[Form 3] Patriot National Bancorp Inc Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Helios Technologies (HLIO) Q2 FY25 10-Q highlights

• Revenue: $212.5 m, down 3.4% YoY; six-month sales $408.0 m, -5.5% YoY.
• Profitability: Q2 gross profit $67.5 m (31.8% margin vs. 32.1% LY); operating income $21.9 m (-15.8%); net income $11.4 m (-16.2%), diluted EPS $0.34 (vs. $0.41).
• Cash & leverage: Operating cash flow rose to $56.0 m (+8%), cash balance $53.0 m vs. $44.1 m YE. Total debt $437.2 m (revolver $141.4 m, term loans $292.9 m) at a 5.7% blended rate; compliant with covenants.
• Segment trends: Hydraulics revenue -3% to $140.9 m; Electronics -3.5% to $71.6 m. Segment operating income declined to $25.0 m (Hydraulics) and $5.9 m (Electronics).
• Shareholder moves: New $100 m buy-back program; 0.2 m shares repurchased for $6.5 m, leaving $93.5 m authorized. Quarterly dividend maintained at $0.09/share.
• Portfolio actions: Assets of Australian subsidiary Custom Fluidpower (assets $41.8 m, liabilities $13.6 m) classified as held for sale; sale expected within 90 days.
• Other items: FX gains drove $26.8 m Q2 OCI, trimming accumulated OCI loss to $37.7 m. Interest expense fell to $7.0 m (-18%), helped by swap terminations and lower revolver balance.

Management continues restructuring initiatives (Centers of Excellence, HCEE) and evaluates further European optimization, while monitoring impacts of July 2025 U.S. tax legislation.

Positive

• Operating cash flow increased to $56 m (+8% YoY), boosting cash to $53 m.
• Interest expense fell 18% YoY to $7 m after swap termination and lower revolver use.
• Share repurchase authorization of $100 m signals confidence; $6.5 m already executed.
• Foreign currency translation gains cut accumulated OCI loss by roughly 50%.

Negative

• Net sales declined 3.4% in Q2 and 5.5% YTD, with both segments contracting.
• Diluted EPS dropped to $0.34 (-17%) and $0.56 YTD (-18%).
• Operating margin compressed 100 bps to 10.3% despite restructuring efforts.
• Leverage remains elevated at $437 m total debt and 5.7% average interest cost.

Insights

Equity Research Analyst

TL;DR—Earnings down, cash up; guidance absent.

Revenue softness in both Hydraulics and Electronics drove a mid-teens decline in operating and net income. Nevertheless, Helios converted 145% of net income to operating cash, boosting liquidity and funding a modest $6.5 m buy-back. The divestiture of Custom Fluidpower should marginally delever and sharpen APAC focus but removes ~8% of regional sales. Debt remains sizable at 2.5× annualized EBITDA (my estimate), yet covenant headroom looks comfortable and interest cost is falling post-swap exit. Lack of forward guidance keeps the outlook opaque; investors will watch for demand stabilization and margin recovery from the new Centers of Excellence.

Industrial Segment Specialist

TL;DR—End-market demand still weak; restructuring on track.

Flat to lower volumes across construction, ag and spa end-markets weighed on both divisions. Hydraulics gross margin ticked up 70 bps QoQ due to CoE efficiencies, partially cushioning revenue pressure. Electronics margins slipped on mix and lower volumes. The Australian sale underscores management’s strategy to simplify the footprint; proceeds (undisclosed) could fund capex or further repo. With backlog not disclosed, visibility remains limited, but restructuring savings and lower FX headwinds should aid H2 comps if demand stabilizes.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Salas Carlos P

(Last) (First) (Middle)

C/O PATRIOT NATIONAL BANCORP, INC.

900 BEDFORD STREET

(Street)

STAMFORD CT 06901

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/30/2025

3. Issuer Name and Ticker or Trading Symbol
PATRIOT NATIONAL BANCORP INC [ PNBK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,333,334(1)	I	By HECA Management LLC(1)
Common Stock	1,000,000(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. HECA Management LLC ("HECA Management") purchased the securities described herein as part of the $57.75 million private placement of Patriot National Bancorp Inc. that was completed on March 20, 2025. The Reporting Person is the managing member of HECA Management and is deemed to hold sole voting and dispositive power over the securities held by HECA Management.

2. On April 30, 2025, the Reporting Person was granted Restricted Stock Units equal to 1,000,000 shares of Common Stock, which will vest over three years (333,333 shares, 333,333 shares, and 333,334 shares respectively as of April 30, 2026, 2027 and 2028).

Remarks:

	/s/ Carlos P Salas	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did Helios Technologies (HLIO) revenue perform in Q2-2025?

Net sales were $212.5 million, a 3.4% YoY decline from $219.9 million.

What was HLIO’s diluted EPS for the quarter ended June 28, 2025?

Diluted earnings per share were $0.34, down from $0.41 in the prior-year quarter.

Did operating cash flow improve in the first half of 2025?

Yes. Cash from operations rose to $56.0 million versus $51.6 million in 1H-2024.

What is the status of the Custom Fluidpower sale?

Assets and liabilities were reclassified as held for sale; closing with Questas Group is expected within 60–90 days (assets $41.8 m, liabilities $13.6 m).

How much debt does Helios carry and at what rate?

Total debt is $437.2 million; the blended effective interest rate is 5.7%.

What are the details of HLIO’s new share repurchase program?

Approved Feb 20 2025, it authorizes up to $100 million; $93.5 million remains after repurchasing 200,000 shares for $6.5 million.