Patriot Natl Financials
This page shows Patriot Natl (PNBK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
FY2025 was mainly a capital rebuild, with new financing strengthening liquidity while core operations still burned cash.
Patriot's apparent deleveraging in FY2025 was not earned through profits: operating cash flow stayed negative at-$14.2M even as financing supplied$79.2M . That is why debt-to-equity could fall from 7.8x to 0.2x while the business itself was still not funding its own balance-sheet repair.
This is a balance-sheet business, not a volume business: FY2025 assets were about
Cash conversion has not convincingly turned the corner: FY2024 free cash flow was positive at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Patriot Natl's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Patriot Natl's revenue declined 8.6% year-over-year, from $52.4M to $47.8M. This contraction results in a growth score of 17/100.
Patriot Natl carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
While Patriot Natl generated -$14.2M in operating cash flow, capex of $172K consumed most of it, leaving -$14.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Patriot Natl generates a -13.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -935.1% the prior year.
Patriot Natl passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Patriot Natl generates $1.11 in operating cash flow (-$14.2M OCF vs -$12.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Patriot Natl generated $47.8M in revenue in fiscal year 2025. This represents a decrease of 8.6% from the prior year.
Patriot Natl reported -$12.7M in net income in fiscal year 2025. This represents an increase of 68.1% from the prior year.
Patriot Natl earned $-0.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 98.3% from the prior year.
Cash & Balance Sheet
Patriot Natl generated -$14.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 645.7% from the prior year.
Patriot Natl held $207.1M in cash against $16.4M in long-term debt as of fiscal year 2025.
Patriot Natl had 115M shares outstanding in fiscal year 2025. This represents an increase of 2792.2% from the prior year.
Margins & Returns
Patriot Natl's net profit margin was -26.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 49.6 percentage points from the prior year.
Patriot Natl's ROE was -13.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 921.7 percentage points from the prior year.
Capital Allocation
Patriot Natl invested $172K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 212.7% from the prior year.
PNBK Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3M+6.2% | $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 |
| 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 | $6.5M+14.7% | $5.7M+8.6% | $5.2M+16.2% | $4.5M+2.4% | $4.4M-6.4% | $4.7M+1.9% | $4.6M+11.2% | $4.2M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $6.3M-3.6% | $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 |
| Income Tax | $112K+2340.0% | -$5K+89.8% | -$49K-5000.0% | $1K+133.3% | -$3K-100.0% | $24.6M+2767.3% | -$924K-1500.0% | $66K |
| Net Income | -$2.3M+14.4% | -$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 |
| EPS (Diluted) | N/A | $-0.03+50.0% | $-0.06+71.4% | $-0.21 | N/A | $-6.78-780.5% | $-0.77-862.5% | $-0.08 |
PNBK Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+14.4% | $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 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $207.1M+2.8% | $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 |
| 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 | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $993.2M+16.1% | $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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $16.4M | N/A | N/A | N/A | $33.1M | N/A | N/A | N/A |
| Total Equity | $94.7M-0.4% | $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 |
| Retained Earnings | -$99.6M-2.3% | -$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 |
PNBK Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.0M+22.8% | -$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 |
| Capital Expenditures | $80K+321.1% | $19K+533.3% | $3K-95.7% | $70K+172.2% | -$97K-259.0% | $61K+22.0% | $50K+22.0% | $41K |
| Free Cash Flow | -$4.1M+21.6% | -$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 |
| Investing Cash Flow | -$124.0M-584.5% | -$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 |
| Financing Cash Flow | $133.6M+509.9% | $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 |
| 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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -18.6%+4.5pp | -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% |
| Return on Equity | -2.4%+0.4pp | -2.8%+4.8pp | -7.5%-2.7pp | -4.9%+219.0pp | -223.9%-59.4pp | -164.5%-156.9pp | -7.6%-6.9pp | -0.7% |
| Return on Assets | -0.2%+0.1pp | -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% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.17-8.8 | 9.01-4.0 | 13.05-2.7 | 15.74+8.0 | 7.76-50.7 | 58.45+33.8 | 24.64+1.0 | 23.59 |
| FCF Margin | -33.6%+11.9pp | -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% |
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Frequently Asked Questions
What is Patriot Natl's annual revenue?
Patriot Natl (PNBK) reported $47.8M in total revenue for fiscal year 2025. This represents a -8.6% 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 8.6% year-over-year, from $52.4M to $47.8M in fiscal year 2025.
Is Patriot Natl profitable?
No, Patriot Natl (PNBK) reported a net income of -$12.7M in fiscal year 2025, with a net profit margin of -26.6%.
How much debt does Patriot Natl have?
As of fiscal year 2025, Patriot Natl (PNBK) had $207.1M in cash and equivalents against $16.4M in long-term debt.
What is Patriot Natl's net profit margin?
Patriot Natl (PNBK) had a net profit margin of -26.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Patriot Natl's return on equity (ROE)?
Patriot Natl (PNBK) has a return on equity of -13.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Patriot Natl's free cash flow?
Patriot Natl (PNBK) generated -$14.3M in free cash flow during fiscal year 2025. This represents a -645.7% 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 -$14.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Patriot Natl's total assets?
Patriot Natl (PNBK) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Patriot Natl's capital expenditures?
Patriot Natl (PNBK) invested $172K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Patriot Natl's debt-to-equity ratio?
Patriot Natl (PNBK) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, 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 -1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Patriot Natl's cash runway?
Based on fiscal year 2025 data, Patriot Natl (PNBK) had $207.1M in cash against an annual operating cash burn of $14.2M. This gives an estimated cash runway of approximately 175 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Patriot Natl's Piotroski F-Score?
Patriot Natl (PNBK) has a Piotroski F-Score of 2 out of 9, indicating weak 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 to 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 1.11x, considered low quality (accrual-driven). 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.
How financially healthy is Patriot Natl?
Patriot Natl (PNBK) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.