SHARC Energy Announces Q1 2026 Financial Results
Rhea-AI Summary
SHARC Energy (OTCQB: INTWF) reported Q1 2026 revenue of $0.49M, down 51% from Q1 2025, with a net loss of $0.9M and Adjusted EBITDA loss of $0.74M. Gross margin was 31.5%.
Sales Order Backlog reached $6.9M, up 102% since December 1, 2025 and equal to 127% of 2025 revenue. Sales Pipeline stands at $19M, a 15% increase, for a combined $25.9M. The company secured about $5.1M in 2026 orders, launched its new MANTA system, won multiple district energy and government-affiliated projects, and closed a $2.5M unsecured convertible debenture financing.
Positive
- Sales Order Backlog $6.9M, up 102% since December 1, 2025
- Sales Pipeline $19M, up 15% since December 1, 2025
- Combined pipeline and backlog up $5.9M or 30% since December 1, 2025
- Backlog equal to 127% of 2025 revenue of $3.0M
- Approximately $5.1M in equipment orders secured since start of 2026
- Gross margin at 31.5%, slightly above 31.2% in Q1 2025
- $2.5M unsecured convertible debenture financing completed after quarter-end
- Commercial launch and first order of new MANTA system
- Multiple new projects across airports, wastewater plants, district energy, and U.S. government-affiliated sites
Negative
- Q1 2026 revenue $0.49M, a 51% decrease from $1.01M in Q1 2025
- Q1 2026 net loss of $0.9M
- Q1 2026 Adjusted EBITDA loss of $0.74M
- Use of $2.5M unsecured convertible debentures adds debt financing obligations
News Market Reaction – INTWF
In the Jun 1 session, INTWF gained 7.03%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, June 01, 2026 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) is pleased to announce it has filed financial results for the three months ended March 31, 2026. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.
First Quarter Financial Highlights:
- As of June 1, 2026, the Company has a Sales Pipeline1 of 19M and Sales Order Backlog2 of
$6.9M . This represents a$3.5M net increase or102% increase in Sales Order Backlog since December 1, 2025 disclosure and nominal increases since the April 30, 2026 disclosure. Sales Pipeline saw a15% increase since December 1, 2025 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book and the growing Wastewater Energy Transfer (“WET”) market. The combined pipeline increased30% or$5.9M since the December 1, 2025 disclosure. The$6.9M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a127% improvement compared to the year ended December 31, 2025 revenue of$3.0M . The Company continues to observe the maturity of its Sales Pipeline leading to improved revenue consistency and reduced volatility, providing a strong platform to scale growth. - Revenue for the three months ended March 31, 2026 (“Q1 2026”) is
$0.49 million (M), representing16% of the full year revenue in 2025 and a51% decrease over the$1.01M of revenue reported in the three months ended March 31, 2025 (“Q1 2025”). - During Q1 2026, the Company reported a loss of
$0.9M and an Adjusted EBITDA3 loss of$0.74M . This compares to a loss of$0.92M and an Adjusted EBITDA loss of$0.6M in the comparative quarter representing a1% improvement and15% reduction, respectively. - Gross margins for Q1 2026 were
31.5% , compared to31.2% in Q1 2025. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.
Michael Albertson, Chief Executive Officer and President of SHARC Energy said, “While quarterly revenue can fluctuate based on the timing of project milestones and equipment deliveries, our underlying business fundamentals continue to strengthen. The most important indicators of our future growth—our Sales Order Backlog and Sales Pipeline—have both reached record levels, providing us with increasing visibility into future revenue generation
Since December 2025, we have more than doubled our Sales Order Backlog to
Mr. Albertson continued, “Our backlog today represents more than twice the revenue generated during all of 2025, reinforcing our confidence in the Company's near-term growth trajectory. We continue to see increasing engagement across both traditional district energy projects and emerging verticals, including utilities, wastewater treatment facilities, data centers, institutional campuses, and other large-scale infrastructure applications where our technology delivers compelling economic and environmental benefits.
Subsequent to quarter-end, we successfully completed a fully subscribed
As we move through 2026, our focus remains on converting backlog into revenue, advancing larger strategic opportunities through the sales cycle, and continuing to build shareholder value through disciplined execution. With record backlog, a growing pipeline, improving business visibility, and a strengthened capital position, we believe SHARC Energy is entering one of the most exciting periods in the Company's history.
Looking ahead to 2026, we are entering the year with meaningful momentum. Our backlog alone represents more than double our 2025 revenue, and with an average conversion cycle of approximately 12 months, we have a clear line of sight to continued growth. Combined with a robust and expanding pipeline, entry into new vertical market sectors, development of new products & partnerships and the advancement of larger-scale opportunities, we believe SHARC Energy is well-positioned for a transformative year ahead.”
Q1 2026 Key Highlights and Subsequent Events
- Purchase orders secured in 2026. Since the beginning of 2026, the Company has secured approximately
$5.1M in SHARC Energy equipment orders including projects spanning a Vancouver-based district energy system, a major Westcoast U.S. airport, a Calgary, Alberta wastewater treatment plant, a retrofit of a multi-family senior housing residential development on Staten Island in New York and a Naval Postgraduate School’s historic hotel in Monterey, California. This reflects both geographic and sector diversification and highlights the growing demand for SHARC Energy products. - PIRANHA selected by National Laboratory of the Rockies (NLR) Project. SHARC Energy announced it has received a purchase order from the NLR for a PIRANHA HC for a program focused on advancing high-efficiency domestic hot water retrofit solutions for large institutional facilities, one of the most energy-intensive and difficult-to-modernize building systems across DoW, formerly known as Department of Defence (DoD), infrastructure. The initiative aims to validate scalable, cost-effective technologies that improve building performance, reduce operating costs, and enhance energy resilience.
- Closing of
$2.5M Unsecured Convertible Debenture. SHARC Energy has closed a non-brokered private placement of unsecured convertible debentures of the Company for a principal amount of$2,500,000 . - Commercial Launch of new product MANTA System. The Company is pleased to announce is pleased to announce that it has secured a purchase order for its newly introduced MANTA system to be deployed at a Wastewater Treatment Plant in Calgary, Alberta.
- SHARC Systems Shipped to US Government-Affiliated Project. The Company announced the shipment of two SHARC 880 WET Systems to a U.S. government-affiliated project. Further information about the project will be released at a later stage.
- SHARC System Featured in Ottawa’s Lebreton Flats District Energy Project. The Company announced that two SHARC 880 Wastewater Energy Transfer (“WET”) systems will be used to power a district energy system in Canada’s capital city. SHARC Energy anticipates commencing submittals for the SHARC WET Systems in 2025 with equipment build and delivery expected during 2026.
For complete financial information for the three months ended March 31, 2026, please see the Condensed Consolidated Interim Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy transfer with the wastewater we send down the drain every day. SHARC Energy's systems exchange thermal energy with wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
Learn more about SHARC Energy: Website | Customers | LinkedIn | YouTube | PIRANHA | SHARC
ON BEHALF OF THE BOARD
Fred Andriano
Chairman
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.
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1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2026 MD&A.
2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2026 MD&A.
3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2026 MD&A.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc8fab7c-d792-443d-9c4b-aaf09885800f
https://www.globenewswire.com/NewsRoom/AttachmentNg/c16214d9-76b1-4348-8de0-4fa9ea2f45a0
For investor inquiries, please contact: Hanspaul Pannu Chief Financial Officer SHARC Energy Telephone: (604) 475-7710 ext. 4 Email: hanspaul.pannu@sharcenergy.com For media inquiries, please contact: John Louis Fahie Marketing SHARC Energy Telephone: 604.475.7710 Ext.109 Email: johnlouis.fahie@sharcenergy.com