Toronto, Ontario – April 29, 2026 – Hybrid Power Solutions Inc. (CSE: HPSS) (OTC: HPSIF) (FSE: E092) (“Hybrid” or the “Company”), an emerging leader in the delivery of fuel-free clean power solutions, announces its financial results for the Third Quarter ending February 28, 2026. The Interim Financial Statements, Management Discussion and Analysis and financial certifications have been filed on SEDAR+ and can be viewed on the Company’s investor website at https://investhps.com/.
Management Commentary
“Hybrid Power Solutions continued to strengthen the foundation for sustained growth during the quarter, with sequential revenue improvement providing early validation of our strategy,” said Francois Byrne, CEO and Founder. “We were able to aggressively invest in working capital, product development and business development this quarter, which should drive growth in future quarters. In addition to the industrial sector, we are seeing increased momentum in the defence sector through ongoing product introductions, pilot deployments, and expanding sales activities. Hybrid’s portable power solutions are now gaining traction with military and public safety end-users, supported by real-world testing and growing relationships across Canadian, U.S. and European defence networks. With a current pipeline of $12.5 million in active, quoted opportunities across our four primary verticals, we believe we are well positioned to capitalize on growing demand for our products.”
Financial Highlights (for the period ended February 28, 2026)
- Revenue of $488,308, down 21% from $619,539 in the prior-year period, but up 75% sequentially from $279,445 in the previous quarter. Sales volumes were lower year-over-year due to lower cash availability to produce inventory and generate revenue, and up quarter-over-quarter due to increased traction with enterprise customers and greater availability of capital.
- Gross profit margin was 15.75%, a decrease from approximately 20.43% in the prior-year period, due to product mix, discounting, and lower sales volumes. Looking ahead the Company anticipates gross margin between 32-45% as the Company benefits from volume discounts on certain components and economies of scale on certain fixed costs.
- Total expenses of $830,818, down 5% from $874,096 in the prior-year period and up 15% from $723,409 in the previous quarter.
- Net loss of $762,027, compared to a net loss of $739,734 in the prior-year period and $871,826 in the previous quarter (a 13% sequential improvement).
- Closed the first tranche of its Listed Issuer Financing Exemption offering, raising gross proceeds of $1,014,899.94 through the issuance of 16,914,999 units at $0.06 per unit. Closed the final tranche of its Listed Issuer Financing Exemption offering, raising additional gross proceeds of $53,025 through the issuance of 883,750 units at $0.06 per unit.
- Available cash as at April 28, 2026 was approximately $189,000, the Company invested a significant portion of the recently concluded financing into inventory during the quarter in order to deliver on recent orders.
Key Business Highlights (for the period ended February 28, 2026)
- Secured orders for a total of 12 Batt Pack units across its two flagship product lines, in addition to 20 reorders from distribution partners.
- Commenced production of 11 Spark portable industrial battery systems for immediate deployment through one of North America’s leading national equipment rental companies. The units will be placed with three of the continent’s largest general contractors.
- Entered into a distribution agreement with Meyer Distributing, one of North America’s premier wholesale distributors of automotive specialty products, parts, and accessories.
- Entered into a new distribution partnership with Cantec Systems, targeting the military and defence sector across Canada.
- Received an initial purchase order from a leading global provider of AI-based security, drone protection, and drone deployment solutions for public safety and defence agencies for a trial unit of its Batt Pack Energy portable power system.
- Completed the sale of a Spark Cube 30-kilowatt-hour rugged mobile power system for embassy infrastructure in Haiti. The unit was purchased on behalf of the Canadian Department of Foreign Affairs, Trade and Development to support critical services in regions facing ongoing infrastructure challenges.
- Entered into a new distribution partnership with The Solar Store, a BBB-accredited, full-service solar photovoltaic contractor, supplier, and EPC company headquartered in London, Ontario.
- Executed a proof-of-concept development agreement with Reliable Robots, a leading Canadian provider of service robotics solutions.
Pipeline and Outlook
Entering the second half of fiscal 2026, Hybrid Power Solutions has built significant commercial momentum, characterized by a high-velocity sales pipeline. The Company’s strategy for the upcoming fiscal year is anchored in transitioning from a research-intensive phase to a high-velocity commercialization stage. Management currently monitors $12.5 million in high potential, quoted opportunities across four primary industrial verticals. Based on current sales velocity and lead engagement, over 70% of this pipeline is projected to materialize into firm contracts within the next 12 months.
Our current pipeline is strategically diversified across sectors with the highest demand for fuel-free alternatives:
Defence: $3.8 million in quoted opportunities. We are seeing a surge in interest for “fuel-free” rapid-deployment solar and battery systems for remote operations.
Construction: $3.5 million in quoted opportunities. This reflects an industry-wide push toward carbon-neutral jobsites and the active replacement of traditional diesel generators.
Transit: $3.0 million in quoted opportunities. This is supported by our established track record and repeat orders with major Canadian transit authorities.
Utilities: $2.2 million in quoted opportunities. We are focusing here on local energy storage and grid-resilience projects.
About Hybrid Power Solutions
Hybrid Power Solutions Inc. is a Canadian clean energy innovator listed on the Canadian Securities Exchange under the symbol “HPSS.” The Company specializes in developing portable power systems that eliminate the need for fossil fuels in off-grid and remote applications. With a focus on environmental responsibility and technological innovation, Hybrid Power Solutions is committed to leading the clean energy transition.
On Behalf of the Company,
Francois Byrne, CEO and Director
For further information, inquiries, or media opportunities, please contact:
Hybrid Power Solutions
E: invest@hybridps.ca
T: 866-549-2743
www.investhps.com
Investor Relations
Dean Stuart
E: dean@boardmarker.net
T: 403-617-7609
Sophic Capital
Sean Peasgood
T: 437-836-8862
Forward-Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by terminology such as “will,” “expects,” “anticipates,” or variations of such words and phrases, or by statements that certain actions, events, or results “will” occur. Forward-looking statements are based on management’s estimates as of the date such statements are made and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.