Patriot Natl Financials

PNBK

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Patriot Natl (PNBK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Patriot Natl passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.07x

For every $1 of reported earnings, Patriot Natl generates $-0.07 in operating cash flow ($2.7M OCF vs -$39.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$52.4M

YoY-11.2%

5Y CAGR+3.7%

10Y CAGR+9.9%

Patriot Natl generated $52.4M in revenue in fiscal year 2024. This represents a decrease of 11.2% from the prior year.

EBITDA

N/A

Free Cash Flow

$2.6M

YoY+123.6%

10Y CAGR-15.5%

Patriot Natl generated $2.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 123.6% from the prior year.

Net Income

-$39.9M

YoY-854.3%

Patriot Natl reported -$39.9M in net income in fiscal year 2024. This represents a decrease of 854.3% from the prior year.

EPS (Diluted)

$-10.03

YoY-855.2%

Patriot Natl earned $-10.03 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 855.2% from the prior year.

Cash & Debt

$162.6M

YoY+144.4%

5Y CAGR+32.8%

10Y CAGR+8.3%

Patriot Natl held $162.6M in cash against $33.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

5Y CAGR+0.2%

10Y CAGR+0.1%

Patriot Natl had 4M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-76.2%

YoY-69.1pp

5Y CAGR-69.7pp

10Y CAGR-153.3pp

Patriot Natl's net profit margin was -76.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 69.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$55K

YoY-86.7%

5Y CAGR-37.0%

10Y CAGR-39.5%

Patriot Natl invested $55K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 86.7% from the prior year.

PNBK Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$52.4M-11.2%	$59.0M+34.0%	$44.0M+36.0%	$32.4M-14.6%	$37.9M-13.2%	$43.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$32.3M+6.0%	$30.5M+183.2%	$10.8M+51.7%	$7.1M-48.4%	$13.8M-24.5%	$18.2M
Income Tax	$23.8M+1735.8%	-$1.5M-191.1%	$1.6M+2070.4%	-$81K+76.0%	-$337K+62.5%	-$899K
Net Income	-$39.9M-854.3%	-$4.2M-167.8%	$6.2M+20.9%	$5.1M+233.4%	-$3.8M-35.6%	-$2.8M
EPS (Diluted)	$-10.03-855.2%	$-1.05-167.7%	$1.55+20.2%	$1.29+233.0%	$-0.97-34.7%	$-0.72

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$11.5M+0.4%	$11.5M-8.4%	$12.5M+1.8%	$12.3M-3.8%	$12.8M-3.0%	$13.2M-5.6%	$14.0M-6.2%	$14.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$6.5M-10.6%	$7.3M-15.0%	$8.6M+11.9%	$7.7M-1.7%	$7.8M-4.6%	$8.2M-4.7%	$8.6M-1.0%	$8.7M
Income Tax	-$5K+89.8%	-$49K-5000.0%	$1K+133.3%	-$3K-100.0%	$24.6M+2767.3%	-$924K-1500.0%	$66K-82.0%	$367K
Net Income	-$2.7M+46.9%	-$5.0M-80.1%	-$2.8M+70.9%	-$9.5M+64.6%	-$27.0M-774.8%	-$3.1M-930.4%	-$299K-133.0%	$905K
EPS (Diluted)	$-0.03+50.0%	$-0.06+71.4%	$-0.21	N/A	$-6.78-780.5%	$-0.77-862.5%	$-0.08	N/A

PNBK Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.0B-7.4%	$1.1B+4.8%	$1.0B+10.0%	$948.5M+7.7%	$880.7M-10.1%	$979.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$162.6M+144.4%	$66.5M+72.9%	$38.5M-18.2%	$47.0M+35.8%	$34.6M-12.1%	$39.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$0	$0-100.0%	$1.1M0.0%	$1.1M0.0%	$1.1M0.0%	$1.1M
Total Liabilities	$1.0B-3.9%	$1.0B+6.6%	$983.8M+11.6%	$881.1M+7.8%	$817.5M-10.4%	$912.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$33.1M-83.6%	$201.1M+74.6%	$115.2M-4.6%	$120.7M-0.1%	$120.8M-7.7%	$130.9M
Total Equity	$4.3M-90.4%	$44.4M-25.5%	$59.6M-11.5%	$67.3M+6.5%	$63.2M-5.6%	$67.0M
Retained Earnings	-$86.9M-84.8%	-$47.0M-50.1%	-$31.3M+16.4%	-$37.5M+12.0%	-$42.6M-9.8%	-$38.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$950.8M+2.2%	$930.0M-2.8%	$956.6M-5.5%	$1.0B+3.9%	$974.1M-6.2%	$1.0B-3.2%	$1.1B-1.9%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$201.5M-0.7%	$203.0M+49.0%	$136.2M-16.2%	$162.6M+123.5%	$72.8M-22.3%	$93.7M+0.9%	$92.8M+39.4%	$66.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$0	N/A	N/A	N/A	$0
Total Liabilities	$855.7M-0.9%	$863.8M-4.0%	$899.5M-10.8%	$1.0B+5.3%	$957.7M-4.1%	$998.5M-3.0%	$1.0B-1.9%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$33.1M	N/A	N/A	N/A	$201.1M
Total Equity	$95.0M+43.5%	$66.2M+15.8%	$57.1M+1239.9%	$4.3M-74.0%	$16.4M-59.6%	$40.5M-7.1%	$43.6M-1.7%	$44.4M
Retained Earnings	-$97.3M-2.8%	-$94.7M-5.6%	-$89.7M-3.2%	-$86.9M-12.3%	-$77.4M-53.5%	-$50.4M-6.5%	-$47.3M-0.6%	-$47.0M

PNBK Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.7M+125.0%	-$10.7M-252.3%	$7.0M-7.4%	$7.6M+20.9%	$6.3M+152.7%	-$11.9M
Capital Expenditures	$55K-86.7%	$412K-0.5%	$414K-3.7%	$430K+514.3%	$70K-87.3%	$552K
Free Cash Flow	$2.6M+123.6%	-$11.1M-268.0%	$6.6M-7.6%	$7.2M+15.4%	$6.2M+149.8%	-$12.5M
Investing Cash Flow	$135.0M+596.8%	-$27.2M+77.7%	-$122.1M-121.1%	-$55.2M-166.6%	$82.9M+298.5%	-$41.8M
Financing Cash Flow	-$41.6M-163.1%	$65.9M-38.1%	$106.5M+77.4%	$60.0M+163.9%	-$94.0M-452.5%	$26.7M
Dividends Paid	$0	$0	$0	$0	$0-100.0%	$155K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$5.2M-668.7%	$921K+115.8%	-$5.8M-125.9%	-$2.6M+0.7%	-$2.6M-142.8%	$6.0M+236.1%	$1.8M+1177.2%	-$167K
Capital Expenditures	$19K+533.3%	$3K-95.7%	$70K+172.2%	-$97K-259.0%	$61K+22.0%	$50K+22.0%	$41K+173.3%	$15K
Free Cash Flow	-$5.3M-672.7%	$918K+115.6%	-$5.9M-120.3%	-$2.7M-0.6%	-$2.7M-144.2%	$6.0M+241.1%	$1.8M+1065.9%	-$182K
Investing Cash Flow	-$18.1M-120.7%	$87.3M+154.8%	$34.3M-20.5%	$43.1M+108.9%	$20.6M-25.8%	$27.8M-36.0%	$43.5M+43.4%	$30.3M
Financing Cash Flow	$21.9M+202.2%	-$21.4M+60.9%	-$54.9M-211.2%	$49.3M+226.7%	-$38.9M-18.0%	-$33.0M-73.3%	-$19.0M+55.3%	-$42.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PNBK Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-76.2%-69.1pp	-7.1%-21.1pp	14.0%-1.7pp	15.8%+25.8pp	-10.1%-3.6pp	-6.5%
Return on Equity	N/A	N/A	10.3%+2.8pp	7.6%	N/A	N/A
Return on Assets	-3.9%-3.6pp	-0.4%-1.0pp	0.6%+0.0pp	0.5%+1.0pp	-0.4%-0.1pp	-0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.75+3.2	4.53+2.6	1.93+0.1	1.79-0.1	1.91-0.0	1.95
FCF Margin	5.0%+23.9pp	-18.9%-33.9pp	15.0%-7.1pp	22.1%+5.8pp	16.4%+45.0pp	-28.6%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-23.0%+20.5pp	-43.5%-21.4pp	-22.1%+55.3pp	-77.4%+132.9pp	-210.3%-187.0pp	-23.3%-21.2pp	-2.1%-8.2pp	6.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	2.0%
Return on Assets	-0.3%+0.3pp	-0.5%-0.3pp	-0.3%+0.7pp	-0.9%+1.8pp	-2.8%-2.5pp	-0.3%-0.3pp	-0.0%-0.1pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.01-4.0	13.05-2.7	15.74+8.0	7.75-50.7	58.45+33.8	24.64+1.0	23.59+19.1	4.53
FCF Margin	-45.5%-53.5pp	8.0%+54.9pp	-46.9%-25.2pp	-21.6%-1.0pp	-20.7%-66.1pp	45.4%+32.8pp	12.6%+13.8pp	-1.2%

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Frequently Asked Questions

What is Patriot Natl's annual revenue?

Patriot Natl (PNBK) reported $52.4M in total revenue for fiscal year 2024. This represents a -11.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Patriot Natl's revenue growing?

Patriot Natl (PNBK) revenue declined by 11.2% year-over-year, from $59.0M to $52.4M in fiscal year 2024.

Is Patriot Natl profitable?

No, Patriot Natl (PNBK) reported a net income of -$39.9M in fiscal year 2024, with a net profit margin of -76.2%.

What is Patriot Natl's earnings per share (EPS)?

Patriot Natl (PNBK) reported diluted earnings per share of $-10.03 for fiscal year 2024. This represents a -855.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Patriot Natl have?

As of fiscal year 2024, Patriot Natl (PNBK) had $162.6M in cash and equivalents against $33.1M in long-term debt.

What is Patriot Natl's net profit margin?

Patriot Natl (PNBK) had a net profit margin of -76.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Patriot Natl's free cash flow?

Patriot Natl (PNBK) generated $2.6M in free cash flow during fiscal year 2024. This represents a 123.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Patriot Natl's operating cash flow?

Patriot Natl (PNBK) generated $2.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Patriot Natl's total assets?

Patriot Natl (PNBK) had $1.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Patriot Natl's capital expenditures?

Patriot Natl (PNBK) invested $55K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Patriot Natl have outstanding?

Patriot Natl (PNBK) had 4M shares outstanding as of fiscal year 2024.

What is Patriot Natl's debt-to-equity ratio?

Patriot Natl (PNBK) had a debt-to-equity ratio of 7.75 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Patriot Natl's return on assets (ROA)?

Patriot Natl (PNBK) had a return on assets of -3.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Patriot Natl's Piotroski F-Score?

Patriot Natl (PNBK) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Patriot Natl's earnings high quality?

Patriot Natl (PNBK) has an earnings quality ratio of -0.07x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.