PowerBank Announces Fiscal Year End Results

Press Release

1,508% increase in revenues from IPP production supporting the Company’s strategy of generating long-term recurring revenues

253% increase in assets fueled by growth of IPP portfolio

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, October 2,  2025 — PowerBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: 103) (“PowerBank” or the “Company), reports results for the fiscal year ended June 30, 2025. All financial figures are in Canadian dollars and in accordance with IFRS Accounting Standards as issued by the IASB as presented in the consolidated financial statements.

Fiscal Year Highlights (All Amounts are for the Twelve Month Period ended June 30, 2025 (“FY 2025”) compared to the Twelve Month Period ended June 30, 2024 (“FY 2024”))

• Revenues decreased by 29% to $41.5 million in FY 2025 as compared to $58.4 million in FY 2024.
  • IPP revenues increased by 1,508% to $9.3 million in FY 2025 as compared to $0.6 million in FY 2024.
• Gross margin improved to 25.0% in FY 2025 as compared to 20.0% in FY 2024.
• Despite the decrease in revenues, gross profit only decreased by 10.0% to $10.5 million in FY 2025 as compared to $11.7 million in FY 2024.
• Adjusted EBITDA⁽¹⁾ of ($0.68) million in FY 2025 compared to $0.82 million for FY 2024.
• Net loss of $31.1 million in FY 2025, or $0.97 per basic share, compared to net loss of $3.6 million in FY 2024, or $0.13 per basic share. The net loss includes major items below:
  • Professional and consulting fees were $13.1 million, primarily reflecting higher costs associated with business expansion activities undertaken following the acquisition of Solar Flow-Through Funds Ltd. (“SFF”) in FY2025; and
  • Impairment loss of $30.4 million, which is non-recurring.

Dr. Richard Lu, President and CEO of PowerBank commented: “Throughout the fiscal year, I have highlighted that this was a year of transition for PowerBank. PowerBank’s strategic focus is growing its independent power producer asset base, creating long term revenues for years to come. This means more projects retained and a longer cycle as PowerBank works to finance these assets to retain ownership. PowerBank began the year by acquiring Solar Flow-Through Funds Ltd. and its 29 MW of operating assets. PowerBank finished the year continuing to work with CIM on the previously announced transaction pursuant to which CIM transaction will provide up to US$100 million in non-dilutive equity capital for projects that will transform PowerBank’s independent power producer asset base.”

Dr. Lu continued: “The One Big Beautiful Bill Act has also created an opportunity for PowerBank to accelerate its development pipeline based on the new deadlines. The Company has prioritized development pathways in key U.S. states where site control, interconnection progress, and permitting are sufficiently advanced to qualify for full ITC treatment under the new rules. In parallel, PowerBank’s diversified footprint across Canada offers resilience against U.S. policy risk. The Company is currently deploying battery storage systems in Ontario under the Independent Electricity System Operator’s (IESO) Long-Term RFP framework, which is designed to secure clean, dispatchable capacity through decade-long contracts. PowerBank is also a leader in Nova Scotia’s Community Solar program, where it holds significant market share and is actively expanding.”

(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 Annual Results (All Amounts are for the Twelve Month Period and in thousands of Canadian dollars)

The Company ended the 2025 fiscal year with $41.3 million in current assets (including $14.9 million in cash, restricted cash and short term investments), as compared to $17.6 million in current assets as of year-end June 30, 2024.

Current liabilities increased from $13.4 million as of the year ended June 30, 2024, to $43.1 million as of June 30, 2025.

For complete details please refer to the audited consolidated financial statements and associated Management Discussion and Analysis (“MD&A”) for the year ended June 30, 2025, available on SEDAR+ (www.sedarplus.ca).

Corporate Updates

During FY 2025 and subsequent to year-end, the Company highlights the following:

• The Company closed its acquisition of SFF. This transaction values SFF at up to $45M but the consideration payable excludes the common shares of SFF currently held by the Company.

• CIM Group (“CIM”), a real estate and infrastructure owner, operator, lender and developer, and the Company have entered into a Mandate Letter providing for up to US$100 million in project based financing for a portfolio of up to 97 MW of solar power projects located in the United States (the “CIM Transaction”).

• Continued execution on the Company’s development pipeline of solar PV projects that totals approximately 942 MW and BESS projects that totals approximately 864 MWh. The Company categorizes its development pipeline into the following three categories: (1) “Under Construction” means the commercial operation date for the project is expected to occur within the next six to twelve months; (2) “Advanced Development” means the project is expected to reach NTP stage within the next six to twelve months; and (3) “Development” means the project is expected to reach NTP stage in greater than twelve months. The existing operational assets and development pipeline is broken down as follows:

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