Evolution PowerX Corp Announces Record Results for the Second Quarter 2026
Rhea-AI Summary
Evolution PowerX (TSX: E, OTCQB: ETOLF) reported record Q2 2026 revenue, marking its fourth straight quarter of growth in both revenue and adjusted EBITDA. Q2 revenue rose 36% year over year to $8.83 million, with gross margin of $2.99 million (34%) and adjusted EBITDA of $2.11 million (24% of revenue), up 164%.
For the first half of 2026, revenue increased 24% to $20.83 million, gross margin reached $9.09 million (44%), and adjusted EBITDA grew 45% to $7.54 million. Evolution recorded Q2 net loss of $60,483 but year-to-date net income of $2.35 million. The company repurchased and cancelled 1,246,400 shares at an average $1.27 and renewed its normal course issuer bid. It also announced a corporate name change from Enterprise Group to Evolution PowerX and the acquisition of a new 3.2-megawatt natural gas turbine generator, expected to be commercially available in Q4 2026.
Positive
- Q2 2026 revenue $8.83M, up 36% year over year
- Q2 2026 adjusted EBITDA $2.11M, up 164% year over year
- H1 2026 revenue $20.83M, up 24% versus prior year
- H1 2026 adjusted EBITDA $7.54M, up 45% versus prior year
- H1 2026 net income $2.35M versus $2.05M prior year period
- Share repurchase 1,246,400 shares cancelled at $1.27 average price
Negative
- Q2 2026 net loss $60,483 with basic and diluted EPS at $0.00
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St. Albert, Alberta--(Newsfile Corp. - August 13, 2026) - Evolution PowerX Corp. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Evolution"). Evolution, a Canadian leading provider of site power systems, turbine electrification and infrastructure services to, is pleased to announce its Q2 2026 results.
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(1) Identified and defined under "Non-IFRS Measures".
The quarterly results were highlighted by record setting second quarter revenue, marking four consecutive quarters of increased growth in both revenue and adjusted EBITDA.
Three-month results show a revenue increase of
36% to$8.8 million and an adjusted EBITDA increase of164% to$2.1 million . Six-month results show a revenue increase of24% to$20.8 million and an adjusted EBITDA increase of45% to$7.5 million .Activity levels in 2026 continue to outpace the prior year due to sustained strong growth in the Alberta market and the successful deployment of Canada's first drilling operation powered by multiple synchronized natural gas/fuel gas turbine generators.
Increases in customer demand and scale of projects support the Company's expansion of its natural gas turbine fleet including the addition of a 3.2-megawatt unit.
During the six months ended June 30, 2026, Evolution PowerX Corp. repurchased and cancelled 1,246,400 of its outstanding common shares at an average purchase price of
On August 4, 2026, Enterprise Group, Inc. announced that it has changed its name to "Evolution PowerX Corp." as approved at the annual and special meeting of shareholders held on June 25, 2026. The corporate name change reflects the Company's ongoing strategic evolution and the changing composition of its business, steadily expanding beyond its traditional energy services foundation, and building a comprehensive power solutions platform to service customers across the energy, industrial, commercial, and emerging infrastructure sectors.
Activity levels in 2026 continue to outpace the prior year due to sustained strong growth in the Alberta market. Revenue for the three months ended June 30, 2026, was
Revenue for the six months ended June 30, 2026, was
On July 22, 2026, the Company announced the acquisition of a new SPG4 3.2-megawatt natural gas turbine generator to add to the growing fleet of its natural gas turbine generators. The SPG4 expands both the scale and capability of our natural gas power fleet, filling a need with a proven, mission-critical platform capable of powering everything from drilling rigs and production facilities to industrial operations and next-generation AI data centers. The Company views this initial deployment as the first step in developing a broader fleet of larger-capacity natural gas turbine solutions to complement Evolution Power's existing microturbine platform and expects the unit to be commercially available for customer projects during the fourth quarter of 2026.
About Evolution PowerX Corp.
Evolution PowerX Corp. is a Canadian power solutions and specialized infrastructure company delivering reliable, scalable and lower-emission energy solutions to industrial and commercial customers. Through its growing portfolio of natural gas turbine generation, mobile and semi-permanent power systems, microgrid integration and complementary site infrastructure, Evolution provides flexible Concept-to-Completion solutions engineered around customers' operating requirements. Building on more than two decades of experience supporting some of Canada's largest energy and resource companies, Evolution is expanding its capabilities beyond traditional energy services into broader power markets. Further information is available at the Company's website www.evolutionpowerx.com Corporate filings can be found on www.sedarplus.ca.
For questions or additional information, please contact:
Leonard Jaroszuk: Chairman & CEO, or
Desmond O'Kell: President & Director
contact@evolutionpowerx.com
780-418-4400
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
Non-IFRS Measures
The Company uses International Financial Reporting Standards ("IFRS"). Adjusted EBITDA is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-IFRS measure. This news release contains references to adjusted EBITDA. This non-IFRS measure used by the Company may not be comparable to a similar measure used by other companies. Management believes that in addition to net income, adjusted EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company's principal business activities prior to consideration of how those activities are financed or how the results are taxed. Adjusted EBITDA is calculated as net income excluding depreciation, amortization, interest, taxes and stock based compensation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309427