olivLaw · US equity research
PowerBank Corporation PBK
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
PowerBank Corporation is an independent developer of renewable and clean energy projects, a power producer and an asset operator active in Canada and the United States. The company is shifting from development and EPC revenue toward a portfolio of owned IPP and BESS assets, while revenue fell to 27.4 million Canadian dollars in fiscal 2026 from 41.5 million a year earlier. The transition matters because the company's filing describes substantial doubt about its ability to continue as a going concern.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PowerBank Corporation (PBK) stock was 0.16 USD (+0.63% on the day), with beta 1.11, 52-week range 0.15–2.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.1
- weak (30–45)
- Bollinger (20, 2)
- 0.13 – 0.24
- in the lower half of the band · %B 0.26 · band width 56.7%
- SMA 50 / 200
- 0.27 / 0.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.9% | −1.1% | −27.8 pp | — |
| 3 months | −68.3% | −0.5% | −67.9 pp | — |
| 6 months | −76.3% | +4.4% | −80.7 pp | — |
| Year to date | −91.2% | +12.3% | −103.5 pp | — |
| 1 year | −89.9% | +13.5% | −103.4 pp | −46.5% |
| 3 years | unavailable | +76.4% | unavailable | −18.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.4 m | 58.4 m | 41.5 m |
| Revenue YoY | unavailable | +217.3% | −28.9% |
| Net income | 2.2 m | -3.5 m | -31.0 m |
| Net income YoY | unavailable | −255.0% | unavailable |
| Diluted EPS | 0.06 | -0.13 | -0.97 |
| Diluted EPS YoY | unavailable | −316.7% | unavailable |
| net % | 12.2% | -6.0% | -74.7% |
| Free cash flow | unavailable | 8.4 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 7.6 m CAD
- Financial debt
- 63.0 m CAD
- Net debt
- 55.3 m CAD
- Equity
- 19.8 m CAD
- Total assets
- 138.4 m CAD
- Debt / equity
- 3.19x
- Current ratio
- 0.96x
- ROE
- -161.3%
- ROA
- -35.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.4 m | 58.4 m | 41.5 m | SEC (XBRL)· 02 Oct 2025verified |
| Cost of revenue | 13.9 m | 46.7 m | 31.0 m | SEC (XBRL)· 02 Oct 2025verified |
| Gross profit | 4.5 m | 11.7 m | 10.5 m | SEC (XBRL)· 02 Oct 2025verified |
| Operating income | — | -4.4 m | -39.1 m | SEC (XBRL)· 02 Oct 2025verified |
| Pre-tax income | 3.2 m | -631.0 k | -35.3 m | SEC (XBRL)· 02 Oct 2025verified |
| Income tax | 951.2 k | 2.9 m | -4.2 m | SEC (XBRL)· 02 Oct 2025verified |
| Net income | 2.2 m | -3.5 m | -31.0 m | SEC (XBRL)· 02 Oct 2025verified |
| Diluted EPS | 0.06 | -0.13 | -0.97 | SEC (XBRL)· 02 Oct 2025verified |
| Weighted average diluted shares | 37.2 m | 27.0 bn | 32.2 bn | SEC (XBRL)· 02 Oct 2025verified |
Balance sheet · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 749.0 k | 5.3 m | 7.6 m | SEC (XBRL)· 02 Oct 2025verified |
| Inventories | 448.7 k | 6.5 m | 9.0 m | SEC (XBRL)· 02 Oct 2025verified |
| Current assets | 22.0 m | 17.6 m | 41.3 m | SEC (XBRL)· 02 Oct 2025verified |
| Property, plant & equipment, net | 950.1 k | 3.5 m | 34.5 m | SEC (XBRL)· 02 Oct 2025verified |
| Goodwill | — | 439.0 k | 2.8 m | SEC (XBRL)· 02 Oct 2025verified |
| Total assets | 25.0 m | 39.2 m | 138.4 m | SEC (XBRL)· 02 Oct 2025verified |
| Accounts payable | 4.7 m | 4.7 m | 21.8 m | SEC (XBRL)· 02 Oct 2025verified |
| Short-term debt | 151.1 k | 448.0 k | 9.2 m | SEC (XBRL)· 02 Oct 2025verified |
| Long-term debt | 759.3 k | 4.4 m | 53.8 m | SEC (XBRL)· 02 Oct 2025verified |
| Current liabilities | 7.1 m | 13.4 m | 43.1 m | SEC (XBRL)· 02 Oct 2025verified |
| Total liabilities | 8.3 m | 20.5 m | 118.6 m | SEC (XBRL)· 02 Oct 2025verified |
| Equity | 16.6 m | 18.7 m | 19.8 m | SEC (XBRL)· 02 Oct 2025verified |
| Shares outstanding at year end | — | 27.2 m | — | SEC (XBRL)· 01 Oct 2024verified |
Cash flow · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 m | 8.5 m | -17.3 m | SEC (XBRL)· 02 Oct 2025verified |
| Capex | — | 43.0 k | — | SEC (XBRL)· 02 Oct 2025verified |
| Free cash flow | — | 8.4 m ≈ | — | SEC (XBRL)· 02 Oct 2025derived |
| Investing cash flow | -8.4 m | -4.7 m | -4.1 m | SEC (XBRL)· 02 Oct 2025verified |
| Financing cash flow | -5.8 m | 728.0 k | 23.9 m | SEC (XBRL)· 02 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -70.3% | 0 (vs peers) | 50% |
| Net margin · Quality | -74.7% | 0 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial13/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
POWERBANK Corp (PBK). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 41.5 m CAD in 2025; YoY growth -28.9%; net margin -74.7%; ROE -174.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -70.3%
- Net margin: -74.7%
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
1- and 3-year price returns: for PBK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Sept 2026; since then the company filed 6-K (03 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (09 Oct 2026), 6-K (01 Oct 2026).
In brief
PowerBank Corporation is an independent developer of renewable and clean energy projects, a power producer and an asset operator active in Canada and the United States. The company is shifting from development and EPC revenue toward a portfolio of owned IPP and BESS assets, while revenue fell to 27.4 million Canadian dollars in fiscal 2026 from 41.5 million a year earlier 1. The transition matters because the company's filing describes substantial doubt about its ability to continue as a going concern 1.
SWOT
Strengths
- The company has a growing portfolio of owned assets, including operating solar sites acquired through SFF and BESS projects under long-term contracts.
- Its experience in developing, building and operating projects across several markets in Canada and the United States can support delivery of a diversified portfolio.
- Access to several financing sources, including project loans, credit facilities and at-the-market equity programs, gives the company options for ongoing projects.
Weaknesses
- The annual report includes a material uncertainty about going concern, and existing resources do not fully cover liquidity needs for at least the next twelve months.
- Revenue has fallen significantly in recent years, and the company reported large net losses in fiscal 2025 and 2026.
- Long-term debt has grown substantially, exposing the company to high financing costs and repayment pressure.
Opportunities
- Growth in output from IPP and BESS assets could stabilise recurring revenue if projects perform as expected.
- Long-term IESO contracts for the Ontario BESS projects could provide predictable revenue if contractual obligations are met.
- Selling some projects to third parties or expanding the owned portfolio could generate additional liquidity for the company.
Threats
- Reduction or removal of government incentives for solar and battery storage could lower demand and pressure prices.
- Rising interest rates or tighter credit could slow project development and customer payments.
- Permitting delays, cost overruns and supply chain problems could affect project timing and profitability.
Risks
- Going concern uncertaintyhigh
Management has concluded there is substantial doubt about the company's ability to continue as a going concern, because liquidity and cash flows are not sufficient without additional financing. If financing is not secured in time, assets could have to be realised under unfavourable conditions.
- Uncertain demand for solar powermedium
Demand for solar products and services depends on the cost of capital, public policy and conventional energy prices. If demand develops more slowly than the company expects, revenue could decline.
- Reliance on third-party financinghigh
Project development depends on the availability of equity and debt financing. If financing becomes more expensive or cannot be obtained, expansion plans could be postponed.
- Reduction of government incentivesmedium
Changes to support schemes may reduce the attractiveness of solar and BESS projects, particularly in the United States where federal support has declined. This could affect the company's revenue.
- Operating risks as an independent power producermedium
Asset performance depends on equipment operation, solar resource and transmission capacity. Equipment failures, outages or insufficient grid capacity could reduce output and profitability.
Investment thesis
What would need to be true (bull case)
- If the shift toward owned IPP and BESS assets holds, recurring revenue could become a larger part of the business and reduce reliance on volatile construction work.
- The SFF acquisition brought a portfolio of operating solar sites and BESS projects with long-term contracts, which could provide a steadier revenue base in coming years.
- If projects under construction reach commercial operation on schedule, the company could strengthen its income-producing assets and ease liquidity pressure.
What would break the thesis
- The going concern uncertainty remains significant, and without additional financing the company could be forced to realise its assets under unfavourable conditions.
- Revenue has fallen as EPC and development activity declined, and large net losses have persisted, which could limit the ability to fund expansion.
- Long-term debt has risen and could weigh on cash flows if asset output does not offset the decline in construction revenue.
What to watch
- Progress on financing and whether firm funding commitments are secured for liquidity needsnext 10-K
- Revenue from IPP production and the Ontario BESS projects after commercial operationQ1 2027
- Execution of the Ontario BESS projects and adherence to IESO contract timelines2027
- Use of the NYGB credit facility and of the shelf prospectus capacitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Sept 2026; since then the company filed 6-K (03 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (09 Oct 2026), 6-K (01 Oct 2026).
The business
According to its Form 20-F for the fiscal year ended June 30, 2026, PowerBank Corporation, headquartered in Toronto, describes its principal business as acting as an independent renewable and clean energy project developer, power producer and asset operator in Canada and the United States 1. Its shares are listed on Cboe and trade on Nasdaq under the symbol PBK 1. Revenue is split into development fees, EPC services, IPP production and O&M and other services, and in fiscal 2026 revenue was 27.4 million Canadian dollars with a net loss of 24.3 million 1. The SFF acquisition, completed on July 8, 2024, brought 70 operating solar sites in Ontario with a combined capacity of 28.8 MW 1.
The company's filing says it aims to expand its owned asset base by developing and selling, or owning and operating, solar and BESS projects, including projects acquired from third parties 1. It states that these activities increase its exposure to execution, financing and permitting risks 1.
Segments
IPP production
IPP production revenue rose to 9.8 million Canadian dollars in fiscal 2026 from 9.3 million as the company moved toward owning and operating renewable energy assets 1.
Market context
The filing describes the solar market as relatively early in its development, with uncertain future demand and less readily available market data than in established industries 1. Demand depends on the cost of capital, third-party financing and government policy, and the company notes that federal support for renewable projects in the United States has been reduced 1.
The company notes the market may experience periods of oversupply that affect solar project developers and installers 1. The cost of financing is critical, since higher interest rates could raise the cost of existing funding and make future project funding harder to obtain 1.
Trends
- Shift to owned IPP and BESS assetsmixed
The company is reducing its reliance on EPC and development revenue and building a portfolio of assets that generate recurring income, including BESS projects with long-term contracts with the IESO 1. If these assets keep producing and operating as planned, they could cushion swings in construction revenue 1.
- Reduced government supportheadwind
The filing notes that governments may reduce or eliminate incentives for solar and battery storage, and federal support for renewable projects in the United States has declined. Such reductions could weaken demand and pressure prices 1.
- Cost and availability of financingheadwind
Solar projects compete for capital with bonds and can be hit by rising interest rates. If financing becomes more expensive or harder to obtain, project development and customer payments could slow 1.
- Growth in operating assetstailwind
Four solar projects reached commercial operation in fiscal 2026, and the SFF 06 BESS project reached commercial operation on April 20, 2026. These assets could support recurring revenue if operating performance holds 1.
Competitive position
The analysed filing does not explicitly name the company's competitors or compare it directly with other operators in the sector 1. The company nonetheless works in competitive solar development and battery storage markets, where pricing and access to financing matter 1.
The filing indicates competitive pressure could increase if government incentives decline, since prices could be pushed down 1. The source does not state the company's market share or its position relative to other developers 1.
- Other solar project developers and operators in the United States and Canada
The analysed source does not name specific competitors; competition concerns developers and operators active in the same markets in New York, Ontario and Alberta.
- BESS project developers in Ontario
Competition in battery storage arises from IESO procurement processes, where several participants may bid for contracts.
- EPC contractors and construction service providers
Firms offering EPC services in the same markets compete for construction contracts, a segment where the company's revenue declined.
- Mounting system and component suppliers
The filing mentions contracts with outside suppliers for mounting systems and components, showing the company depends on third parties for key equipment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Incendiu în avion după ce un powerbank a luat foc. Aterizare de urgență pentru 206 de pasageriMediafax · 10 Aug 2026 · RO
The latest news item in our archive is from 10 Aug 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)29 Sept 2026
- Annual report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)28 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / PowerBank Corporation · 28 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.