Evolution PowerX (E) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 saw increased activity levels, with a traditional seasonal pattern and a geographical shift from Northeastern B.C. to Alberta.

• Acquisition of FlexEnergy Canada (now Evolution Power Solutions) broadened the business into diversified power solutions.

Financial highlights

• Q4 2025 revenue was $10.3M, up 32% year-over-year; gross margin rose 50% to $4.2M.

• Full-year 2025 revenue reached $36.4M, a 5% increase; gross margin was $14.9M (41%), down from $15.6M (45%) in 2024.

• Adjusted EBITDA for Q4 2025 was $3.5M (34% margin), up 52% year-over-year; full-year Adjusted EBITDA was $11.8M (32% margin), down from $13.1M (38%).

• Net income for 2025 was $3.5M, down from $4.5M in 2024.

• Cash flow from operations for 2025 was $16.7M ($0.21/share), up from $12.1M ($0.15/share) in 2024.

Outlook and guidance

• Expansion into commercial and industrial power markets expected to drive future growth.

• Forward-looking statements caution that actual results may differ due to various risks and assumptions.