olivLaw · US equity research
PN Smart Energy Ltd PN
Wholesale-Computers & Peripheral Equipment & Software · SIC 5045 · Vertical: Wholesale-Computers & Peripheral Equipment & Software (SIC 5045)
PN Smart Energy Ltd, also known as Skycorp, makes solar cables and connectors and distributes energy storage systems, activities that reached over 97% of revenue in fiscal 2025. The company swung from a profit to a net loss amid price pressure in the solar industry, so the trend in margins is a point to watch for investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PN Smart Energy Ltd (PN) stock was 2.43 USD (+4.29% on the day), with beta 0.42, 52-week range 2.02–23.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 2.18 – 2.48
- in the upper half of the band · %B 0.83 · band width 12.9%
- SMA 50 / 200
- 2.49 / 5.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | −64.7% | −0.5% | −64.3 pp | — |
| 6 months | −70.3% | +4.4% | −74.7 pp | — |
| Year to date | −83.3% | +12.3% | −95.6 pp | — |
| 1 year | −80.8% | +13.5% | −94.3 pp | +38.6% |
| 3 years | unavailable | +76.4% | unavailable | +70.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 50.8 m | 49.9 m | 63.3 m |
| Revenue YoY | unavailable | −1.9% | +27.0% |
| Net income | 1.1 m | 471.0 k | -2.7 m |
| Net income YoY | unavailable | −57.2% | −672.4% |
| Diluted EPS | 0.04 | 0.02 | -0.10 |
| Diluted EPS YoY | unavailable | −50.0% | −600.0% |
| net % | 2.2% | 0.9% | -4.3% |
| Free cash flow | 245.9 k | 1.4 m | 2.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 9.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 22.5 m USD
- Total assets
- 45.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.59x
- ROE
- -13.1%
- ROA
- -7.0%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 50.8 m | 49.9 m | 63.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 42.2 m | 43.3 m | 57.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 8.6 m | 6.5 m | 6.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 607.5 k | 1.9 m | 1.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 2.7 m | 1.1 m | -2.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 263.1 k | 322.1 k | 377.9 k | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 3.0 m ≈ | 1.4 m ≈ | -2.2 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 88.7 k | 202.7 k | 207.8 k | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 2.6 m | 1.3 m | -2.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 752.1 k | 109.8 k | 36.1 k | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 1.1 m | 471.0 k | -2.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.04 | 0.02 | -0.10 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 25.0 m | 25.0 m | 26.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.9 m | 5.2 m | 9.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | — | 10.7 m | 9.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | — | 2.6 m | 4.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | — | 25.4 m | 34.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | — | 538.7 k | 832.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 1.7 m | 1.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | — | 32.0 m | 45.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | — | 1.3 m | 4.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | — | 12.8 m | 21.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | — | 13.2 m | 23.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 17.0 m | 18.8 m | 22.5 m | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 549.3 k | 1.6 m | 2.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 303.4 k | 239.8 k | 465.4 k | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 245.9 k ≈ | 1.4 m ≈ | 2.4 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -2.3 m | -4.4 m | -4.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 3.5 m | 1.9 m | 8.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.3% | 14 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.3x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Skycorp Solar Group Limited (PN). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 63.3 m USD in 2025; YoY growth 27.0%; net margin -4.3%; ROE -14.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -4.3%
- Interest coverage: -12.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Computers & Peripheral Equipment & Software (SIC 5045) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +51% / +134% |
| INGMIngram Micro Holding Corp | 6.0 bn | 13.2 | 10.9% | 0.8% | +9.5% | +22% / unavailable |
| PLUSePlus inc. | 2.4 bn | 19.0 | 12.0% | 5.1% | +22.1% | +1% / +43% |
| CNXNPc Connection, Inc. | 2.2 bn | 21.7 | 10.9% | 3.3% | +2.5% | +51% / +47% |
| SCSCScanSource, Inc. | 1.1 bn | 15.7 | 8.7% | 2.4% | +6.1% | +39% / +70% |
| CLMBClimb Global Solutions, Inc. | 803.2 m | 33.8 | 19.5% | 3.1% | +40.1% | +70% / +261% |
| CGTLCreative Global Technology Holdings Limited | 56.2 m | — | -84.9% | -63.2% | −40.6% | −79% / unavailable |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −81% / unavailable |
1- and 3-year price returns: for PN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Feb 2026; since then the company filed 6-K (10 Aug 2026), 6-K (07 Aug 2026), 6-K (04 Aug 2026), 6-K (30 Jul 2026), 6-K (11 Jun 2026), 6-K (08 May 2026).
In brief
PN Smart Energy Ltd, also known as Skycorp, makes solar cables and connectors and distributes energy storage systems, activities that reached over 97% of revenue in fiscal 2025. The company swung from a profit to a net loss amid price pressure in the solar industry, so the trend in margins is a point to watch for investors.
SWOT
Strengths
- The company has long experience making solar cables and connectors, with quality certifications and a patent portfolio.
- Its HPC customer base and supplier relationships give it a foundation for extending its offering.
- Growing overseas sales show that its products are accepted beyond its home market.
Weaknesses
- Gross margin declined in fiscal 2025, and the company posted a net loss after a profitable prior year.
- The company depends largely on mainland China, and it buys storage components from third-party suppliers.
- General and administrative expenses rose sharply in fiscal 2025, weighing on profitability.
Opportunities
- Supportive solar and storage policies in several countries could sustain growth in overseas sales.
- Plans for a new production facility and an energy offering for data centers could diversify revenue.
- Acquiring stakes in renewable energy companies could open access to new projects, if completed.
Threats
- Pricing pressure in the solar industry could keep reducing prices and margins.
- Currency risk, tariffs and policy changes in export markets could affect results.
- The company received a Nasdaq notice on minimum bid price compliance, which could weigh on investor confidence.
Risks
- Net loss and shrinking marginshigh
The company reported a net loss in fiscal 2025 and gross margin declined; this could continue if price pressure persists.
- Nasdaq listing noticehigh
The Class A shares did not meet the minimum bid price requirement, and the company has a compliance period until April 2026 1. Failure to regain compliance could lead to delisting.
- Dependence on mainland Chinamedium
A large share of revenue comes from China, and policy changes in that market could affect volumes.
- Currency and trade risksmedium
Overseas expansion brings exposure to currency fluctuations, tariffs and additional operating costs 1.
- Reliance on third-party supplierslow
Inverters and batteries are bought from third parties, and changes in their price or availability could affect margins and deliveries.
Investment thesis
What would need to be true (bull case)
- If demand for solar cables and storage systems keeps growing, revenue could rise again and margins could recover as price pressure eases.
- Overseas expansion and plans for a new production facility could diversify revenue sources and reduce reliance on China.
- Experience in component making and an HPC customer base could support new products if the Pegasus strategy is executed.
What would break the thesis
- The net loss and lower gross margin show that competitive pressure could keep weighing on profitability.
- Dependence on the Chinese market and on third-party suppliers could expose the company to price or regulatory shocks.
- The Nasdaq minimum price notice could add uncertainty and affect access to financing if the situation is not resolved.
What to watch
- Trend in gross margin and selling pricesNext annual report
- Resolution of the Nasdaq minimum bid price noticeBy April 2026
- Progress of the new Nanjing production facility2027
- Share of overseas sales in revenueNext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Feb 2026; since then the company filed 6-K (10 Aug 2026), 6-K (07 Aug 2026), 6-K (04 Aug 2026), 6-K (30 Jul 2026), 6-K (11 Jun 2026), 6-K (08 May 2026).
The business
According to its Form 20-F for the year ended 30 September 2025, PN Smart Energy is a solar PV product provider mainly engaged in making and selling solar cables and solar connectors, through operating subsidiaries in China. Revenue was $63,311,196 in fiscal 2025 1, compared with $49,864,047 in 2024 1. The company says it aims to become a green energy solutions provider for data centers, a strategy built on existing relationships with HPC server customers 1.
The company also has a secondary business selling new and used GPU and HPC servers and accessories, but this line has fallen sharply in recent years and made up only a small part of revenue in fiscal 2025 1. The company also states it has provided more than 250,000 HPC servers globally over the past 14 years 1. The fiscal 2025 net loss was $(2,211,646), compared with net income of $1,165,819 a year earlier 1.
The legal structure is complex, with entities incorporated in the Cayman Islands, BVI, Hong Kong, the United States and China, and the company states it does not use a variable interest entity structure 1. Its principal office is in Ningbo, Zhejiang Province 1.
Segments
Solar PV products
The main segment includes halogen-free solar cables, MC4 connectors and hybrid energy storage systems, with inverters and batteries bought from third-party suppliers. This segment made up 97.37% of revenue in fiscal 2025 1.
HPC servers and accessories
The segment includes new and refurbished GPU and HPC servers and accessories such as mobile data centers and control boards. Its revenue fell 62.14% in fiscal 2025 and was 2.02% of the total 1.
Other activities
Secondary activities include international freight forwarding and export customs declaration through Ningbo Zhuoxing, with small revenue relative to the total 1.
Market context
Gross margin fell from 13.10% to 9.95%, as solar companies faced pricing pressure and the company cut selling prices to win orders 1. If price pressure persists, margins could stay below the prior year's level.
Trends
- Rising demand for PV and storagetailwind
Supportive policies and lower battery costs have boosted demand for cables and storage systems, lifting revenue in the solar segment 1.
- Expansion into overseas marketsmixed
Sales outside China grew sharply, and the company sees international expansion as an important part of its long-term strategy, although this brings currency risk and tariffs 1.
- Pricing pressure across the industryheadwind
Intense competition led to lower selling prices and a smaller gross margin in fiscal 2025 1. If this trend persists, profitability could be affected.
- Lower demand for HPC serversheadwind
Demand for computing power fell after a surge driven by large AI models, and the company reduced investment in this segment 1.
Competitive position
The solar cable and connector market is competitive, and the company acknowledges that competitive pressure reduced selling prices 1. The company relies on quality certifications, a patent portfolio and relationships with HPC customers 1.
Competitors include Chinese photovoltaic component makers; the supplied sources do not list a full set of competitors, so the comparison stays limited to what the report mentions 1.
- Chinese solar cable and connector makers
The report cites strong competitive pressure in the solar industry without naming specific competitors.
- Inverter and storage battery suppliers
The company does not make inverters or batteries and buys them from third parties, making them partners and possible indirect competitors.
- GPU and HPC server suppliers
The HPC server business operates in a competitive setting with reduced demand in recent years, according to the report.
- Photovoltaic module makers
The company intends to work with module makers, but these may also compete in distribution.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)08 May 2026
- Current report (foreign issuer)06 May 2026
- Current report (foreign issuer)01 May 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)08 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / PN Smart Energy Ltd · 12 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.