---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-108397"
form_type: "8-K/A"
ticker: null
cik: "0001553404"
company_name: "Pacific Green Technologies Inc."
filed_at: "2024-12-12T23:59:59+00:00"
generated_at: "2026-05-29T04:04:16.319884+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pacific Green restates Q3 FY2024 financials; revenue down $75.7M, material weakness in internal controls

## Summary
- Revenue decreased $75.7M and cost of sales decreased $59.3M; gain on derecognition of subsidiary increased $16.4M.
- SEC OCA objected to ASC 606 revenue treatment; sale of Sheaf BESS project reclassified under ASC 810.
- Projects under development reclassified: $5.1M moved from current to non-current assets.
- Disclosure controls deemed ineffective due to material weakness in accounting for non-routine transactions.
- Restated financials will be reported in FY2024 10-K; net income, cash, and net assets unaffected.

## SEC filing metadata
- accession: 0001213900-24-108397
- form_type: 8-K/A
- cik: 0001553404
- company_name: Pacific Green Technologies Inc.
- filed_at: 2024-12-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1553404/000121390024108397/0001213900-24-108397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1553404/000121390024108397/ea0224599-8ka1_pacific.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-108397
- JSON: https://secwatch.observer/filing/0001213900-24-108397.json
- Plain text: https://secwatch.observer/filing/0001213900-24-108397.txt

## Key facts
- Auditor Changes
  Pacific Green Technologies Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: ns with management, determined that the unaudited condensed financial statements for the quarter ended December 31, 2023, included in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on February 20, 2024, should no longer be relied upon, due to the identification of a material error. Whilst the errors had no impact on reported net income, cash balance or net assets, certain line items within the income statement were materially impacted. The Company did not recognize a change in the fair value of interest rate swaps and foreign currency forward contracts that a subsidiary of the Company entered into during the quarter ended December 31, 2023. The Company sold the subsidiary during the quarter and the purchaser assumed the interest rate swap and foreign currency forward contracts, so the restatement of the financial statements for the quarter will not affect reported net in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1553404/000121390024108397/0001213900-24-108397-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.