PowerBank Announces Third Quarter Results

Press Release

Gross Margin Expands to 35% Year-to-Date; Working Capital Turns Positive to $10.7 Million; Net Loss Narrows to $(12.2)M from $(34.7)M in Prior Year

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated June 5, 2025, to its short form base shelf prospectus dated May 7, 2025.

TORONTO, Ontario, May 15, 2026 — PowerBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: 103) (“PowerBank” or the “Company”) reports its fiscal third quarter and fiscal 2026 interim financial results. All financial figures are in Canadian dollars and in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board as presented in the interim consolidated financial statements. References to “FY2025” mean the year ended June 30, 2025 and references to “FY2026” mean the year ended June 30, 2026.

Fiscal Year-to-Date Financial Highlights (All amounts are for the nine-month period ended March 31, 2026)

• Revenues were $22.2 million compared to $23.9 million in the same period during FY2025.
• Gross profit was $7.8 million, or 35.0% of revenues, compared to $6.2 million, or 25.8% of revenues in the same period for FY2025.
• IPP production revenue increased from $5.8 million to $6.0 million during the period.
• Adjusted EBITDA⁽¹⁾ of $(1.3) million compared to $(1.3) million for the same period during FY2025.
• Net loss of $12.2 million, or $(0.31) per basic share during the period in FY2026, compared to a net loss of $34.7 million, or $(1.10) per basic share during the same period in FY2025.
• Cash flow from operating activities was an outflow of $11.4 million compared to an outflow of $4.9 million in the same period in FY2025.
• Working capital improved to $10.7 million as of March 31, 2026, compared to a working capital deficit of $(1.8) million at June 30, 2025.

Corporate Third Quarter Highlights and Milestones:

• On April 13, 2026, the Company announced the execution of a lease agreement on a 5 MW AC hybrid solar plus battery energy storage project known as the NY-Conklin Hill Rd project in upstate New York, eligible for incentives under the NYSERDA NY-Sun Program and the Retail Storage Incentive Program.
• On April 8, 2026, the Company announced a Letter of Intent with Nodiac Corp. to leverage PowerBank’s portfolio of solar and BESS sites across North America for the deployment of distributed AI compute infrastructure.
• On March 17, 2026, the Company announced the spring mobilization of 9 projects in New York State, including Jordan Rd 1 and 2, Elmira, Newark and Camp Smith projects, with a combined generation capacity of 42.24 MW and battery energy storage systems with a generation capacity of 21.76 MWh.
• On March 3, 2026, the Company and GrandBridge Corporation announced an agreement to jointly develop and invest in solar energy and battery storage projects in Ontario, establishing a collaborative framework for projects with nameplate capacity of 2 MWac or greater within GrandBridge Energy’s service territory.
• The Company announced NYSERDA approval of incentives totaling approximately US$3.4 million across the Elmira, Jordan Rd 1, and Jordan Rd 2 projects.
• On February 18, 2026, PowerBank announced the appointment of Mr. Andrew van Doorn as President & Chief Operating Officer.

Dr. Richard Lu, CEO of PowerBank commented: “Our third quarter reflects the financial transformation underway at PowerBank — margins up, working capital positive, and our development engine firmly in motion. With nine projects breaking ground this spring that have been safe harbored to support eligibility for US$65 million in Investment Tax Credits secured, we enter the final stretch of Fiscal 2026 with strong momentum heading into Fiscal 2027.”

⁽¹⁾ EBITDA and Adjusted EBITDA are non-IFRS financial measures with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of Non-IFRS financial measures to the most directly comparable IFRS measures see “Non-IFRS Financial Measures” in this News Release.

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