SolarBank Corporation reported its fiscal second quarter and fiscal 2025 interim financial results for the six months ended December 31, 2024, on February 18, 2025. The company announced total revenue of $20,101,585, a decrease from $26,325,066 in the same period of fiscal 2024.
The company posted a net loss of $(1,857,441) for the six-month period, compared to a net income of $2,023,461 in the prior year. Basic loss per share was $(0.06), down from earnings per share of $0.08. However, gross margins improved to 29.2%, and Adjusted EBITDA increased to $2,387,655 from $334,639.
CEO Richard Lu attributed lower revenues to seasonal and political factors, which were offset by significant increases in gross profit due to a favorable sales mix and growth in independent power producer (IPP) assets. He noted that the US$49.5 million transaction with Qcells was secured on the last day of the quarter, with revenues from this deal expected to be recognized in coming quarters, indicating future revenue potential.
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