Evolution PowerX Corp Announces Results for Third Quarter 2026
Quarterly net income declined despite higher revenue and adjusted EBITDA, while nine-month net income increased.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Evolution PowerX (ETOLF) reported third-quarter 2026 revenue of $10.3 million, extending its run of year-over-year revenue growth to five quarters. Adjusted EBITDA, a non-standard earnings measure, rose 13% to $3.5 million. Net income fell to $588,584 from $819,592, while basic and diluted earnings per share remained $0.01. Gross profit increased to $4,193,848, but the gross margin rate slipped to 41% from 42%.
For the nine months ended September 30, revenue rose 19% to $31.1 million and adjusted EBITDA increased 33% to $11.1 million. Net income reached $2,936,830 versus $2,868,467. During that period, the company repurchased and cancelled 1,446,600 shares at an average $1.30 each. Fleet expansion includes a 3.2-megawatt natural gas turbine generator and a second Canadian-market exclusivity agreement. Customer concentration improved in 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 revenue rose 12% to $10,291,101 from $9,210,402 a year earlier.
- Moderate pointQ3 adjusted EBITDA increased 13% to $3,521,303; its margin remained 34%.
- Moderate pointQ3 gross profit rose to $4,193,848 from $3,832,696, although its margin fell to 41% from 42%.
- Minor pointNine-month revenue increased 19% to $31,059,779 from $26,024,402 a year earlier.
- Minor pointNine-month adjusted EBITDA rose 33% to $11,060,412; its margin increased to 36% from 32%.
8 minor points
- Minor pointNine-month gross profit increased to $13,287,483 from $10,653,549; its margin rose to 43% from 41%.
- Minor pointNine-month net income increased to $2,936,830 from $2,868,467.
- Minor pointNine-month diluted earnings per share increased to $0.04 from $0.03.
- Minor pointNine-month adjusted EBITDA per share rose to $0.14, versus $0.11 basic and $0.10 diluted.
- Minor pointShare repurchases cancelled 1,446,600 common shares at an average $1.30 during the nine-month period.
- Minor pointNatural gas turbine fleet expansion includes an acquired 3.2-megawatt generator.
- Minor point. Forward-looking: it has not happened yet and may not happen.A second Canadian-market exclusivity agreement supports natural gas turbine fleet expansion.
- Minor pointCustomer diversification improved customer concentration in 2026.
Negative
- Moderate pointQ3 net income declined to $588,584 from $819,592 a year earlier.
AI-generated analysis. How Rhea-AI works. Not financial advice.
St. Albert, Alberta--(Newsfile Corp. - November 12, 2026) - Evolution PowerX Corp. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Evolution PowerX"), a leading Canadian provider of turbine-based power generation, site electrification and infrastructure services, is pleased to announce its Q3 2026 results.
| Three months Sept 30, 2026 | Three months Sept 30, 2025 | Nine months Sept 30, 2026 | Nine months Sept 30, 2025 | |||||
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(1) Identified and defined under "Non-IFRS Measures".
- The quarterly results mark five consecutive quarters of year-over-year growth in both revenue and adjusted EBITDA.
- Three-month results show a revenue increase of
12% to$10.3 million and an adjusted EBITDA increase of13% to$3.5 million . Nine-month results show a revenue increase of19% to$31.1 million and an adjusted EBITDA increase of33% to$11.1 million . - Activity levels in 2026 continue to outpace the prior year due to sustained strong growth in the Alberta market. The Company is also gaining customers and market share with the successful deployment of multiple natural gas/fuel gas turbine micro grids to support drilling operations, hydraulic fracturing and midstream facility maintenance. Also, the Company is experiencing existing customers asking for more power and also new customers that want to displace diesel power with natural gas power generation.
- Increases in customer demand, support the Company's expansion of its natural gas turbine fleet including the addition of a 3.2-megawatt unit and a second exclusivity agreement for the Canadian market.
- The Company continues to diversify its customer base and as a result, customer concentration has improved in 2026.
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.
To support the Company's growth strategy, in the second quarter, 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 further develop new power applications across new market segments.
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 September 30, 2026, was
Revenue for the nine months ended September 30, 2026, was
During the nine months ended September 30, 2026, Evolution PowerX Corp. repurchased and cancelled 1,446,600 of its outstanding common shares at an average purchase price of
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, CEO & Chairman, or
Desmond O'Kell, President & Director
780-418-4400 contact@evolutionpowerx.com
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/323665
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Evolution PowerX's Q3 2026 earnings results?
Evolution PowerX reported $588,584 in net income, compared with $819,592 a year earlier. Basic and diluted earnings per share were unchanged at $0.01. Revenue increased 12% to $10,291,101, and adjusted EBITDA increased 13% to $3,521,303.
How does Evolution PowerX calculate adjusted EBITDA?
Evolution PowerX calculates adjusted EBITDA as net income excluding depreciation, amortization, interest, taxes and stock-based compensation. It is not a standardized measure under International Financial Reporting Standards and may not be comparable with similarly named measures used by other companies.