Shorepower Technologies Inc. reported significant financial growth in its latest 10-K filing, with total revenue reaching $203,655 for the fiscal year ending December 31, 2025, compared to $65,121 in the previous year, marking an increase of 212.7%. The company also improved its gross margin, achieving $120,054, a notable recovery from a gross loss of $12,705 in 2024. Despite this revenue growth, Shorepower recorded a net loss of $337,094, which is a reduction from the $450,318 loss reported in the prior year, indicating a 25.1% improvement in net loss.
Operationally, Shorepower has expanded its network of electrified parking spaces, now operating 60 facilities across North America, which include approximately 1,800 electrified parking spaces. The company has also initiated upgrades to its existing infrastructure, with plans to convert up to six stations per facility to Level 2 charging and add DC fast chargers at select locations. Shorepower has secured around $1 million in grants for these upgrades, with additional applications pending, which could further enhance its service offerings and revenue potential.
In terms of strategic developments, Shorepower has focused on enhancing its product line, recently launching a medium-speed DC fast charger and developing a cost-effective Level 2 charging station. The company aims to maintain a competitive edge by providing lower build-out and operating costs compared to competitors in the electric vehicle charging market. Additionally, Shorepower is exploring potential acquisitions to bolster its market position and expand its service capabilities.
The company’s workforce remains small, with only two employees and several consultants engaged for various operational needs. However, Shorepower plans to increase its employee count as funding becomes available, particularly to support its growth initiatives. As of December 31, 2025, the company reported a cash balance of $15,374 and a negative working capital of $1,080,208, raising concerns about its ability to continue as a going concern without additional funding or revenue generation.
Looking ahead, Shorepower Technologies Inc. anticipates continued growth in the electric vehicle infrastructure sector, driven by increasing demand for electrification solutions. The company is committed to leveraging its experience in transportation electrification to secure additional government grants and contracts, which are critical for funding its expansion plans. However, the company acknowledges the inherent risks and uncertainties in the market, including economic conditions and regulatory changes, which could impact its future performance.
About SHOREPOWER TECHNOLOGIES INC.
Shorepower Technologies Inc. designs, builds, and operates transportation electrification infrastructure, including electric vehicle supply equipment, truck stop electrification, and electric standby refrigeration stations. Serving North American markets, it provides cost-saving, environmentally friendly solutions for trucks and electric vehicles at major travel centers. Its competitive edge lies in proprietary technology, government grants, and extensive industry experience, supporting sustainable transportation and expanding EV charging networks.
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