Every 10-Q that Power REIT (PW) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 reported modestly improved results for the three and six months ended June 30, 2026 while continuing to reposition its cannabis greenhouse portfolio and reduce leverage. Total assets were $26.2 million, including a $9.2 million railroad direct-financing lease, $9.2 million of solar land and $5.5 million of greenhouse assets classified as held for sale. Cash and cash equivalents increased to $3.1 million from $2.2 million at year-end.
For the quarter, total income rose to $1.29 million from $0.51 million, driven by a sharp increase in other income tied primarily to repayment of a seller-financed mortgage loan. Quarterly net income was $435,548, with $272,341 attributable to common shareholders ($0.74 per share). For the six-month period, net loss attributable to common shareholders narrowed to $784,138 from $1.42 million, aided by a $1.1 million reduction in interest expense after resolution of the greenhouse loan.
Operations remain highly concentrated: for the six months, 96% of lease income came from two tenants, Norfolk Southern Railway and Regulus Solar LLC. The greenhouse portfolio continues to face weak cannabis market conditions, generating limited rent, driving $366,117 of impairment charges and property sales at losses. Property taxes of about $1.33 million on the greenhouse properties are delinquent, and the Series A preferred dividend (about $326,000 for the half year) remains undeclared and cumulative.
Power REIT reported another quarterly loss as it continues restructuring its portfolio and balance sheet. For the three months ended March 31, 2026, revenue was $480,436, essentially flat year over year, while net loss narrowed to $893,272 from $1,413,112. The trust recorded a $247,353 impairment on assets held for sale and a $493,890 loss on the Mav 14 property sale. Cash and cash equivalents were $2,036,085 against total debt of $20,329,499 and total liabilities of $21,749,327. An accumulated deficit of $52,777,017 and delinquent greenhouse property taxes of about $1,310,000 leave the remaining greenhouse portfolio exposed to potential tax foreclosure. The company is relying on asset sales, re-leasing efforts and limited at-the-market equity issuance to support liquidity while a previously identified material weakness in internal controls over financial reporting remains unremediated.
Power REIT (PW) filed its Q3 2025 10‑Q, showing a smaller business focused on railroad and solar land after exiting most greenhouse assets. Q3 total revenue was $513,110 and net income was $223,551, or $0.02 per share. For the nine months, revenue reflected stable railroad lease income and lower property expenses, producing a net loss of $868,648, much improved versus last year’s large impairments.
On the balance sheet, total assets were $27,955,657 with total liabilities of $21,737,265 and equity of $6,218,392. Cash was $1,993,495. Assets held for sale fell to $6,406,602 from $24,335,236 as the company sold or transferred greenhouse properties. In April, the lender accepted deeds‑in‑lieu on Michigan and Nebraska greenhouses, eliminating the Greenhouse Loan and resulting in a non‑cash gain of about $1,093,000; interest expense declined accordingly. Q3 operating cash use was $200,693, investing provided $600,113, and financing used $637,511. The company did not declare Series A preferred dividends during the period. Revenue remains concentrated, primarily from Norfolk Southern and Regulus Solar under long‑term arrangements.
Power REIT (PW) Q2-25 10-Q highlights
- Revenue: $506.8k, -2% YoY; 1H-25 $992.6k, -6% YoY.
- Net income: Q2 profit $320.9k (vs. -$19.1m loss); 1H loss narrows to -$1.09m (vs. -$21.2m).
- Drivers: $1.09m non-cash gain from settling the defaulted Greenhouse Loan via deeds-in-lieu of foreclosure offset lower rent and continued property expenses.
- Impairments: $13.6k in Q2 vs. $17.4m prior year; major greenhouse write-offs were recorded in 2024.
- Balance sheet (6/30/25): Assets $27.9m (-40%), Equity $5.95m (-12%), Cash $1.48m (-33% YTD). Long-term debt $20.9m; Greenhouse Loan fully extinguished.
- Liquidity: 1H operating cash outflow $0.68m; only $1.48m cash on hand. Company expects to rely on asset sales, re-leasing, and potential capital raises; ability to use Form S-3 limited until public float >$75m.
- Dividends: No Series A preferred dividends declared; undeclared arrears $0.97/sh.
- Concentration: Two tenants (Norfolk Southern 51%, Regulus Solar 44%) supplied 95% of 1H revenue; CEA portfolio largely non-performing and held for sale ($6.4m book value).
- Going concern: Management cites recurring losses, cash burn and limited liquidity but believes current plans should fund operations 12 months.
Outlook: Focus on disposing non-core greenhouses, stabilizing cash flow from core rail and solar assets, and selective capital raising while monitoring tenant credit and liquidity.