St. Albert, Alberta--(Newsfile Corp. - November 12, 2026) - Evolution PowerX Corp. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Evolution PowerX"), a leading Canadian provider of turbine-based power generation, site electrification and infrastructure services, is pleased to announce its Q3 2026 results.

(1) Identified and defined under "Non-IFRS Measures".

• The quarterly results mark five consecutive quarters of year-over-year growth in both revenue and adjusted EBITDA.
• Three-month results show a revenue increase of 12% to $10.3 million and an adjusted EBITDA increase of 13% to $3.5 million. Nine-month results show a revenue increase of 19% to $31.1 million and an adjusted EBITDA increase of 33% to $11.1 million.
• Activity levels in 2026 continue to outpace the prior year due to sustained strong growth in the Alberta market. The Company is also gaining customers and market share with the successful deployment of multiple natural gas/fuel gas turbine micro grids to support drilling operations, hydraulic fracturing and midstream facility maintenance. Also, the Company is experiencing existing customers asking for more power and also new customers that want to displace diesel power with natural gas power generation.
• Increases in customer demand, support the Company's expansion of its natural gas turbine fleet including the addition of a 3.2-megawatt unit and a second exclusivity agreement for the Canadian market.
• The Company continues to diversify its customer base and as a result, customer concentration has improved in 2026.

On August 4, 2026, Enterprise Group, Inc. announced that it has changed its name to "Evolution PowerX Corp." as approved at the annual and special meeting of shareholders held on June 25, 2026. The corporate name change reflects the Company's ongoing strategic evolution and the changing composition of its business, steadily expanding beyond its traditional energy services foundation, and building a comprehensive power solutions platform to service customers across the energy, industrial, commercial, and emerging infrastructure sectors.

To support the Company's growth strategy, in the second quarter, the Company announced the acquisition of a new SPG4 3.2-megawatt natural gas turbine generator to add to the growing fleet of its natural gas turbine generators. The SPG4 expands both the scale and capability of our natural gas power fleet, filling a need with a proven, mission-critical platform capable of powering everything from drilling rigs and production facilities to industrial operations and next-generation AI data centers. The Company views this initial deployment as the first step in developing a broader fleet of larger-capacity natural gas turbine solutions to complement Evolution Power's existing microturbine platform and further develop new power applications across new market segments.

Activity levels in 2026 continue to outpace the prior year due to sustained strong growth in the Alberta market. Revenue for the three months ended September 30, 2026, was $10,291,101 compared to $9,210,402 in the prior period, an increase of $1,080,699 or 12%. Gross margin for the three months ended September 30, 2026, was $4,193,848 compared to $3,832,696 in the prior period, an increase of $361,152. Adjusted EBITDA for the three months ended September 30, 2026, was $3,521,303 compared to $3,114,522 in the prior period, an increase of $406,781 or 13%.

Revenue for the nine months ended September 30, 2026, was $31,059,779 compared to $26,024,402 in the prior period, an increase of $5,035,377 or 19%. Gross margin for the nine months ended September 30, 2026, was $13,287,483 compared to $10,653,549 in the prior period, an increase of $2,633,934. Adjusted EBITDA for the nine months ended September 30, 2026, was $11,060,412 compared to $8,329,803 in the prior period, an increase of $2,730,609 or 33%.

During the nine months ended September 30, 2026, Evolution PowerX Corp. repurchased and cancelled 1,446,600 of its outstanding common shares at an average purchase price of $1.30 per share. Management feels the share price is not reflective of the true value of the Company and will continue to support its share price when reasonable to do so.

About Evolution PowerX Corp.
Evolution PowerX Corp. is a Canadian power solutions and specialized infrastructure company delivering reliable, scalable and lower-emission energy solutions to industrial and commercial customers. Through its growing portfolio of natural gas turbine generation, mobile and semi-permanent power systems, microgrid integration and complementary site infrastructure, Evolution provides flexible Concept-to-Completion solutions engineered around customers' operating requirements. Building on more than two decades of experience supporting some of Canada's largest energy and resource companies, Evolution is expanding its capabilities beyond traditional energy services into broader power markets. Further information is available at the Company's website www.evolutionpowerx.com Corporate filings can be found on www.sedarplus.ca.

Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

Non-IFRS Measures
The Company uses International Financial Reporting Standards ("IFRS"). Adjusted EBITDA is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-IFRS measure. This news release contains references to adjusted EBITDA. This non-IFRS measure used by the Company may not be comparable to a similar measure used by other companies. Management believes that in addition to net income, adjusted EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company's principal business activities prior to consideration of how those activities are financed or how the results are taxed. Adjusted EBITDA is calculated as net income excluding depreciation, amortization, interest, taxes and stock based compensation.

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