Pacific Green Technologies Inc. SEC 10-Q Report

Pacific Green Technologies Inc., a company specializing in Battery Energy Storage Systems (BESS) and Environmental Technologies (ET), has released its Form 10-Q report for the third quarter. The report provides a comprehensive overview of the company's financial and operational performance, showcasing significant growth in revenues and strategic realignments to enhance future growth prospects.

Financial Highlights

Total Revenues: $1.804 million, an increase from $1.189 million in the same period last year, driven by BESS construction management services and marine scrubber sales.

Gross Profit: $0.269 million, reflecting a gross profit margin of 14.9% compared to a negative margin of 2.4% in the prior year.

Operating (loss) income: $(3.456) million, a decrease from an operating income of $4.310 million in the previous year, primarily due to the absence of a gain on de-recognition of BESS project subsidiaries.

Net (loss) income for the period: $(3.545) million, compared to a net income of $2.718 million in the prior year, impacted by lower operating income and higher interest expenses.

Net (loss) profit per share, basic: $(0.06), compared to $0.06 in the previous year, reflecting the net loss incurred during the period.

Business Highlights

Revenue Segments: The company operates in two main segments: Battery Energy Storage Systems (BESS) and Environmental Technologies (ET). BESS generated $709,000 in revenue, while ET contributed $1,095,000, reflecting the company's focus on utility-scale battery storage and emission control systems.

Geographical Performance: Europe was the leading region in terms of revenue, contributing $1,685,000, followed by Asia with $101,000, and North America with $18,000. This highlights the company's strong presence and operational focus in the European market.

Sales Units: During the reporting period, the company was involved in commissioning one marine scrubber unit, which contributed $423,000 to the revenue, indicating ongoing operations in the marine scrubber market.

Future Outlook: The company is optimistic about its BESS project pipeline, which has expanded to 3,050 MW, including new projects in Australia and Europe. The company anticipates further growth in its BESS segment, driven by strategic partnerships and market demand.

Operational Strategy: The company is focused on expanding its BESS project pipeline, with significant additions in Australia and Europe. This strategic focus is expected to enhance the company's market position and drive future revenue growth.

Segment Realignment: Effective April 1, 2024, the company realigned its reportable segments to better align with its business strategy, now reporting under BESS and ET, reflecting a strategic shift to focus on these core areas.

SEC Filing: Pacific Green Technologies Inc. [ PGTK ] - 10-Q - Jul. 11, 2025