Pinstripes Holdings Inc. Financials
This page shows Pinstripes Holdings Inc. (PNST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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).
Externally funded expansion turned a capital-heavy model into a cash user before new assets generated enough sales.
Revenue rose only modestly from FY2023 to FY2024, but operating cash burn widened from-$1.5M to-$32.7M . With interest expense reaching$11.7M , the larger asset base appears financed ahead of demand rather than supported by cash flow from mature operations.
Near-term liquidity is unusually thin: the current ratio was just 0.1x in FY2024, and cash was only
FY2023’s reported profit was not backed by core operating strength, because operating income was
Financial Health Signals
We are recalculating Pinstripes Holdings Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Pinstripes Holdings Inc. scores -1.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.3M) relative to total liabilities ($245.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pinstripes Holdings Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Pinstripes Holdings Inc. generates $4.81 in operating cash flow (-$32.7M OCF vs -$6.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Pinstripes Holdings Inc. earns $-1.9 in operating income for every $1 of interest expense (-$21.8M vs $11.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Pinstripes Holdings Inc. generated $118.7M in revenue in fiscal year 2024. This represents an increase of 6.7% from the prior year.
Pinstripes Holdings Inc.'s EBITDA was -$13.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 312.2% from the prior year.
Pinstripes Holdings Inc. reported -$6.8M in net income in fiscal year 2024. This represents a decrease of 143.1% from the prior year.
Pinstripes Holdings Inc. earned $-0.41 per diluted share (EPS) in fiscal year 2024. This represents an increase of 37.9% from the prior year.
Cash & Balance Sheet
Pinstripes Holdings Inc. generated -$54.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 279.4% from the prior year.
Pinstripes Holdings Inc. held $5.0M in cash against $73.1M in long-term debt as of fiscal year 2024.
Pinstripes Holdings Inc. had 40M shares outstanding in fiscal year 2024.
Margins & Returns
Pinstripes Holdings Inc.'s operating margin was -18.4% in fiscal year 2024, reflecting core business profitability. This is down 16.8 percentage points from the prior year.
Pinstripes Holdings Inc.'s net profit margin was -5.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 19.9 percentage points from the prior year.
Capital Allocation
Pinstripes Holdings Inc. invested $22.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 70.4% from the prior year.
PNST Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.5M+34.1% | $26.5M-13.4% | $30.6M-15.5% | $36.2M+12.6% | $32.2M+30.6% | $24.6M-4.3% | $25.7M+237551.2% | $11K |
| 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 | $4.8M-5.1% | $5.1M-7.7% | $5.5M-25.8% | $7.4M+40.6% | $5.3M+39.7% | $3.8M+7.0% | $3.5M | N/A |
| Operating Income | -$3.2M+58.9% | -$7.9M-3.4% | -$7.6M+45.7% | -$14.0M-358.7% | -$3.1M-104.3% | -$1.5M+53.4% | -$3.2M-748.1% | -$378K |
| Interest Expense | $5.7M+15.4% | $4.9M-1.9% | $5.0M-11.7% | $5.7M+127.6% | $2.5M+30.2% | $1.9M+12.8% | $1.7M | N/A |
| Income Tax | -$138K-319.0% | $63K-16.0% | $75K+125.1% | -$299K | $0-100.0% | $98K-58.5% | $237K-57.9% | $563K |
| Net Income | -$8.1M+13.2% | -$9.3M+7.0% | -$10.0M-47.4% | -$6.8M-155.4% | $12.2M+11363.8% | -$109K+98.3% | -$6.6M-599.0% | $1.3M |
| EPS (Diluted) | $-0.19+13.6% | $-0.22+4.3% | $-0.23+43.9% | $-0.41-224.2% | $0.33+151.6% | $-0.64-68.4% | $-0.38+42.4% | $-0.66 |
PNST Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $162.9M+0.9% | $161.4M-3.1% | $166.6M-0.5% | $167.3M-5.5% | $177.1M+313.4% | $42.8M+0.2% | $42.7M-83.1% | $253.3M |
| Current Assets | $8.1M+18.3% | $6.8M-27.9% | $9.5M-45.4% | $17.4M-61.4% | $44.9M+10868.9% | $410K-25.5% | $550K-74.8% | $2.2M |
| Cash & Equivalents | $2.4M-26.5% | $3.2M-35.5% | $5.0M-61.8% | $13.2M-66.8% | $39.6M+12914.8% | $305K-15.1% | $359K-81.2% | $1.9M |
| Inventory | $1.0M+17.1% | $860K-3.6% | $892K-6.0% | $949K+2.3% | $928K | N/A | N/A | $802K |
| Accounts Receivable | $1.3M-2.2% | $1.3M+3.7% | $1.3M+13.5% | $1.1M-44.6% | $2.1M | N/A | N/A | $1.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $258.6M+3.3% | $250.3M+2.1% | $245.3M+3.7% | $236.5M-0.3% | $237.3M+315.6% | $57.1M+0.8% | $56.7M-78.5% | $263.5M |
| Current Liabilities | $73.5M+1.3% | $72.5M+0.4% | $72.3M+3.4% | $69.9M-9.5% | $77.2M+1052.6% | $6.7M+20.2% | $5.6M+234.9% | $1.7M |
| Long-Term Debt | $85.0M+9.7% | $77.4M+6.0% | $73.1M+3.4% | $70.7M+3.6% | $68.2M | N/A | N/A | $36.2M |
| Total Equity | -$95.7M-7.7% | -$88.9M-12.9% | -$78.7M-13.8% | -$69.2M-14.8% | -$60.2M-322.3% | -$14.3M-2.5% | -$13.9M-36.6% | -$10.2M |
| Retained Earnings | -$153.2M-5.6% | -$145.1M-6.9% | -$135.8M-8.0% | -$125.8M-7.6% | -$116.9M-719.4% | -$14.3M-2.5% | -$13.9M-36.6% | -$10.2M |
PNST Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.7M+276.2% | -$4.3M+25.1% | -$5.8M+65.6% | -$16.9M-16009.4% | $106K+121.8% | -$486K+90.9% | -$5.3M-971.8% | -$496K |
| Capital Expenditures | $8.3M+1111.7% | $682K-68.0% | $2.1M-71.1% | $7.4M+47.8% | $5.0M+9.4% | $4.5M-13.3% | $5.2M-52.9% | $11.1M |
| Free Cash Flow | -$612K+87.8% | -$5.0M+36.6% | -$7.9M+67.3% | -$24.2M-397.1% | -$4.9M+3.2% | -$5.0M+52.3% | -$10.6M+9.3% | -$11.6M |
| Investing Cash Flow | -$8.3M-1111.7% | -$682K+68.0% | -$2.1M+71.1% | -$7.4M-47.8% | -$5.0M-1627.0% | $326K+106.2% | -$5.2M-377.7% | $1.9M |
| Financing Cash Flow | -$247K-107.6% | $3.2M+1593.1% | -$217K+90.3% | -$2.2M-106.1% | $36.5M+34350.9% | $106K-99.5% | $19.7M | N/A |
| 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 |
PNST Financial Ratios
| 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 | -9.1%+20.6pp | -29.7%-4.9pp | -24.9%+13.9pp | -38.7%-29.2pp | -9.5%-3.4pp | -6.1%+6.4pp | -12.5%+3479.7pp | -3492.1% |
| Net Margin | -22.8%+12.4pp | -35.2%-2.5pp | -32.7%-14.0pp | -18.8%-56.8pp | 38.1%+38.5pp | -0.4%+25.1pp | -25.6%-12204.8pp | 12179.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.0%+0.8pp | -5.8%+0.2pp | -6.0%-2.0pp | -4.1%-11.0pp | 6.9%+7.2pp | -0.3%+15.2pp | -15.4%-15.9pp | 0.5% |
| Current Ratio | 0.11+0.0 | 0.09-0.0 | 0.13-0.1 | 0.25-0.3 | 0.58+0.5 | 0.06-0.0 | 0.10-1.2 | 1.31 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -1.7%+17.3pp | -19.0%+6.9pp | -25.9%+41.0pp | -66.9%-51.8pp | -15.2%+5.3pp | -20.4%+20.6pp | -41.0%+107440.0pp | -107481.1% |
Note: Shareholder equity is negative (-$78.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.13), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Pinstripes Holdings Inc.'s annual revenue?
Pinstripes Holdings Inc. (PNST) reported $118.7M in total revenue for fiscal year 2024. This represents a 6.7% 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 Pinstripes Holdings Inc.'s revenue growing?
Pinstripes Holdings Inc. (PNST) revenue grew by 6.7% year-over-year, from $111.3M to $118.7M in fiscal year 2024.
Is Pinstripes Holdings Inc. profitable?
No, Pinstripes Holdings Inc. (PNST) reported a net income of -$6.8M in fiscal year 2024, with a net profit margin of -5.7%.
What is Pinstripes Holdings Inc.'s EBITDA?
Pinstripes Holdings Inc. (PNST) had EBITDA of -$13.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pinstripes Holdings Inc. have?
As of fiscal year 2024, Pinstripes Holdings Inc. (PNST) had $5.0M in cash and equivalents against $73.1M in long-term debt.
What is Pinstripes Holdings Inc.'s operating margin?
Pinstripes Holdings Inc. (PNST) had an operating margin of -18.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Pinstripes Holdings Inc.'s net profit margin?
Pinstripes Holdings Inc. (PNST) had a net profit margin of -5.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Pinstripes Holdings Inc.'s free cash flow?
Pinstripes Holdings Inc. (PNST) generated -$54.8M in free cash flow during fiscal year 2024. This represents a -279.4% 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 Pinstripes Holdings Inc.'s operating cash flow?
Pinstripes Holdings Inc. (PNST) generated -$32.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Pinstripes Holdings Inc.'s total assets?
Pinstripes Holdings Inc. (PNST) had $166.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Pinstripes Holdings Inc.'s capital expenditures?
Pinstripes Holdings Inc. (PNST) invested $22.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Pinstripes Holdings Inc.'s current ratio?
Pinstripes Holdings Inc. (PNST) had a current ratio of 0.13 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Pinstripes Holdings Inc.'s return on assets (ROA)?
Pinstripes Holdings Inc. (PNST) had a return on assets of -4.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Pinstripes Holdings Inc.'s cash runway?
Based on fiscal year 2024 data, Pinstripes Holdings Inc. (PNST) had $5.0M in cash against an annual operating cash burn of $32.7M. This gives an estimated cash runway of approximately 2 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.
Why is Pinstripes Holdings Inc.'s debt-to-equity ratio negative or not reported?
Pinstripes Holdings Inc. (PNST) has negative shareholder equity of -$78.7M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Pinstripes Holdings Inc.'s Altman Z-Score?
Pinstripes Holdings Inc. (PNST) has an Altman Z-Score of -1.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Pinstripes Holdings Inc.'s Piotroski F-Score?
Pinstripes Holdings Inc. (PNST) has a Piotroski F-Score of 1 out of 6 computable signals; 3 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 Pinstripes Holdings Inc.'s earnings high quality?
Pinstripes Holdings Inc. (PNST) has an earnings quality ratio of 4.81x, 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.
Can Pinstripes Holdings Inc. cover its interest payments?
Pinstripes Holdings Inc. (PNST) has an interest coverage ratio of -1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.