P2 Solar, Inc

What they do

P2 Solar constructs and installs solar power plants for residential and commercial customers in Canada. The company began generating installation revenue after acquiring Futricity Solar, Inc. in February 2023. Its principal office is in Surrey, British Columbia, and it is an emerging-stage company with limited revenues.

Revenue drivers

• Rooftop solar installations — Revenue comes from installing rooftop solar systems for residential and commercial properties, primarily through Futricity. In fiscal 2025, total revenue was $26,382, down from $166,288 in fiscal 2024.
• Ground mount solar installations — The company also installs ground mount solar systems, though the filings do not break out revenue by system type. All reported sales are attributed to solar installations.

Recent performance

For the three months ended December 31, 2024, revenue was $3,697, an 83% decrease from $22,168 in the prior-year period. The company reported a net loss of $78,448 for that quarter, compared to a net loss of $34,750 a year earlier. For the nine months ended December 31, 2024, revenue fell 83% to $26,659, and net loss widened to $146,008 from $101,956. Fiscal 2025 full-year revenue was $26,382, down from $166,288 in fiscal 2024, with a net loss of $34,492. As of March 31, 2025, the company had total assets of $102,716, total liabilities of approximately $1.1 million, and negative shareholder equity of $1.0 million.

Strategy

Management intends to grow installation revenues while reducing costs, aiming to achieve profitability as the business scales. The company relies on advances or loans from management, significant stockholders, or third parties to meet cash requirements, as it has no written agreements guaranteeing future funds. It acquired Futricity to enter the solar installation market and continues to focus on residential and commercial solar projects in Canada. The company is working to resolve a cease trade order from the British Columbia Securities Commission, having obtained a partial revocation in November 2022. No specific new investments or capital expenditures were disclosed in the excerpts.

Risks

• Going concern doubt — The company's auditors have expressed doubt about its ability to continue as a going concern, citing operating losses and working capital deficiency.
• Accumulated deficit — As of March 31, 2025, accumulated deficit was $8,144,781, with annual operating losses incurred from inception until 2025.
• Dependence on external financing — The company has no written agreements guaranteeing funds and is dependent on advances or loans from management, stockholders, or third parties.
• Cease trade order — A cease trade order from the British Columbia Securities Commission remains in effect, though a partial revocation was granted in November 2022 for a private placement.

Outlook

Management anticipates growth in the rollout of its business plan, citing an experienced management team and existing market demand. The company expects to reduce costs and increase installation revenues to become profitable, but provides no assurances that these actions will result in sustained profitability. If unable to generate sufficient revenue or secure financing, the company may curtail or cease operations.