Shorepower Amends 10-K, Details Grant Success & EV Charging Expansion

TL;DR

**SPEV is making smart moves in the heavy-duty EV charging space, leveraging grants to expand its network and carve out a niche against bigger players, making it a speculative buy for long-term growth.**

AI Summary

SHOREPOWER TECHNOLOGIES INC. (SPEV) filed a 10-K/A on September 3, 2025, primarily to correct cost of revenue categories and amounts, and to add disclosures regarding the adoption of CECL. The company operates the largest heavy-duty focused network of electrified parking spaces (EPS) in North America, with 60 facilities and approximately 1,800 electrified parking spaces. SPEV's core business involves Truck Stop Electrification (TSE) and electric standby Transport Refrigeration Units (eTRU), which save drivers over $7,000 annually by replacing diesel fuel. The company has secured approximately $400,000 in grants for site upgrades, with an additional $1,000,000 in grant applications pending as of March 2025. SPEV aims to expand its network to over 2,000 connection points by upgrading existing TSE stations and adding Level 2 and DC fast chargers. The aggregate market value of voting and non-voting common equity held by non-affiliates was $4,253,895 as of June 28, 2024, with 49,190,204 shares of common stock outstanding as of April 10, 2025. The company faces competition from major EV charging players like ChargePoint and Tesla, and plans to achieve competitive advantage through low build-out costs and government grants.

Why It Matters

This 10-K/A clarifies SHOREPOWER TECHNOLOGIES INC.'s financial reporting, specifically regarding cost of revenue and CECL adoption, which is crucial for investors to accurately assess the company's profitability and financial health. For employees, the company's growth strategies, including new product offerings and potential acquisitions, signal job stability and expansion opportunities in the burgeoning EV infrastructure sector. Customers, particularly truck drivers and fleets, benefit from SPEV's continued investment in electrification, offering significant cost savings (over $7,000 annually per driver) and reduced emissions. In a competitive landscape dominated by giants like ChargePoint and Tesla, SPEV's focus on heavy-duty electrification and successful grant acquisition provides a niche advantage, potentially reshaping the commercial transportation electrification market.

Risk Assessment

Risk Level: medium — The risk level is medium due to the company's reliance on future funding from revenues or additional investment, as funds from the merger have been expended primarily on public company expenses. While SPEV has secured approximately $400,000 in grants and has $1,000,000 in grant applications pending, the future of the Bipartisan Infrastructure Law's $7.5 billion funding is uncertain, posing a risk to its financing strategy. Additionally, the company estimates 20% to 50% of infrastructure build-out costs will need to be contributed by investors and revenues, indicating a need for substantial capital.

Analyst Insight

Investors should monitor SPEV's progress in securing additional grants and generating revenue from its upgraded charging stations. Given the company's successful grant history and strategic focus on heavy-duty electrification, consider this a long-term speculative play, but be aware of the capital requirements for its ambitious expansion plans.

Key Numbers

• $4,253,895 — Aggregate market value of common equity held by non-affiliates (as of June 28, 2024, indicating market capitalization for non-insiders)
• 49,190,204 — Shares of common stock outstanding (as of April 10, 2025, representing total shares in circulation)
• 60 — Number of heavy-duty focused electrified parking facilities (operated by Shorepower in North America)
• 1,800 — Number of electrified parking spaces (operated by Shorepower across its network)
• $400,000 — Grants secured for site upgrades (as of March 2025, demonstrating successful non-dilutive funding)
• $1,000,000 — Grant applications pending (as of March 2025, indicating potential future funding)
• $7,000 — Annual savings for drivers (by using Shorepower TSE instead of idling diesel engines)
• 2,000 — Potential expanded connection points (through upgrades of existing TSE stations and new EV chargers)
• 10 — Minimum hours of rest period for trucks (highlighting the market need for TSE services)
• 10 — Years of operation for several hundred stations (demonstrating product durability and reliability)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — registrant
• SEC (regulator) — filing oversight
• ChargePoint (company) — competitor
• Tesla (company) — competitor
• IdleAir (company) — TSE competitor
• Sarbanes-Oxley Act of 2002 (regulator) — governing certifications
• Bipartisan Infrastructure Law (regulator) — potential funding source
• Intertek Testing Laboratories (company) — NRTL certifier
• Underwriters Laboratories (UL) (company) — NRTL certifier
• National Electrical Manufacturers Association (NEMA) (regulator) — standards body

FAQ

Risk Factors

• Dependence on Grant Funding [medium — operational]: The company relies on government grants for site upgrades, having secured approximately $400,000 and with $1,000,000 in applications pending as of March 2025. Future expansion and upgrades are contingent on the successful acquisition of these grants, posing a risk if applications are denied or funding is delayed.
• Competition from Established EV Players [medium — market]: Shorepower faces competition from major EV charging players like ChargePoint and Tesla. While SPEV aims for competitive advantage through low build-out costs and grants, the established market presence and resources of competitors could hinder market penetration and growth.
• Infrastructure Upgrade Challenges [medium — operational]: The company plans to expand its network to over 2,000 connection points by upgrading existing TSE stations and adding Level 2 and DC fast chargers. This involves significant infrastructure work, with initial phases focusing on converting up to six stations per facility to Level 2 and adding DC fast chargers to select locations, which could face execution risks.
• Cybersecurity Risks [medium — regulatory]: The company acknowledges cybersecurity risks related to its operations, as indicated by the inclusion of a cybersecurity section in the filing. The increasing reliance on connected infrastructure for EV charging and fleet management necessitates robust security measures to prevent data breaches and operational disruptions.
• Revenue Model Viability [medium — financial]: The core business relies on providing electrified parking spaces (EPS) for truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU). While the company highlights annual savings of over $7,000 for drivers, the long-term profitability and scalability of this revenue model in a rapidly evolving EV market remain a key consideration.

Industry Context

Shorepower operates in the rapidly growing transportation electrification sector, focusing on heavy-duty vehicles. The industry is characterized by increasing demand for charging infrastructure driven by environmental regulations and fleet sustainability goals. Key competitors include established EV charging networks like ChargePoint and Tesla, alongside traditional fuel providers exploring electrification solutions.

Regulatory Implications

The company's reliance on government grants for infrastructure development exposes it to changes in funding policies and grant availability. Furthermore, the increasing focus on cybersecurity for connected infrastructure presents ongoing compliance challenges and the need for robust security protocols.

What Investors Should Do

1. Monitor grant application success rates and funding disbursements.
2. Assess competitive landscape and Shorepower's differentiation strategy.
3. Analyze the financial viability and scalability of the TSE and eTRU business model.
4. Review cybersecurity disclosures and management's strategy for mitigating risks.

Key Dates

• 2024-06-28: Aggregate market value of common equity held by non-affiliates reported — Indicates the market capitalization of the company for non-insider shareholders, valued at $4,253,895.
• 2025-03-01: Grant funding status reported — Company secured $400,000 in grants for site upgrades and had $1,000,000 in grant applications pending, highlighting reliance on non-dilutive funding.
• 2025-04-10: Shares of common stock outstanding reported — Total shares in circulation were 49,190,204, providing a key metric for per-share calculations.

Glossary

Electrified Parking Spaces (EPS)

Parking spots equipped with electrical outlets or charging equipment to provide power to vehicles, including trucks and electric cars. (This is the core infrastructure that Shorepower builds, deploys, and operates, forming the basis of its business model.)

Truck Stop Electrification (TSE)

A service that provides electric power to truck cabs and auxiliary equipment while drivers are on mandatory rest periods, eliminating the need to idle diesel engines. (This is Shorepower's primary service offering, enabling significant cost savings for drivers and reducing emissions.)

Electric Standby Transport Refrigeration Units (eTRU)

Equipment that provides electric power to the refrigeration units on trailers, allowing them to operate without the diesel auxiliary engine. (This is another key service offered by Shorepower, contributing to cost savings and emission reductions for refrigerated transport.)

Electric Vehicle Supply Equipment (EVSE)

The hardware that connects an electric vehicle to a power source to recharge its battery, commonly known as EV chargers. (Shorepower is upgrading its facilities to include EVSE for heavy-duty trucks and buses, and potentially light-duty vehicles.)

CECL

Current Expected Credit Losses, a standard for accounting for credit losses on financial instruments. (The 10-K/A filing includes disclosures regarding the adoption of CECL, indicating a change in accounting practices for financial reporting.)

Year-Over-Year Comparison

This 10-K/A filing primarily serves as an amendment to correct cost of revenue categories and amounts, and to add disclosures regarding the adoption of CECL. Specific year-over-year financial metric comparisons (revenue, net income, margins) are not directly available from the provided text of this amendment, as it focuses on corrections and new disclosures rather than a comprehensive restatement of prior period performance.

Key Financial Figures

• $10,000 — 0 days per year could cost in excess of $10,000 per year in wasted diesel fuel. By usin
• $7,000 — using Shorepower, drivers can save over $7,000 annually. Additionally, we have over 3
• $400,000 — nnectors. We have secured approximately $400,000 in grants to upgrade additional sites w
• $1,000,000 — sites with total project values of over $1,000,000 (including cost share and host-site con
• $71,000 — as of March 2025 include approximately $71,000 for TSE equipment in New Hampshire, $11
• $114,000 — 000 for TSE equipment in New Hampshire, $114,000 to upgrade two sites in California to i
• $100,000 — o include Level 2 and DC fast charging, $100,000 in Washington State to add Level 2 char
• $12,500 — 2 charging stations at two facilities, $12,500 to install a charging station in Coos B
• $40 — nd an extension cord for as little as a $40 initial investment. This investment cou
• $7.5 billion — certain. Congress previously authorized $7.5 billion in funding specifically for charging st
• $10 million — ample, if we are successful in securing $10 million in grants, we may need to contribute $2
• $2 million — on in grants, we may need to contribute $2 million or more in cost share. We believe that

Filing Documents

• form10-ka.htm (10-K/A) — 639KB
• ex4-5.htm (EX-4.5) — 2KB
• ex19-1.htm (EX-19.1) — 74KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• form10-k_001.jpg (GRAPHIC) — 10KB
• form10-k_002.jpg (GRAPHIC) — 11KB
• form10-k_003.jpg (GRAPHIC) — 18KB
• form10-k_004.jpg (GRAPHIC) — 56KB
• aud_001.jpg (GRAPHIC) — 2KB
• ex4-5_001.jpg (GRAPHIC) — 595KB
• ex4-5_002.jpg (GRAPHIC) — 184KB
• 0001641172-25-026345.txt ( ) — 5342KB
• spev-20241231.xsd (EX-101.SCH) — 31KB
• spev-20241231_cal.xml (EX-101.CAL) — 45KB
• spev-20241231_def.xml (EX-101.DEF) — 152KB
• spev-20241231_lab.xml (EX-101.LAB) — 305KB
• spev-20241231_pre.xml (EX-101.PRE) — 260KB
• form10-ka_htm.xml (XML) — 415KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2. Property 10 Item 3.

Legal Proceedings

Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6. [Reserved] 11 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 11 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 12 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 13 Item 9A.

Controls and Procedures

Controls and Procedures 13 Item 9B. Other Information 14 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 14 PART III Item 10. Directors, Executive Officers and Corporate Governance 14 Item 11.

Executive Compensation

Executive Compensation 16 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 17 Item 13. Certain Relationships and Related Transactions, and Director Independence 17 Item 14. Principal Accountant Fees and Services 17 PART IV Item 15. Exhibits, and Financial Statement Schedules 18 Item 16 Form 10-K Summary 18

Signatures

Signatures 19 Cautionary Statement Regarding Forward-Looking Statements Unless the context indicates otherwise, as used in this Annual Report, the terms "SPEV," "we," "us," "our," "our company" and "our business" refer, to Shorepower Technologies Inc. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. 2 PART I

Business

Item 1. Business. We are a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers that will not have to use petroleum fuel thus significantly reducing associated toxic emissions and greenhouse gases by replacing diesel fuel with electric power. We currently operate the largest heavy-duty focused network of electrified parking spaces (EPS) in North America. This network includes 60 facilities conveniently located at travel centers with approximately 1,800 electrified parking spaces. Most of these facilities are focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), but several sites already include electric vehicle charging stations. Shorepower originally started business as a TSE provider. TSE provides power for hotel loads at commercial parking facilities. Trucks are required to take a rest period for a minimum of 10 hours per day. Trucks typically run their engines to provide heating and cooling in the cab and power accessories. Shorepower TSE allows drivers to shut down their main engine and plug into outlets that provide power for household type devices such as heaters, air-conditioning units, coffee pots, microwaves, TVs, computers and other accessories. On average, this saves drivers and fleets one gallon of diesel per hour. Idling (running) the engine 10 hours per day, 300 days per year could cost in excess of $10,000 per year in wasted diesel fuel. By using Shorepower, drivers can save over $7,000 annually. Additionally, we have over 300 electric vehicle charging station connection points (plugs), sold or controlled that could be upgraded to include our latest cellular-based control module, to make these stations revenue producing stations. Combined with upgrading the TSE stations, we have the potenti

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