Here are the 10-K annual reports from Power REIT (PW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PW filings page.
Power REIT reports another loss-making year and heightened liquidity risk for 2025 while restructuring its cannabis-focused greenhouse portfolio. Revenue fell to $2.01 million from $3.05 million, and net loss attributable to common shareholders after impairments was $2.85 million, far smaller than the prior year’s $25.36 million loss.
The trust wrote off about $16.90 million of Nebraska and Michigan greenhouse properties and the remaining $18.00 million Greenhouse Loan, recognizing a non-cash gain of roughly $1.09 million. Cash, cash equivalents and restricted cash were $2.24 million as of December 31 2025, with approximately $760,000 of current loan liabilities and about $1.33 million of delinquent property taxes that could trigger tax foreclosures in 2026.
Management explicitly concludes there is substantial doubt about the trust’s ability to continue as a going concern over the next 12 months, given net losses, greenhouse property expenses and limited capital access. The strategy centers on selling or re-leasing distressed greenhouse assets, recycling capital, reducing leverage, and selectively raising equity through an at-the-market program, while also exploring broader strategic alternatives beyond real estate.