SolarBank Corporation reported its first quarter fiscal 2025 interim financial results for the period ended September 30, 2024, on November 14, 2024. The company announced total revenue of $16,005,321, marking a 108% increase compared to $7,681,261 in the first quarter of fiscal 2024.
Despite the substantial revenue growth, net income for the quarter was $241,092, a decrease from $2,125,734 in the prior year's first quarter, resulting in basic earnings per share of $0.01, down from $0.08. However, Adjusted EBITDA saw a significant increase to $2,423,979 from $676,858, and cash flow from operating activities rose to $8,115,251 from $676,858.
The company's current assets grew to $32.8 million from $17.6 million as of June 30, 2024, primarily due to the closing of the Solar Flow-Through Funds Ltd. (SFF) acquisition. CEO Richard Lu emphasized that the SFF acquisition led to a significant increase in SolarBank's independent power producer (IPP) assets and recurring revenues, aligning with the company's goal of IPP portfolio growth.
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