PW earnings analysis
What we found in PW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The extracted 10-Q does not include the current-quarter income statement, segment revenue, or cash-flow statement, so revenue, margins, EPS, and free cash flow cannot be assessed from the available filing text. Six-month net loss improved to approximately $784,000 from $1.4 million, and cash increased by approximately $912,000 to $3.1 million, but liquidity remains constrained by a $52.3 million accumulated deficit, $19.7 million of debt, and $2.448 million of unpaid preferred dividends. The unremediated material weakness in accounting controls and concentration of approximately 96% of lease-related income in two properties remain significant concerns.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Six-Month Net Loss Narrowed
- Net loss attributable to common shareholders improved to approximately $784,000 for the six months ended June 30, 2026, from approximately $1.4 million in the comparable 2025 period.
- Cash Balance Increased
- Cash and cash equivalents totaled approximately $3.1 million as of June 30, 2026, an increase of approximately $912,000 from December 31, 2025.
- Limited Equity Capital Raised
- The Trust sold 10,781 common shares during the six months ended June 30, 2026, for net proceeds of $10,945 under its at-the-market offering.
- Greenhouse Loan Obligations Released
- The Greenhouse Loan was resolved on April 11, 2025 through deeds-in-lieu of foreclosure, with the lender releasing remaining collateral and obligations related to the loan.
- No Current Legal Proceedings
- The Trust reported no current legal proceedings, stating it is not presently party to any legal proceedings.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Unremediated Control Weakness
- Disclosure controls remained ineffective as of June 30, 2026 because a material weakness identified in the quarterly period ended June 30, 2024, involving accounting for complex transactions and the historical classification of Series A Preferred Stock, has not been remediated.
- Liquidity and Capital-Raising Risk
- The Trust had an accumulated deficit of approximately $52.3 million, cash of approximately $3.1 million, accounts payable of approximately $416,000, and liabilities for assets held for sale of approximately $1.5 million as of June 30, 2026. Management cautions that it cannot predict whether property sales, leasing, collections, or new debt or equity financing will generate sufficient liquidity.
- Highly Concentrated Tenant Exposure
- Revenue concentration remains significant: approximately 96% of rental income and direct-financing lease income during the six months ended June 30, 2026 came from two properties, with NSC representing 51% and Regulus Solar, LLC representing 45%.
- Debt and Preferred Claims
- Outstanding debt had a principal amount of $19.7 million and Series A Preferred Stock had approximately $8.5 million of par value as of June 30, 2026; unpaid, undeclared preferred dividends totaled approximately $2.448 million.
- Preferred Dividends Deferred
- The Trust did not declare approximately $326,000 of Series A Preferred Stock dividends during the six months ended June 30, 2026 to preserve liquidity, underscoring pressure on cash resources and potential constraints on common distributions.
- Material Subsidiary Debt
- Subsidiary debt remained material as of June 30, 2026, including approximately $5.795 million under the 2015 PWRS Loan Agreement and $13.859 million under the PWV Loan Agreement.
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the extracted 10-Q. Management instead discusses selling properties, entering new leases, improving cash collections, and raising debt or equity to support liquidity.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 15, 2026
- In Q1 2026, Power REIT reported a slight decrease in revenue to $480,436, down from $485,794 in Q1 2025, reflecting a challenging operating environment. Gross margin remained at 100%, but the company incurred a net loss…
- 10-K · March 31, 2026
- Power REIT (PW) is focused on monetizing underperforming greenhouse (CEA) assets and repositioning the portfolio toward distressed real‑estate and infrastructure opportunities while improving liquidity. The 2025 results…
- 10-Q · August 5, 2025
- Power REIT reported total revenue of $506,783 for Q2 2025 and net income of $320,913 (net income attributable to common shareholders $157,706; diluted EPS $0.05), a sharp improvement versus Q2 2024 net loss of…
- 10-Q · October 31, 2024
- Power REIT reported Q3 revenue of $1,426,112, up from $488,531 in Q3 2023, driven by $785,000 of related-party rental income and recognition of $924,724 of security deposit income. Despite the revenue gain, the company…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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