PowerBank is trying to stop living off project sales and start living off power it owns. That conversion looked plausible after the Solar Flow-Through fleet came in and first-quarter development fees printed. It looked much less plausible after Solar Advocate handed the Elmira and Jordan Road community-solar projects back. The cancelled sale had been valued at $41 million. The equity now has to fund a retained development book that no longer has a contracted buyer.
Nine-month revenue converted to about $16 million. That print sits slightly below the year-ago run. Gross margin on the remaining book widened even as the March quarter itself contributed almost nothing at the top line. Cash from operations swung to an outflow near $8 million. The mix says the remaining recognized work is more profitable. The cash statement says the platform is still consuming liquidity to keep projects alive.
The next test is whether the New York projects that management safe-harbored for federal tax-credit eligibility actually reach financed notice-to-proceed. Those sites carry a stated construction value of $168 million. Until third-party project capital shows up, common equity remains the funding residual. The owned-fleet story either starts to compound from here, or another empty revenue quarter forces more stock out the door.