v3.26.3
Segment information
 12 Months Ended
Jun. 30, 2026
Segment Information  
Segment information

 

27.Segment information:

 

Segmented information is reviewed by the Company’s chief decision maker, the CEO, to assess performance and allocate resources within the Company. The Company has two operating segments.

 

(a)Reportable segments

 

The chief operating decision maker, evaluates the Company’s financial performance and allocates capital resources based on the following operating and reportable segments: development and EPC and IPP production.

 

Development and EPC consist of development and construction of solar photovoltaic power generation projects. IPP consists of the operation of solar photovoltaic power facilities and BESS projects. Corporate and other includes corporate activities and the operation and maintenance of power facilities, repairs and reinstallation of power facilities, and non-recurrent solar photovoltaic power generation project related work engaged by customers.

 

The revenues from external customers and expenses for year ended June 30, 2026, 2025 and 2024 are as follows:

 

Schedule of revenue from external customers and expenses

                     
   Year ended June 30, 2026 
   Development
& EPC		   IPP
Production		   Corporate and
other activities		   Intersegment
Elimination		   Total 
Revenues                         
Revenue from external customers  $17,023   $9,811   $576   $-   $27,410 
Intersegment revenue   -    3,483    -    (3,483)   - 
Total Revenue  $17,023   $13,294   $576   $(3,483)  $27,410 
Cost of goods sold   (9,837)   (11,530)   (10)   3,483    (17,894)
Gross profit   7,186    1,764    566    -    9,516 
Operating expenses  $(4,236)  $(7,571)  $(20,347)  $-   $(32,154)
Income (loss) from operating activities  $2,950   $(5,807)  $(19,781)  $-   $(22,638)
                          
Interest income   -    212    141    -    353 
Interest expense   -    (3,677)   (85)   -    (3,762)
Fair value change of derivatives   -    (70)   -    -    (70)
Fair value change of warrant liabilities   -    -    1,111    -    1,111 
Fair value change of CVR liabilities   -    -    713    -    713 
Fair value change of other liabilities due to non-controlling interests holders   -    (38)        -    (38)
Other income (expense)  $-   $(28)  $(786)  $-   $(814)
Net loss before income taxes                      $(25,145)

 

 

POWERBANK CORPORATION

Notes to Consolidated Financial Statements

(Expressed in thousands of Canadian dollars, except per share amounts and as otherwise indicated)

For the years ended June 30, 2026, 2025 and 2024

 

 

27.Segment information (continued):

 

                     
   Year ended June 30, 2025 
   Development
& EPC		   IPP
Production		   Corporate and
other activities		   Intersegment
Elimination		   Total 
Revenues                         
Revenue from external customers  $30,948   $9,297   $1,286   $-   $41,531 
Intersegment revenue   -    17,585    -    (17,585)   - 
Total Revenue  $30,948   $26,882   $1,286   $(17,585)  $41,531 
Cost of goods sold   (23,633)   (24,808)   (164)   17,585    (31,020)
Gross profit   7,315    2,074    1,122    -    10,511 
Operating expenses  $(671)  $(32,751)  $(16,165)  $-   $(49,587)
Income (loss) from operating activities  $6,644   $(30,667)  $(15,043)  $-   $(39,076)
                          
Interest income   -    347    260    -    607 
Interest expense   -    (3,263)   -    -    (3,263)
Fair value change of derivatives   -    (1,340)   -    -    (1,340)
Fair value change of warrant liabilities   -    -    3,575    -    3,575 
Fair value change of CVR liabilities   -    -    7,195    -    7,195 
Loss on investments   -    -    (3,385)   -    (3,385)
Other income (expense)  $-   $467   $(116)  $-   $351 
Net loss before income taxes                      $(35,336)

 

                     
   Year ended June 30, 2024 
   Development
& EPC		   IPP
Production		   Corporate and
other activities		   Intersegment
Elimination		   Total 
Revenues                         
Revenue from external customers  $56,078   $578   $1,721   $        -   $58,377 
Intersegment revenue   -    -    -    -    - 
Total Revenue  $56,078   $578   $1,721   $-   $58,377 
Cost of goods sold   (46,224)   (330)   (144)   -    (46,698)
Gross profit   9,854    248    1,577    -    11,679 
Operating expenses  $(1,122)  $(4,197)  $(10,778)  $-   $(16,097)
Income (loss) from operating activities  $8,732   $(3,949)  $(9,201)  $-   $(4,418)
                          
Interest income   -    -    321    -    321 
Interest expense   -    (285)   -    -    (285)
Fair value change of derivatives   -    (137)   -    -    (137)
Loss on investments   -    -    (1,125)   -    (1,125)
Other income (expense)  $-   $(106)  $5,119   $-   $5,013 
Net loss before income taxes                      $(631)

 

 

POWERBANK CORPORATION

Notes to Consolidated Financial Statements

(Expressed in thousands of Canadian dollars, except per share amounts and as otherwise indicated)

For the years ended June 30, 2026, 2025 and 2024

 

 

27.Segment information (continued):

 

The segment assets, segment liabilities, and other material segment items as at June 30, 2026 and June 30, 2025 are as follows:

 

                     
As at June 30, 2026 

Development

& EPC

   IPP
Production		   Corporate and
other activities		   Total 
Total assets  $29,789   $99,490   $4,187   $133,466 
Total liabilities   12,644    94,611    5,834    113,089 
Property, plant and equipment        48,650    22    48,672 

 

                     
As at June 30, 2025 

Development

& EPC

   IPP
Production		   Corporate and
other activities		   Total 
Total assets  $22,832   $111,984   $4,325   $139,141 
Total liabilities   15,484    98,356    5,541    119,381 
Property, plant and equipment (Restated – note 2(e)(i))   -    29,252    26    29,278 

 

On April 9, 2026, the Company received remedy notices from a customer indicating the occurrence of seller trigger events under certain project agreements. Under the terms of the agreements, the customer held a conditional repurchase put option exercisable upon the occurrence of specified development-related trigger events. Following the occurrence of those trigger events, the customer exercised its contractual repurchase right, requiring the Company to repurchase the related projects for an aggregate amount of approximately US$2,350.

 

Accordingly, the Company recorded adjustments to development fee revenue of $2,491 and the related cost of goods sold of $1,807 for both the year ended June 30, 2026 to reflect the contractual repurchase of the projects. In connection with the repurchase accounting, as of June 30, 2026, returned inventory in-transit increased by $2,298, prepaid expenses and deposits increased by $279, and trade and other payables increased by $3,272.

 

(b)Geographic information

 

The Company is currently operating developing and constructing of solar photovoltaic power generation projects in two principal geographical areas - Canada and United States. Revenue from external customers by country for the years ended June 30, 2026, 2025 and 2024, and non-current assets, excluding financial instruments, by country as at June 30, 2026 and 2025, are as follows:

 

   Revenue from external customers   Non-current assets 
   2026   2025   2024   2026   2025 
Canada  $10,334   $15,325   $9,958   $81,789   $86,368 
United States   17,076    26,206    48,419    10,733    10,661 
   $27,410   $41,531   $58,377   $92,522   $97,029 

 

 

POWERBANK CORPORATION

Notes to Consolidated Financial Statements

(Expressed in thousands of Canadian dollars, except per share amounts and as otherwise indicated)

For the years ended June 30, 2026, 2025 and 2024