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SolarBank Announces First Quarter Results

Press Release

Nov. 30, 2023

  • Revenue for the three month period of $7.7 million
  • Net income for the three month period of $2 million or $0.08 per share (undiluted)
  • Reaffirmed revenue guidance of $45 million to $50 million for the full fiscal year ended June 30, 2024

TORONTO – SolarBank Corporation (CSE: SUNN) (OTCQX: SUUNF) (FSE: GY2) (“SolarBank” or the “Company”) today reported first quarter 2024 interim financial results. All financial figures are in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS) as presented in the interim consolidated financial statements.

First Quarter Highlights (All Amounts are for the Three Month Period)

  • Revenue of $7.7 million:
  • Net income of $2.0 million;
  • Net income of $0.08 per share (undiluted);
  • US$41 million transaction with Honeywell International Inc. (“Honeywell”) whereby Honeywell acquired the SB-1, SB-2 and SB-3 Community Solar Projects and agreed to enter into an engineering, procurement, and construction (“EPC”) Contract with SolarBank for their construction.
  • $36 million in EPC contracts awarded to SolarBank for the construction of three separate BESS projects in Ontario Canada. The projects are owned by Solar Flow-Through Funds, two First Nations communities, and a third party developer.

“This has been another significant quarter for the Company as it has concluded several major contracts to support its continuing growth,” stated Dr. Richard Lu, Chief Executive Officer of SolarBank Corporation. “Revenues have increased by 40% as compared to the first quarter of 2023 and net income increased by 800%.”

Summary of Quarterly Results (All Amounts are for the Three Month Period)

Quarter Ended

September 30, 2023

September 30, 2022

Statement of Income and Comprehensive Income

Total Revenue

$                7,681,261

$                5,480,452

Cash flow from operating activities

$                   554,157

$                2,589,661

Net income

$                2,038,968

$                   225,957

Basic earnings per share

$                         0.08

$                         0.01

Diluted earnings per share

$                         0.05

$                         0.01

The Company ended the first quarter of 2024 with $21.0 million in current assets, an decrease of $1.0 million compared to year end June 30, 2023. The decrease is mainly due to the decrease in short-term investment offset by an increase in unbilled revenue and prepaid expenses and deposits.

Current liabilities increased from $7.0 million as of year ended June 30, 2023 to $9.7 million in the current quarter, mainly due to an increase in trade and other payables and unearned revenue.

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, 2023, available on SEDAR+ (

For further information: SolarBank Corporation, Tracy Zheng, Email:, Phone: 416.494.9559



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