- PowerBank Corporation has secured **20 MW of solar and battery energy storage system (BESS) power purchase agreements** with the New York State Division of Military and Naval Affairs (DMNA).  **[2011053_0001493152-25-017926_ex99-1.htm:0]** 
- The projects, comprising approximately **19MW of solar and 1MW/2MWh of BESS**, will involve PowerBank developing, financing, and constructing the systems, with construction anticipated to start by the **end of the 2025 calendar year**.  **[2011053_0001493152-25-017926_ex99-1.htm:0]** 
- The generated clean energy will be sold under **long-term power purchase agreements with an initial term of 20-25 years** to the DMNA or to local residents through community solar subscriptions.  **[2011053_0001493152-25-017926_ex99-1.htm:0]**

PowerBank Secures 20 MW Solar and BESS Power Purchase Agreements with NY DMNA

- PowerBank Corporation reported a **29% decrease in total revenues to $41.5 million** for the fiscal year ended June 30, 2025, compared to $58.4 million in FY 2024, though **IPP revenues increased by 1,508% to $9.3 million**.  **[2011053_0001493152-25-016739_ex99-1.htm:1]** 
- The company recorded a **net loss of $31.1 million, or $0.97 per basic share**, in FY 2025, significantly wider than the $3.6 million net loss ($0.13 per basic share) in FY 2024, primarily due to **$13.1 million in professional and consulting fees** and a **non-recurring impairment loss of $30.4 million**.  **[2011053_0001493152-25-016739_ex99-1.htm:1]** **[2011053_0001493152-25-016739_ex99-1.htm:2]**  Adjusted EBITDA for FY 2025 was **($0.68) million**, down from $0.82 million in FY 2024.  **[2011053_0001493152-25-016739_ex99-1.htm:1]** **[2011053_0001493152-25-016739_ex99-1.htm:2]** 
- Operationally, PowerBank acquired Solar Flow-Through Funds Ltd. and secured a Mandate Letter with CIM Group for up to **US$100 million in project-based financing**. The company also sold solar projects totaling approximately 28.84 MW to Qcells and Solar Advocate for combined values of approximately **US$56.8 million**, and its development pipeline includes approximately **942 MW of solar PV** and **864 MWh of BESS projects**.  **[2011053_0001493152-25-016739_ex99-1.htm:1]** **[2011053_0001493152-25-016739_ex99-1.htm:3]**

PowerBank Corporation Announces Fiscal Year End 2025 Results

- POWERBANK reported a **29% decrease** in total revenue to **$41.5 million** for fiscal year 2025, resulting in a net loss of **$31.1 million** or **$0.97 per basic share**, primarily due to **$30.4 million** in non-cash impairment losses and expenses from the Solar Flow-Through Fund acquisition.  **[2011053_2164971_4]** 
- Despite the revenue decline, the company's gross margin improved to **25%** in fiscal year 2025, up from 20% in the prior year, driven by a strategic shift towards asset building and the higher-margin Independent Power Producer (IPP) segment, which saw revenue increase by **$8.7 million** to **$9.3 million**.  **[2011053_2164971_4]** **[2011053_2164971_6]** 
- The acquisition of Solar Flow-Through Fund significantly increased the company's asset value by **250%** from **$40 million to $138 million** and raised long-term debt to **$63 million**, which is primarily non-recourse project debt.  **[2011053_2164971_4]** **[2011053_2164971_6]** 
- Cash, restricted cash, and short-term investments increased to **$15 million** as of June 30, 2025, compared to **$6 million** in the prior year, providing a strong cash position for future growth.  **[2011053_2164971_5]** **[2011053_2164971_6]** 
- POWERBANK is focusing on expanding its IPP portfolio in both the U.S. and Canada, with projects designed to secure U.S. tax credits until 2030 and a strategic shift in its data center approach to become a power partner.  **[2011053_2164971_3]** **[2011053_2164971_8]** **[2011053_2164971_13]**

POWERBANK (SUUN)