PowerBank Returns to Profitability with 106% Year-Over-Year Gross Profit Growth in Q1, 145% Adjusted EBITDA Increase

Press Release

Quarterly Revenues of $19.15 million and a 44.61% Gross Margin

Return to Profitability with Net Income of $1.01 million

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, November 17, 2025 — PowerBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: 103) (“PowerBank” or the “Company”) reports its fiscal first quarter 2026 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.

Fiscal Year-to-Date Financial Highlights (All amounts are for the three-month period ended September 30th, 2025)

• Gross profit was $8.54 million, or 44.62% of revenues, compared to $4.14 million, or 27.47% of revenues in the same quarter for 2025.
• Adjusted EBITDA⁽¹⁾  of $ 4.84 million compared to $1.97 million for the first quarter of FY2025.
• Revenues were $19.15 million compared to $15.06 million in the same period during FY2025.
• Net income of $1.01 million, or $0.03 per basic share in the first quarter of FY2026, compared to a net loss of $26.49 million, or $(0.87) per basic share during the same quarter in FY2025.

• IPP revenue increased from $3.26 million to $3.85 million during the same period.
• Development fee revenue was $3.37 compared to nil for the same period in the prior year. The increase reflects higher development activities completed and monetized during the quarter, consistent with the Company’s strategy to advance and realize value from its project development pipeline.

Corporate First Quarter Highlights and Milestones:

• The Company announced that its largest owned-and-operated asset in the U.S., the 3.79 MW Geddes Solar Power Project in New York State, is now fully operational. Built on a repurposed landfill, the Geddes Project now delivers 3.79 MW of clean, renewable energy (enough to power approximately 450 homes annually) while transforming an underutilized site into a productive asset.  The project has also received its Commercial Operation Payment of $1.47 million USD through the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. The project is also expected to receive an additional $245 thousand USD through the Inclusive Community Solar Adder, also through the NY-Sun Program.
• The Company announced that executed lease and power purchase agreements with the New York State Division of Military and Naval Affairs (“DMNA”) for the development of a portfolio of ground mount, rooftop and parking canopy solar power projects and battery energy storage systems with a cumulative total of 20 MW DC. PowerBank intends to develop, finance and construct the projects, a combination of behind-the-meter systems and community solar projects on land owned by the DMNA. Once operational, the clean energy generated by the projects will be sold to the DMNA under long term power purchase agreements that have an initial term of 20 years or will be sold to local residents through community solar subscriptions. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project.
• The Company announced it has executed a lease agreement on a 6.9 MW DC ground-mount solar power project known as the NY-Crawford Rd project in the Capital District, New York. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project.
• The Company announced its 5.7 MW North Main St ground-mount solar project, located in upstate New York, has completed its Coordinated Electric System Interconnection Review. The Company will continue to work to complete the permitting process and secure the necessary financing for the construction of the project.
• The Company announced that Sydney, Brooklyn, and Petpeswick Community Solar projects (the “Projects”) in Nova Scotia were granted $1.74 million in funding through the Nova Scotia Department of Environment and Climate Changes provided by the Nova Scotia Department of Energy and managed by the Net Zero Atlantic program. These projects are owned by a third party and are being developed by the Company for the third party.
• The Company announced the installation of its 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, at the project known as SFF-06.

Dr. Richard Lu, President and CEO of PowerBank commented:

“I am pleased that PowerBank has returned to profitability this quarter with increased revenues and a further improvement in gross margin. With Geddes project coming online during the quarter, PowerBank continues the growth of its independent power producer portfolio. With the compressed timelines to commence construction of projects and retain eligibility for U.S. tax credits, PowerBank remains focused on rapidly advancing its project development pipeline through completion of project financings to support IPP portfolio growth, and project sales to strategic partners to drive revenues.”

⁽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.

Summary of Year-to-Date Results (All amounts are for the three-months period)

Three Months Ended	September 2025	September 2024
Consolidated Statements of Comprehensive Income (loss)
Total Revenue	$ 19,150	$15,059
Cash flow from operating activities	$ 2,310	$ 7,421
Adjusted EBITDA (a non-IFRS measure)	$ 4,837	$ 1,971
Net (loss) income	$ 1,011	$ (26,486)
Basic (loss) earnings per share	$ 0.03	$ (0.87)
Diluted (loss) earnings per share	$ 0.02	$ (0.87)

The Company ended the first quarter of fiscal 2026 with $35.46 million in current assets (including $9.01 million in cash, restricted cash and short-term investment), as compared to $41.32 million in current assets as of year-end June 30, 2025. The decrease is principally the result of a significant reduction in prepaid expenses and deposits, partially offset by higher inventory.

Current liabilities decreased from $43.11 million as of the year ended June 30, 2025, to $36.43 million in the current quarter, mainly due to decreases in unearned revenue and the current portion of long-term debt.

Subsequent to quarter end on November 17, 2025, the Company agreed with RE Royalties to extend the maturity date of its outstanding project financing loan to November 26, 2026 at an interest rate of 12% pre annum. In connection with the extension, the royalty rate on certain BESS projects will be 0.80%, provided that it will be reduced to 0.65% if the loan is repaid by May 26, 2026. For additional details please see PowerBank’s press release dated November 27, 2024.

For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the three months ended September 30, 2025, available on SEDAR+ (https://www.sedarplus.ca).

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