Financial Performance - Revenue from EPC services grew to $11,954,389 in Q3 2024, up from $5,613,015 in Q3 2023, representing a 113% increase[6] - Gross profit for Q3 2024 was $4,551,365, a 94% increase compared to $2,346,695 in Q3 2023[6] - Net income for Q3 2024 was $241,092, a significant decrease from $2,038,968 in Q3 2023, primarily due to higher operating expenses and tax expenses[6] - Revenue from IPP production was $4,031,816 in Q3 2024, compared to $14,896 in Q3 2023, showing a substantial increase in energy production revenue[6] - Operating expenses increased to $3,635,240 in Q3 2024 from $1,776,392 in Q3 2023, reflecting higher costs in consulting fees, professional fees, and insurance[6] - Basic net income per share was $0.01 in Q3 2024, down from $0.08 in Q3 2023, indicating lower profitability on a per-share basis[6] - Net loss for the period ended June 30, 2024 was $841,892, compared to a net income of $2,034,619 for the same period in 2023[8] - Revenue from external customers for the three months ended September 30, 2024 was $16,005,321, with $6,619,182 from Canada and $9,386,139 from the United States[116] - Basic earnings per share for the three months ended September 30, 2024 was $0.01, compared to $0.08 for the same period in 2023[118] Assets and Liabilities - Total assets increased significantly to $180,996,924 in September 2024 from $39,225,861 in June 2024, reflecting substantial growth in property, plant, and equipment ($39,177,567) and goodwill ($37,586,213)[3] - Long-term debt increased to $50,737,450 in September 2024 from $4,379,169 in June 2024, indicating significant financing activities[3] - Shareholders' equity rose to $63,401,476 in September 2024 from $18,724,301 in June 2024, driven by increased share capital and retained earnings[3] - Total shareholders' equity increased to $16,363,368 as of June 30, 2024, up from $16,392,791 in 2023[8] - Long-term debt (non-current portion) increased significantly to $50,737,450 as of September 30, 2024, compared to $4,379,169 as of June 30, 2024[114] - Shareholders' equity increased to $63,401,476 as of September 30, 2024, compared to $18,724,301 as of June 30, 2024[114] Cash Flow and Liquidity - Cash position improved to $14,250,082 in September 2024, up from $5,270,405 in June 2024, reflecting strong liquidity management[3] - Cash generated from operating activities for the three months ended September 30, 2024 was $10,671,392, a significant increase from $1,250,877 in the same period of 2023[10] - Net cash generated from operating activities for the three months ended September 30, 2024 was $8,115,251, compared to $676,858 in 2023[10] - Cash, ending balance as of September 30, 2024 was $14,250,082, a substantial increase from $621,151 in 2023[10] Acquisitions and Investments - The company acquired Solar FlowThrough Funds for $28,640,812 in 2024[8] - The company invested $6,661,405 in development assets during the three months ended September 30, 2024[10] - The company holds three GICs in short-term investments totaling $870,000 with interest rates ranging from 4.7% to 5.2% as of September 30, 2024[30] - Through the acquisition of Solar Flow-Through Funds Ltd., the company obtained five additional GICs totaling $716,097 with interest rates ranging from 3.85% to 4.65%[30] - The Company acquired Solar Flow-Through Funds Ltd for an aggregate consideration of up to $41.8 million, with SFF contributing revenue of $3,708,752 and a net loss of $721,743 for the period July 8, 2024 – September 30, 2024[72][74] - Preliminary fair value of net identified assets acquired in the SFF transaction was $21,377,669, with goodwill arising on acquisition of $37,147,456[76] Receivables and Payables - Accounts receivable increased to $1,101,743 as of September 30, 2024, compared to $966,150 as of June 30, 2024[31] - Other receivables decreased to $122,594 as of September 30, 2024, compared to $323,293 as of June 30, 2024[31] - GST/HST receivable was recorded at $2,749,952 as of September 30, 2024, compared to $0 as of June 30, 2024[31] - The credit loss allowance remained unchanged at $(174,226) as of September 30, 2024, compared to the same amount as of June 30, 2024[31] - Trade and other payables totaled $27,038,344 as of September 30, 2024, up from $4,690,261 at June 30, 2024, with accounts payable and accrued liabilities at $16,669,177[41] - Unearned revenue decreased to $1,106,915 as of September 30, 2024, from $4,600,491 at the beginning of the year, with $3,772,894 recognized as revenue during the period[44] Leases and Loans - The company's right-of-use assets and lease liabilities increased due to additional office space leased on December 1, 2023, raising monthly rent to $8,510[45] - The company acquired shares of OFIT GM Inc. and OFIT RT Inc. on November 1, 2023, with lease payments ranging from $502 to $2,456 monthly and $1,250 to $8,125 quarterly, using a discount rate of 5.74%[46] - On July 8, 2024, the company acquired all shares of Solar Flow-Through Funds Ltd. (SFF), which leases 70 properties with lease terms ending between May 2033 and December 2045, using a discount rate of 5.69%[47] - The right-of-use assets and lease liabilities as of September 30, 2024, totaled $8,303,824, with IPP facilities accounting for $7,989,937[49] - Lease liabilities as of September 30, 2024, amounted to $8,049,809, with IPP facilities contributing $7,841,293[50] - The company entered into a Construction Loan Agreement for the Geddes project on June 20, 2024, with a principal amount of up to USD $2,600,000[52] - The Geddes Construction Loan accrues interest at a variable rate of One Month CME Term SOFR plus 4%, converting to a 6-year fixed-rate loan upon project operation[53] - As of September 30, 2024, the loan payable balance included principal payable of $1,234,373 (USD $914,418) and accrued interest payable of $33,279 (USD $24,653)[54] - The Geddes project had a total value of $9,124,084 as of September 30, 2024, recorded as a Development Asset[55] - Long-term debt as of September 30, 2024, was $56,263,321, including $55,531,840 from loans assumed from OFIT GM, OFIT RT, and SFF acquisitions[59][60] - Interest recorded and paid for the three months ended September 30, 2024 was $636,235[66] - Estimated principal repayments for 2025 are $4,442,600, with total repayments amounting to $57,846,631[67] - The Company acquired 67% membership interest in Solar Alliance DevCo on June 20, 2023, with a loan value of $460,607 and an effective interest rate of 9%[68][69] Shareholder and Equity Information - The company's common shares commenced trading on the Nasdaq Global Market under the symbol "SUUN" on April 8, 2024[14] - Total equity as of June 30, 2024 was $18,724,301, including non-controlling interest of $2,360,933[8] - The Company had 30,821,707 common shares issued and outstanding as of September 30, 2024, compared to 26,857,200 in 2023[96] - On July 8, 2024, the Company issued 3,575,632 common shares as part of the acquisition of SFF[97] - On September 24, 2024, 55,000 broker warrants were exercised to purchase common shares at $0.75 per share[98] - The Company's stock options outstanding as of September 30, 2024, totaled 2,759,000, with a weighted average exercise price of $0.38 and a weighted average remaining contractual life of 3.11 years[100][102] - Compensation expense related to stock options for the three months ended September 30, 2024, was $110,667, compared to $381,398 in 2023[103] - The Company's restricted stock units (RSUs) outstanding as of September 30, 2024, totaled 265,000, with compensation expense of $2,580 for the three months ended September 30, 2024[103] - The Company's non-controlling interest (NCI) carrying amount as of September 30, 2024, was $(17,574,588), with net assets (liabilities) of $30,742,886[105] - Net loss comprehensive for the three months ended September 30, 2024 was $1,283,202, with $600,800 allocated to non-controlling interest (NCI)[106] Related Party Transactions - Trade and other payables due to directors and key management personnel increased to $1,312,331 as of September 30, 2024, compared to $124,125 as of June 30, 2024[108] - Due to related parties balance as of September 30, 2024 was $5,922,000, relating to the fair value of CVR[109] - Short-term employee benefits for key management personnel increased to $703,227 for the three months ended September 30, 2024, compared to $299,599 for the same period in 2023[111] Other Financial Information - The company's functional currency for Canadian subsidiaries is the Canadian dollar, while for US subsidiaries, it is the US dollar[25] - The company's unaudited condensed interim consolidated financial statements are presented in Canadian dollars[25] - The company's significant accounting policies and use of judgments and estimates are consistent with those described in the last annual financial statements[29] - The company's significant subsidiaries include Abundant Solar Power Inc. and Solar Alliance Energy DevCo LLC, both with 100% ownership as of September 30, 2024[22] - Prepaid expenses and deposits totaled $3,126,829 as of June 30, 2024, including $2,543,120 for construction in progress deposits and $341,825 for prepaid marketing expenses[32] - Property, plant, and equipment additions for the three months ended September 30, 2024, amounted to $36,484,581, primarily driven by IPP facilities additions of $36,405,337[34] - Unbilled revenue increased by $3,374,135 during the three months ended September 30, 2024, reaching $3,358,129 at the end of the period[37] - Inventory balance as of September 30, 2024, was $8,397,055, up from $6,530,650 at June 30, 2024, with additions of $2,173,040 in development costs[39] - Development assets increased by $17,200,453 during the three months ended September 30, 2024, including $16,321,698 for battery energy storage systems and $541,666 for EV charge point systems[40] - Intangible assets as of September 30, 2024, totaled $36,356,377, with additions of $34,246,377 related to the acquisition of SFF[57] - Fair value change loss of $882,174 was recorded in the statements of income and comprehensive income for the three months ended September 30, 2024[66] - The Company recognized $3,863 related to ITC distribution as other income and $8,388 in interest accretion for the three months ended September 30, 2024[71] - Customer A accounted for 58% of total revenue ($9,359,888) and 24% of accounts receivable ($915,063) for the three months ended September 30, 2024[89] - Total contractual obligations as of September 30, 2024 amounted to $99,407,909, with $35,586,415 due in less than one year[91] - A 100 basis point change in interest rates would impact the Geddes loan by $12,806[93] - Non-current assets as of September 30, 2024 were $148,203,329, with $138,257,264 in Canada and $9,946,065 in the United States[116] - The estimated average annual tax rate used for the three months ended September 30, 2024 was 26.5%[117]

108% increase in revenues to $16.0 million of revenue for the quarter compared to $7.7 million in Q1 2024361% growth in assets to $181.0 million following Solar Flow-Through Funds Ltd. AcquisitionThis news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023TORONTO, Nov. 14, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (CBOE CA: SUNN) (FSE: GY2) ("SolarBank" or the "Com ...

TORONTO, Nov. 13, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") reminds investors that it intends to release its quarterly financial results for the quarter ended September 30, 2024 after close of the Nasdaq market on Thursday, November 14, 2024, and will be hosting a webinar to provide a business update and discuss the quarterly results the same day.You are invited to a webinarWhen: November 14, 2024 04:30 PM Eastern Time (US and Canada)T ...

TORONTO, Nov. 11, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") announces that it intends to release its quarterly financial results for the quarter ended September 30, 2024 after close of the Nasdaq market on Thursday, November 14, 2024 and will be hosting a webinar to provide a business update and discuss the quarterly results the same day.You are invited to a webinarWhen: November 14, 2024 04:30 PM Eastern Time (US and Canada)Topic: Sol ...

TORONTO, Nov. 7, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) ("SolarBank" or the "Company"), a leading provider of renewable energy solutions, announces its strategic expansion into the rapidly growing data center market. In alignment with its commitment to harnessing clean energy technologies, SolarBank intends to pursue opportunities as a developer, owner, and strategic partner in data center infrastructure, supporting the demand for high-performance, sustainable ener ...

Exhibit 99.1 SolarBank's First Solar Project Under Development for Fiera Real Estate Nears Completion ● $7.4 billion USD in commercial real estate managed by Fiera Real Estate, SolarBank anticipates future projects ● 1.4-Megawatt rooftop project is being built as pilot project ● Construction expected to reach completion in November 2024 Toronto, Ontario, October 1, 2024 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) ("SolarBank" or the "Company") announces that it is nearing completion of c ...

Exhibit 99.2 SOLARBANK CORPORATION (Formerly Abundant Solar Energy Inc.) Condensed Interim Consolidated Financial Statements (Expressed in Canadian Dollars) (Unaudited) For the three and nine months ended March 31, 2024 and 2023 SOLARBANK CORPORATION Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian dollars) | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|----------------------------|-------|---- ...