural foundation to support a return to revenue growth in fiscal 2027.
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