INNOVATIVE Energy Group Limited (IEG) has recorded a shift in its financial position, moving from a shareholders’ deficit a year ago to positive equity of $1.04 billion for the second quarter ended November 30, 2025.

“The most impactful development is the substantial turnaround in shareholders’ equity, which has grown from a negative $7.88 million in Q2 2024 to a robust positive $1.04 billion for the quarter ended November 30, 2025,” the company stated in its unaudited second quarter (Q2) report.

While the filing did not specify what drove the equity movement, CEO Conrad Miller said the rebound reflects revenue being recognised from ongoing projects, explaining that milestone payments may shift between quarters. This was reflected in the quarter’s performance, with IEG reporting revenues of $68.6 million, up from $39.7 million in the comparable period. The company credited the increase to intensified sales and marketing efforts, emergency work following Hurricane Melissa, and the resumption of major delayed projects. However, operating expenses climbed to $22.5 million, up from $17.3 million, resulting in less net profit. IEG ended the period with a net profit of $13.46 million, a marginal decline from $13.89 million last year.

“This was primarily due to increases in insurance costs and in the cost of sales. Specifically, lower margins on some solar-related stock items, driven by ongoing price declines in the sector, impacted profitability,” the report cited.

IEG added that its wholly owned subsidiary, IECL, remained central to converting its project pipeline into revenue, securing both residential and commercial opportunities during the quarter. The company is also advancing its electric golf cart segment, which forms part of its diversification strategy.

“During the first and second quarters of this fiscal year, we received orders, and those will begin to show up in our numbers once deliveries begin in January,” Miller said.

Miller said annual general meeting discussions highlighted opportunities to supply solar-powered charging facilities to hotels purchasing electric carts, linking the new segment naturally to IEG’s core solar business. He explained that these properties would require renewable charging systems to avoid adding high costs to their JPS electricity bills. Additionally, the company intends to assemble the carts locally, giving customers the option to purchase fully assembled units or customise them through the local assembly process.

“It is a financially sound venture for us to assemble them here, and it gives us more opportunities to modify the carts based on clients’ specific needs,” he told the Jamaica Observer.

The company has also signalled interest in operating within a Special Economic Zone as part of its long-term plans for the electric mobility segment. Management said a national roadshow is planned for the next quarter to showcase sample units to potential customers, positioning the business for wider commercial uptake.

“We will have more of a display on the first set of carts, a display, and have a show of it with that client, which we have not yet revealed,” he said.

Once the assembly line is up and running, it intends to have that as part of the display as well. During the period, the company also expanded its share capital following the May listing of 770.3 million additional ordinary stock units, which increased the total shares outstanding to 1.316 billion units. The larger capital base places IEG’s book value (what the company is worth on paper after paying all its debts) at approximately $0.79 per share.

Dr Conrad Miller, president and chief executive officer, Innovative Energy Group .