PowerBank Corporation (NASDAQ: SUUN) completed an at‑market equity offering on February 3 2026, selling 7,738,625 shares and raising $13.68 million in gross proceeds. The shares were sold over a period that included the announcement date, a typical structure for at‑market offerings that allows the company to tap liquidity as market conditions permit.
The capital raise comes at a time when PowerBank’s financials show persistent losses and negative free cash flow. In the most recent quarter ending June 30 2025 the company posted a net loss of $2.6 million on revenue of $30.5 million, while its free cash flow was –$7.7 million. For the fiscal year 2025 the loss widened to $31.04 million on $41.53 million in revenue, a 28.86% decline from the $57.5 million reported in fiscal 2024. The company’s debt‑to‑equity ratio remains high, and its gross margin of 27.55% has been under pressure from rising input costs and heavy investment in development.
The proceeds are earmarked to shore up the balance sheet, provide working capital, and accelerate the construction of PowerBank’s 1 GW renewable energy pipeline. The company is focused on solar and battery energy‑storage projects that serve the growing digital‑economy power market, where data‑center operators and cloud providers demand reliable, low‑carbon energy. By reducing negative free cash flow and improving liquidity, PowerBank aims to keep pace with competitors and capture market share in this high‑growth segment.
Dr. Richard Lu, President and CEO, said the raise “helps support PowerBank’s growth trajectory and strategic vision. The proceeds provide financing that has helped and will help advance our robust development pipeline, focused on solar and battery energy storage, while strengthening our balance sheet.” The statement underscores the company’s intent to use the capital to fund new projects and maintain financial flexibility.
Additional context: PowerBank secured $920,000 in term‑conversion financing for its Geddes Project in upstate New York, which began operations in July 2025. The company changed its name from SolarBank Corporation to PowerBank Corporation in July 2025 to reflect its broader renewable‑energy focus. Industry analysts note that the U.S. solar PV market is projected to reach $120.74 billion by 2027, while the battery‑storage market is also expanding rapidly, positioning PowerBank to benefit from these macro trends.
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