PowerBank works to preserve tax credits on 23 projects

Posted by James Conley on Sep 28th, 2026

What happened

PowerBank Corporation (NASDAQ: PBK) said it worked to preserve ITCs for 23 projects. The projects have an estimated $240 million in construction value before legislated deadlines. The filing said the effort followed IRS guidance released under the Bill. PowerBank said it is focused on key distributed generation markets in New York, Pennsylvania, New Jersey, Maryland and Illinois.

It also said about 40 projects are under utility interconnection studies or permitting in the United States. PowerBank said it will continue origination and development of distributed BESS projects in those markets. PowerBank said fiscal 2026 revenue was $27.4 million, compared with $41.5 million in fiscal 2025 and $58.4 million in fiscal 2024.

Key numbers

Metric	Latest	Change	Source
Projects preserved via safe harbor	23 projects		SEC 6-K
Estimated construction value	$240 million		SEC 6-K
Fiscal 2026 revenue	$27.4 million	from $41.5 million, -$14.1 million	SEC 6-K
Fiscal 2025 revenue	$41.5 million	from $58.4 million, -$16.9 million	SEC 6-K
EPC services revenue in fiscal 2025	$23.3 million	from $54.1 million, -$30.8 million	SEC 6-K

Why it matters

That safe-harbor work matters because the filing says community solar projects rely on state policies, legislation, regulations and federal tax incentives to meet hurdle requirements. The company is also moving from a develop-to-sell strategy to ownership of renewable projects as an Independent Power Producer. The filing says the OBBBA preserved ITCs for BESS projects on an extended timeline, which supports that shift.

Revenue fell $14.1 million from fiscal 2025. The filing said fiscal 2025 revenue decreased by 29% from fiscal 2024, primarily because EPC services revenue declined to $23.3 million from $54.1 million. The counterargument is in the same filing. Many projects still depend on financing, final permits or interconnection, and some schedules remain uncertain.

What's next

The next dated item in the filing is Nasdaq's September 29, 2026 deadline for PBK to regain compliance with the $1.00 minimum bid price rule. The company said Nasdaq will close the matter if the closing bid price reaches $1.00 for 10 consecutive business days during the compliance period.

PowerBank also said it expects to commence construction on its first BESS projects in the United States in fiscal year 2027. The timing of the remaining permitting approvals and the impact on project schedule remain uncertain. Evidence of compliance and construction progress would strengthen the case, while missed deadlines or more delay would weaken it.

Sources

SEC 6-K — Exhibit 99.1, Management's Discussion and Analysis, presented as of September 28, 2026.

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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.