UNITED STATES

SECURITIES AND EXCHANGE COMMISSION,

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, ~~2023~~2024

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [ ] to [ ]

Commission file number 000-54756

PACIFIC GREEN TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

Delaware		36-4966163
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Suite 10212, 8 The Green

Dover, DE

19901

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (302) 601-4659

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		PGTK		OTC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒☐ YES ☐ ☒ NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒☐ YES ☐ ☒ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐☒ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ YES ☒ NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY ~~PROCEEDINGS DURING THE PRECEDING FIVE YEARS~~

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES ☐ NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

5257,~~345~~045,724 common shares issued and outstanding as of ~~February~~July 209, ~~2024~~ 2025.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		1
ITEM 1.	FINANCIAL STATEMENTS	1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	11
ITEM 4.	CONTROLS AND PROCEDURES	11
PART II – OTHER INFORMATION		13
ITEM 1.	LEGAL PROCEEDINGS	13
ITEM 1A.	RISK FACTORS	13
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES	13
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	13
ITEM 4.	MINE SAFETY DISCLOSURES	13
ITEM 5.	OTHER INFORMATION	13
ITEM 6.	EXHIBITS	13

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited condensed consolidated interim financial statements for the ~~three and~~ nine months ended December 31, ~~2023~~2024 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Financial Statements

December 31, ~~2023~~2024

(Unaudited)

(Expressed in U.S. dollars)

	Index
Condensed Consolidated Interim Balance Sheets	F–2
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss	F–3
Condensed Consolidated Interim Statements of Stockholders Equity	F–4
Condensed Consolidated Interim Statements of Cash Flows	F–5
Notes to the Condensed Consolidated Interim Financial Statements	F–6

F-1

PACIFIC GREEN TECHNOLOGIES INC.

Condensed Consolidated Interim Balance Sheets

(Unaudited)

(Expressed in U.S. dollars)

	December 31, 2023 $			March 31, 2023 $
	December 31, 2024 $000			March 31, 2024 $000
ASSETS
Cash and cash equivalents		133,~~064,240~~975			14,~~160,358~~221
Short-term investments and amounts in escrow (Note 3)		–			56,483
Accounts receivable, net of allowance for credit losses of $179,000 in December 31, 2024 and $195,000 in March 31, 2024		1,035			1,124
Accounts receivable, net of allowance for doubtful accounts of $174,042 and $97,640 at December 31, 2023 and March 31, 2023, respectively		520,164			886,663
Other receivables, net of allowance for credit losses of $8,500 in December 31, 2024 and $32,000 in March 31, 2024		1,351			4,373
Other receivable, net of allowance for doubtful accounts of $nil and $3,951 at December 31, 2023 and March 31, 2023, respectively (Note 4)		5,254,942			359,461
Accrued revenue (Note 8)		118			588
Accrued revenue (Note 11)		437,557			504,766
Due from related parties (Note 11)		54			50
Prepaid expenses, parts inventory and advances (Note 4)		881,277			325,788
Prepaid expenses, parts inventory, and advances		2,406			919
Prepaid manufacturing costs (Note 11)		535,723			463,815
Prepaid manufacturing costs (Note 8)		425			673
Projects under development (Note 5)		5,111,024			–
Projects under development (Note 3)		5,711			–
Total current assets		25,804,927			3,757,334
Loan receivable (Note 4)		1,080			776
Asset held for sale (Note 4)		–			18,569,060
Total current assets		16,155			12,724
Project under development		–			39,970
Assets held for sale (Note 5)		535			–
Property and equipment (Note 6)		748,095			849,209
Projects under development (Note 3)		8,497			8,468
Intangible assets (Note 7)		5,978,412			6,706,484
Property and equipment		161			710
Right of use asset		1,062,314			350,429
Intangible assets (Note 6)		921			1,048
Security deposits and other advances (Note 4)		2,885,580			293,680
Right of use assets		1,055			1,370
Total assets		36,479,328			30,566,166
Deferred tax assets		1,201			479
Investment and other advances		7,952			3,667
Total assets		36,477			28,466
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities (Note 4), (Note 12)		7,295,986			3,388,733
Accounts payable and accrued liabilities (Note 9)		12,510			6,796
Warranty provision (Note 14)		394,315			580,530
Warranty provision		32			50
Contract liabilities (Note 11)		5,166,189			8,751,125
Contract liabilities (Note 8)		4,180			4,700
Loans payable (Note 13)		2,403,812			2,459,146
Loans payable (Note 10)		17,925			–
Loans of Projects Under Development (Note 13)		–			–
Current portion of lease obligations		503			454
Current portion of lease obligations		336,225			145,437
Interest payable (Note 10)		–			2,634
Income taxes		1,165,639
Due to related parties (Note 11)		1,288			1,499
Due to related parties (Note 15)		1,774,782			213,020
Income taxes payable		4,809			4,809
Total current liabilities		1841,~~536,948~~247			1520,~~537,991~~942
Other long-term obligation		–			127,974
Deferred tax liabilities		743			747
Long-term operating lease obligation		638,030			84,621
Long-term operating lease obligations		463			769
Total liabilities		1942,~~174,978~~453			1522,~~750,586~~458
Stockholders’ Equity
Stockholders’ equity
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively		–			–
Common stock, 500,000,000 shares authorized, $0.001 par value 57,045,724 and 52,345,724 shares issued and outstanding, December 31, 2024 and March 31, 2024 respectively (Note 12)		57			52
Common stock, 500,000,000 shares authorized, $0.001 par value 52,345,724 and 47,276,886 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively		52,346			47,277
Additional paid-in capital		98,043			98,023
Additional paid-in capital		98,019,696			93,107,946
Accumulated other comprehensive income		3,179			3,564
Accumulated other comprehensive income		3,917,272			2,944,086
Deficit		(107,679	)		(96,389	)
Deficit		(85,478,586	)		(96,847,650	)
Total stockholders’ (deficit) equity		(6,400	)		5,250
Total stockholders’ equity before treasury stock		16,510,728			(748,341	)
Treasury stock		(255	)		–
Treasury stock, at cost, nil shares and 56,162 shares at December 31, 2023 and March 31, 2023, respectively		–			(99,754	)
Noncontrolling interest (Note 7)		679			758
Total stockholders’ equity		16,510,728			(848,095	)
Total (deficit) equity		(5,976	)		6,008
Noncontrolling interest (Note 10)		793,622			15,663,675
Total liabilities and stockholders’ (deficit) equity		36,477			28,466
Total equity		17,304,350			14,815,580
Total liabilities and stockholders’ equity		36,479,328			30,566,166

~~Nature~~ (The accompanying notes are an integral part of these ~~Operations~~condensed ~~(Note~~consolidated 1interim financial statements)

~~Commitments (Note 18)~~F-2

~~(The accompanying~~PACIFIC ~~notes~~GREEN ~~are~~TECHNOLOGIES ~~an integral part of these consolidated financial statements)~~ INC.

~~F-2~~Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)

~~PACIFIC GREEN TECHNOLOGIES INC.~~(Unaudited)

~~Condensed Consolidated~~(Expressed ~~Interim~~in ~~Statements~~U.S. ~~of Operations and Comprehensive Income (Loss~~dollars)

(Unaudited)

	Three Months Ended December 31, 2024 $			Three Months Ended December 31, 2023 $			Nine Months Ended December 31, 2024 $			Nine Months Ended December 31, 2023 $

Sales (Note 8)
Products		115			8,353			840			8,353
Services		1,406			1,904			4,343			4,258
Total revenues		1,521			10,257			5,183			12,611
Cost of goods sold (Note 8)
Products		135			420			901			864
Services		1,314			1,551			4,045			3,925
Total cost of goods sold		1,449			1,971			4,946			4,789
Gross profit		72			8,286			237			7,822

Gain on de-recognition of BESS project subsidiaries		952			25,398			1,329			42,153

Expenses
Advertising and promotion		123			131			431			334
Amortization of intangible assets (Note 6)		0			1			1			2
Bad debts expense		13			4			15			60
Depreciation (Note 5)		31			40			91			115
Foreign exchange (gain) loss		(331	)		330			(75	)		1,395
Loss on sale of PPE		–			–			19			–
Management and technical consulting (Note 11)		1,259			8,265			3,913			16,643
Office and miscellaneous		524			615			1,434			1,569
Operating lease expense		153			816			449			1,033
Professional fees		825			563			1,656			826
Research and development		53			111			111			257
Salaries and wage expenses		983			382			2,709			2,825
Transfer agent and filing fees		11			111			41			149
Travel and accommodation		306			208			734			445
Warranty and related expense (recovery)		27			17			2			(19	)
Total expenses		3,977			11,594			11,531			25,634
Operating (loss) income		(2,953	)		22,090			(9,965	)		24,341

Other (expenses) income
Provision for loan or debt		–			(1	)		–			(1	)
Financing interest income		–			(1	)		–			–
Change in fair value of derivatives		–			(8,371	)		–			(8,305	)
Interest expense		(1,369	)		(3,923	)		(2,226	)		(5,944	)
Total other (expenses)		(1,369	)		(12,296	)		(2,226	)		(14,250	)

(Loss) income before income taxes		(4,322	)		9,794			(12,191	)		10,091
Income tax benefit (Note 15)		442			1,439			822			1,089
Net (loss) income for the period		(3,880	)		11,233			(11,369	)		11,180

Share of loss attributable to noncontrolling interests		(42	)		(34	)		(79	)		(394	)

Net (loss) profit attributable to PGTK		(3,838	)		11,267			(11,290	)		11,574

Other comprehensive income
Foreign currency translation (loss) gain		(687	)		392			(385	)		973

Comprehensive (loss) income for the period		(4,525	)		11,659			(11,675	)		12,547
Net income per share, basic and diluted ($)		(0.07	)		0.21			(0.20	)		0.23
Weighted average number of common shares outstanding, basic ⁽¹⁾		56,915,289			52,463,332			56,574,451			50,615,724
Weighted average number of dilutive shares outstanding, diluted		56,915,289			52,464,374			56,574,451			50,616,766

(~~Expressed in~~1) ~~U.S.~~The ~~dollars~~period ended December 31, 2024, includes nil stock options (December 31, 2023 – 210,000) that were exercisable at any time and for nominal cash consideration.

	Three Months Ended December 31, 2023 $			Three Months Ended December 31, 2022 $			Nine Months Ended December 31, 2023 $			Nine Months Ended December 31, 2022 $
Sales (Note 11)
Products		84,057,183			2,253,221			84,057,183			4,607,668
Services		1,904,449			1,386,771			4,258,276			2,251,553
Total revenues		85,961,632			3,639,992			88,315,459			6,859,221
Cost of goods sold (Note 11)
Products		59,670,077			1,986,344			60,113,764			3,686,591
Services		1,551,032			1,031,160			3,925,142			1,614,136
Total cost of goods sold		61,221,109			3,017,504			64,038,906			5,300,727
Gross profit / (loss)		24,740,523			622,488			24,276,553			1,558,494
Expenses
Advertising and promotion		131,303			120,230			334,286			421,903
Amortization of intangible assets (Note 7)		629			639			1,934			1,989
Bad debts expense / (recovery)		3,766			36,341			59,990			(10,193	)
Depreciation (Note 6)		39,912			45,600			115,327			148,671
Foreign exchange loss / (gain)		330,448			(5,776	)		1,394,647			98,545
Management and technical consulting		8,619,840			802,533			17,903,758			2,106,857
Office and miscellaneous		701,906			509,864			1,656,308			1,499,940
Operating lease expense (Note 18)		728,860			231,789			946,219			440,779
Professional fees		563,098			547,538			826,255			1,295,198
Research and development		112,323			-			256,664			13,772
Salaries and wage expenses		619,837			909,364			3,063,107			2,957,988
Transfer agent and filing fees		111,213			15,278			147,539			46,075
Travel and accommodation		342,732			197,252			580,484			596,482
Warranty and related expense / (recovery) (Note 14)		16,542			(744,918	)		(18,778	)		(563,318	)
Total expenses		12,322,409			2,665,734			27,267,740			9,054,688
Income / (loss) before other income (expense)		12,418,114			(2,043,246	)		(2,991,187	)		(7,496,194	)
Other income / (expenses)
Provision for loan or debt		(951	)		–			(951	)		–
Financing interest income		(856	)		32,790			188			89,090
Gain on derecognition of a subsidiary		944,938			–			18,567,829			–
Interest expense and other		(1,309,469	)		(220,300	)		(3,330,822	)		(298,011	)
Total other (expense) / income		(366,338	)		(187,510	)		15,236,244			(208,921	)
Income tax provision		(1,165,639	)		–			(1,165,639	)		–
Net income/(loss) for the period before noncontrolling interest		10,886,137			(2,230,756	)		11,079,418			(7,705,115	)
Net income/(loss) attributable to noncontrolling interest (Note 10)		(34,063	)		(6,577	)		(392,903	)		20,165
Net income/(loss)for the period		10,920,200			(2,224,179	)		11,472,321			(7,725,280	)
Other comprehensive income
Foreign currency translation gain / (loss)		391,305			171,818			973,186			(10,126	)
Comprehensive income/(loss) for the period		11,311,505			(2,052,361	)		12,445,507			(7,735,406	)
Net income per share, basic and diluted		0.21			(0.05	)		0.22			(0.16	)
Weight average number of common shares outstanding, basic (1)		52,463,332			47,339,386			50,615,724			47,339,386
Weight average number of dilutive shares outstanding, diluted		52,464,374			47,339,386			50,616,766			47,339,386

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

~~(1) The period ended December 31, 2023, includes 210,000 (2022 – 312,500) stock options as they are exercisable at any time and for nominal cash consideration.~~F-3

~~(The accompanying~~PACIFIC ~~notes~~GREEN ~~are~~TECHNOLOGIES ~~an integral part of these consolidated financial statements)~~INC.

~~F-3~~Condensed Consolidated Interim Statements of Stockholders Equity / (Deficit)

~~PACIFIC GREEN TECHNOLOGIES INC.~~(Unaudited)

~~Condensed Consolidated~~(Expressed ~~Interim~~in ~~Statements~~U.S. ~~of Stockholders Equity~~dollars)

(Unaudited)

	Common Stock					Additional Paid in			Accumulated Other Comprehensive			Treasury			Noncontrolling						Shareholder’s Equity /
	Shares			Amount		Capital			Income			Stock			Interest			Deficit			(Deficit)
	#			$000		$000			$000			$000			$000			$000			$000
Balance, March 31, 2023		47,276,886			47		93,108			2,944			(100	)		15,664			(96,848	)		14,815
Shares issued for executive bonuses		2,750,000			3		1,510			–			–			–			–			1,513
Cancellation of treasury stock		(56,162	)		–		(100	)		–			100			–			–			–
Elimination of noncontrolling interest on disposal		–			–		–			–			–			(15,590	)		–			(15,590	)
Noncontrolling interest share of P&L		–			–		–			–			–			(580	)		–			(580	)
Transfer		–			–		–			–			–			103			(103	)		–
Foreign exchange translation loss		–			–		–			156			–			–			–			156
Recycle of foreign exchange translation reserve on disposal		–			–		–			165			–			–			–			165
Net profit for the period		–			–		–			–			–			–			3,043			3,043
Balance, June 30, 2023		49,970,724			50		94,518			3,265			–			(403	)		(93,908	)		3,522

Shares issued for employee services		2,250,000			2		1,370			–			–			–			–			1,372
Fair value of options granted		–			–		18			–			–			–			–			18
Noncontrolling interest		–			–		–			–			–			976			–			976
Foreign exchange translation gain		–			–		–			426			–			–			–			426
Net loss for the period		–			–		–			–			–			–			(2,736	)		(2,736	)
Balance September 30, 2023		52,220,724			52		95,906			3,691			–			573			(96,644	)		3,578

Shares issued for employee services		125,000			–		2,100			–			–			–			–			2,100
Fair value of options granted		–			–		14			–			–			–			–			14
Noncontrolling interest		–					–			–			–			(34	)		–			(34	)
Foreign exchange translation gain		–			–		–			392			–			–			–			392
Recycle of foreign exchange translation reserve on disposal		–			–		–			(85	)		–			–			–			(85	)
Net loss for the period		–			–		–			–			–			–			11,267			11,267
Balance December 31, 2023		52,345,724			52		98,020			3,998						539			(85,377	)		17,232

Balance, March 31, 2024		52,345,724			52		98,023			3,564			–			758			(96,389	)		6,008
Shares issued for executive bonuses		4,500,000			5		(5	)		–			–			–			–			–
Share-based compensation		–			–		4			–			–			–			–			4
Noncontrolling interest share of P&L (Note 7)		–			–		–			–			–			(30	)		–			(30	)
Foreign exchange translation gain		–			–		–			98			–			–			–			98
Net loss for the period		–			–		–			–			–			–			(3,515	)		(3,515	)
Balance June 30, 2024		56,845,724			57		98,022			3,662			–			728			(99,904	)		2,565

Share-based compensation		–			–		1			–			–			–			–			1
Noncontrolling interest share of P&L (Note 7)		–			–		–			–			–			(7	)		–			(7	)
Foreign exchange translation gain		–			–		–			204			–			–			–			204
Net loss for the period		–			–		–			–			–			–			(3,937	)		(3,937	)
Balance September 30, 2024		56,845,724			57		98,023			3,866			–			721			(103,841	)		(1,174	)

Shares issued for options exercised		200,000			–		20			–			–			–			–			20
Common stock repurchases													(255	)								(255	)
Noncontrolling interest share of P&L (Note 7)		–			–		–			–			–			(42	)		–			(42	)
Foreign exchange translation gain		–			–		–			(687	)		–			–			–			(687	)
Net loss for the period		–			–		–			–			–			–			(3,838	)		(3,838	)
Balance December 31, 2024		57,045,724			57		98,043			3,179			(255	)		679			(107,679	)		(5,976	)

(~~Expressed~~The accompanying notes are an integral part of inthese ~~U.S.~~condensed ~~dollars~~consolidated interim financial statements)

	Common stock						Additional Paid-in			Accumulated Other Comprehensive		Treasury			Noncontrolling						Stockholders’
	Shares #			Amount $			Capital $			Income $		Stock $			Interest $			Deficit $			Equity $
Balance, March 31, 2023		47,276,886			47,277			93,107,946			2,944,086		(99,754	)		15,663,675			(96,847,650	)		14,815,580
Shares issued for employee services		2,750,000			2,750			1,509,750			–		–			–			–			1,512,500
Cancellation of treasury stock		(56,162	)		(56	)		(99,698	)		–		99,754			–			–			–
Elimination of Noncontrolling interest		–			–			–			–		–			(15,915,645	)		–			(15,915,645	)
Transfer		–			–			–					–			103,257			(103,257	)		–
Foreign exchange translation gain/ (loss)		–			–			–			155,907		–			–			–			155,907
Net Profit (loss) for the period		–			–			–			–		–						3,288,239			3,288,239
Balance June 30, 2023		49,970,724			49,971			94,517,998			3,099,993		–			(148,713	)		(93,662,668	)		3,856,581
Shares issued for employee services		2,250,000			2,250			1,370,250														1,372,500
Fair value of options granted								17,291														17,291
Noncontrolling interest		–			–											976,398						976,398
Foreign exchange translation gain		–			–						425,974											425,974
Net loss for the period		–			–														(2,736,118	)		(2,736,118	)
Balance September 30, 2023		52,220,724			52,221			95,905,539			3,525,967		–			827,685			(96,398,786	)		3,912,626
Shares issued for employee services		125,000			125			2,099,875														2,100,000
Fair value of options granted								14,282														14,282
Noncontrolling interest		–			–											(34,063	)					(34,063	)
Foreign exchange translation gain		–			–						391,305											391,305
Net gain for the period		–			–														10,920,200			10,920,200
Balance December 31, 2023		52,345,724			52,346			98,019,696			3,917,272		–			793,622			(85,478,586	)		17,304,350

F-4

	Common stock				Additional Paid-in		Accumulated Other Comprehensive			Treasury			Noncontrolling						Stockholders’
	Shares #		Amount $		Capital $		Income $			Stock $			Interest $			Deficit $			Equity $
Balance, March 31, 2022		47,026,886		47,027		92,429,203		2,035,666			(99,754	)		10,361,701			(85,530,306	)		19,243,537
Fair value of options granted		–		–		17,718		–			–			–			–			17,718
Noncontrolling interest		–		–		–		–			–			67,571			–			67,571
Foreign exchange translation loss		–		–		–		(384,835	)		–			–			–			(384,835	)
Net loss for the period		–		–		–		–			–			–			(3,259,230	)		(3,259,230	)
Balance June 30, 2022		47,026,886		47,027		92,446,921		1,650,831			(99,754	)		10,429,272			(88,789,536	)		15,684,761
Fair value of options granted		–		–		9,194		–			–			–			–			9,194
Noncontrolling interest		–		–		–		–			–			5,737,809			–			5,737,809
Foreign exchange translation gain		–		–		–		202,891			–			–			–			202,891
Net loss for the period		–		–		–		–			–			–			(2,241,871	)		(2,241,871	)
Balance September 30, 2022		47,026,886		47,027		92,456,115		1,853,722			(99,754	)		16,167,081			(91,031,407	)		19,392,784
Fair value of options granted						162,566														162,566
Noncontrolling interest														(6,577	)					(6,577	)
Foreign exchange translation gain								171,818												171,818
Net loss for the period																	(2,224,179	)		(2,224,179	)
Balance December 31, 2022		47,026,886		47,027		92,618,681		2,025,540			(99,754	)		16,160,504			(93,255,586	)		17,496,412

PACIFIC GREEN TECHNOLOGIES INC.

~~(The accompanying~~Condensed ~~notes~~Consolidated ~~are~~Interim anStatements ~~integral part~~ of ~~these~~Cash ~~consolidated financial statements)~~Flows

~~F-4~~(Unaudited)

~~PACIFIC GREEN~~(Expressed ~~TECHNOLOGIES~~in ~~INC~~U.S. dollars)

Condensed Consolidated Interim Statements of Cash Flows

	Nine Months Ended December 31, 2024			Nine Months Ended December 31, 2023
	$000			$000
Operating Activities
Net (loss) income for the period		(11,369	)		11,180
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of intangible assets - expenses (Note 6)		1			2
Amortization of intangible assets - COGS (Note 6)		126			726
Bad debt expense		15			60
Warranty expense		2			–
Finance interest on loans		2,224			1,242
Depreciation (Note 5)		91			115
Operating lease expense		449			1,033
Loss on unrealized foreign exchange		(130	)		4
Net deferred income tax asset/liabilities		(723	)		(2,093	)
Change in fair value of derivatives		–			8,305
Share of noncontrolling interest		–			0
Net P&L gain on disposal of REP & BEP1		(1,329	)		(17,500	)
Net P&L gain on disposal of Sheaf & BEP2		–			(24,653	)
Share-based compensation		5			5,017
Other adjustments relating to disposal of subsidiary		–			(190	)

Changes in operating assets and liabilities:
Short-term investments and amounts held in trust		–			56
Accounts receivable and other receivables		(266	)		(4,459	)
Accrued revenue		470			67
Due from related parties		(4	)		–
Prepaid expenses and parts inventory		(1,333	)		(707	)
Prepaid manufacturing costs		248			(72	)
Investment and other advances		(3,451	)		(2,622	)
Lease payments		(370	)		(553	)
Accounts payable and accrued liabilities		5,130			8,468
Income taxes payable		–			989
Warranty provision		(19	)		(186	)
Contract liabilities		(520	)		(3,585	)
Due to related parties		(355	)		1,562
Net cash (used in) operating activities		(11,108	)		(17,794	)

Investing Activities:
Purchase of property and equipment, net of sales		(77	)		(55	)
Investments advances of BESS Italy SPVs		(834	)		–
Projects under development		(5,740	)		(47,590	)
Proceeds from sale and leaseback		256			–
Net proceeds from sale of BEP1 & REP (2023: net of cash disposed of $116,000)		4,433			13,979
Net proceeds from sale of BEP2 & Sheaf (2023: net of cash disposed of $9,418,000)		–			5,370
Acquisition of BESS Italy SPV’s		–			(1,399	)
Loan receivables BESS Projects - Poland		(304	)		–
Net cash (used in) investing activities		(2,266	)		(29,695	)

Financing Activities
Interest paid on debt		(2,660	)		(857	)
Principal payments on debt		(351	)		(129	)
Proceeds from issuance of debt		16,428			1,919
Proceeds from related party debt		124			–
Debt issuance costs		(68	)		–
Proceeds from exercise of stock options		20			–
Long term obligations – disposal of debt through sale of assets		–			57,336
Net cash provided by financing activities		13,493			58,269

Effect of foreign exchange rate changes on cash		(365	)		1,010

Change in cash and cash equivalents		(246	)		11,790
Cash and cash equivalents, beginning of period		4,221			1,274
Cash and cash equivalents, end of period		3,975			13,064

Cash and cash equivalents comprises:
Cash and cash equivalents		3,975			13,064

(~~Unaudited~~The accompanying notes are an integral part of these condensed consolidated interim financial statements)

~~(Expressed in U.S. dollars)~~F-5

	Nine Months Ended December 31, 2023			Nine Months Ended December 31, 2022
	$			$
Operating Activities
Net profit /(loss) for the period		11,472,321			(7,725,280	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets (Note7)		727,873			660,090
Bad debt expense/ (recovery)		59,990			(10,193	)
Depreciation (Note 6)		115,327			148,671
Fair value of share-based payments		5,016,573			189,478
Financing interest		1,242,406			–
Loss / (gain) on unrealized foreign exchange		4,323			772,985
Lease finance charge		–			–
Operating lease expense		506,839			440,779
Share of Noncontrolling interest		793,622			–
Other adjustments relating to disposal of subsidiary		(534,205	)		–
Gain on disposal of REP and BEP1		(18,717,068	)		–
Changes in operating assets and liabilities:
Short-term investments and amounts held in trust		56,483			1,830,966
Accounts receivable and other receivables		(4,458,991	)		3,193,455
Accrued revenue		67,209			(414,081	)
Prepaid expenses, parts inventory and advances		(706,735	)		(516,117	)
Security deposit and other advances		(2,621,605	)		334,365
Lease payments		(553,181	)		(537,384	)
Prepaid manufacturing costs		(71,908	)		(24,736	)
Accounts payable and accrued liabilities		8,217,739			(5,075,754	)
Income tax		1,165,639			–
Warranty provision		(186,215	)		(218,185	)
Contract liabilities		(3,584,936	)		765,369
Due to related parties		1,561,762			91,502
Net cash used in operating activities		(426,738	)		(6,094,070	)
Investing Activities
Additions of property and equipment		(55,257	)		(1,055	)
Projects under development		(47,590,484	)		(31,901,402	)
Proceeds from disposal of subsidiaries (Net Proceeds)		13,978,850			–
Acquisition of BESS Italy SPV’s		(1,398,881	)		–
Net cash provided by/(used in) investing activities		(35,065,772	)		(31,902,457	)
Financing Activities
Noncontrolling interest (Note 7(a) and (b))		–			16,160,505
Proceeds from loan facility (Note 13)		1,919,000			18,787,421
Loans Paid – Principal		(129,189	)		–
Loans Paid – Interest		(857,088	)		–
Proceeds from project loan facilities (Note 13)		45,340,183			–
Net cash provided by financing activities		46,272,906			34,947,926
Effect of foreign exchange rate changes on cash		1,010,106			(737,456	)
Change in cash and cash equivalents		11,790,502			(3,786,057	)
Cash and cash equivalents, beginning of period		1,273,738			6,286,468
Cash and cash equivalents, end of period		13,064,240			2,500,411
		13,064,240			2,500,411

PACIFIC GREEN TECHNOLOGIES INC.

~~(The accompanying~~Notes ~~notes~~to ~~are~~the anCondensed ~~integral~~Consolidated ~~part~~Interim ~~of these consolidated financial statements)~~Financial Statements

~~F-5~~December 31, 2024

~~PACIFIC GREEN TECHNOLOGIES INC.~~(Unaudited)

~~Notes to~~(Expressed ~~the~~in ~~Condensed~~U.S. ~~Consolidated Interim Financial Statements~~dollars)

~~December 31,~~1. ~~2023~~Nature of Operations

Pacific Green Technologies Inc. (~~Unaudited~~the “Company”) was incorporated in the state of Delaware, USA on March 10, 1994.

~~(Expressed~~Pacific Green Technologies Inc is a inleading ~~U.S.~~international ~~dollars~~developer of utility scale battery energy storage systems (BESS) and other environmental technologies solutions.

1The condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. ~~Nature~~Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024. These condensed consolidated interim financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. In the opinion of ~~Operations~~management, the accompanying condensed consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.

~~Pacific~~The preparation of these condensed ~~Green~~consolidated ~~Technologies~~interim ~~Inc.~~financial ~~(the~~statements ~~“Company”)~~in ~~was~~accordance ~~incorporated~~with accounting principles generally accepted in the ~~state~~United ofStates ~~Delaware,~~requires ~~USA~~management to onmake ~~March~~estimates ~~10,~~and ~~1994~~assumptions that affect the amounts reported. ~~The~~Actual ~~Company~~results ~~is in~~could ~~the~~differ ~~business~~materially offrom ~~acquiring,~~those ~~developing,~~estimates. The results of operations and ~~marketing~~cash ~~environmental~~flows ~~technologies,~~for ~~with~~the aperiods ~~focus~~shown onare ~~battery~~not ~~energy~~necessarily ~~storage~~indicative ~~systems~~of ~~and emission~~the ~~control~~results ~~technologies~~to be expected for the full year.

The condensed consolidated interim financial statements ofhave ~~the~~been ~~Company~~prepared ~~should~~on bea ~~read~~going inconcern ~~conjunction~~basis. ~~with~~The ~~the~~assessment ~~consolidated~~of ~~financial~~liquidity ~~statements~~ and ~~accompanying~~going ~~notes~~concern ~~filed~~requires ~~with~~ the ~~U.S.~~Company ~~Securities~~to make ~~and~~judgments ~~Exchange~~about ~~Commission~~its inability ~~the~~to ~~Company’s~~meet ~~Annual~~its ~~Report~~obligations onas ~~Form~~they ~~10-K~~fall due for ~~the fiscal~~at ~~year~~least ~~ended~~one ~~March~~year ~~31,~~after ~~2023. In~~ the ~~opinion~~date ofthat ~~management,~~ the ~~accompanying~~ condensed consolidated interim financial statements ~~reflect~~ ~~all~~are ~~adjustments~~issued. ofThe directors have reviewed a ~~recurring~~fiscal ~~nature~~year ~~considered~~2026 ~~necessary~~budget toextended ~~present~~through ~~fairly~~twelve months from the date ~~Company’s~~the ~~financial~~condensed ~~position~~consolidated ~~and~~interim ~~the~~financial ~~results of~~statements ~~its~~are ~~operations~~issued, ~~and~~based ~~its~~on ~~cash~~management’s ~~flows~~operating ~~for~~plan ~~the~~and ~~periods~~anticipated ~~shown~~financing arrangements.

~~The~~In order for the Company to meet its ~~preparation~~ongoing obligations including repayment of ~~these~~short-term ~~condensed~~debt ~~consolidated~~of ~~interim~~principal ~~financial~~$16.7 ~~statements~~million indue ~~accordance~~for ~~with~~repayment ~~accounting~~within ~~principles~~the ~~generally~~next ~~accepted~~12 months, and also develop BESS projects from its pipeline at scale, management have been in discussion with several parties, including the ~~United~~existing AUD ~~States~~11.0 ~~requires~~million ~~management~~lender to ~~make~~Pacific ~~estimates~~Green ~~and~~Technologies ~~assumptions~~Australia, ~~that~~to ~~affect~~establish ~~the~~a ~~amounts~~larger ~~reported~~development loan facility. ~~Actual~~This ~~results~~facility ~~could~~is ~~differ~~anticipated ~~materially~~to ~~from~~be ~~those~~approximately ~~estimates~~AUD 50 million. The ~~results~~facility ofwill ~~operations~~ensure ~~and~~the ~~cash~~Company ~~flows~~can ~~for~~meet its obligations as they fall due until at least twelve months from the ~~periods~~date ~~shown~~the condensed consolidated interim financial statements are ~~not~~issued ~~necessarily~~and ~~indicative~~increase its pace of ~~the~~pipeline development ~~results~~and cash generation from BESS project sales at Ready to beBuild ~~expected~~stage. ~~for~~The fact that the ~~full~~additional ~~year~~funding required has not yet been fully secured indicates the existence of an event that may cause substantial doubt on their ability to continue as a going concern.

~~Following the~~Whilst ~~sale of~~ the ~~REP~~funding ~~project to Sosteneo, the Company~~ has ~~modified~~not ~~its~~yet ~~BESS (“Battery Energy Storage Systems”) strategy of~~been ~~originating~~secured, ~~developing and owning BESS projects, to a strategy of originating, developing and selling BESS projects. Under~~ the ~~new strategy, the~~ Company ~~expects~~is ~~income~~confident ~~streams~~that ~~from~~it ~~BESS~~will ~~projects~~be tosuccessful, ~~include~~based ~~the following~~on:

● ~~Sale~~Existing ofloan ~~projects~~relationship ~~(Including~~with ~~Sales~~one of ~~Ownership~~the ~~Interests~~prospective inlenders, ~~Project~~supportive ~~Companies)~~of the Company’s growth plans.

● ~~Construction~~Positive ~~management~~interest ~~agreement~~in ~~fees~~the loan facility from prospective lenders.

● ~~Asset~~An ~~management~~independent ~~fees~~study confirming the current value of the Australian BESS project pipeline sufficient to act at as loan security.

~~As discussed~~The inCompany ~~the~~also ~~Critical~~notes ~~Accounting~~that ~~Estimates~~Limestone Coast ~~section~~West ofBESS ~~Management’s~~project ~~Discussion~~does ~~and~~not ~~Analysis~~yet ofhave ~~Financial~~any ~~Condition~~firm ~~and~~sale ~~Results of~~offers. ~~Operations,~~This ~~the~~project ~~sale~~is ofcurrently ~~BESS~~budgeted ~~projects~~to ~~falls~~be ~~under~~sold in the ~~scope~~second half of ~~ASC~~fiscal year ~~606~~2026, and ~~net~~is ~~proceeds~~a ~~from~~major ~~sale~~component of ~~projects~~overall ~~are~~cash ~~recognized~~receipts asthrough ~~revenue~~twelve months from the date the condensed consolidated interim financial onstatements are issued. The lack of firm offers indicates the ~~transfer~~existence of ~~control~~an event that may cause substantial doubt on their ability to continue ~~the~~as ~~buyer~~a going concern.

~~Under the~~Management ~~new strategy, project assets and liabilities~~ are ~~not~~confident ~~being held as long-term assets~~ of ~~the company, and are expected to be sold within~~completing 12this ~~months. As a result, balances in consolidated BESS project entities are included in the appropriate balance sheet line items, instead of assets held for~~ sale. ~~Project~~effectively ~~costs incurred prior to sale are capitalized as projects under development within current assets,~~ and ~~charged~~ ~~to cost of sales on sale. Project financing liabilities are capitalized as separately identified loans in liabilities of projects under development within current liabilities~~timely, ~~and~~based ~~recorded as consideration where forgiven~~ on ~~sale.~~:

~~F-6~~● Recent success in the sale of Limestone North project.

~~PACIFIC GREEN~~● ~~TECHNOLOGIES~~Interest ~~INC~~has already received from prospective buyers.

~~Notes to~~● ~~the~~The ~~Condensed~~project ~~Consolidated~~has ~~Interim~~secured ~~Financial~~a ~~Statements~~fixed price 7-year offtake agreement for 50% of the battery capacity.

~~December~~The directors have also reviewed possible ~~31,~~downside ~~2023~~scenarios to test the Company’s liquidity in the event of adverse circumstances.

~~(Unaudited)~~Based on the above, the Directors have concluded that the Company remains a going concern and these condensed consolidated interim financial statements have therefore been prepared on the going concern basis.

~~(Expressed in U.S. dollars)~~F-6

2.PACIFIC ~~Significant~~GREEN ~~Accounting~~TECHNOLOGIES ~~Policies~~INC.

~~(a)~~Notes ~~Basis~~to ofthe ~~Presentation~~Condensed Consolidated Interim Financial Statements

~~These consolidated~~December ~~financial~~31, statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in U.S. dollars. The accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities:2024

Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Marine Technologies (USA) Inc. (inactive)		Dissolved, December 21, 2022
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.)		Dissolved, December 21, 2022
Pacific Green Wind Technologies Inc (“PGWT”)		Dissolved, December 21, 2022
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)		Wholly-owned subsidiary of PGEP
Pacific Green Energy Parks (UK) Ltd. (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd. (“PGPW”)		Wholly-owned subsidiary of PGBEP
Pacific Green Portland East Pty Ltd. (“PGPE”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Limestone Coast Pty Ltd. (“PGLC”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Parks (Italia) srl (“PGEPI”)		Wholly-owned subsidiary of PGEPU
Sphera Australe		51% owned subsidiary of PGEPI
Sphera Levante		51% owned subsidiary of PGEPI
Sphera Ponente		51% owned subsidiary of PGEPI
Sphera Boreale		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPNP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Portland Northeast Pty Ltd (“PGPNEP”)		Wholly-owned subsidiary of PGEPA

(Unaudited)

~~All inter-company~~(Expressed ~~balances~~in ~~and transactions have been eliminated upon consolidation~~U.S. dollars)

~~F-7~~2. Significant Accounting Policies

~~PACIFIC GREEN~~(a) ~~TECHNOLOGIES~~Basis ~~INC.~~of Presentation

~~Notes~~These condensed consolidated interim tofinancial statements and related notes are presented in accordance with accounting principles generally accepted in the ~~Condensed~~United ~~Consolidated~~States of ~~Interim~~America ~~Financial~~and ~~Statements~~are expressed in U.S. dollars. The following accounting policies are consistently applied in the preparation of the condensed consolidated interim financial statements. These condensed consolidated interim financial statements include the accounts of the Company and the following entities:

December 31, 2023

Pacific Green Marine Technologies Inc. (“PGMT US”)		Wholly-owned subsidiary of PGMG
Pacific Green Technologies (Canada) Inc. (“PGT Can”)		Wholly-owned subsidiary
Pacific Green Technologies (UK) Ltd. (“PGTU”)		Wholly-owned subsidiary of PGMG
Pacific Green Energy Storage (UK) Ltd. (“PGESU”)		Wholly-owned subsidiary of PGEP
Pacific Green Solar Technologies Inc. (“PGST”)		Wholly-owned subsidiary
Pacific Green Technologies Asia Ltd.(“PGTA”)		Wholly-owned subsidiary of PGTIL
Pacific Green Technologies Engineering Services Limited (“PGTESL”)		Wholly-owned subsidiary of PGTA
Pacific Green Technologies International Ltd. (“PGTIL”)		Wholly-owned subsidiary
Pacific Green Energy Parks Inc. (“PGEP”)		Wholly-owned subsidiary
Pacific Green Energy Storage Technologies Inc. (“PGEST”)		Wholly-owned subsidiary of PGEP
Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”)		Wholly-owned subsidiary
Pacific Green Marine Technologies Group Inc. (“PGMG”)		Wholly-owned subsidiary
Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”)		Wholly-owned subsidiary of PGEP
Pacific Green Innoergy Technologies Ltd. (“Innoergy”)		Wholly-owned subsidiary
Pacific Green Technologies Arabia LLC (“PGTAL”)		70% owned subsidiary of PGTME
Pacific Green Energy Parks (UK) Ltd (“PGEPU”)		Wholly-owned subsidiary of PGEP
Pacific Green Portland West Pty Ltd (“PGPW”)		Wholly-owned subsidiary of PGEH
Pacific Green Portland East Pty Ltd (“PGPE”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Portland Pty Ltd (“PGEPP”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Parks Australia Pty Ltd (“PGEPA”)		Wholly-owned subsidiary of PGTAPL
Pacific Green Energy Park Limestone Coast North Pty Ltd (“PGEPLCN”)		Wholly-owned subsidiary of PGEPA
Pacific Green Energy Park Limestone Coast West Pty Ltd (“PGEPLCW”)		Wholly-owned subsidiary of PGEH
Pacific Green Limestone Coast Pty Ltd (“PGLC”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Parks (Italia) S.r.l. (“PGEPI”)		Wholly-owned subsidiary of PGTU
Sphera Australe S.r.l. (“SASRL”)		51% owned subsidiary of PGEPI
Sphera Boreale S.r.l. (“SBSRL”)		51% owned subsidiary of PGEPI
Sphera Levente S.r.l. (“SLSRL”)		51% owned subsidiary of PGEPI
Sphera Ponente S.r.l. (“SPSRL”)		51% owned subsidiary of PGEPI
Pacific Green Future Energy Inc (“PGFE”)		Wholly-owned subsidiary
Pacific Green Portland North Pty Ltd (“PGPN”)		Wholly-owned subsidiary of PGEH
Pacific Green Portland Northeast Pty Ltd (“PGPNE”)		Wholly-owned subsidiary of PGEH
Pacific Green Rocky Creek Pty Ltd (“PGRC”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Limestone Coast North Trust (“PGEPLCNT”)		Wholly-owned subsidiary of PGEPA
Pacific Green Energy Park Limestone Coast West Trust (“PGEPLCWT”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Cascade Trust (“PGEPCT”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Cascade Pty Ltd (“PGEPC”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Portland West Pty Ltd. (“PGEPPW”)		Wholly-owned subsidiary of PGEH
Pacific Green Energy Park Limestone Coast North FinanceCo Pty Ltd (“PGEPLCNFCo”)		Wholly-owned subsidiary of PGEPA
Pacific Green Limestone Coast North Energy Park Pty Ltd (“PGLCNEP”)		Wholly-owned subsidiary of PGEPA
Pacific Green Energy Parks Holdings (Europe) Ltd (“PGEPHEL”)		Wholly-owned subsidiary of PGEPU
Pacific Green Energy Holdings Ltd (“PGEH”)		Wholly-owned subsidiary of PGTME
Pacific Green Energy Parks Holdings Europe Ltd (“PGEPHE”)		Wholly-owned subsidiary of PGTME
Pacific Green Energy Park Portland West Trust (“PGEPPWT”)		Wholly-owned subsidiary of PGEH
Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”)		Wholly-owned subsidiary
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)		Wholly-owned subsidiary of ENGIN

~~(Unaudited)~~All inter-company balances and transactions have been eliminated upon consolidation.

~~(Expressed in U.S. dollars)~~F-7

2.PACIFIC ~~Significant~~GREEN ~~Accounting~~TECHNOLOGIES ~~Policies (continued)~~INC.

~~(b)~~Notes ~~Recent~~to ~~Accounting~~the ~~Pronouncements~~Condensed Consolidated Interim Financial Statements

~~In June~~December ~~2016~~31, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company calculated an effect of $51,000 upon adoption of this guidance on April 1, 2023. Given the immaterial nature of the effect, the adoption was booked as an expense in the current period statement of income rather than a cumulative effect through retained earnings.2024

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.(Unaudited)

3.(Expressed ~~Short-term Investments and Amounts~~ in ~~Escrow~~U.S. dollars)

~~At December~~2. ~~31,~~Significant ~~2023,~~Accounting ~~the~~Policies ~~Company has a $nil~~ (~~March 31, 2023 - $56,483~~continued) Guaranteed Investment Certificate (“GIC”) held as security against a corporate credit card. The GIC bore interest at 0.5% per annum and matured on December 13, 2023. The account was closed on May 30, 2023.

~~At December 31, 2023, the Company’s solicitor is holding $nil~~ (~~March 31, 2023 – $nil~~b) asSegment ~~all the proceeds under customer contracts have been released after satisfying performance obligations.~~Reporting

4The Company now operates in multiple business segments, and its reportable segments are based on the internal management structure used by the Company’s Chief Operating Decision Maker (CODM) to assess performance and allocate resources. ~~Assets~~Effective ~~held~~April ~~for~~1, ~~Sale~~2024, the Company realigned its reportable segments to better align with its business strategy and operational structure. As a result, the Company now reports results in the following segments: Battery Energy Storage Systems (“BESS”) and Environmental Technologies. Previously, the CODM reviewed consolidated results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company had only one reportable segment.

~~In the~~The ~~prior~~change ~~quarter~~reflects ~~ended~~how ~~September 30, 2023,~~ the ~~Company~~CODM ~~reallocated~~now evaluates ~~$13.6~~segment ~~million~~performance ~~of assets~~ and ~~$10~~allocates resources.6 ~~million~~Prior ~~liabilities,~~period ~~primarily related~~segment toinformation ~~the~~has ~~Sheaf~~been ~~project,~~restated ~~from assets held for sale~~ to ~~projects~~reflect ~~under~~the ~~development~~new insegment ~~current~~structure. The ~~assets,~~measurement ~~due~~of tosegment ~~the~~profit ~~change~~or inloss ~~business strategy~~and ~~from~~total ~~investing~~assets infor ~~BESS~~each ~~projects~~segment tois ~~develop,~~consistent ~~own~~with ~~and operate, to~~ the ~~strategy~~Company’s ofinternal ~~developing~~management reports ~~and~~used ~~selling~~by the ~~projects~~CODM. ~~Following the~~For ~~change~~further ~~in strategy~~information, ~~all~~see ~~new~~Note ~~BESS projects are recorded within projects under development within current assets~~14.

		Pre- Reclassification			Reclassification			December 31, 2023		March 31, 2023
Cash			115,024			(115,024	)		–		113,380
Prepaid expenses, parts inventory, and advances			286,266			(286,266	)		–		4,454
Other receivables			531,717			(531,717	)		–		61,576
Projects under development			12,607,479			(12,607,479	)		–		46,674,258
Security Deposits & Other Advances			99,640			(99,640	)		–		495,602
Rights of use asset			–						–		2,302,049
Accounts payable and accrued liabilities (Note 12)			(3,276,778	)		3,276,778			–		(638,156	)
Loans payable (*) Note 13			(11,192,035	)		11,192,035			–		(10,312,906	)
Long term loan payable			–			–			–		(17,771,173	)
Long-term operating lease obligation			–			–			–		(2,360,024	)
Reclassification	Total		(828,687	)		828,687			–		18,569,060

Segment information is presented in accordance with the Company’s internal accounting policies, which are consistent with those used in the preparation of the consolidated financial statements.

(*c) ~~Loans~~Recent ~~payable~~Accounting ~~relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 13)~~Pronouncements

FIn November 2023, the FASB issued ASU 2023-807, Segment Reporting: Improvements to Reportable Segment Disclosures. The ASU requires more details about the company’s business segments. This includes breaking down significant expenses for each segment and disclosing a new line item for “other segment items” to explain remaining profit or loss components. The Company also has more flexibility to disclose additional measures of segment profitability used internally. Finally, the ASU expands the current interim disclosure requirements to require that nearly all of the annual numerical segment disclosures also be made on an interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after 15 December 2024. The Company is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements.

~~PACIFIC~~In December 2023, the FASB issued ASU ~~GREEN~~2023-09, ~~TECHNOLOGIES~~Income ~~INC~~Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. These amendments are effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements. The Company is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements.

~~Notes~~The Company has implemented all new toaccounting ~~the~~pronouncements ~~Condensed~~that ~~Consolidated~~are ~~Interim~~in ~~Financial~~effect ~~Statements~~and that may impact its condensed consolidated interim financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

~~December 31,~~3. ~~2023~~Projects Under Development

(Unaudited)

	December 31, 2024 $000		March 31, 2024 $000

BESS Project – Limestone Coast, Australia		6,651		2,313
BESS Project – Portland, Australia		2,721		2,045
BESS Project – Rotello A and Rotello B, Italy		1,837		1,221
BESS Project – Parma, Italy		921		943
BESS Project – Bisaccia, Italy		916		937
BESS Project – Andretta, Italy		935		923
BESS Project – Other Australian Projects		227		32
Fuel Oil Water Emulsification (FOWE) development		–		54
Total		14,208		8,468
Current portion		5,711		–
Non-current portion		8,497		8,468

~~(Expressed~~Portland Energy Park, a 1 GW/ 1.5 GWh new grid-scale battery project to be developed in UVictoria, Australia and is planned to be the largest Battery Energy Storage System in Australia.S The energy park will deliver a major increase in energy storage capacity in Victoria, strengthening the region’s energy stability and supporting its net-zero transition. ~~dollars~~Once operational, the energy park will provide critical support for existing and proposed renewable energy projects within the Southwest Renewable Energy Zone (as designated by the Australian Energy Market Operator and the Victorian Government), and heavy electricity users and energy generation facilities in this area.

~~5. Projects Under Development~~F-8

	BESS – SHEAF Project			BESS – Australian Projects		BESS – Italian Projects		FOWE (Fuel Oil Water Emulsification) Development		Total Projects Under Development (PUD)
Balance at October 01, 2023		12,607,479			1,201,970		2,439,757		53,648		16,302,854
Additions		34,342,264			958,281		457,368		–		35,747,913
Disposals		(46,949,743	)		–		–		–		(46,949,743	)
Balance at December 31, 2023		–			2,160,251		2,897,125		53,648		5,111,024

PACIFIC GREEN TECHNOLOGIES INC.

~~Capitalized costs~~Notes for Sheaf Project in the current quarter comprise primarily initial payments under the battery supply agreement and balance of plant subcontract, as well as fees for establishment of lending facilities for the project: committed to ~~on November 02, 2023. Capitalized projects under development costs for~~ the ~~BESS~~Condensed ~~Sheaf~~Consolidated ~~Project~~Interim ~~were charged to cost of sales on December 22, 2023 on sale of the project~~Financial ~~to Sosteneo.~~Statements

6.December ~~Property~~31, ~~and Equipment~~2024

	Cost $		Accumulated depreciation $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Building		919,797		(286,262	)		633,535		708,979
Furniture and equipment		399,788		(294,142	)		105,646		137,352
Computer equipment		23,417		(15,002	)		8,415		885
Leasehold improvements		9,963		(9,464	)		499		1,993
Total		1,352,965		(604,870	)		748,095		849,209

(Unaudited)

~~For the three and nine months ended December 31, 2023, the Company recorded $39,912~~ (~~2022~~Expressed ~~– $45,600) and $ 115,327 (2022 – $148,671) respectively~~ in ~~depreciation expense on property and equipment~~U.S. dollars)

~~F-9~~3. Projects Under Development (continued)

~~PACIFIC~~Limestone Coast Energy Park, located ~~GREEN~~in ~~TECHNOLOGIES~~regional ~~INC~~South East Australia, comprising two grid-scale co-located battery assets – Limestone Coast North and Limestone Coast West, combined 500 MW / 1.0 GWh. The projects will enhance the state’s energy stability and support its transition to net-zero emissions. Strategically located near the 275kV South East Substation, the facilities will aid stabilizing the grid and lowering energy costs. The parks will store up to 60% of South Australia’s residential solar output, preventing an average of 80,000 tonnes of carbon dioxide emissions annually. On February 20, 2025, the Company announced it has signed binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park, a 250 MW / 500 MWh battery energy storage development in the Limestone Coast region of South Australia, which expects to begin commercial operations in 2027, to Intera Renewables (Intera). The sale completed on March 19, 2025.

~~Notes~~The Company owns a 51% share in five Italian projects, which are expected to ~~the~~achieve ~~Condensed~~Ready ~~Consolidated~~to ~~Interim~~Build ~~Financial~~stage ~~Statements~~in 2025:

~~December 31~~● Rotello A and Rotello B, ~~2023~~two 100MW BESS development projects in Molise, Italy

~~(Unaudited)~~● Bisaccia, a 100MW BESS development project in Campania, Italy

~~(Expressed~~ ● Andretta, a 100MW BESS development project in ~~U.S.~~Campania, ~~dollars)~~Italy

7.● ~~Intangible~~Parma, ~~Assets~~a 100MW BESS development project in Emilia Romagna, Italy

	Cost $		Accumulated amortization $			Cumulative impairment $			December 31, 2023 Net carrying value $		March 31, 2023 Net carrying value $
Patents and technical information		36,340,057		(9,907,820	)		(20,457,255	)		5,974,982		6,700,921
Software licensing		11,455		(8,025	)		-			3,430		5,563
Total		36,351,204		(9,915,845	)		(20,457,255	)		5,978,412		6,706,484

The Company has entered into development service agreements in relation to the five Italian projects with Sphera Energy S.r.l which have the following costs:

~~For the~~● ~~three~~€2,000 ~~and~~per ~~nine~~MW ~~months~~installable ~~ended~~following ~~December~~the ~~31,~~filing ~~2023,~~of the ~~Company~~application ~~recorded~~to ~~$237~~MASE,~~202~~ ~~(2022~~the –total ~~$220,006)~~expected ~~and~~payable ~~$727,873~~across ~~(2022~~the –Italian ~~$660,090) respectively~~Project inCompanies ~~amortization~~is ~~expense on intangible assets.~~€1,000,000;

~~For the~~● ~~three~~€6,000 ~~and~~per ~~nine~~MW ~~months~~installable ~~ended~~following ~~December 31, 2023,~~ the ~~Company~~achievement ~~has~~of ~~allocated~~ready ~~$236,573~~to ~~(2022~~build ~~- $219~~status,~~367)~~ ~~and~~the ~~$725,939~~total ~~(2022~~expected ~~- $658,101)~~payable ~~respectively~~across ofthe ~~amortization~~Italian ofProject ~~patents~~Companies ~~and technical information to cost of goods sold. The amount remaining in amortization expense~~ is ~~$629 (2022 - $639) and $1~~€3,~~934~~000,000 ~~(2022~~of -which ~~$1,989)~~all ~~for~~had ~~the~~not ~~three~~yet ~~and~~become ~~nine~~payable ~~months~~as ~~ended~~at December 31, ~~2023~~ 2024.

~~Future~~These projects are held by the following ~~amortization~~four ofentities ~~intangible~~in ~~assets~~Italy: isSphera Australe S.r.l., Sphera Boreale S.r.l., Sphera Levente S.r.l. and Sphera Ponente S.r.l. and as ~~follows~~noted ~~based~~within the onCompany’s ~~fiscal~~financial statements for the year: ended March 31, 3024, we have determined they are Variable Interest Entities (VIEs). The material assets within each entity are the Project under development assets as listed above which have been funded through intercompany liabilities provided by wholly owned subsidiaries of the Company.

	$
2024 (remaining)		237,213
2025		949,081
2026		946,291
2027		946,291
2028		946,291
Thereafter		1,953,244
Total		5,978,412

The Company has also agreed to acquire the remaining 49% capital in each of the Italy Project Companies upon achievement of ready to build status, which is expected in 2025. The purchase price for the remaining capital in each Project Company will be equal to the difference between €55,500 per MW installable and authorized under the license and €200,000 less €2,000 per MW installable

~~F-10~~The Company holds five options in Italy to either purchase or enter into long term leases in relation to land associated with each of the five projects. The Company also holds nine options in Australia to either purchase or enter into long term leases in relation to land associated with the Portland, Limestone Coast and three other project in Australia. At December 31, 2024 none of the options have been exercised.

~~PACIFIC GREEN TECHNOLOGIES INC.~~F-9

~~Notes to~~PACIFIC ~~the~~GREEN ~~Condensed~~TECHNOLOGIES ~~Consolidated Interim Financial Statements~~INC.

~~December 31,~~Notes ~~2023~~to the Condensed Consolidated Interim Financial Statements

~~(Unaudited)~~December 31, 2024

(~~Expressed in U.S. dollars~~Unaudited)

8(Expressed in U.S. ~~Acquisitions~~dollars)

~~(a)~~4. ~~Acquisition~~Loan ~~of Sheaf Energy Ltd~~Receivable

On December 6, 2022, the Company acquired all the issued and outstanding stock of Sheaf Energy Ltd., a United Kingdom company in the business of battery energy storage systems. The purchase consideration included cash payments of a deposit of $415,855 (£373,500) made on July 26, 2021 and $8,710,145 (£7,126,500) made on December 15, 2022.

	December 31, 2024 $000		March 31, 2024 $000

BESS Projects – Poland		1,080		776

~~Total~~On 25 January 2024, Pacific Green Energy ~~purchase~~Parks ~~consideration~~(UK) ~~was~~Limited, ~~therefore~~a wholly owned subsidiary of the Company signed two secured loan agreements under English law with two third party borrowers to provide $9427,~~126,~~000 (£731,~~500~~800) and $396,000 (£296,000) respectively. The ~~value~~loans ~~attributed~~will allow each borrower to apply for grid connection with Polskie Sieci Elektroenergetyczne S.A (‘PSE’), the ~~identifiable~~transmission ~~assets~~system ~~acquired~~operator ~~and~~in ~~liabilities assumed~~Poland. The loans are ~~net~~denominated ~~working~~in ~~capital~~Pound ofSterling ~~$0,~~(GBP) ~~and~~so ~~project~~will ~~under~~increase ~~development~~or ofdecrease ~~$9,126,000~~on translation to US Dollars (~~£7,500,000~~USD).

~~(b)~~Both ~~Acquisition~~borrowers are special purpose vehicle companies incorporated in Poland with the same parent company who acts as guarantor. Both loans are identical, except for the borrowers’ names and the amount borrowed. The loans do not bear interest but instead have a “Repayment Premium” being 100% of ~~BESS~~the ~~Italian~~loan ~~Project~~principal. ~~Companies~~The Repayment Premium is payable in full at the point the loan principal is repaid unless PSE has issued the grid connection and a set of “Definitive Agreements” have been entered into between the Company and each of the borrowers relating to the Company obtained an equity interest in the borrower.

On ~~September~~ 27November ~~2023~~26, ~~the~~2024, ~~Company~~Pacific ~~through~~Green Energy ~~its~~Parks ~~indirectly~~(UK) Limited, a wholly owned subsidiary, ~~Pacific~~of ~~Green~~the ~~Energy~~Company ~~Parks~~entered ~~(Italia)~~into ~~S.r.l.~~a ~~(“EPI”) purchased~~loan ~~51%~~agreement ofto ~~the~~lend ~~capital~~$308,000 in(1,265,000 ~~Sphera~~Polish ~~Australe~~Zloty (PLN)) ~~S.r.l.,~~to ~~Sphera~~a ~~Levante~~third ~~S.r.l.,~~party ~~Sphera~~borrower ~~Ponente~~in SPoland.~~r.l.,~~ ~~and~~This ~~Sphera~~is ~~Boreale~~an ~~S.r.l.~~increase (to the ~~“Italy~~ ~~Project~~£296,000 ~~Companies”)~~loan from ~~Sphera~~Pacific Green Energy ~~S.r.l.~~Parks (~~“Sphera”~~UK). ~~Sphera~~Limited made ~~established~~on ~~the~~25 ~~Italy~~January ~~Project~~2024. ~~Companies~~ The loan provided funds for ~~the~~a ~~development~~down ofpayment ~~five~~for ~~BESS~~the ~~projects~~Polish incapacity ~~Italy~~market auction.

~~The Company~~On ~~paid~~June ~~Sphera~~13, ~~€1.0~~2025, ~~million~~these ~~($1.06~~balances ~~million)~~were onexchanged ~~the closing date~~ for acontrolling ~~51%~~equity ~~interest~~interests in ~~the~~both ~~Italy~~borrowers, ~~Project~~see ~~Companies. The Company~~Note ~~also~~16 ~~made~~for ~~a partial advance of €2.0 million ($2.01 million) against its purchase of the remaining 49% of the capital of the Italy Project Companies on the closing date and a~~ further €0details.~~3 million ($0.35 million) to pay off the liabilities held in the Italy Project Companies to its shareholders.~~

~~The total consideration recognized of €3~~5.36 ~~million~~Assets ($3.42 million) is attributed between net working capital of $nil, projects under development representing the rights acquired of $2.42 million and investment advance treated as a non-current asset of $2.01 million. A noncontrolling interest of $1.01 million has been recorded in relation to the 49% not held byfor ~~the Company. Since acquisition, a further €0.4 million ($0.44 million) has been invested into the projects as an advance.~~sale

~~Under the~~On ~~terms~~December of31, ~~the purchase agreement~~2024, the Company ~~agreed~~reclassified toits ~~advance~~property ~~Sphera~~in aShanghai, ~~further~~China €2to assets held for sale.0 ~~million~~The ~~upon~~property had ~~the~~a ~~filing~~net carrying value of $535,000 at the ~~application for~~date ait ~~license~~was ~~from~~reclassified ~~the~~and ~~Ministry~~was ~~for~~previously ~~the~~classified ~~Environment~~within property and ~~Energy~~equipment. ~~Security~~The property ~~(“MASE”)~~was sold in January 2025, refer to Note 16 for further details.

The Company has also agreed to acquire the remaining 49% capital in each of the Italy Project Companies upon achievement of ready to build status. The purchase price for the remaining capital in each Project Company will be equal to the difference between €55,500 per MW installable and authorized under the license and €200,000 less €2,000 per MW installable.F-10

~~The Company~~PACIFIC ~~has~~GREEN ~~also~~TECHNOLOGIES ~~signed development service agreements for the Italian Project Companies with Sphera~~INC.

~~F-11~~Notes to the Condensed Consolidated Interim Financial Statements

~~PACIFIC GREEN~~December ~~TECHNOLOGIES~~31, ~~INC.~~2024

~~Notes to the Condensed Consolidated Interim Financial Statements~~(Unaudited)

~~December 31,~~(Expressed ~~2023~~in U.S. dollars)

~~(Unaudited)~~6. Intangible Assets

(Expressed in U.S. dollars)

	Cost $000		Accumulated amortization $000			Cumulative impairment $000			December 31, 2024 Net carrying value $000		March 31, 2024 Net carrying value $000

Patents and technical information		36,340		(10,271	)		(25,150	)		919		1,045
Software licensing		6		(4	)		–			2		3
Total		36,346		(10,275	)		(25,150	)		921		1,048

9.The ~~Disposal~~Company /recorded ~~Sale~~$42,000 (2023 – $237,000) and $127,000 (2023 – $728,000) of ~~Project~~amortization ~~Assets~~cost on intangible assets for the three and nine months ended December 31, 2024 respectively.

The Company has allocated $41,000 (a2023 - $236,000) ~~Disposal~~and $126,000 (2023 – $726,000) of ~~Subsidiaries~~amortization of patents and technical information to cost of goods sold for the three and nine months ended December 31, 2024 respectively. Nil (~~REP~~2023 &– ~~PGBEP1~~$1,000) and $1,000 (2023 – $2,000) of amortization of software licensing has been allocated to amortization expense for the three and nine months ended December 31, 2024 respectively.

~~On June~~Future 9,amortization ~~2023,~~of ~~Pacific~~intangible ~~Green Energy Storage (UK) Ltd (“PGES”) and Green Power Reserves Ltd (“GPR”), a third party~~assets ~~investor~~is ~~entered~~as into a sale and purchase agreement to sell their 50% controlling interest and 50% nonredeemable noncontrolling interest respectively in BEP1 and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”), (together, “REP Project”) to Sosteneo Fund 1 Holdco Sarl (“Sosteneo”). The disposal became unconditional on June 26, 2023.follows:

The purchase price paid by Sosteneo to PGES (UK) and GPR consisted of £29.9 million ($37.4 million) in initial consideration and an additional £15.1 million ($18.9 million) in performance milestone payments upon successful completion and operations of the BESS projects.

Fiscal year	$	000
2025 (remaining)		43
2026		168
2027		168
2028		168
2029		168
Thereafter		206
Total		921

As a result of the sale, the Company recognized a net gain on disposal of $12.1 million during the quarter ended June 30, 2023. As the sale of REP Project did not represent a strategic shift that would have a major effect on the Company’s operations or financial results, REP and PGBEP 1 are not presented as a discontinued operation. The net income of REP and PGBEP 1 is included in the consolidated statement of operations through the June 26, 2023, disposal date. The assets, liabilities and equity (including nonF-~~controlling interest) of PGBEP 1 were deconsolidated effective June 26, 2023.~~11

~~No gain~~PACIFIC ~~was~~GREEN ~~recorded~~TECHNOLOGIES in relation to the prospective milestone payments in the quarter ended June 30, 2023, as it was considered that the Company did not have the information needed to reasonably estimate whether or not performance milestones will be metINC.

~~In the~~Notes quarters ended September 30, 2023 and December 31, 2023, the Company has re-evaluated the performance milestones. Of the £15.1 million ($19.0 million) gross deferred consideration, a reduction of £1.75 million ($2.2 million) has been reserved for negotiated and anticipated changes to the ~~total~~Condensed ~~milestone~~Consolidated ~~payments.~~Interim ~~After deduction of 1.2% agent fees and 49.4% share~~Financial ~~of the minority investor, this gives a total projected receivable of £6.7 million ($8.4 million). Offsetting this are actual delay liquidated damages incurred of £385,000 ($486,000).~~Statements

In the quarter ended September 30, 2023, milestones with value of £4.3 million ($5.4 million) were assessed as not being at risk of reversal in future reporting periods were recorded as gain on disposal. Of the milestones recognized, £0.8 million ($1.0 million) cash proceeds were received in the quarter ended December 31, 2023. In the quarter ended December 31, 2023, further milestones with value of £0.8 million ($0.9 million) were assessed as not being at risk of reversal in future reporting periods, and recorded as gain on disposal in the current quarter. 2024

~~Backlog revenue for milestones that have not yet been recorded as gain on disposal amounts to £1.5 million~~ (~~$1.9 million~~Unaudited) ~~as at December 31, 2024. Level of confidence of meeting remaining milestones will be re-assessed in future reporting periods.~~

~~F-12~~(Expressed in U.S. dollars)

~~PACIFIC GREEN~~7. ~~TECHNOLOGIES~~Noncontrolling ~~INC.~~Interest

~~Notes~~On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the ~~Condensed~~Kingdom of ~~Consolidated~~Saudi ~~Interim~~Arabia ~~Financial~~for ~~Statements~~the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture.

~~December 31~~On September 27, 2023, the Company purchased 51% of the capital of four Italy Project Companies from Sphera. The Company paid Sphera €1,000,000 ($1,051,000) and recorded noncontrolling interest of €960,100 ($1,010,000).

~~(Unaudited)~~Details of the carrying amount of the noncontrolling interests are as follows:

(Expressed in U.S. dollars)

	December 31, 2024 $000			March 31, 2024 $000

Noncontrolling interest attributable to BESS - Italy		960			1,007
Noncontrolling interest attributable to Saudi Arabia		(281	)		(249	)
Non-controlling interest⁽¹⁾		679			758

9.(1) ~~Disposal~~As /of ~~Sale~~December 31, 2024, net income attributable to noncontrolling interest was $80,000 loss for the nine months ended December 31, 2024 split as follows; Net income attributable to noncontrolling interest – BESS Italy was a loss of ~~Project~~$47,000 ~~Assets~~and ~~(continued)~~$33,000 loss was attributable to noncontrolling interest – Saudi Arabia.

~~(a)~~8. ~~Disposal~~Sales, Prepaid Manufacturing Costs, Cost of ~~Subsidiaries~~Goods ~~(REP~~Sold, &and ~~PGBEP1)~~Contract ~~(continued)~~Liabilities

The Company ~~also~~derives ~~incurred~~revenue ~~£0.3~~from ~~million~~the sale ~~($0.4~~of ~~million)~~products and delivery of ~~legal~~services. ~~fees~~Revenue ~~and~~disaggregated ~~£0.4~~by ~~million~~type ~~($0.5~~for ~~million)~~the ofthree ~~broker~~and ~~fees~~nine ~~related~~months toended December 31, 2024 and December ~~the~~31, ~~sale.~~2023 is as follows:

The gain on sale of PGBEP 1 shares recognized in the quarter ended June 30, 2023 is calculated as follows:

	Three Months Ended December 2024, $000		Three Months Ended December 2023, $000		Nine Months Ended December 2024, $000		Nine Months Ended December 2023, $000
Products		115		8,353		840		8,353
Services		1,406		1,904		4,343		4,258
Total		1,521		10,257		5,183		12,611

	GBP		FX		USD
Consideration received (A)		11,258,370		1.2519		14,094,907
Net assets:
Cash						116,057
Projects under development						43,642,826
Other assets						3,992,999
Long term AP and accruals						(24,830,942	)
Other liabilities & Non-controlling interest						(23,406,419	)
Total (B)						(485,479	)
Initial Investment in PGBEP (C)						2,461,289
Gain (A)-(B)-(C)						12,119,097

Revenue from services includes services provided under BESS construction management agreements (“CMA”) and management service agreements (“MSA”), specific services provided to marine scrubber systems as well as design and engineering services for Concentrated Solar Power (CSP). Contracts for specific services provided to marine scrubber systems represent maintenance services which are recognized at a point in time when services are completed. Contracts for CSP include design and engineering services provided to clients which are recognized over time as the service is completed. Contracts for services provided under BESS construction management agreements is recognized over time as the service is provided.

~~In addition~~Service torevenue ~~the~~by ~~derecognition~~type offor the ~~balances sold~~ three and ~~recognition~~nine ofmonths ~~the~~ended ~~gain~~December ~~on sale of subsidiary~~31, ~~the~~2024 ~~SPA also includes certain contingent assets~~ and ~~liabilities~~December ~~which were not recorded in the statement of financial position as at June 30~~31, 2023, ~~due~~is toas ~~their remote nature.~~follows:

(b) Sale of project assets (Sheaf Energy Ltd and Pacific Green Battery Energy Parks 2 Limited).

	Three Months Ended December 2024, $000		Three Months Ended December 2023, $000		Nine Months Ended December 2024, $000		Nine Months Ended December 2023, $000
Specific services provided to marine scrubber systems		704		1,196		2,082		3,176
BESS CMA and MSA		693		524		2,129		524
Design and engineering services for CSP		9		185		132		558
		1,406		1,905		4,343		4,258

On November 2, 2023, the Company entered into a transaction committing to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”). Under the terms of the transaction, the Company and Sosteneo granted each other respective options to buy or sell the shares in PGBEP2. The option was exercised on December 22, 2023.F-12

~~Upon making~~PACIFIC ~~the~~GREEN ~~commitment~~TECHNOLOGIES ~~to sale, the Company received a deposit of £12~~INC.2 million ($14.9 million) less legal fees of £0.3 million ($0.4 million), a £3.75 million ($4.6 million ) advance payment of construction management fee, a £1.64 million ($2.0 million ) repayment of an intercompany loan balance, and settlement of the $9.26 million (£7.5 million) loan principal and $2.3 million (£1.9 million) 25% repayment fee from PGBEP2 to Sheaf Storage Ltd, a third party. The Company is liable for an 18% profit share fee to Sheaf Storage Ltd, payable following receipt of each element of sale proceeds.

~~Prior~~Notes to ~~sale of~~ the ~~project~~Condensed onConsolidated ~~December 22,~~Interim ~~2023, a total £54.9 million ($69.9 million) of loans and leases, less £7.4 million ($9.4 million) outstanding cash balances~~Financial were invested in the project, the liabilities for which have been taken on by Sosteneo, and included as consideration on sale as net debt forgiveness. Of these amounts, £9.6 million related to the Sheaf Storage Ltd loan and accrued interest was repaid on November 2, 2023.Statements

~~The Company~~December is also entitled to receive further deferred consideration upon achieving certain post sale construction milestones, being milestone 1: £7.26 million ($8.9 million) on batteries delivery to site, milestone 2: £4.96 million ($6.1 million) upon reaching commercial operation date prior to March 31, ~~2026, and milestone 3: £1.3 million ($1.6 million) upon receipt of a land remediation tax credit of this amount.~~2024

~~F-13~~(Unaudited)

~~PACIFIC GREEN~~(Expressed ~~TECHNOLOGIES~~in ~~INC~~U.S. dollars)

~~Notes to~~8. ~~the~~Sales, ~~Condensed~~Prepaid ~~Consolidated~~Manufacturing ~~Interim~~Costs, ~~Financial~~Cost ~~Statements~~of Goods Sold, and Contract Liabilities (continued)

~~December~~The Company has analyzed its sales 31contracts under ASC 606 and has identified that the percentage of completion of the contract often is not directly correlated with contractual payment terms with customers. As a result of the timing differences between customer payments and percentage of completion of the contract, contractual ~~2023~~assets and contractual liabilities have been recognized.

As of December 31, 2024, contract liabilities included $1,907,000 related to BESS construction management agreement (~~Unaudited~~March 31, 2024 - $3,826,000).

~~(Expressed~~ Changes in ~~U.S.~~the ~~dollars)~~Company’s accrued revenue, prepaid manufacturing costs, and contract liabilities for the period are noted as below:

9. Disposal / Sale of Project Assets (continued)

	Accrued Revenue $000			Prepaid Manufacturing Costs $000			Sales (Cost of Goods Sold) $000			Contract Liabilities $000

Balance, March 31, 2023		505			464						(8,751	)

Customer receipts and receivables		–			–			–			(4,768	)
Scrubber sales recognized in revenue		–			–			8,353			8,353
Payments and accruals under contracts		(67	)		936			–			–
Cost of goods sold recognized in earnings		–			(864	)		(864	)		–
Balance, December 31, 2023		438			536						(5,166	)

Balance, March 31, 2024		588			673						(4,700	)

Customer receipts and receivables		–			–			–			(2,449	)
Scrubber and FOWE sales recognized in revenue		–			–			840			840
BESS CMA and MSA recognized in revenue		–			–			2,129			2,129
Payments and accruals under contracts		(470	)		328			–			–
Scrubber and FOWE cost of goods sold recognized in earnings		–			(576	)		(1,141	)		–
BESS CMA and MSA cost of sales recognized in earnings		–			–			(1,800	)		–
Balance, December 31, 2024		118			425						(4,180	)

~~(b)~~Cost ~~Sale~~ of ~~project~~goods ~~assets~~sold ~~(Sheaf~~for ~~Energy~~the ~~Ltd~~nine ~~and~~months ended ~~Pacific~~December ~~Green~~31, ~~Battery~~2024 ~~Energy~~and ~~Parks~~December 231, ~~Limited).~~2023 ~~(continued)~~is comprised as follows:

Under the construction management agreement, the Company is also entitled to receive a maximum £3.0 million contingency payment (“CMA Contingency”) if commercial operation date is achieved prior June 2025, and subject to reduction where commercial operation date is achieved at a later date and for any project contingency forecasted and spent over and above the budgeted amount.

	Three Months Ended December 2024, $000			Three Months Ended December 2023, $000		Nine Months Ended December 2024, $000		Nine Months Ended December 2023, $000
BESS CMA and MSA – cost of sales		721			465		1,800		903
Specific services provided to marine scrubber systems		484			905		1,576		2,423
Scrubber costs recognized		47			161		391		70
Amortization of intangibles		41			236		126		726
FOWE cost of goods sold		(13	)		–		243		–
Salaries and Wages		154			143		436		406
Design and engineering services for CSP		1			51		330		221
Commission type costs		14			10		44		40
Total		1,449			1,971		4,946		4,789

Milestones 1,2, 3 and the CMA Contingency are assessed as having material risk of reversal. Accordingly no revenue is recognized in relation to these constrained price components in the current quarter. Level of confidence of meeting remaining milestones that have not yet been recorded as revenue will be reF-~~assessed in future reporting periods. Total contingent revenue backlog associated with the constrained price elements on Sheaf project at December 31, 2023 amounts to £16.5 ($21.0) million.~~13

	GBP			FX		USD
Cash payment on closing		12,215,318			1.2743		15,565,980
Debt of SHEAF
Sheaf Storage Loan		9,571,128					11,825,437
Capex Loan		36,003,329					45,879,042
NatWest loan		1,685,838					2,148,263
Leases		7,614,876					9,703,637
Less: Cash		(7,390,806	)				(9,418,104	)
Total revenue		59,699,682					75,704,254

PACIFIC GREEN TECHNOLOGIES INC.

~~On October~~Notes ~~16, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer in relation~~ to the ~~commitment~~Condensed toConsolidated ~~the~~Interim ~~Sheaf project, which comprises 4,500,000 shares in the Company which are issuable immediately upon the commitment~~Financial being made, and $3,664,000 (£3,000,000) in cash, of which $3,053,000 (£2,500,000) is payable immediately upon the commitment being made, and $611,000 (£500,000) is payable in monthly instalments over 24 months.Statements

~~10.~~December ~~Noncontrolling~~31, ~~Interest~~2024

~~On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited~~ (~~“Amkest Group”~~Unaudited) ~~to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture.~~

~~Between March 2022 and September 2022, Green Power Reserves Limited~~ (~~“GPR”)~~Expressed ~~made~~in ~~an equity investment of a total $16~~U.~~0 million (£13~~S.~~0 million)~~ ~~for a fifty percent shareholding in Pacific Green Battery Energy Parks 1 Limited (“BEP1”~~dollars), and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”) (together: “REP Project”). The Company retained control over BEP1 by virtue of holding 65% of the voting rights and appointing two of the three directors.

~~On September 27, 2023, the Company purchased 51% of the capital of four Italy Project Companies from Sphera~~9. ~~The~~Accounts ~~Company~~Payable ~~paid Sphera €1.0 million ($1.06 million)~~ and ~~recorded~~Accrued ~~noncontrolling interest of €0.96 million ($1.01 million) on the €1.96 million ($2.07 million) gross capitalized asset value.~~Liabilities

Details of the carrying amount of the noncontrolling interests are as follows:

	December 31, 2024 $000		March 31, 2024 $000

Accounts payable		8,177		2,894
Accrued liabilities		3,107		2,227
UK VAT payable		25		1,000
Other liabilities		605		156
Employee related liabilities		596		519
Total accounts payable and accrued liabilities		12,510		6,796

	December 31, 2023 $			March 31, 2023 $
Non-redeemable noncontrolling interest		–			16,140,339
Net (loss)/ income attributable to noncontrolling interest (BESS REP)		–			(354,987	)
Net (loss)/ income attributable to noncontrolling interest (JV)		(216,162	)		(121,677	)
Acquired noncontrolling interest (BESS Italy)		1,009,784			–
Non-controlling interest		793,622			15,663,675

Included within Accounts payable is a balance of AUD 6,325,000 ($3,927,000) in relation to a commitment fee payable in relation to one of the Company’s Australian BESS projects. This has been recognized within Investment and other advances within long term assets.

~~As of~~10. ~~December~~Loans ~~31,~~Payable ~~2023, net income attributable to noncontrolling interest was $392,903 split as follows; Net income attributable to noncontrolling interest – BESS was $298,417~~ and ~~$94,486~~Interest ~~was attributable to non-controlling interest - JV.~~Payable

F-14

	December 31, 2024 $000		March 31, 2024 $000

Loans payable – BESS project finance ⁽¹⁾		7,790		–
Short-term loans ^{(2) (3)}		10,116		–
Other short-term borrowings ⁽⁴⁾		19		–
Total		17,925		–

Interest payable ⁽⁵⁾		–		2,634

~~PACIFIC GREEN~~(1) ~~TECHNOLOGIES~~On ~~INC~~August 15, 2024, Pacific Green Technologies (Australia) Limited (“PGTA”), a wholly owned subsidiary of the Company, entered into a AUD 11,000,000 loan agreement with an independent third party lender to fund further development of our Australian BESS portfolio. The loans do not bear interest but incur a fixed premium of 20% of the loan principal, payable in full upon repayment of the principal. The loan principal is to be repaid in full at the earlier of six months or the sale of one of the Company’s Australian BESS projects. The loan is secured against PGTA’s direct or indirect shareholdings in the Company’s Australian BESS projects. The Company has also provided the lender a guarantee in the event of default. On December 19, 2024, PGTA entered into a new loan arrangement with the same lender which effectively refinanced the previous AUD 11,000,000 loan agreement. This new loan became effective on February 26, 2025 and due to mature ten months from this date. This resulted in the payment of AUD $2,200,000 repayment premium from the last loan on March 21, 2025 following the completion of the sale of the Limestone Coast North BESS project. As the repayment premium of the previous loan was repaid after the new loan became effective, PGTA was charged an additional 1.67% per month interest charge on the AUD $2,200,000 repayment premium. The new loan does not bear interest but, similar to the previous loan, incurs a fixed premium of 20% of the loan principal which is payable in full upon repayment of the principal. However, the loan’s ten-month maturity date is conditional on the PGTA receiving either receiving two non-binding offers (“NBO”) on the Limestone Coast West BESS project or receiving a NBO from the purchaser of the Limestone Coast North BESS project within a six-week period from March 19, 2025. If the NBOs are not received, then the loan becomes repayable following the sale of the Limestone Coast North project. Whilst awaiting NBOs to be received, PGTA will be charged an additional 1.67% interest per month on the AUD 11,000,000 principal amount

~~Notes to the Condensed Consolidated Interim Financial Statements~~F-14

~~December 31,~~PACIFIC ~~2023~~GREEN TECHNOLOGIES INC.

~~(Unaudited)~~Notes to the Condensed Consolidated Interim Financial Statements

~~(Expressed in~~December ~~U.S.~~31, ~~dollars)~~2024

~~11. Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities~~(Unaudited)

~~The Company~~(Expressed ~~derives~~in ~~revenue from the sale of products, delivery of services~~U.S. ~~Revenue disaggregated by type for the three and nine months ended December 31, 2023, and 2022 is as follows:~~ dollars)

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Products		84,057,183		2,253,221		84,057,183		4,607,668
Services		1,904,449		1,386,771		4,258,276		2,251,553
Total		85,961,632		3,639,992		88,315,459		6,859,221

10.

Loans Payable and Interest Payable (continued)

~~Revenue from~~(2) ~~services~~Pacific ~~include~~Green ~~specific~~Energy ~~services~~Parks ~~provided~~(UK) toLimited, ~~marine~~a ~~scrubber~~wholly ~~systems~~owned assubsidiary ~~well~~of asthe ~~design~~Company, entered into four separate loan agreements with a group of independent third party lenders for a total £900,000 between May 15 and ~~engineering~~May ~~services~~28, 2024. The Company also entered into a loan agreement with an independent third-party lender in the same group for ~~Concentrated Solar~~$1,270,000 ~~Power~~on May 28, 2024. ~~Contracts~~The five loans are identical in terms. The loans incur a fixed premium of 20% of principal, payable in full on repayment of principal. The loans were repayable on December 31, 2024, or earlier if certain liquidity events occur (whose conditions were not met). On November 15, 2024, the Company entered into a new loan agreement to borrow a further £5,210,000 from this group of lenders and one new lender, and also refinanced certain existing loans received in May 2024 into this new loan agreement, novating all refinanced loans for ~~specific~~the ~~services~~Company ~~provided~~to be the borrower, instead of Pacific Green Energy Parks (UK) Limited in some cases. The refinancing redenominated the previous US Dollar $1,270,000 loan to ~~marine~~Sterling ~~scrubber~~£1,000,000. ~~systems~~Two ~~represent~~lenders ~~maintenance~~did ~~services~~not participate in the refinancing and £200,000 of principal plus 20% fixed premium were repaid between December 31, 2024 and January 2, 2025, giving a total of £1,700,000 from original lenders contributing to the refinancing. ~~Contracts~~The ~~for~~fixed ~~Concentrated Solar~~20% ~~Power~~repayment ~~include~~premium ~~design~~on these original loans was capitalized into the principal upon refinancing, giving a net increase to principal of £340,000 on these loans. The new funds lent £5,210,000 and ~~engineering~~refinanced ~~services~~original ~~provided~~loans £2,040,000 give a total new principal under this loan agreement of £7,250,000. Both the refinanced loans and the new loans are due 20 business days after Pacific Green Energy Parks (UK) Limited receives its first payment milestone from Sosteneo relating to ~~clients~~its sale of the Sheaf project. ~~Revenue~~This payment milestone is for ~~Marine~~£7,260,000 ~~service~~and ~~contracts~~is expected to be received in late 2025. The loan incurs a fixed premium of 20% of the new loan principal, payable when the loan principal is ~~recognized~~repaid. The lenders hold security over the first Sheaf payment milestone and over a new bank account set up by Pacific Green Energy Parks (UK) Limited to receive this milestone payment. Should the Company default on the loan(s), the lender(s) can elect to convert up to 100% of the amounts outstanding to the equivalent value of ordinary shares in the Company at the Default Conversion Strike Price (defined as 0.7 x the ~~services are~~Company’s ~~provided~~average share price on the 10 business days before and after the Event of Default).

~~Revenue for~~(3) ~~BESS~~The ~~includes~~Company ~~sale~~entered ofinto ~~project~~five ~~assets~~separate ~~recognized~~loan onagreements ~~project~~between ~~sale~~August 12, ~~with~~2024 ~~deferred~~and ~~consideration~~September ~~constrained~~24, to2024 ~~amounts~~with ~~not~~four atthird-party ~~significant risk~~lenders ofand ~~future~~one ~~reversal.~~related ~~Revenue~~party ~~for~~as ~~BESS construction management fees is recognized on a cost to costs basis over the duration of the contract.~~follows:

~~Product revenue~~● byThe ~~type~~related ~~for~~party ~~the~~loan ~~three~~was ~~and~~agreed ~~nine~~on ~~months~~August ~~ended~~13, ~~December~~2024 31with Shead Group Pty Ltd, ~~2023~~an entity controlled by Alex Shead, ~~and~~for ~~2022~~the isCompany asto ~~follows:~~borrow AUD 200,000.

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Sale of marine scrubbers		8,352,929		2,253,221		8,352,929		4,607,668
Sale of BESS projects		75,704,254		–		75,704,254		–
Total		84,057,183		2,253,221		84,057,183		4,607,668

●

The other loans with independent third parties were for a total AUD 750,000 and GBP 75,000.

~~Service~~The loans all incur a fixed 20% premium payable upon repayment of principal. ~~revenue~~The byloans ~~type~~were ~~for~~all ~~the~~repaid ~~three~~between ~~and~~January ~~nine~~8, ~~months~~2025 ~~ended~~and ~~December~~March 31, ~~2023,~~2025. ~~and~~Refer ~~2022~~to isNote as16 ~~follows:~~for further details.

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Specific services provided to marine scrubber systems		1,196,223		1,237,663		3,176,025		1,889,215
BESS construction management agreement		524,605		–		524,605		–
Design and engineering services for Concentrated Solar Power		183,621		149,108		557,646		362,338
Total		1,904,449		1,386,771		4,258,276		2,251,553

(4)

On April 17, 2024, Pacific Green Technologies (Australia) Pty Ltd, a wholly owned subsidiary of the Company, entered into a financing arrangement with a third-party lending provider in Australia to borrow $180,000 (AUD 276,000) for an insurance policy with monthly repayments of $18,000 per month over 10 months. This was repaid on January 3, 2025.

F-(5) Interest payable at March 31, 2024 related to the Company’s previous loan payable to Sheaf Storage Limited, an independent third party, which was entered into on December 15, 2022, of $9,262,000 (£7,500,000) for the acquisition of Sheaf Energy Limited. The interest payable of $2,634,000 (£2,085,000) due to Sheaf Storage Limited is in relation to the profit share (18%) on the net equity proceeds from the sale of Sheaf Energy Limited and Pacific Green Battery Energy Parks 2 Limited. On April 4, 2024, the Company repaid interest payable of $2,634,000 to Sheaf Storage Limited in full.

~~PACIFIC GREEN TECHNOLOGIES INC.~~F-15

~~Notes to~~PACIFIC ~~the~~GREEN ~~Condensed~~TECHNOLOGIES ~~Consolidated Interim Financial Statements~~INC.

~~December 31,~~Notes ~~2023~~to the Condensed Consolidated Interim Financial Statements

~~(Unaudited)~~December 31, 2024

(~~Expressed in U.S. dollars~~Unaudited)

~~11.~~(Expressed ~~Sales,~~in ~~Prepaid~~U.S. ~~Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (continued~~dollars)

The Company has analyzed its sales contracts under ASC 606 and has identified that the percentage of completion of the contract often is not directly correlated with contractual billing terms with customers11. AsRelated aParty ~~result of the timing differences between customer sales invoices and percentage of completion of the contract, contractual assets and contractual liabilities have been recognized.~~Transactions

AsThe oftable ~~December~~below ~~31,~~presents ~~2023,~~a ~~contract liabilities~~summary ~~included~~of ~~$4,245,313~~transactions with related toparties ~~BESS construction management agreement (March 31, 2023 - $nil). Contract liabilities also included $nil (March 31, 2023 - $8,038,674)~~ for ~~aggregate~~nine ~~cash~~months receipts from one customer relating to scrubber units for thirteen vessels included within a postponement agreement that lapsed in December 2023, resulting in $8.0 million revenue recognized in the quarter ended December 31, ~~2023~~ 2024.

Changes in the Company’s contract assets and liabilities for the periods are noted as below:

($000)

Salaries
and
Wages

Consulting

Other
Benefits

Commission

Directors
Fees

Cash
Bonus

Reimbursed
Expenses⁽⁹⁾

Director
Loans

Total

Transaction with related parties

Scott Poulter

–

744

⁽¹⁾

⁽²⁾

–

177

185

–

1,234

Scott Poulter – Immediate Family

⁽³⁾

–

Other Directors

–

⁽⁴⁾

–

110

⁽⁵⁾

–

⁽⁶⁾

150

Other Management

1,160

⁽⁷⁾

1,065

⁽⁸⁾

–

160

–

2,402

Total

1,189

1,831

107

110

177

345

3,815

Due to related parties

Scott Poulter

–

461

⁽¹⁰⁾

–

676

Other Directors

–

240

–

144

⁽⁶⁾

384

Other Management

–

228

–

228

Total

–

310

240

461

144

1,288

	Accrued Revenue $			Prepaid Manufacturing Costs $			Sales (Cost of Goods Sold) $			Contract Liabilities $
Balance, March 31, 2022		531,947			38,010						(8,143,109	)
Customer receipts and receivables		–			–			–			(5,325,921	)
Scrubber sales recognized in revenue		–						4,717,905			4,717,905
Payments and accruals under contracts		(27,181	)		4,202,264			–			–
Cost of goods sold recognized in earnings		–			(3,776,459	)		(3,776,459	)		–
Balance, March 31, 2023		504,766			463,815						(8,751,125	)
Customer receipts and receivables		–			–			–			(4,767,993	)
Scrubber sales recognized in revenue		–						8,352,929			8,352,929
Payments and accruals under contracts		(67,209	)		935,893			–			–
Cost of goods sold recognized in earnings		–			(863,985	)		(863,985	)		–
Balance, December 31, 2023		437,557			535,723						(5,166,189	)

(1)

Consulting fees of $681,000 paid in relation to Scott Poulter’s compensation during the period have been recorded within management and technical consulting expense in the income statement. Consulting fees were paid to Fresh Air Investments FZCo (“FAI”), a company incorporated in the United Arab Emirates which Scott Poulter has sole dispositive control over. Scott Poulter is in the process of establishing a foundation to share beneficial ownership of FAI with family members.

From April 1, 2024, Fresh Air Holdings Limited (“FAHL”) provided consulting services to the Company of $63,000 which has been recorded within management and technical consulting expense in the income statement. These services were performed by individual who is not Scott Poulter and is not an immediate family member of Scott Poulter. This arrangement ceased on July 31, 2024. FAHL is a wholly owned subsidiary of the Hookipa Trust, a family trust which Scott Poulter and his immediate family members are beneficiaries.

~~F-16~~(2) The other benefits of $90,000 paid to Scott Poulter relates to accommodation allowance pursuant to a consulting agreement dated December 1, 2018 and is recorded within travel and accommodation expenses in the income statement. Commission relates to Marine sales and is recorded within the cost of goods sold in the income statement.

~~PACIFIC GREEN~~(3) ~~TECHNOLOGIES~~One ~~INC~~member of Scott Poulter’s immediate family is employed by the Company’s Australian wholly-owned subsidiaries.

~~Notes to the Condensed Consolidated Interim Financial Statements~~F-16

~~December 31,~~PACIFIC ~~2023~~GREEN TECHNOLOGIES INC.

~~(Unaudited)~~Notes to the Condensed Consolidated Interim Financial Statements

~~(Expressed in~~December ~~U.S.~~31, ~~dollars)~~2024

~~11. Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities~~ (~~continued~~Unaudited)

~~Cost of~~(Expressed ~~goods~~in ~~sold~~U.S. ~~for the period ended December 31, 2023 is comprised as follows:~~dollars)

	Three Months Ended December 31, 2023 $		Three Months Ended December 31, 2022 $		Nine Months Ended December 31, 2023 $		Nine Months Ended December 31, 2022 $
Scrubber costs recognized		160,632		1,670,574		70,364		2,713,475
BESS project costs recognized		59,249,778		–		59,249,778		–
Salaries and wages		142,619		235,799		406,480		322,119
Amortization of intangibles		236,573		219,367		725,939		658,101
Commission type costs		10,522		73,531		39,604		205,824
Design and engineering services for CSP		51,681		104,545		220,690		246,490
Specific services provided to marine scrubber systems		904,624		713,688		2,423,340		1,154,718
BESS construction management services		464,680		–		902,710		–
Total		61,221,109		3,017,504		64,038,906		5,300,727

11.

Related Party Transactions (continued)

12(4) Consulting fees paid to Other Directors include $18,000 fees paid to Alexander Group Pty Ltd, a company controlled by Alex Shead in relation to his director fees of Australian subsidiaries of the Company. ~~Accounts~~Consulting ~~Payable~~fees paid to Other Directors also include share-based payments of $4,000 paid to Peter Rossbach. These amounts have been recorded within management and ~~Accrued~~technical ~~Liabilities~~consulting in the income statement.

	December 31, 2023 $		March 31, 2023 $
Accounts payable		1,495,093		692,526
Accrued liabilities		5,400,073		2,349,083
Other liabilities		–		127,973
Payroll liabilities		400,820		219,151
Total short-term accounts payable and accrued liabilities		7,295,986		3,388,733
Balance, end of period		7,295,986		3,388,733

(5)	Directors fees have been recorded in management and technical consulting in the income statement and relate to fees paid to directors of the Company. These fees comprise of fees paid to Neil Carmichael, Distributed Generation LLC (a company controlled by Peter Rossbach) and Alexander Group Pty Ltd.

F(6) As at December 31, 2024, the Company borrowed $124,000 (AUD 200,000) from Shead Group Pty Ltd, a company controlled by Alex Shead. The balance owed of $144,000 as at December 31, 2024 includes $20,000 in accrued interest. The balance is included in short-17term loans. Refer to Note 10 for further details.

~~PACIFIC~~(7) ~~GREEN~~Salaries ~~TECHNOLOGIES~~and ~~INC~~wages paid to other management includes salaries of $849,000 and payroll bonuses of $214,000, both have been recorded within salaries and wages expenses in the income statement.

~~Notes~~(8) Consulting fees paid to other members of management are recorded within management and technical consulting in the ~~Condensed~~income ~~Consolidated~~statement. ~~Interim~~This ~~Financial Statements~~includes $857,000 fees paid to an individual of management who is not an employee of the Company but acts in a senior role within the Company. This also includes $92,000 paid by Australian subsidiaries of the Company to a company controlled by an immediate family member of one member of management. These fees have been capitalized to project under development.

~~December~~(9) 31Reimbursed expenses relate to travel, ~~2023~~accommodation, and meals incurred by employees and directors during the course of normal business and reimbursed to the employee or director. They are recorded within travel and accommodation expenses in the income statement.

(~~Unaudited~~10) As at December 31, 2024, the Company owe a total of $461,000 in bonuses to Fresh Air Investments FZCo (“FAI”) relating to the performance bonus in relation to the sale of REP and Sheaf in the last fiscal year. FAI is a company incorporated in the United Arab Emirates which Scott Poulter has sole dispositive control over. Scott Poulter is in the process of establishing a foundation to share beneficial ownership of FAI with family members.

~~(Expressed in U.S. dollars)~~F-17

~~13.~~PACIFIC ~~Loans~~GREEN ~~Payable~~TECHNOLOGIES INC.

OnNotes December 15, 2022, the Company signed a Loan Agreement with Sheaf Storage Limited, for a total of $9,261,789 (£7,500,000) for the acquisition of Sheaf Energy Ltd. The loan was secured on a share pledge over the entire share capital of Sheaf Energy Limited. The loan had a repayment date of September 15, 2023, with a fixed repayment fee of 20%. The lender was entitled to ~~8% of~~ the ~~net~~Condensed ~~equity~~Consolidated ~~proceeds~~Interim ~~received by the Company from the sale of Sheaf~~Financial ~~Energy Ltd.~~Statements

OnDecember ~~September 14~~31, 2023, the Company signed an addendum to the Loan Agreement, extending the term of the loan to be repayable on November 15, 2023, with revised repayment fee of 25% due and payable on repayment. Upon the sale of Pacific Green Sheaf Energy Ltd, the lender was entitled to 18% of the net equity proceeds received by the Company. The loan was repaid November 02, 2023 as part of the consideration for sale of Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”). 2024

On September 20, 2023, the Company entered into a number of separate loan agreements, six under English law and one under US Law with seven independent third party lenders for a total of £1,050,000 and $2,500,000 (~~total equivalent $3,782,000~~Unaudited)~~, to provide additional short-term working capital to the Company in funding BESS projects. The loans have identical terms.~~

~~Each~~(Expressed ~~loan is split into two equal tranches and~~ in ~~the absence of a prior liquidity event, is repayable on March 20, 2024, or has a longstop date of June 20, 2024~~U. Tranche 1 liquidity event occurs when the Company receives net funds in excess of £4 million from the disposal of Sheaf Project, and results in a repayment of Tranche 1 principal plus a repayment fee of 20%S. Tranche 2 liquidity event occurs when the Company receives deferred consideration due on reaching commercial operation under the REP sale and purchase agreement, and results in a repayment of Tranche 2 principal plus a repayment fee of 25% of Tranche 2. The loans do not bear other interest apart from the “Repayment Fee”. Tranche 1 was repaid on November 09, 2023. Tranche 2 remained outstanding at December 31, 2023, but was repaid on January 03, 2024.dollars)

On11. ~~November~~Related ~~02,~~Party ~~2023,~~Transactions ~~the Company reached financial close on a £120 million~~ (~~US$146 million~~continued) senior debt facility provided to Sheaf Energy Ltd by National Westminster Bank plc (“NatWest”) and UK Infrastructure Bank Limited (“UKIB”), contributing £60 million ($73 million) each. The facility will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10-year amortization profile upon the start of commercial operations. Drawdowns on the loan prior to sale of Sheaf Energy Ltd on December 22, 2023, amounted to £1.7 million. Interest is charged at the Bank of England base rate plus a margin of 3.0%. The loan balance was sold to Sosteneo on December 22, 2023 as part of the sale of Sheaf Energy Ltd as outlined in note 9.

On November 02, 2023, PGBEP2 entered into a £70 million ($85 million) capital expenditure loan facility with Sosteneo, which together with the senior debt facility, will fund the development and construction of Sheaf Energy Park. Interest rate on the loan facility is 10% per annum. Drawdowns on the loan prior to sale of PGBEP2 on December 22, 2023 totaled £36.0 million. The ~~loan~~above ~~balance~~reconciles ~~was sold~~ to ~~Sosteneo on December 22, 2023 as part of~~ the ~~sale~~Income ofStatement ~~Sheaf Energy Ltd~~ as ~~outlined in note 9.~~follows:

	December 31, 2023 $			March 31, 2023 $
	Nine Months Ended December 31, 2024 $000
Loans payable		2,403,812			1,667,484
Consulting		1,831
Long term loans payable		–			791,662
Directors Fees		110
Balance, end of period		2,403,812			2,459,146
Consulting fees capitalized under project under development		(92	)
Management and technical consulting – related parties		1,849
Management and technical consulting – nonrelated parties		2,064
Total Management and technical consulting		3,913

~~F-18~~12. Common Stock

~~PACIFIC~~Common ~~GREEN~~stock ~~TECHNOLOGIES~~issued ~~INC.~~during the year ended March 31, 2024

~~Notes~~On October 16, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer in relation to the ~~Condensed~~commitment ~~Consolidated~~to ~~Interim~~the ~~Financial~~Sheaf project, which ~~Statements~~comprises 4,500,000 shares in the Company which are issuable immediately upon the commitment being made, and $3,664,000 (£3,000,000) in cash, of which $3,053,000 (£2,500,000) is payable immediately upon the commitment being made, and $611,000 (£500,000) is payable in monthly instalments over 24 months. The shares were issued on April 18, 2024.

Common stock issued during the period ended December 31, ~~2023~~2024

~~(Unaudited)~~In November 2024, McClelland Management Inc exercised 200,000 stock options in the company at $0.10 per share. This was pursuant to the options granted in November 2022.

~~(Expressed~~On inDecember U30, 2024, the Company entered into an agreement to purchase and subsequently cancel 500,000 shares of common stock from one shareholder effective 31 January 2025.S. ~~dollars)~~The consideration for these shares is $300,000 and payable on the effective date.

~~14. Warranty Costs~~F-18

~~During~~PACIFIC ~~the~~GREEN ~~nine~~TECHNOLOGIES ~~months ended December 31, 2023, the Company recorded a net warranty recovery of $18,778 (2022 - an expense of $201,340)~~INC. During the same period, $167,437 of warranty costs were incurred and applied against amounts previously provided for. The Company provides warranties to customers for the design, materials, and installation of scrubber units. Product warranty is recorded at the time of sale and will be revised based on new information as system performance data becomes available.

ANotes ~~summary~~to of the ~~changes~~Condensed inConsolidated ~~the~~Interim ~~warranty costs is shown~~Financial ~~below:~~ Statements

	December 31, 2023 $			March 31, 2023 $
Balance, beginning of period		580,530			865,451
Warranty expense / (recovery)		(18,778	)		(625,664	)
Warranty (invoiced costs) / recovery		(167,437	)		340,743
Balance, end of period		394,315			580,530

December 31, 2024

~~15. Related Party Transactions~~(Unaudited)

(a)Expressed Atin ~~December 31, 2023, the Company owed $1,774,782 (March 31, 2023 – $213,020) to companies controlled by a director and officer of the Company~~U. ~~The amounts owing are unsecured, non-interest bearing, and payable over a 24 month period~~S. dollars)

~~(b)~~13. ~~During~~Stock ~~the three and nine months ended December 31, 2023, the Company incurred $8,172 (2022 – $26,218) and $38,147 (2022 – $112,180) in commissions to companies controlled by a director of the Company.~~Options

~~(c)~~The ~~During~~following ~~the~~table ~~three~~summarizes ~~and nine months ended December 31, 2023,~~ the ~~Company~~continuity ~~incurred $4,526,794 (2022– $168,500) and $8,673,724 (2022– $495,500) in consulting fees and bonus to a director, or companies controlled by a director~~ of ~~the~~stock ~~Company. This includes $8,039,358 (2022 - $nil) bonus paid to a director of the Company.~~options:

F-19

	Number of options			Weighted average exercise price ($)		Weighted average remaining contractual life (years)		Aggregate intrinsic value $

Balance, March 31, 2023		485,000			0.89		1.66		103,800	^(*)

Granted		100,000			0.60		2.93
Exercised		–			–		–		–
Forfeited		(75,000	)		1.34		–		–
Balance, March 31, 2024		510,000			0.77		1.124		101,350	^(*)

Granted		–			–		–		–
Exercised		(200,000	)		0.10		–		–
Forfeited		(110,000	)		1.74		–		–

Balance, December 31, 2024		200,000			0.90		1.27		102,000
Balance, December 31, 2024, vested and exercisable		200,000			0.90		1.27		102,000

~~PACIFIC~~(*) ~~GREEN~~Value ~~TECHNOLOGIES~~represents ~~INC~~options in-the-money as at December 31, 2024.

~~Notes~~Additional toinformation ~~the~~regarding ~~Condensed~~stock ~~Consolidated~~options ~~Interim Financial~~outstanding ~~Statements~~as at December 31, 2024 is as follows:

December 31, 2023

Issued and Outstanding
Number of shares		remaining contractual life (years)		Exercise price $

	20,000		0.20		1.20
	40,000		0.20		1.20
	40,000		0.58		1.20
	20,000		1.58		0.60
	40,000		2.08		0.60
	40,000		2.58		0.60
	200,000

~~(Unaudited)~~Unless otherwise noted, the Company estimates the fair value of its stock options using the Black-Scholes option pricing model, assuming no expected dividends.

The fair value of stock options vested and recognized during the three months and nine months ended December 31, 2024 was nil (~~Expressed~~2023 – $14,000) and $4,000 (2023 – $32,000), which was recorded as additional paid-in ~~U.S.~~capital ~~dollars~~and charged to Management and technical consulting (2023 – salaries expense).

~~16. Stock Options~~F-19

~~The~~PACIFIC ~~following~~GREEN ~~table~~TECHNOLOGIES ~~summarizes the continuity of stock options:~~INC.

	Number of options			Weighted average exercise price $		Weighted average remaining contractual life (years)		Aggregate intrinsic value $
Balance, March 31, 2022		537,500			0.56		1.43		170,125
Granted		285,000			0.66		–		–
Forfeited		(337,500	)		0.18		–
Balance, March 31, 2023 and June 30, 2023		485,000			0.89		1.41		84,900
Granted		100,000			0.60		–		–
Balance, September 30, and December 31, 2023, vested and exercisable		585,000			0.84		1.22		108,400	*

Notes to the Condensed Consolidated Interim Financial Statements

~~(*) Value represents weighted average of those options in-the-money as at~~ December 31, ~~2023.~~2024

~~Additional information regarding stock options outstanding as at December 31, 2023 is as follows:~~(Unaudited)

Issued and Outstanding
Number of shares	Weighted average remaining contractual life (years)	Exercise price $
25,000	0.04	1.03
50,000	0.25	1.50
25,000	0.67	0.90
20,000	1.21	1.20
40,000	1.21	1.20
40,000	1.59	1.20
10,000	0.75	0.01
25,000	0.75	2.50
25,000	0.75	3.75
200,000	0.84	0.10
25,000	0.67	0.50
20,000	2.58	0.60
40,000	3.08	0.60
40,000	3.58	0.60
585,000

(Expressed in U.S. dollars)

~~Unless otherwise noted, the Company estimates the fair value of its stock options using the Black-Scholes option pricing model, assuming no expected dividends, applying a risk-free interest rate of 4~~14.~~54%,~~ ~~average~~Segmented ~~expected~~Information ~~life of 3.5 years~~ and ~~expected~~Geographic ~~volatility 122%.~~Data

~~The estimated fair value of the stock options is recorded over the requisite period to vesting. For the three and nine months ended December 31, 2023, the fair value of $14,282~~ (~~2022 - $162,566~~a) ~~and~~Segment ~~$31,572 (2022 – 189,478) was recorded as salaries expense.~~Information

~~F-20~~As of April 1 2024, the Company has identified the following reportable segments:

~~PACIFIC~~● ~~GREEN~~Battery ~~TECHNOLOGIES~~Energy ~~INC~~Storage Systems (“BESS”) – The Company is focused on early stage development of utility scale BESS facilities, combining our technology, development and project financing expertise, and using our global presence and strong relationships with trusted supply chain partners, to de-risk project execution. Our local presence and strategic relationships in China gives us access to the best technologies and manufacturing capabilities, whilst our project delivery experience in Europe and Australia enable us deliver industry leading projects at scale and speed.

~~Notes~~● Environmental Technologies (“ET”) – The Company continues to operate in the ~~Condensed~~Emission ~~Consolidated~~Control ~~Interim~~Systems ~~Financial Statements~~(“ECS”) market, installing and servicing marine exhaust scrubbers. We maintain our own global product patents and intellectual property for these market leading environmental technologies. Environmental Technologies also includes design, development and engineering services for Concentrated Solar Power (“CSP”) projects in China.

~~December~~The ~~31,~~segment ~~2023~~profit or loss measure used by the Company’s chief operating decision maker (“CODM”) is gross profit and evaluated based on internal reports provided to the CODM. Our CODM has been identified as the Chief Executive Officer.

~~(Unaudited)~~The prior-period amounts have been restated to conform with the new presentation.

(Expressed in U.S. dollars)

	Three Months Ended December 31, 2024									Nine Months Ended December 31, 2024
	BESS $000			ET $000			Total $000			BESS $000			ET $000			Total $000

Revenues		693			828			1,521			2,129			3,054			5,183
Cost of goods sold		(721	)		(728	)		(1,449	)		(1,800	)		(3,146	)		(4,946	)
Segment gross (loss) profit		(28	)		100			72			329			(92	)		237

Reconciliation of profit or loss
Segment gross (loss) profit		(28	)		100			72			329			(92	)		237
Gain on de-recognition of BESS project subsidiaries		952			–			952			1,329			–			1,329

Unallocated amounts:
Total expenses								(3,977	)								(11,531	)
Interest expense								(1,369	)								(2,226	)

Loss before income taxes								(4,322	)								(12,191	)

17. Segmented Information

	Three Months Ended December 31, 2023									Nine Months Ended December 31, 2023
	BESS $000			ET $000			Total $000			BESS $000			ET $000			Total $000

Revenues		524			9,733			10,257			524			12,087			12,611
Cost of goods sold		(465	)		(1,506	)		(1,971	)		(903	)		(3,886	)		(4,789	)
Segment gross profit (loss)		59			8,227			8,286			(379	)		8,201			7,822

Reconciliation of profit or loss
Segment gross profit (loss)		59			8,227			8,286			(379	)		8,201			7,822
Gain on de-recognition of BESS project subsidiaries		25,398			–			25,398			42,153			–			42,153

Unallocated amounts:
Total expenses								(11,594	)								(25,634	)
Interest expense								(3,923	)								(5,944	)
Total other (expense) income excluding interest expense								(8,373	)								(8,306	)

Income before income taxes								9,794									10,091

~~The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, Oceania, and South America.~~F-20

	December 31, 2023
	North America $		Europe $		Asia $		Oceania $		Total $
Property and equipment		3,053		103,091		634,089		7,862		748,095
Intangible Assets		5,974,982		–		3,430		–		5,978,412
Right of use assets		–		984,161		78,153		–		1,062,314
Projects under development		–		2,897,125		53,648		2,160,251		5,111,024
		5,978,035		3,984,377		769,320		2,168,113		12,899,845

PACIFIC GREEN TECHNOLOGIES INC.

	March 31, 2023
	North America $		Europe $		Asia $		Total $
Property and equipment		5,343		134,001		709,865		849,209
Intangible Assets		6,700,921		–		5,563		6,706,484
Right of use assets		–		226,860		123,569		350,429
		6,706,264		360,861		838,997		7,906,122

Notes to the Condensed Consolidated Interim Financial Statements

	Three months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		38,752			85,326,948			595,932			–			85,961,632
COGS by customer region		25,159			60,648,725			547,225			–			61,221,109
Gross Profit by customer region		13,593			24,678,223			48,707			–			24,740,523
GP% by customer region		35	%		29	%		8	%		0	%		29	%

December 31, 2024

~~F-21~~(Unaudited)

~~PACIFIC~~(Expressed ~~GREEN~~in ~~TECHNOLOGIES INC~~U.S. dollars)

~~Notes~~14. toSegmented ~~the~~Information ~~Condensed~~and ~~Consolidated~~Geographic ~~Interim~~Data ~~Financial Statements~~(continued)

~~December~~Total ~~31,~~segment ~~2023~~long-live assets reconciled to consolidated amounts are as follows:

(Unaudited)

	December 31, 2024
	BESS $000		ET $000		Unallocated $000		Total $000

Property and equipment ⁽¹⁾		–		30		131		161
Intangible assets		–		921		–		921
Projects under development		8,497		–		–		8,497
Right of use assets		48		22		985		1,055
Total		8,545		973		1,116		10,634

(~~Expressed~~1) inThe ~~U.S.~~amounts ~~dollars~~presented for property and equipment are after the reclassification of $535,000 to assets held for sale at December 31, 2024 (see Note 5).

17. Segmented Information (continued)

	March 31, 2024
	BESS $000		ET $000		Unallocated $000		Total $000

Property and equipment		–		614		96		710
Intangible assets		–		1,048		–		1,048
Projects under development		8,468		–		–		8,468
Right of use assets		–		63		1,307		1,370
Total		8,468		1,725		1,403		11,596

	Three Months Ended December 31, 2022
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		34,170			1,082,175			2,523,647			–			3,639,992
COGS by customer region		26,954			803,963			2,186,587			–			3,017,504
Gross Profit by customer region		7,216			278,212			337,060			–			622,488
GP% by customer region		21	%		26	%		13	%		0	%		17	%

(b)

Geographic Data

	Nine months ended December 31, 2023
	North America $			Europe $			Asia $			South America $			Total $
Revenues by customer region		55,699			86,642,836			1,616,924			–			88,315,459
COGS by customer region		41,431			62,253,187			1,744,288			–			64,038,906
Gross Profit by customer region		14,268			24,389,649			(127,364	)		–			24,276,553
GP% by customer region		26	%		28	%		(8	)%		0	%		27	%

The following tables show revenue and long-lived assets by geography:

	Nine Months Ended December 31, 2022
	Three Months Ended December 31, 2024 $			Three Months Ended December 31, 2023 $			Nine Months Ended December 31, 2024 $			Nine Months Ended December 31, 2023 $
	North America $			Europe $			Asia $			South America $			Total $
Total revenues
Revenues by customer region		54,653			3,239,954			3,535,920			28,694			6,859,221
North America		–			39			14			56
COGS by customer region		37,190			2,083,243			3,172,039			8,255			5,300,727
Europe		1,382			9,622			4,649			10,938
Gross Profit by customer region		17,463			1,156,711			363,881			20,439			1,558,494
Asia		139			596			520			1,617
GP% by customer region		32	%		36	%		10	%		71	%		23	%
Total		1,521			10,257			5,183			12,611

For the three and nine months ended December 31, 2023, 89% (2022 – 35%) and 86% (2022 – 29%) of the Company’s revenues were derived from the largest customer.

	December 31, 2024 $000		March 31, 2024 $000

Long-lived assets
North America		920		1,047
Europe		1,164		1,401
Asia ⁽¹⁾		53		680
Total		2,137		3,128

Reconciliation of long-lived assets
Property and equipment ⁽¹⁾		161		710
Intangible assets		921		1,048
Right of use assets		1,055		1,370
Total		2,137		3,128

~~F-22~~(1) The amounts presented for property and equipment are after the reclassification of $535,000 to assets held for sale at December 31, 2024 (see Note 5).

~~PACIFIC GREEN TECHNOLOGIES INC.~~F-21

~~Notes~~PACIFIC toGREEN ~~the~~TECHNOLOGIES ~~Condensed Consolidated Interim Financial Statements~~INC.

~~December~~Notes ~~31,~~to ~~2023~~the Condensed Consolidated Interim Financial Statements

~~(Unaudited)~~December 31, 2024

(~~Expressed in U.S. dollars~~Unaudited)

18(Expressed in U.S. ~~Commitments~~dollars)

~~(a)~~14. ~~The~~Segmented ~~Company’s~~Information ~~subsidiaries have entered into two long-term operating leases for office premises in London, United Kingdom,~~ and ~~Shanghai,~~Geographic ~~China.~~Data ~~These lease assets are categorized as right of use assets under ASU No. 2016-02. The lease for the office premises in London was extended on December 26, 2023.~~(continued)

Long-term premises lease

Lease commencement

Lease expiry

Term (years)

Discount rate*

London, United Kingdom

December 26, 2023

December 25, 2026

3.00

8.25

Shanghai, China

March 1, 2020

May 31, 2025

5.25

4.65

For the three and nine months ended December 31, 2024, 46% and 41% of the Company’s revenues were derived from the largest customer respectively.

*For ~~The~~the ~~Company~~three ~~determined~~and ~~the~~nine ~~discount~~months ~~rate~~ended ~~with~~December ~~reference~~31, to2023, ~~mortgages~~87% and 77% of ~~similar~~the ~~tenure~~Company’s revenues ~~and~~were ~~terms~~derived from the largest customer respectively.

~~Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date~~15. AsIncome the Company’s operating lease does not provide an implicit rate, the discount rate used to determine the present value of the lease payments is the collateralized incremental borrowing rate based on the remaining lease term. The operating lease asset excludes lease incentives. The operating leases do not contain an option to extend or terminate the lease term at the Company’s discretion, therefore no probable renewal has been added to the expiry date when determining lease term. Operating lease expense is recognized on a straight-line basis over the lease term.Taxes

~~Lease~~The ~~cost~~effective tax rate for the three months and nine months ~~are~~ ~~summarized~~ended asDecember ~~follows~~31, 2024 was 10% and 7% of pre tax losses (2023: 15% and 11%) respectively. Our effective tax rate is lower than the statutory US federal income tax rate of 21% due to the Company’s policy to recognize valuation allowances for carried forward losses in the US, UK and all other markets, excluding Australia. This policy is consistent with the Company’s policy for the year ended March 31, 2024.

		Three Months Ended December 31, 2023 $				Three Months Ended December 31, 2022 $				Nine Months Ended December 31, 2023 $				Nine Months Ended December 31, 2022 $
Operating lease expense *			728,860				231,789				946,219				440,779

16.

Subsequent events

*(a) ~~Lease~~On ~~payments~~January ~~include~~6 ~~maintenance~~2025, ~~operating~~Pacific ~~expense~~Green Technologies (Shanghai) Co. Ltd, a wholly owned subsidiary of the Company, entered into a sale and ~~tax~~purchase agreement to sell its property in Shanghai. This transaction completed in January following approval from the Shanghai Minhang Land Bureau. The sales consideration received was greater than the net book value of the property as at 31 December 2024.

~~The~~(b) ~~Company~~Further ~~has~~to an investment agreement Pacific Green Technologies (Middle East) Holdings Limited (“PGTME”), a wholly owned subsidiary of the Company, entered into ~~premises~~on ~~lease~~September ~~agreements~~12, ~~with minimum~~2024 ~~annual~~which ~~lease~~gave ~~payments~~it ~~expected~~the ~~over~~ability ~~the~~to ~~remaining~~acquire ~~three~~3 ~~fiscal~~to ~~years~~6% stake in a German start up business specializing in fuel cells and hydrogen separation, PGTME acquired 3% of this business in February 2025 for a cost of €500,000. On April 29, 2025, PGTME acquired a further 3% stake in the ~~lease~~German asbusiness. ~~follows:~~ This additional stake was acquired from an independent third party by exchanging $547,000 previously advanced to the third party in September and November 2024 for shares in the German business which were previously held by the third party. The $547,000 balance was recorded within Other Receivables at December 31 2024.

	$
2024		103,167
2025		407,616
2026		352,025
Thereafter		176,014
Total future minimum lease payments		1,038,822
Imputed interest		(64,567	)
Operating lease obligations		974,255

(c)

On February 20, 2025, the Company announced it has signed binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park, 250MW / 500MWh battery energy storage development in the Limestone Coast region of South Australia, to Intera Renewables (“Intera”). The project expects to begin commercial operations in 2027. The sale completed on March 19, 2025 with the Company receiving approximately AUD $33,000,000 cash ($21,000,000) in March and April 2025

(bd) On ~~December~~June 213, ~~2020~~2025, ~~the~~Pacific ~~Company~~Green ~~signed~~Energy aParks ~~Joint-Venture~~Holding ~~Agreement~~Europe ~~with Amr Khashoggi Trading Company~~ Limited, ~~(“Amkest Group”) to incorporate~~ a company incorporated in the ~~Kingdom~~United ofArab ~~Saudi~~Emirates ~~Arabia~~which ~~for~~is ~~the~~a ~~sale~~wholly ofowned ~~Pacific~~subsidiary ~~Green’s~~of ~~environmental technologies within~~ the ~~region. The~~ Company ~~holds~~entered ~~70%~~into ~~interest~~two insubscription ~~the~~agreements ~~joint~~to ~~venture.~~acquire ~~The~~controlling ~~Company~~interests ~~incorporated~~in ~~Pacific~~two ~~Green~~entities ~~Technologies~~which ~~Arabia~~are ~~LLC~~currently ondeveloping ~~November~~two ~~23,~~separate ~~2021.~~BESS ~~Neither~~50MW ~~party~~battery ~~had~~energy ~~funded~~storage ~~the~~projects ~~joint~~in ~~venture~~Poland. atThe ~~March~~consideration ~~31, 2022 and there had been no revenue and expense associated with it~~ for ~~the~~this ~~year~~transaction ~~ending~~was ~~March 31, 2022. Since April 1, 2022~~ the ~~Company~~exchange ~~has~~of ~~paid in share capital and intercompany~~ loans ~~and~~previously ~~accrued~~provided ~~interest amounting~~ to ~~$970~~these entities,~~547~~ towhich ~~fund~~are ~~operational~~listed ~~expenses~~within toNote ~~December~~4 ~~31,~~of ~~2023~~the financial statements.

F(e) On June 29, 2025, the Company entered into a AUD 4,000,000 loan agreement an independent third party lender to fund potential buy-23backs of the Company’s common stock. The expiry date on the loan is the earlier of June 29, 2027 and the sale of certain assets of the Company. The loan bears interest of 1.67% per month which is payable at the expiry date and the Company has the ability to repay the loan early at a cost of 20% of the principal less any interest paid to date. The lender is the same independent third party lender who entered into a AUD 11,000,000 loan with Pacific Green Technologies (Australia) Limited as noted in Note 10. On July 7, 2025, the Company announced it had entered into agreements with certain shareholders to repurchase and cancel approximately 3.9 million common shares for a total of approximately $2.3 million. Of these amounts, on the same day, the Company repurchased approximately 2.1 million common shares for approximately $1.3 million.

~~PACIFIC GREEN TECHNOLOGIES INC.~~F-22

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

19. Income Taxes

The majority of our revenues from international Marine sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. BESS revenues are invoiced and collected by our U.K. entities. The components of income before income taxes by U.S. and foreign jurisdictions were as follows:

	December 31, 2023 $			December 31, 2022 $
United States		(10,875,742	)		(4,205,331	)
Foreign		23,513,169			(3,499,784	)
Net profit / (loss) before taxes		12,637,428			(7,705,115	)

The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate.

	December 31, 2023 $			December 31 2022 $
Net profit / (loss) before taxes		12,637,428			(7,705,115	)
Statutory tax rate		21	%		21	%
Expected income tax expense / (recovery)		2,653,860			(1,618,074	)
Tax exemption on share sale		(7,905,011	)		–
Subpart F inclusion		6,027,488			–
Permanent differences and other		2,451,576			151,871
Foreign tax rate difference		(73,458	)		6,686
Change in valuation allowance		(1,988,816	)		1,459,517
Income tax provision		1,165,639			–
Current		1,165,639			–
Deferred		–			–
Income tax provision		1,165,639			–

At December 31, 2023, the Company is current with statutory corporate income tax filings. Certain of the amounts presented above are based on estimates and what management believes are prudent filing positions. The actual losses available could differ from these estimates upon assessment and review by taxation authorities. U.S. federal and state income tax returns filed by us remain subject to examination for income tax years 2014 and subsequent. Canadian federal and provincial income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Income tax returns associated with our operations located in the United Kingdom and China are subject to examination for income tax years 2018 and subsequent.

F-24

PACIFIC GREEN TECHNOLOGIES INC.

Notes to the Condensed Consolidated Interim Financial Statements

December 31, 2023

(Unaudited)

(Expressed in U.S. dollars)

19. Income Taxes (continued)

Tax positions are evaluated for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information.

The Company estimates that it has brought forward accumulated estimated net operating losses of approximately $25.3 million which were incurred mainly in the U.S, and which don’t begin to expire until 2033. Historical losses in the U.S., are subject to limitations on use due to deemed changes in control for tax purposes. This impacts the timing and opportunity to use certain losses. In arriving at the tax liability for the current period, a total of $24.8 million of historical net operating losses were offset, leaving $0.5 million carried forward into future reporting periods. In addition, the Company estimates that it has approximately $12.7 million in losses available in the United Kingdom.

20. Subsequent events

On January 03, 2024, the Company repaid a total $2.4 million Tranche 2 short term loans including 25% repayment fees.

F-25

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This ~~quarterly~~quarter report on Form 10-Q contains forward-looking statements. ~~These~~within ~~statements~~the ~~relate~~meaning toof ~~future~~Section ~~events~~27A orof ~~our~~the ~~future~~Securities ~~financial~~Act ~~performance.~~of ~~In some cases~~1933, ~~you can identify forward-looking statements by terminology such~~ as ~~“may”,~~amended ~~“should”,~~(the “~~expects”,~~Securities ~~“plans~~Act”), ~~“anticipates”,~~and Section ~~“believes”,~~21E ~~“estimates”,~~of ~~“predicts”,~~the ~~“potential”~~Securities orExchange ~~“continue”~~Act ~~or the negative~~ of ~~these~~1934, ~~terms~~as oramended ~~other~~(the ~~comparable~~“Exchange ~~terminology~~Act”). ~~These~~All statements ~~are~~contained ~~only~~in ~~predictions~~this ~~and~~quarter ~~involve~~report on ~~known~~Form ~~and~~10-Q ~~unknown~~other ~~risks,~~than ~~uncertainties and~~statements ~~other~~of ~~factors~~historical fact, including ~~the~~statements ~~risks~~regarding inour ~~the~~future ~~section~~operating ~~entitled~~results ~~“Risk~~and ~~Factors”~~financial position, our ~~that~~business ~~may~~strategy ~~cause~~and ~~our~~plans orand our ~~industry’s actual~~objectives ~~results~~for future operations, ~~levels~~are offorward-looking ~~activity,~~statements. ~~performance~~The orwords ~~achievements~~“believe,” “may,” to“will,” be“estimate,” ~~materially~~“continue,” ~~different~~“anticipate,” ~~from~~“predict,” “project,” ~~any~~“potential,” ~~future~~“seek,” ~~results~~“intend,” ~~levels~~“could,” of“would,” ~~activity~~“should,” ~~performance~~“expect,” or“plan” ~~achievements~~and ~~expressed~~similar orexpressions ~~implied~~are byintended ~~these~~to identify forward-looking statements.

~~Although~~Forward-looking westatements ~~believe~~in ~~that~~this ~~the~~quarter ~~expectations reflected~~report inon ~~the~~Form ~~forward~~10-~~looking~~Q ~~statements~~include, but are ~~reasonable~~not limited to, weour ~~cannot~~plans ~~guarantee~~and expectations regarding future financial results, ~~levels~~including our expectations regarding: our ability to secure buyers for BESS projects in our portfolio; statements about our supply chain; operating results; the sufficiency of ~~activity,~~our ~~performance~~cash orand ~~achievements.~~our liquidity and our ability to obtain financing; projected costs; development of new products and improvements ~~Except~~to our existing products; our development costs; our agreements with our development partners; legislative actions and regulatory and environmental compliance; competitive position; management’s plans and objectives for future operations; our ability to comply with loan terms and repay loan obligations as ~~required~~they bycome ~~applicable~~due; ~~law,~~trends ~~including~~in selling prices; the ~~securities~~success ~~laws~~of our customer financing arrangements and ability to secure financiers; capital expenditures; warranty matters; outcomes of ~~the~~litigation; ~~United~~our ~~States~~exposure to foreign exchange, weinterest and docredit ~~not~~risk; ~~intend~~general business and economic conditions in our markets; industry trends; the impact of changes in government incentives; risks related to ~~update~~cybersecurity breaches, privacy and data security; the likelihood of any impairment of ~~the~~project ~~forward~~assets, long-~~looking~~lived assets ~~statements~~and investments; trends in revenue, cost of revenue and gross profit (loss); trends in operating expenses including sales and marketing expense and general and administrative expense; our ability to ~~conform~~expand ~~these~~our ~~statements~~business, including our ability to ~~actual~~secure ~~results~~new customers; our ability to increase efficiency of our products and services; our ability to market our products successfully; our business strategy and plans and our objectives for future operations; and the impact of recently adopted accounting pronouncements.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this quarter report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including those discussed in Part I, Item 1A, Risk Factors and elsewhere in this quarter report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make in this quarter report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur. Actual results, events or circumstances could differ materially and adversely from those described or anticipated in the forward-looking statements.

The forward-looking statements made in this quarter report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this quarter report on Form 10-Q to reflect events or circumstances after the date of this quarter report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.

Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors including those discussed under Part I, Item 1A, Risk Factors and elsewhere in this quarter report on Form 10-Q.

Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report and unless otherwise indicated, the terms “we”, “us”, “our”, “Pacific Green”, the “Company”, and “our company” mean Pacific Green Technologies Inc., a Delaware corporation, and our wholly owned subsidiaries, (1) Pacific Green Innoergy Technologies Ltd., a United Kingdom company, (2) Pacific Green Marine Technologies Group Inc., a Delaware corporation, (3) Pacific Green Marine Technologies Inc., a Delaware corporation, (4) Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.), a United Kingdom company, (5) Pacific Green Technologies (Middle East) Holdings Ltd., a United Arab Emirates company, (6) Pacific Green Technologies Arabia LLC, 70% owned, a Kingdom of Saudi Arabia company, (7) Pacific Green Technologies (Canada) Inc. (Formerly Pacific Green Marine Technologies Inc.), a Canadian corporation, (8) Pacific Green Solar Technologies Inc., a Delaware corporation, (9) Pacific Green Technologies International Ltd., a British Virgin Islands company, (10) Pacific Green Technologies Asia Ltd., a Hong Kong company, (11) Pacific Green Technologies Engineering Services Limited (Formally Pacific Green Technologies China Ltd.), a Hong Kong company, (12) Pacific Green Technologies (Australia) Pty Ltd., an Australia company, (13) Pacific Green Technologies (Shanghai) Co. Ltd. (Formerly Shanghai Engin Digital Technology Co. Ltd.), a Chinese company, (14) Guangdong Northeast Power Engineering Design Co. Ltd., a Chinese company, (15) Pacific Green Energy Parks Inc., a Delaware corporation, (16) Pacific Green Energy Storage Technologies Inc., a Delaware corporation, (17) Pacific Green Energy Storage (UK) Ltd. (Formerly Pacific Green Marine Technologies Trading Ltd.), a United Kingdom company, (18) Pacific Green Portland West Pty Ltd., an Australian company, (19) Pacific Green Portland East Pty Ltd., an Australian company, (20) Pacific Green Energy Park Portland Pty Ltd., an Australian company, (21) Pacific Green Energy Parks Australian Pty Ltd., an Australian company, (22) Pacific Green Energy Park Limestone Coast North Pty Ltd., an Australian company, (23) Pacific Green Energy Park Limestone Coast West Pty Ltd., an Australian company, (24) Pacific Green Limestone Coast Pty Ltd., an Australian company, (25) Pacific Green Battery Energy Parks 2 Ltd., a United Kingdom company, (26) Sheaf Energy Ltd., a United Kingdom company, (27) Pacific Green Energy Parks (UK) Ltd., a United Kingdom company, (28) Pacific Green Energy Parks (Italia) srl, an Italian company, (29) Sphera Australe Srl, 51% owned, an Italian company, (30) Sphera Levante Srl, 51% owned, an Italian company, (31) Sphera Ponente Srl, 51% owned, an Italian company, (32) Sphera Boreale Srl, 51% owned, an Italian company, (33) Pacific Green Future Energy Inc, a Delaware corporation, (34) Pacific Green Portland North Pty Ltd., an Australian company, (35) Pacific Green Portland Northeast Pty Ltd., an Australian company, unless otherwise indicated.

~~Corporate~~Key ~~History~~ Operating Metrics

~~Our~~Disclosures ~~company~~on ~~was~~Key ~~incorporated~~Operating inMetrics ~~Delaware~~are ~~on March~~taken ~~10,~~from ~~1994, under~~ the ~~name~~Annual ofReport ~~Beta~~on ~~Acquisition~~Form ~~Corp.~~10-K Infor ~~September~~the ~~1995,~~year weended ~~changed~~March ~~our name to In-Sports International~~31, ~~Inc.~~2024 Inand ~~August~~not ~~2002, we~~updated ~~changed~~for ~~our~~the ~~name from In~~quarter-~~Sports~~ended ~~International~~December 31, ~~Inc~~2024. toFurther update ~~ECash,~~will ~~Inc.~~be Indisclosed ~~2007,~~as ~~due~~part toof ~~limited~~the ~~financial~~Annual ~~resources,~~Report weon ~~discontinued~~Form ~~our operations.~~10-K ~~Over~~for the ~~course~~fiscal ofyear ~~the~~ended ~~ensuing~~March ~~five years~~31, ~~we sought out new business opportunities~~2025.

OnBESS ~~June~~project 13, 2012, we changed our name to Pacific Green Technologies Inc. and effected a reverse split of our common stock following which we had 27,002 shares of common stock outstanding with $0.001 par value.pipeline

2BESS project pipeline represents our uncontracted, potential proceeds from sale of BESS projects, which have a reasonable likelihood of contract execution within 48 months. Pipeline is an internal management metric that we construct from market information reported by our business development team. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future proceeds from customer contracts for our BESS. Our pipeline is further divided into Early Stage and Mid/Late Stage projects, with Mid-Late Stage projects being all projects with an anticipated sale within 24 months, and Early Stage projects being all other projects that the where the Company has a clear intent to proceed with development activity beyond initial evaluation. Prospects under initial evaluation are excluded from the pipeline.

~~Effective~~We ~~December~~cannot 4,guarantee ~~2012,~~that weour ~~filed~~pipeline ~~with~~will result in actual sale proceeds in the timeframe indicated, or at all. Pipeline may not generate margins equal to our historical operating results. ~~Delaware~~Our ~~Secretary~~expectations of ~~State~~project aprofitability ~~Certificate~~may ofchange ~~Amendment~~over oftime ~~Certificate~~as circumstances on the project and our understanding of ~~Incorporation,~~the ~~wherein~~project weevolve. External ~~increased~~market factors and economic or other factors beyond our ~~authorized~~control ~~share~~may ~~capital~~affect our development cost, or our customers’ interest in buying projects from the pipeline. If our pipeline fails to ~~510~~result in proceeds as anticipated or in a timely manner,~~000,000~~ ~~shares~~we ofcould ~~stock~~experience a asreduction ~~follows:~~in profitability and liquidity.

	●	500,000,000 shares of common stock with a par value of $0.001; and
	●	10,000,000 shares of preferred stock with a par value of $0.001.

The following table presents our total BESS project pipeline of projects at the development stage:

The increase of authorized capital was approved by our board of directors on July 1, 2012 and by a majority of our stockholders by a resolution dated July 1, 2012.

		December 31, 2024		March 31, 2024		Change
		MW		MW		MW		%

BESS project development pipeline:
Australia	Early stage		2,750		1,250		1,500
	Mid-late stage		250		250		-
Europe	Early stage		550		500		50
	Mid-late stage		-		-		-
Total			3,550		2,000		1,550		78	%

Original Strategy and Recent Business

Since 2012, the Company has focused on marketing, developing and acquiring technologies designed to improve the environment by reducing pollution. The Company has acquired and registered its own technologies, patents and intellectual property from acquisitions and organic growth, and pursued opportunities globally for the development and marketing of the emission control technologies, including the ENVI-Systems™ emission control technologies: ENVI-Marine TM, ENVI-Pure TM and ENVI-Clean TM.

Since October 2020, the Company has developed Battery Energy Storage Systems (BESS) capabilities, initially through acquisition of Innoergy Limited. Since March 2021, the Company has acquired and developed two BESS projects of total 350MW in the United Kingdom, from early-stage origination and development through to financing, financial close of sale to an equity investor, and continued construction management towards commercial operation. In Q1 FY24 the Company closed the sale of REP project in the United Kingdom to Sosteneo, and on November 02, 2023, committed to the sale of Sheaf project to Sosteneo.

The Company has also added further origination stage projects to its portfolio, including a portfolio of 500MW of projects in Italy and 1GW of projects in Australia.

Vision & Strategy

Pacific Green envisions a world of rapidly growing demand for renewable energy technological solutions to address the challenges presented by a changing climate. Our business provides turnkey and scalable end-to-end environmental and renewable technology solutions in the energy sector. Our technological platform has two main divisions:

● Battery Energy Storage Systems (“BESS”); and

● Environmental Technologies (“ET”);

Pacific Green plans to execute this vision by a strategy of equipment sales and proactive infrastructure development and ownership, each is led by acquisitions of technology capabilities and project investment opportunities, highlighted to date by the following events:

● On October 20, 2020, the Company closed the acquisition of Innoergy Limited (“Innoergy”), a UK based designer of BESS whose clients included Osaka Gas Co. Ltd, in Japan, and Limejump Limited in the UK, a subsidiary of Shell plc. The acquisition has enabled our entry into the BESS market;

● On March 18, 2021, the Company acquired Richborough Energy Park Limited (“REP”), a BESS development project to deliver 99MW of energy in Kent, UK and subsequently sold the entity under the terms of a Sale and Purchase Agreement on June 26, 2023; and

● On December 6, 2022 the Company acquired Sheaf Energy Limited which is being developed into our second BESS 249MW facility project. On November 02, 2023, the Company committed to sell the project to Sosteneo Fund 1 Holdco s.a.r.l. on November 02, 2023, and completed the sale on December 22, 2023. The Company will continue to participate and earn revenue from the project under the terms of a construction management agreement and milestone payments included in the sale agreement.

● On 27 September 27 2023, the Company purchased 51% of the equity capital in four Italian entities (the Italy Project Companies) with preliminary land agreements secured and preliminary grid interconnection offers accepted for five BESS projects in Italy, with total development potential of 500MW. The Company also paid an advance towards its future purchase of the remaining 49% of the Italy Project Companies.

InAdditions ~~support of this strategy, we have adopted a Human Resource approach that seeks~~ to ~~hire~~ the ~~best~~pipeline ~~talent~~ in ~~the~~fiscal ~~core~~year ~~areas of our business. At September 30, 2023, the Company employed~~2024 ~~approximately 42 staff excluding full time consultants and contractors across a network of offices around the world. Our hiring plan includes the addition of sales and project execution specialists.~~include:

~~Strategic~~● ~~Partnerships~~Portland Energy Park, a 1 GW/ 1.5 GWh new grid-scale battery project to be developed in Victoria, Australia and is planned to be the largest Battery Energy Storage System in Australia. The energy park will deliver a major increase in energy storage capacity in Victoria, strengthening the region’s energy stability and supporting its net-zero transition. Once operational, the energy park will provide critical support for existing and proposed renewable energy projects within the Southwest Renewable Energy Zone (as designated by the Australian Energy Market Operator and the Victorian Government), and heavy electricity users and energy generation facilities in this area.

~~Pacific~~● ~~Green~~Limestone ~~has~~Coast ~~forged~~Energy ~~global~~Park ~~partnerships~~regional ~~with private~~South East Australia, comprising two grid-scale co-located battery assets – Limestone Coast North and Limestone Coast West, combined 500 MW / 1.0 GWh. The projects will enhance the state~~-owned~~’s energy ~~providers~~stability and ~~owners~~supporting its transition to net-zero emissions. ~~This~~Strategically ~~strategic~~located ~~alignment~~near ~~with~~the ~~leading~~275kV South East Substation, the facilities will aid stabilizing the grid and lowering energy ~~industry~~costs. ~~platforms~~The ~~empowers~~parks ~~Pacific Green~~will store up to ~~provide~~60% ~~quickly~~of ~~scalable~~South ~~solutions~~Australia’s inresidential solar output, preventing an average of 80,000 tonnes of carbon dioxide emissions annually. On February 20, 2025, the ~~core~~Company ~~areas~~announced it has signed binding documentation for the sale of ~~our~~100% ~~business~~of the shares in its Limestone Coast North Energy Park, toa ~~gather~~250 ~~unique~~MW ~~insights~~/ on500 ~~cutting-edge~~MWh ~~trends~~battery ~~and~~energy ~~leverage recurring~~storage ~~revenue~~development ~~opportunities~~in ~~that~~the ~~enable~~Limestone usCoast region of South Australia, which expects to ~~cross-sell~~begin ~~products~~commercial ~~and~~operations ~~services~~in 2027, to Intera Renewables (Intera). The sale completed on March 19, 2025.

● On September 27, 2023, the Company acquired 51% interest in five development BESS projects in Italy from Sphera Energy S.r.l (“Sphera”), total 500 MW. These five projects are held within Sphera Australe S.r.l., Sphera Levante S.r.l., Sphera Ponente S.r.l., and Sphera Boreale S.r.l. (the “Italy Project Companies”). The Company has ~~entered~~also ~~into~~agreed ~~several~~to ~~partnership and~~acquire ~~framework~~the ~~agreements~~remaining 49% capital in each of the ~~core~~Italy ~~areas~~Project Companies upon achievement of ~~our~~ready ~~business~~to build status, targeted for 2026-2027.

~~Battery~~Additions ~~Energy~~to ~~Storage~~the ~~Systems~~pipeline ~~(“BESS”)~~since the end of fiscal year 2024 include:

● On51% ~~January~~share ~~14,~~in ~~2021,~~two ~~the~~50 ~~Company~~MW ~~signed a framework agreement with Shanghai Electric Gotion New Energy Technology Co., Ltd (“SEG”). The agreement provides for the supply of lithium-ion~~ BESS. ~~SEG~~projects ~~is a joint-venture between Shanghai Electric Group Co., Ltd. (“Shanghai Electric”) with operating revenues~~ in ~~excess~~Poland ~~of USD$20 billion, and Guoxuan High-tech Co., Ltd. With multiple production facilities and a long-established history~~ in ~~technology~~the ~~manufacturing~~quarter ~~and~~ended ~~supply-chain~~June ~~management~~30, ~~SEG is well-positioned to provide lithium-ion BESS technology around the world, has supplied the batteries for the Richborough Energy Park and is contracted to supply the batteries for Sheaf project~~2024.

● OnTwo ~~March~~250 ~~18,~~MW ~~2021, the Company signed a framework agreement with TUPA Energy Limited (“TUPA”) to gain exclusive rights~~ BESS projects in ~~the UK. TUPA is a UK-based company with expertise in planning~~Queensland, ~~grid~~Australia ~~connections~~ and ~~land~~one ~~acquisition.~~500 ~~The~~MW ~~Company~~project ~~has to date executed 99MW~~ in ~~relation~~New toSouth ~~the~~Wales, ~~Richborough~~Australia ~~Energy Park project and 249MW~~ in ~~relation to~~ the ~~Sheaf~~quarter ~~Energy~~ended ~~project.~~June ~~The~~30, ~~framework agreement was terminated after the completion of the Sheaf Energy acquisition in December 2022~~2024.

● OnTwo ~~June~~250 ~~13,~~MW ~~2023,~~BESS ~~the~~projects ~~Company~~in ~~signed~~New ~~consulting~~South ~~agreements~~Wales, ~~with~~Australia ~~GSMT consulting Pty Ltd to provide GPS studies and connection agreement support~~ in the ~~development~~quarter ofended ~~Limestone~~December ~~and~~31, ~~Portland BESS sites in Australia~~2024.

●On InOctober ~~addition~~23, to2024, ~~the~~Pacific ~~agreement~~Green toEnergy ~~purchase~~Parks Holdings ~~51%~~(Europe) ofLimited, ~~the~~a ~~Italy~~wholly ~~Project~~owned ~~Companies~~UK ~~from~~subsidiary ~~Sphera~~of ~~Energy~~the ~~S.r.l.~~Company, onalso ~~September~~entered ~~27,~~into ~~2023 the Company signed~~ a framework development ~~services~~ agreement with ~~Sphera~~a ~~Energy~~European renewable ~~S.r.l.~~energy developer to develop ~~each of the five~~ BESS projects ~~owned~~in byPoland ~~the Italy Project Companies,~~ with the ~~objective~~aim ofto ~~issuance~~develop of a ~~license~~portfolio toof ~~each~~projects ~~Project~~with ~~Company~~total ~~that~~capacity ~~will~~of ~~allow~~at least ~~the~~400 ~~Italy~~MW. ~~Project~~Projects ~~Companies~~ to ~~build~~include ~~and~~in ~~operate~~this ~~the~~pipeline ~~proposed~~are ~~BESS~~under ~~projects, and to reach ready to build status~~evaluation.

●BESS On October 31, 2023, the Company signed a balance of plant subcontract with Keltbray Built Environment Limited, and a battery supply agreement with Hefei Gotion High-Tech Power Energy Co Ltd for the Sheaf project ~~in the UK~~sales

InDuring ~~addition~~fiscal toyear ~~supply agreements~~2024, ~~on December 2, 2020,~~ the Company ~~signed~~sold ~~a joint venture and marketing agreement with AMKEST to assist with the promotion of the Company’s business~~two ~~activities~~BESS inprojects ~~the Kingdom of Saudi Arabia and the wider Middle East. Amkest Group is overseen by its founder, Amr Khashoggi, who holds board positions~~ in ~~numerous influential companies and government bodies across~~ the Kingdom and is currently serving as Strategic Advisor to the Kingdom’s prominent new development city, King Abdullah Economic City (KAEC). Amkest Group’s leadership team is led by Chief Executive Officer, Salman Alireza, whose background includes various founding, executive and director-level positions in the business development sector within the Kingdom of Saudi Arabia, in addition to an MBA from London Business School.UK:

~~Significant~~● ~~Events~~On June 26, 2023, the Company sold Richborough Energy Park (“REP”), a 100MW BESS project of energy storage in Kent, UK to Sosteneo Fund 1 HoldCo S.à.r.l (“Sosteneo”). REP completed construction and testing in December 2023, and began operating under a 10-year energy optimization agreement for Shell Europe Limited to purchase the battery capacity from REP.

● On ~~January~~December 1622, 2023, a ~~postponement~~the ~~agreement~~Company ~~with~~sold aSheaf, ~~major~~its ~~client,~~BESS indevelopment ~~which~~project 13to ~~marine~~deliver ~~scrubber~~249MW ~~units~~of ~~had~~energy ~~been~~storage ~~deferred~~in Sandwich, ~~was~~Kent, ~~extended~~UK ~~from~~to ~~the~~Sosteneo. ~~original~~Sheaf ~~expiration date~~holds ofan ~~February~~energy 9,optimization ~~2023,~~agreement towith ~~December~~SSE ~~31,~~whereby ~~2023.~~SSE ~~The~~purchases ~~postponement~~the ~~expired~~capacity inand ~~December~~have ~~2023~~the ~~and~~exclusive ~~$8.0~~right ~~million~~to ~~revenue~~provide ~~was~~optimization ~~recognized~~services for ~~this~~a inten ~~the~~year ~~quarter-ended~~period ~~December~~from ~~31,~~the ~~2023~~start ~~accordingly~~of commercial operations. The project is currently in construction phase.

OnProject ~~February~~sales 6,since ~~2023, 250,000 ordinary shares in~~ the ~~Company~~end ~~were issued to McClelland Management Inc. at a price~~ of ~~$0.73~~fiscal asyear part of the consideration for intellectual property transferred from McClelland Management Inc. to the Company under the terms of an IP transfer deed dated January 4, 2023. A further 250,000 shares will be issued in February 2024 ~~and 250,000 shares in January 2025.~~ include:

●

On March 19, 2025, the Company sold 100% of the shares in its Limestone Coast North Energy Park, 250MW / 500MWh battery energy storage development in the Limestone Coast region of South Australia, to Intera Renewables (“Intera”), at Ready to Build (“RtB”) stage. The project is in construction phase.

~~On May 4, 2023, the Company entered into land option agreements with BZ Renewables Holdings PTY, in relation to sites with potential for~~ BESS ~~projects~~project ~~of 1GW capacity in Portland and Limestone Coast in Southern Australia.~~services

OnFor ~~June~~BESS 8,projects ~~2023,~~sold ~~the Company~~at ~~approved~~RtB ~~the cancellation of 56~~stage,~~162 shares~~ ofthe ~~Treasury~~Company is ~~stock~~often itretained ~~had~~to ~~previously~~provide ~~repurchased~~to ~~during~~our ~~the~~customers ~~year~~project ~~ended~~management ~~March 31,~~support ~~2022~~during ~~under~~construction anand ~~authorized~~operations ~~share buy-back program~~phases.

OnThe ~~June~~following ~~26,~~table ~~2023~~presents ~~the Company~~our ~~sold~~total ~~Richborough~~portfolio of ~~Energy Park (“REP”), a 99 MW~~ BESS ~~project~~projects inwhere ~~Kent,~~we ~~UK.~~are ~~The~~retained ~~project is anticipated~~ to ~~begin~~provide ~~operations in~~ongoing ~~January 2024.~~services:

On June 9, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer, which comprises 2,750,000 shares in the Company, $1,957,340 (£1,550,000) in cash and a 10% increase in salary backdated to April 1, 2023. The shares are issuable and cash payable immediately. The cash bonus was paid on June 15, 2023. The shares were issued on June 23, 2023.

	December 31, 2024		March 31, 2024		Change
	MW		MW		MW		%

BESS project services:
Construction management		250		250		-
Procurement support		-		-		-
Asset management		100		100		-
Total		350		350		-		-	%

OnFees ~~July 3, 2023, the board of directors approved a performance-related bonus~~ for ~~Scott~~these ~~Poulter,~~services ~~Chief~~are ~~Executive~~included ~~Officer, which comprises 2,250,000 shares~~ in ~~the Company which are issuable~~revenue. ~~immediately~~This ~~and~~is ~~$2,567,200~~separate ~~(£2,000,000)~~from inproceeds ~~cash,~~from sale of ~~which~~BESS ~~$1,797,040~~projects ~~(£1,400,000)~~recorded isin ~~payable~~gain ~~immediately~~on ~~and~~derecognition ~~$770,160 (£600,000) payable pro rata with the remaining consideration~~ of ~~the~~BESS ~~Richborough~~project ~~sale~~subsidiaries.

OnNon-GAAP ~~September~~Financial 27, 2023, the Company purchased 51% of the capital in four Italy Project Companies from Sphera Energy S.r.l. (“Sphera”). Sphera established the Italy Project Companies for the development of five BESS projects in Italy of total 500 MW capacity.Measures

OnNon-GAAP ~~October~~Financial ~~16,~~Measures ~~2023,~~were disclosed in the ~~board~~Annual ofReport ~~directors~~on ~~approved a~~Form ~~performance~~10-~~related~~K ~~bonus~~ for ~~Scott Poulter, Chief Executive Officer in relation to~~ the ~~commitment~~year toended ~~the~~March ~~Sheaf project~~31, ~~which comprises 4~~2024,~~500,000~~ ~~shares~~but ~~in the Company which~~ are ~~issuable~~not ~~immediately~~included ~~upon~~for the ~~commitment~~quarter-ended ~~being~~December ~~made~~31, ~~and~~2024. ~~$3,664,000 (£3,000,000) in cash,~~Non-GAAP ofFinancial ~~which~~Measures ~~$3,053,000~~will ~~(£2,500,000)~~be isdisclosed ~~payable~~as ~~immediately~~part ~~upon~~of the ~~commitment~~Annual ~~being~~Report ~~made,~~on ~~and~~Form ~~$611,000~~10-K ~~(£500,000)~~for isthe ~~payable in~~fiscal ~~monthly~~year ~~instalments~~ended ~~over~~March 2431, ~~months~~2025.

On November 02, 2023, the company committed via a put and call option to the sale of Sheaf Energy Park, a 249 MW BESS project in Kent, England. The project is anticipated to begin commercial operations in mid-2025. On December 22, 2023 the Company exercised the option and sold the project to Sosteneo Fund 1 Holdco s.a.r.l..

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited interim financial statements for the ~~three and~~ nine months ended December 31, ~~2023~~2024, and ~~2022~~ 2023.

Revenue for the three and nine months ended December 31, 2023 was $85,961,632 and $88,315,459 versus $3,639,992 and $6,859,221 for the three and nine months ended December 31, 2022. The Company’s revenues were derived from BESS project sales, BESS construction management services, scrubber sales, and scrubber services. During the three months ended December 31, 2023, revenue from BESS project sales was $75,704,255 (2022 - $nil), and the Company was in the process of commissioning 2 (2022 – 2) marine scrubber units which contributed to revenue of $314,255 (2022 – $699,289). During the three and nine months ended December 31, 2023, revenue from environmental technology services in the BESS, marine and solar businesses was $1,904,449 and $4,258,276 as compared to $1,386,771 and $2,251,553 for the three and nine months ended December 31, 2022.

~~During~~Revenue for the three and nine months ended December 31, ~~2023~~2024 was $1, ~~the~~521,000 ~~gross~~and ~~profit~~$5,183,000 ~~margin~~compared with $10,257,000 and $12,611,000 for ~~products~~the three and ~~services~~nine months ended December 31, 2023. The Company’s revenues were ~~28%~~derived ~~(2022-~~from ~~20%)~~BESS ~~and~~construction 8%management ~~(2022-~~services, ~~28%)~~scrubber sales, ~~respectively~~and scrubber services. ~~Overall~~During the three and nine months ended December 31, 2024, revenue from services in the ~~gross~~BESS ~~profit~~and ~~margin~~Environmental Technology businesses was $1,403,000 and $4,340,000 as compared to $1,904,000 and $4,258,000 for the three and nine months ended December 31, 2023. ~~was~~In ~~approximately~~December ~~27%~~2023, ~~(2022~~contract liabilities –of ~~23%)~~$8,039,000 for aggregate cash receipts from one customer relating to scrubber units for thirteen vessels included within a postponement agreement that lapsed in December 2023, resulting in $8,039,000 revenue recognized in the quarter ended December 31, 2023.

~~Expenses~~Gross for the three and nine months ended December 31, 2023, were $12,322,409 and $27,267,740 as compared to $2,665,734 and $9,054,688 for the three and nine months ended December 31, 2022. Management and technical consulting fees increased due to increased activity in arising from the sale of REP/ BEP1 and SHEAF/BEP2 BESS Projects. Management and technical consulting fees were comprised of fees paid to our directors, officers and advisors for business development efforts and advisory services. Office-based costs, travel expenses, and professional fees also increased due to increased business activities and increased bonuses paid following the sale of REP/BEP1 and SHEAF/BEP2.Profit

During the three and nine months ended December 31, 2024, the gross profit margin for products and services was 4.80% and 4.60% (three and nine months ended December 31, 2023 – 81% and 62%).

Expenses

Expenses for the three and nine months ended December 31, 2024, were $3,977,000 and $11,531,000 as compared to $11,594,000 and $25,634,000 for the three and nine months ended December 31, 2023. Management and technical consulting fees decreased due to non-recurrence of prior period changes of $5,812,000 and $12,949,000 for bonuses paid to the CEO which were included in the three and nine months ended December 31, 2023 respectively. Management and technical consulting fees were comprised of fees paid to our directors, officers and advisors for business development efforts and advisory services.

Net profit

During the three and nine months ended December 31, 2024, our company recorded net losses of $3,880,000 ($0.07 per share) and $11,369,000 ($0.20 per share) as compared to net income of $11,233,000 ($0.21 per share) and $11,181,000 ($0.23 per share) for the three and nine months ended December 31, 2023.

~~During~~Our financial results for the three and nine months ended December 31, ~~2023,~~2024 ~~our company recorded a net income of $ 11,311,505 ($0.21 per share)~~ and ~~$12,445,507~~2023 ~~($0.22~~are ~~per~~summarized ~~share)~~ as ~~compared to net loss of $2,052,361 ($0.05 per share) and $7,735,406 ($0.16 per share) for the three and nine months ended December 31, 2022.~~follows:

Our financial results for the three months and nine months ended December 31, 2023 and 2022 are summarized as follows:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2024 $000			2023 $000			2024 $000			2023 $000
Sales
Products		115			8,353			840			8,353
Services		1,406			1,904			4,343			4,258
Total revenues		1,521			10,257			5,183			12,611
Cost of goods sold
Products		135			420			901			864
Services		1,314			1,551			4,045			3,925
Total cost of goods sold		1,449			1,971			4,946			4,789
Gross profit		72			8,287			237			7,822

Gain on de-recognition of BESS project subsidiaries		952			25,397			1,329			42,153

Expenses
General and administrative		3,093			9,880			9,014			22,325
Depreciation, amortization and impairments		31			41			91			117
Property leases and office expenses		677			1,431			1,883			2,602
Advertising and promotion		123			131			431			334
Research and development		53			111			112			257
Total expenses		3,977			11,594			11,531			25,635
Operating income (loss)		(2,953	)		22,090			(9,965	)		(24,340	)

Other income (expenses)
Change in fair value of derivatives		–			(8,371	)		–			(8,304	)
Net interest expense		(1,369	)		(3,925	)		(2,226	)		(5,944	)
Total other (expense) income		(1,369	)		(12,296	)		(2,226	)		(14,249	)

Income (loss) before income taxes		(4,322	)		9,793			(12,191	)		10,091
Income tax benefit		442			1,439			822			1,089
Net (loss) income for the period		(3,880	)		11,232			(11,369	)		11,180

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2023 $			2022 $			2023 $			2022 $
Revenues
Products		84,057,183			2,253,221			84,057,183			4,607,668
Services		1,904,449			1,386,771			4,258,276			2,251,553
Total revenues		85,961,632			3,639,992			88,315,459			6,859,221
Cost of goods sold
Products		59,670,077			1,986,344			60,113,764			3,686,591
Services		1,551,032			1,031,160			3,925,142			1,614,136
Total cost of goods sold		61,221,109			3,017,504			64,038,906			5,300,727
Gross profit / (loss)		24,740,523			622,488			24,276,553			1,558,494
Expenses
Advertising and promotion		131,303			120,230			334,286			421,903
Amortization of intangible assets		629			639			1,934			1,989
Bad Debts Expense (recovery)		3,766			36,341			59,990			(10,193	)
Depreciation		39,912			45,600			115,327			148,671
Foreign exchange (gain) / loss		330,448			(5,776	)		1,394,647			98,545
Management and technical consulting		8,619,840			802,533			17,903,758			2,106,857
Office and miscellaneous expense		701,906			509,864			1,656,308			1,499,940
Operating lease expense		728,860			231,789			946,219			440,779
Professional fees		563,098			547,538			826,255			1,295,198
Research and development		112,323			-			256,664			13,772
Salaries and wages		619,837			909,364			3,063,107			2,957,988
Transfer agent and filing fees		111,213			15,278			147,539			46,075
Travel and accommodation		342,732			197,252			580,484			596,482
Warranty and related (income) / expense		16,542			(744,918	)		(18,778	)		(563,318	)
Total expenses		12,322,409			2,665,734			27,267,740			9,054,688
Other income / (expense)											–
Provision for loan or debt		(951	)		–			(951	)		–
Financing interest income		(856	)		32,790			188			89,090
Gain on derecognition of a subsidiary		944,938			–			18,567,829
Interest (expense) and other		(1,309,469	)		(220,300	)		(3,330,822	)		(298,011	)
Income tax expense		(1,165,639	)					(1,165,639	)
Net income/(loss) for the period before noncontrolling interest		10,886,137			(2,230,756	)		11,079,418			(7,705,115	)
Net (loss) /income attributable to noncontrolling interest		(34,063	)		(6,577	)		(392,903	)		20,165
Net income/ (loss)for the period		10,920,200			(2,224,179	)		11,472,321			(7,725,280	)

Liquidity and Capital Resources

Working Capital

	December 31, 2023 $			March 31, 2023 $
	At December 31, 2024 $000			At March 31, 2024 $000
Current assets		25,804,927			3,757,334
Current Assets		16,155			12,724
Current liabilities		18,536,948			15,537,991
Current Liabilities		(41,247	)		(20,942	)
Working capital (deficit)		7,267,979			(11,780,657	)
Working Capital		(25,092	)		(8,218	)

Cash Flows

	Nine Months Ended December 31, 2023 $			Nine Months Ended December 31, 2022 $
	Nine Months Ended December 31, 2024 $000			Nine Months Ended December 31, 2023 $000
Net cash used in operating activities		(426,738	)		(6,094,070	)
Net Cash (Used in) Operating Activities		(11,108	)		(17,961	)
Net cash used in investing activities		(35,065,772	)		(31,902,457	)
Net Cash (Used in) Investing Activities		(2,266	)		(29,699	)
Net cash provided by financing activities		46,272,906			34,947,926
Net Cash Provided by Financing Activities		13,493			58,271
Effect of exchange rate changes on cash		1,010,106			(737,456	)
Effect of Exchange Rate Changes on Cash		(365	)		1,179
Net change in cash and cash equivalents		11,790,502			(3,786,057	)
Net Change in Cash and Cash Equivalents		(246	)		11,790

As of December 31, ~~2023~~2024, we had $133,~~064~~975,~~240~~000 in cash and cash equivalents, $2516,~~804~~155,~~927~~000 in total current assets, $ 1841,~~536~~247,~~948~~000 in total current liabilities and a working capital deficit of $ 725,~~267~~092,~~979~~000. ~~compared~~This compares to cash of $4,221,000 and a working capital deficit of $118,~~780~~218,~~657~~000 as at March 31, ~~2023~~2024. The Company’s working capital ~~increased~~decreased primarily due to ~~generation~~losses ofbefore ~~cash~~ tax and ~~receivables~~funding ~~from~~expenditure ~~sale~~on ofits ~~REP~~BESS ~~and~~projects ~~Sheaf~~for ~~projects~~the nine months ended December 31, 2024.

During the nine months ended December 31, ~~2023~~2024, we used $~~426~~11,~~738~~108,000 in operating activities, whereas we used $617,~~094~~961,~~070~~000 from operating activities for the nine months period ended December 31, ~~2022~~2023. The operating cash flow used for the nine months ended December 31, ~~2023~~2024, resulted primarily from ~~the~~operating ~~sale~~expenses ofincurred for ~~Sheaf~~the ~~project,~~nine ~~offset by~~months aended ~~rise~~December in31, ~~account~~2024 ~~receivables~~partial ~~and~~offset ~~other~~by ~~receivables~~working capital movements.

During the nine months ended December 31, ~~2023~~2024, we used $352,~~065~~266,~~772~~000 in investing activities, whereas we used $3129,~~902~~699,~~457~~000 in investing activities during the nine months ended December 31, ~~2022~~2023. Our investing activities for the nine months ended December 31, ~~2023~~2024, comprised primarily additions of projects under development for ~~Sheaf~~our Australian and ~~Australian~~Italian projects, ~~also~~offset ~~investment~~by incash ~~Italian~~receipts ~~Project~~from ~~Companies,~~milestone ~~offset~~payments byrelating ~~proceeds~~to ~~from~~the ~~disposal~~sale of REP ~~project~~.

During the nine months ended December 31, ~~2023~~2024, we received $4613,~~272~~493,~~906~~000 in financing activities, whereas we received $3458,~~947~~271,~~926~~000 in financing activities for the nine months ended December 31, ~~2022~~2023. Our financing activities for the nine months ended December 31, ~~2023~~2024 were related to ~~drawdown~~AUD on$11,000,000 ~~debt~~of ~~facilities~~BESS ~~for~~project ~~REP~~financing received and ~~Sheaf~~ ~~projects~~drawdowns ~~prior~~of tothird ~~project~~party ~~sales, proceeds from~~ short -term loans, offset by ~~repayment~~the $2,634,000 payment of ~~short-term~~interest ~~loans~~relating to a loan from Sheaf Storage Limited, a third party lender.

~~Anticipated~~Liquidity ~~Cash~~and ~~Requirements~~Capital Resources

~~The~~As ~~Company~~at ~~expects~~December to31, ~~collect~~2024, aour ~~further~~principal ~~$6 million~~sources ~~from~~of ~~milestone~~liquidity ~~payments~~were onour ~~REP~~cash ~~project~~and ascash ~~the~~equivalents ~~project~~from ~~achieves~~operations, ~~commercial~~short-term ~~operation~~borrowings, and ~~further~~supply ~~testing~~chain ~~results~~financing. The Company ~~expects~~is toalso ~~raise~~in discussions to obtain a new development ~~finance~~loan ~~for~~facility. ~~Australia~~We ~~portfolio~~believe inthese ~~early~~sources ~~2024,~~of ~~and~~liquidity ~~also~~will ~~raise~~be ~~further~~sufficient ~~corporate~~to meet our expense and capital ofrequirements ~~more~~for ~~than~~at ~~$10~~least ~~million,~~the ~~to support~~next ~~growth~~12 ofmonths following the ~~BESS~~filing ~~projects~~of inthis ~~particular~~quarterly report.

~~These~~We ~~sources~~had ofapproximately ~~funds~~$4.0 ~~will~~million ~~enable~~of ~~the~~cash ~~Company to meet budgeted development~~and ~~expenditure~~cash ~~plans~~equivalents ofon ~~the~~hand ~~Australian~~at ~~and~~December ~~Italian project portfolios~~31, ~~support~~2024. ~~BESS~~Cash ~~related~~and ~~business~~cash ~~development~~equivalents ~~activity~~on inhand ~~Europe~~at ~~and~~March ~~provide working~~31, ~~capital~~2025 towere ~~cover~~$6.2 ~~all operating costs and overheads~~million.

As of December 31, 2023, the Company had $13.1 million cash on hand. After careful consideration we believe current operations, anticipated deliveries and services expected profit from such deliveries, sales of products and services in our BESS and environmental technology businesses and the raising of short-term funds to be sufficient to cover expected cash operating expenses over the next 12 months.

Our cash requirement estimates may change significantly depending on the nature of our business activities and our ability to raise capital from our shareholders or other sources.

We currently have office locations in the United States, Canada, United Kingdom, China, Hong Kong, Abu Dhabi, Kingdom of Saudi Arabia, Australia and Italy. We have hired staff in various regions and rely heavily upon the use of contractors and consultants. Our general and administrative expenses for the period will consist primarily of technical consultants, management, salaries and wages, professional fees, transfer agent fees, bank and interest charges and general office expenses. The professional fees relate to matters such as contract review, business acquisitions, regulatory filings, patent maintenance, and general legal, accounting and auditing fees.

Going Concern

~~Our~~The ~~financial~~condensed ~~statements~~consolidated ~~for~~interim ~~the~~financial ~~quarter ended~~statements ~~December 31, 2023~~ have been prepared on a going concern basis.

The assessment of ~~the~~ liquidity and going concern requires the Company to make judgments about ~~the~~its ~~existence~~ability ofto ~~conditions~~meet orits ~~events~~obligations ~~that~~as ~~raise~~they ~~substantial~~fall ~~doubt~~due ~~about~~for ~~the~~at ~~ability~~least ~~to continue as a going concern within~~ one year after the date that the condensed consolidated interim financial statements are issued. ~~This~~The ~~includes~~directors ~~judgments~~have ~~about the~~reviewed ~~Company’s~~a ~~future~~fiscal ~~activities~~year ~~and~~2026 ~~the~~budget ~~timing~~extended through ~~thereof~~twelve ~~and~~months ~~estimates~~from ofthe ~~future~~date ~~cash flows. Significant assumptions used in~~ the ~~Company’s forecasted~~condensed ~~model~~consolidated ofinterim ~~liquidity~~financial ~~include~~statements ~~forecasted~~are ~~sales~~issued, ~~costs,~~based ~~and~~on ~~capital~~management’s ~~expenditures. Changes in the assumptions could have a material~~operating ~~impact~~plan ~~on the forecasted liquidity~~ and ~~going~~anticipated ~~concern~~financing ~~assessment~~arrangements.

In order for the Company to meet its ongoing obligations, including repayment of short-term debt of principal $16.7 million due for repayment within the next 12 months, and also develop BESS projects from its pipeline at scale, management have been in discussion with several parties, including the existing AUD 11.0 million lender to Pacific Green Technologies Australia, to establish a larger development loan facility. This facility is anticipated to be approximately AUD 50 million. The facility will ensure the Company can meet its obligations as they fall due until at least twelve months from the date the condensed consolidated interim financial statements are issued and increase its pace of pipeline development and cash generation from BESS project sales at Ready to Build stage. The fact that the additional funding required has not yet been fully secured indicates the existence of an event that may cause substantial doubt on their ability to continue as a going concern.

Whilst the funding has not yet been secured, the Company is confident that it will be successful, based on:

●

Existing loan relationship with one of the prospective lenders, supportive of the Company’s growth plans.

●

Positive interest in the loan facility from prospective lenders.

●

An independent study confirming the current value of the Australian BESS project pipeline sufficient to act at as loan security.

The Company also notes that Limestone Coast West BESS project does not yet have any firm sale offers. This project is currently budgeted to be sold in the second half of fiscal year 2026, and is a major component of overall cash receipts through twelve months from the date the condensed consolidated interim financial statements are issued. The lack of firm offers indicates the existence of an event that may cause substantial doubt on their ability to continue as a going concern.

Management are confident of completing this sale effectively and timely, based on:

●

Recent success in the sale of Limestone North project.

●

Interest has already received from prospective buyers.

●

The project has secured a fixed price 7-year offtake agreement for 50% of the battery capacity.

The directors have also reviewed possible downside scenarios to test the Company’s liquidity in the event of adverse circumstances.

Based on the above, the Directors have concluded that the Company remains a going concern and these condensed consolidated interim financial statements have therefore been prepared on the going concern basis.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Critical Accounting Estimates

The preparation of these condensed consolidated interim financial statements in conformity with United States Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements and the reported amounts of revenue and expenses during the reporting period. Our company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by our company may differ materially and adversely from our company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our condensed consolidated interim financial statements because they inherently involve significant judgments and uncertainties.

Impairment of Long-lived Assets

We review long-lived assets such as property and equipment and intangible assets with finite useful lives for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. The determination of whether impairment indicators exist requires significant judgment in evaluating underlying significant assumptions including expected sales contracts, operating costs, and current market value of assets. If an indication is identified, and the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset.

Revenue Recognition

We account for revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) using the five step approach. The most significant estimates and assumptions within the five-step approach are related to identification of performance obligations in the contract and the calculations inherent in the revenue recognition as or when performance obligations are satisfied.

Our marine scrubber sales contracts contain a single performance obligation satisfied over time, based on percentage of completion of the contract. The conclusion for a single performance obligation is based on management’s assessment of these contracts, whereby customers purchase the entire marine scrubber system and do not benefit from the separate components on their own. Revenue is recognized over time based on the percentage of completion of the contract, using the input method.

According to ASC 606-10-25-27, if the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date, revenue should be recognized over time. Our scrubber system is customized to each vessel at the detailed design level, so the performance under the contract does not create an asset with an alternative use. According to our contracts signed with customers under English law, the customers are contractually and legally obliged to pay for performance completed to date that covers cost plus a reasonable profit margin. Therefore, the revenue is recognized over time based on the input method and it is the change in cost of goods sold (using a percentage of costs to complete) that has driven the change in revenues. Significant estimates are involved in using the input method as it relates to estimation of total costs and overall gross margins, and any change in these factors could lead to a difference in timing or amount of revenue and profit.

Revenue from services includes services provided under BESS construction management agreements, specific services provided to marine scrubber systems as well as design and engineering services for ~~Concentrated Solar Power~~CSP. Contracts for specific services provided to marine scrubber systems represent maintenance services which are recognized at a point in time when services are completed. Contracts for ~~Concentrated~~CSP ~~Solar Power~~ include design and engineering services provided to clients. ~~Revenue~~which ~~for~~are recognized ~~service~~over ~~contracts~~time as the service is ~~recognized~~completed. asContracts ~~the~~for services ~~are~~ provided atunder aBESS ~~point~~construction inmanagement agreements is recognized over time as the service is provided.

Any changes to our conclusions around single or multiple performance obligations for either or products or services could result in a timing difference in our revenue recognition. For example, in 2022 we re-assessed our contracts for the sale of marine scrubbers and determined there was only one performance obligation, which had previously been recognized as three distinct performance obligations. As a result, we restated the March 31, 2021 financial statements, with adjustments to revenue, accrued revenue, and prepaid manufacturing costs. Additionally, we have one contract with a significant financing component, where assumptions and estimates are made to separate the financing from revenue and record interest. Any changes in the discount rate or payment schedules could impact the timing of revenue recognized.

Following the sale of the REP project to Sosteneo in June 2023, the Company has implemented a new strategy of originating, developing and selling battery energy storage systems (BESS) projects, as opposed to the prior policy of developing and owning such projects. Under the new strategy, the Company has identified the following income streams from BESS projects:

For sale of BESS projects (Including Sales of Ownership Interests in Project Companies) developed by the Company through to Ready to Build (RtB) stage, where risks and rewards of ownership fully pass to the buyer of the projects on sale, projects are deconsolidated on sale in accordance with ASC 810. For BESS projects sold prior to becoming operational, that do not contain a workforce, and are non-financial assets, the sale is considered sale of an asset under ASC 610, rather than sale of a business. As a result of the change in strategy as discussed above, sale of BESS projects is considered to be the entity's normal operating activity and is recorded under revenue from operations using the 5-step approach under ASC 606 to identify performance obligations and allocate transaction price. Where risk and reward of ownership have fully passed to the buyer on sale, proceeds from sale of projects are recognized as revenue on the transfer of control to the buyer. Sale proceeds contingent on achieving future milestones that have a material risk of not being achieved are constrained and not recognized initially at the point of disposal. Such amounts will be reviewed in each reporting period to assess risk of reversal, and adjustments to constrained amounts and revenue made accordingly.

The Company has also evaluated the impact of sale of BESS projects with significant project financing components included within the assets and liabilities of the project entities disposed of. This includes debt and cash financial instruments remaining outstanding and payable in the project entities at disposal, and so taken on as financial instruments by the acquiring company. Under the terms of sale, where no net debt repayment prior to disposal has occurred, management have made the assessment that the debt less cash financial instruments included within the entities disposed of, forgiven by the acquiror, should be recorded as additional consideration on sale and hence included in revenue.

In the quarter ended December 31, 2023, this resulted in a gross up of revenues of $60.1 million in relation to the net debt at disposal of the Sheaf project, that would otherwise have been recorded as an offset to cost of sales, being the cost of the project assets financed by the financing arrangements.

Total revenue recognized for sale of BESS projects includes therefore:

● Cash proceeds paid by purchaser;

● Net debt forgiven by purchaser;

● Deferred consideration receivable for future milestones post project sale, less constrained amounts where risk of revenue reversal due to partial / non achievement of milestone criteria is material.

Under the new strategy, project assets and liabilities are not being held as long-term assets of the company, and are expected to be sold within 12 months. As a result, balances in consolidated BESS project entities are included in the appropriate balance sheet line items, instead of assets held for sale. Project costs incurred prior to sale are capitalized as projects under development within current assets, and treated as cost of sales on disposal. Project financing liabilities are capitalized as separately identified loans, in liabilities of projects under development within current liabilities. Loan forgiveness on disposal is included as part of consideration within revenue as above.

Revenue from construction management fees is recognized as the services are performed over time, using a cost to cost method.

Warranty Provision

The Company reserves a 2% warranty provision on the completion of a contract following the commissioning of marine scrubbers. The specific terms and conditions of those warranties vary depending upon the product sold and geography of sale. The Company’s product warranties generally start from the commissioning date and continue for up to twelve to twenty-four months. The Company provides warranties to customers for the design, materials, and installation of scrubber units. The Company has a back-to-back manufacturing guarantee from its major supplier, which covers materials, production, and installation. Factors that affect the Company’s warranty obligation include product failure rates, anticipated hours of product operations and costs of repair or replacement in correcting product failures. These factors are estimates that may change based on new information that becomes available each period. Similarly, the Company also accrues the estimated costs to address reliability repairs on products no longer in warranty when, in the Company’s judgment, and in accordance with a specific plan developed by the Company, it is prudent to provide such repairs. The Company intends to assess the adequacy of recorded warranty liabilities quarterly and adjusts the liability as necessary.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation (pursuant to Rule 13a-15(b) of the Exchange Act) of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act as of December 31, ~~2023~~2024.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ~~effective~~ ineffective as of December 31, ~~2023~~2024 due to the material weaknesses identified and described below.

Management’s Report on Internal Control Over Financial Reporting

Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with ~~United~~U.S. ~~States Generally Accepted Accounting Principles~~GAAP. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with ~~United~~U.S. ~~States Generally Accepted Accounting Principles~~ GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31, ~~2023~~2024, based on the framework in Internal Control—Integrated ~~Framework~~ Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2013 framework). Based on this evaluation our Chief Executive Officer and Chief Financial Officer have concluded that as of ~~March~~December 31, ~~2023~~2024, the Company has not maintained effective ~~internal~~ internal control over financial reporting.

Management identified two material weaknesses in the Company’s internal control over financial reporting:

●

A lack of US GAAP resource in the accounting for complex transactions; and

●

A lack of monitoring controls over the review of quarterly and annual financial statements.

These material weaknesses in the Company’s internal control over financial reporting resulted in material errors not being detected timely within the Company’s unaudited consolidated financial statements for the fiscal quarter ended June 30, 2023, September 30, 2023 and December 31, 2023. The impact of restatement on the financial statements for each of these quarters are included in the 10-K for the fiscal year ended March 31, 2024, within note 24 to the financial statements, filed with the SEC on June 20, 2024.

This Quarter Report on Form 10-Q does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting pursuant to an exemption for non-accelerated filers from the internal control audit requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

Changes in Internal Control over Financial Reporting

~~There~~Other ~~has~~than ~~been~~the material weaknesses described above, there were no ~~significant~~other ~~change~~changes in ~~the~~our ~~Company’s~~ internal control over financial reporting ~~during the quarter ended December 31, 2023, which were identified~~ in connection with ~~management’s~~ the evaluation required by ~~paragraph (d) of~~ Rules 13a-15 (d) and 15d-15(d) of ~~under~~ the Exchange Act, that ~~has~~occurred during the quarter ended December 31, 2024, that materially affected, or isare reasonably likely to materially affect, ~~the~~our ~~Company’s~~ internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Management recognizes that a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Remediation Activities

The Company has taken steps to remediate the material weaknesses by providing additional training around the accounting of non-routine transactions, in particular around derivative accounting, acquisition accounting, disposal accounting and tax accounting, to the Chief Financial Officer and the finance team. The Company has also enhanced its review control to ensure the reporting of BESS projects satisfies US GAAP rules and guidance. Additionally, the Company has replaced previous team members with more experienced personnel, and increased the size of the team.

As of the date of this report, the Company has a finance team comprising four full time employees in the United Kingdom and Australia, of which one is a chartered accountant being the Chief Financial Officer, as well as six contractor personnel in the United Kingdom, Australia and Philippines, of which five are chartered accountants.

The material weaknesses cannot be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. Accordingly, management will continue to monitor and evaluate the effectiveness of our internal control over financial reporting in the activities affected by the two material weaknesses described above.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company” we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(31)		Rule 13a-14 (d)/15d-14d) Certifications
31.1*		Section 302 Certification by the Principal Executive Officer
31.2*		Section 302 Certification by the Principal Financial Officer and Principal Accounting Officer
(32)		Section 1350 Certifications
32.1*		Section 906 Certification by the Principal Executive Officer
32.2*		Section 906 Certification by the Principal Financial Officer and Principal Accounting Officer
101*		Interactive Data Files
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PACIFIC GREEN TECHNOLOGIES INC.
	(Registrant)
Dated: February 20, 2024	By:	/s/ Scott Poulter
Dated: July 11, 2025	By:	/s/ Scott Poulter
		Scott Poulter
		Chief Executive Officer and Director
		(Principal Executive Officer)
Dated: February 20, 2024	By:	/s/ James Tindal Robertson
Dated: July 11, 2025	By:	/s/ James Tindal Robertson
		James Tindal-Robertson
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: February 20, 2024	By:	/s/ Scott Poulter
Dated: July 11, 2025	By:	/s/ Scott Poulter
		Scott Poulter
		Chief Executive Officer and Director
		(Principal Executive Officer)
Dated: February 20, 2024	By:	/s/ James Tindal-Robertson
Dated: July 11, 2025	By:	/s/ James Tindal-Robertson
		James Tindal-Robertson
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
Dated: July 11, 2025	By:	/s/ Neil Carmichael
		Neil Carmichael
		Director
Dated: July 11, 2025	By:	/s/ Alex Shead
		Alex Shead
		Director

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NONE No No The Company entered into five separate loan agreements between August 12, 2024 and September 24, 2024 with four third-party lenders and one related party as follows: ● The related party loan was agreed on August 13, 2024 with Shead Group Pty Ltd, an entity controlled by Alex Shead, for the Company to borrow AUD 200,000. ● The other loans with independent third parties were for a total AUD 750,000 and GBP 75,000. The loans all incur a fixed 20% premium payable upon repayment of principal. 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Filing Compare · Pacific Green Technologies Inc.