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).
Balance-sheet repair, not operating recovery, defines Patriot National Bancorp as financing inflows rebuild cash and cut leverage faster than earnings.
In the latest year, equity rebuilt to$94.7M while long-term debt fell to$16.4M . With financing cash flow at$79.2M and operating cash flow at-$14.2M , the stronger cash position looks more like balance-sheet repair than a business already funding itself.
Funding costs still absorb much of the income base: revenue was
Cash burn is operational rather than reinvestment-driven because capital spending was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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 passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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.
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.7M+20.1% | $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 |
| 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 | $6.8M+4.4% | $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 |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $7.6M+21.5% | $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 |
| Income Tax | $13K-88.4% | $112K+2340.0% | -$5K+89.8% | -$49K-5000.0% | $1K+133.3% | -$3K-100.0% | $24.6M+2767.3% | -$924K |
| Net Income | -$1.8M+22.9% | -$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 |
| EPS (Diluted) | $-0.02 | N/A | $-0.03+50.0% | $-0.06+71.4% | $-0.21 | N/A | $-6.78-780.5% | $-0.77 |
PNBK Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+8.2% | $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 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $109.2M-47.3% | $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 |
| 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 | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $1.1B+9.4% | $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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $16.4M | N/A | N/A | N/A | $33.1M | N/A | N/A |
| Total Equity | $90.2M-4.7% | $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 |
| Retained Earnings | -$101.4M-1.8% | -$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 |
PNBK Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.9M+28.0% | -$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 |
| Capital Expenditures | $545K+581.3% | $80K+321.1% | $19K+533.3% | $3K-95.7% | $70K+172.2% | -$97K-259.0% | $61K+22.0% | $50K |
| Free Cash Flow | -$3.5M+16.1% | -$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 |
| Investing Cash Flow | -$186.2M-50.2% | -$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 |
| Financing Cash Flow | $91.1M-31.8% | $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 |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -11.9%+6.6pp | -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% |
| Return on Equity | -1.9%+0.5pp | -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% |
| Return on Assets | -0.1%+0.1pp | -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% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 12.05+11.9 | 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 |
| FCF Margin | -23.5%+10.1pp | -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% |
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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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 35 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.