PN on Nasdaq
PN Smart Energy Ltd
PN Smart Energy Ltd is a wholesale-computers and peripheral equipment and software company.1
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Last updated Oct 21, 2026.
Overview
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- TickerPN on Nasdaq1
- IndustryWholesale-Computers & Peripheral Equipment & Software1
- Business addressRoom 303, Block B, No.188 Jinghua Road, Yinzhou District, Ningbo City, Zhejiang Province3
- Filer categoryNon-accelerated filer, Emerging growth company3
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Cayman controls its PRC subsidiaries through equity ownership. We do not use a variable interest entity structure.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Solar PVProducts brought in 97% of the revenue PN Smart Energy Ltd broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Solar PVProducts | $36.7M | $46.5M | $61.6M |
| High Performance Computing Products | $14.1M | $3.4M | $1.3M |
| Product and Service, Other | $385.9K |
Regions
China brought in 62% of the revenue PN Smart Energy Ltd broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| China | $39.9M | $39.3M |
| Asia | $4.5M | $14.8M |
| Other | $5.5M | $9.2M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue90¢$57.0M
- Research and development3¢$1.7M
- Other costs7¢$4.6M
- Income tax0¢$36.1K
Out of $63.3M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending16¢$465.4K
- Kept or used elsewhere84¢$2.4M
Out of $2.9M of cash from operations.2
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Revenues | $63.3M | $49.9M | $50.8M |
| Cost of revenues | -$57.0M | -$43.3M | -$42.2M |
| Gross profit | $6.3M | $6.5M | $8.6M |
| Selling and marketing expenses | -$2.3M | -$1.8M | -$2.5M |
| General and administrative expenses | -$4.8M | -$1.7M | -$2.8M |
| Research and development expenses | -$1.7M | -$1.9M | -$607.5K |
| Total operating expenses | -$8.8M | -$5.4M | -$5.9M |
| Operating income (expenses), net | -$2.5M | $1.1M | $2.7M |
| Unrealized loss from digital assets | -$18.8K | ||
| Losses on equity investments | -$51.0K | ||
| Interest expense | -$207.8K | -$202.7K | -$88.7K |
| Interest income | $61.0K | $51.0K | $37.5K |
| Foreign exchange gain , net | $110.9K | $98.9K | -$202.9K |
| Other income, net | $479.1K | $206.9K | $96.2K |
| Total other income (expenses), net | $373.3K | $154.1K | -$157.9K |
| (Loss) Income before income tax expense | -$2.2M | $1.3M | $2.6M |
| Income tax expense | -$36.1K | -$109.8K | -$752.1K |
| Net (loss) income | -$2.2M | $1.2M | $1.8M |
| Less: net loss attributable to non-controlling shareholders | $484.3K | $694.8K | $708.1K |
| Net (loss) income attributable to Skycorp Solar Group Ltd | -$2.7M | $471.0K | $1.1M |
| Foreign currency translation adjustments | -$236.1K | $703.2K | -$464.6K |
| Comprehensive (loss) income | -$2.4M | $1.9M | $1.3M |
| Less: comprehensive income attributable to non-controlling interests | $487.9K | $737.1K | $654.3K |
| Comprehensive (loss) income attributable to Skycorp Solar Group Ltd | -$2.9M | $1.1M | $688.8K |
| Earnings per share, basic | -$0.10 | $0.02 | $0.04 |
| Earnings per share, diluted | -$0.10 | $0.02 | $0.04 |
| Weighted average number of ordinary shares outstanding, basic | 26.2M shares | 25.0M shares | 25.0M shares |
| Weighted average number of ordinary shares outstanding, diluted | 26.2M shares | 25.0M shares | 25.0M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.2
| Period ending | 2025-09-30 | 2025-02-28 | 2025-01-31 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $9.3M | $5.2M | |||
| Restricted cash | $2.1M | ||||
| Notes receivable | $477.1K | $237.1K | |||
| Digital assets | $31.2K | ||||
| Accounts receivable, net | $9.0M | $10.7M | |||
| Inventories, net | $4.3M | $2.6M | |||
| Prepaid expenses and other current assets,net | $5.1M | $4.5M | |||
| Total current assets | $34.6M | $25.4M | |||
| Equity investments | 6.9M CNY | 10.5M CNY | |||
| Property and equipment, net | $832.0K | $538.7K | |||
| Intangible assets | $1.5M | $1.7M | |||
| Downpayment for investment | $4.1M | ||||
| Right-of-use assets | $1.6M | $104.2K | |||
| Deferred tax assets | $29.2K | ||||
| Total non-current assets | $10.9M | $6.5M | |||
| Total Assets | $45.5M | $32.0M | |||
| Borrowings current | $2.0M | $2.4M | |||
| Notes payable | $2.1M | ||||
| Contract liabilties | $7.5M | $4.4M | |||
| Accounts payable & other payables | $4.6M | $1.8M | |||
| Tax payables | $4.4M | $4.1M | |||
| Lease liabilities -current | $386.6K | $84.5K | |||
| Total current liabilities | $21.7M | $12.8M | |||
| Borrowings non current | $43.7K | $427.4K | |||
| Lease liabilities non current | $1.3M | ||||
| Total non-current liabilities | $1.3M | $427.4K | |||
| Total Liabilities | $23.0M | $13.2M | |||
| Additional paid-in capital | $8.5M | $2.0M | |||
| Appropriation of statutory reserve | $138.4K | ||||
| Retained earnings | $11.4M | $14.3M | |||
| Accumulated other comprehensive income (loss) | -$130.5K | $109.1K | |||
| Total Skycorp Solar Group Ltd Shareholders Equity | $19.9M | $16.4M | |||
| Non-controlling interests | $2.6M | $2.6M | $2.3M | ||
| Total Shareholders Equity | $22.5M | $18.8M | $17.0M | ||
| Total Liabilities and Shareholders Equity | $45.5M | $32.0M |
| Period ending | 2025-09-30 | 2025-02-28 | 2025-01-31 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $9.3M | $5.2M | ||||
| Restricted cash | $2.1M | |||||
| Notes receivable | $477.1K | $237.1K | ||||
| Digital assets | $31.2K | |||||
| Accounts receivable, net | $9.0M | $10.7M | ||||
| Inventories, net | $4.3M | $2.6M | ||||
| Prepaid expenses and other current assets,net | $5.1M | $4.5M | ||||
| Total current assets | $34.6M | $25.4M | ||||
| Equity investments | 6.9M CNY | 10.5M CNY | ||||
| Property and equipment, net | $832.0K | $538.7K | ||||
| Intangible assets | $1.5M | $1.7M | ||||
| Downpayment for investment | $4.1M | |||||
| Right-of-use assets | $1.6M | $104.2K | ||||
| Deferred tax assets | $29.2K | |||||
| Total non-current assets | $10.9M | $6.5M | ||||
| Total Assets | $45.5M | $32.0M | ||||
| Borrowings current | $2.0M | $2.4M | ||||
| Notes payable | $2.1M | |||||
| Contract liabilties | $7.5M | $4.4M | ||||
| Accounts payable & other payables | $4.6M | $1.8M | ||||
| Tax payables | $4.4M | $4.1M | ||||
| Lease liabilities -current | $386.6K | $84.5K | ||||
| Total current liabilities | $21.7M | $12.8M | ||||
| Borrowings non current | $43.7K | $427.4K | ||||
| Lease liabilities non current | $1.3M | |||||
| Total non-current liabilities | $1.3M | $427.4K | ||||
| Total Liabilities | $23.0M | $13.2M | ||||
| Additional paid-in capital | $8.5M | $2.0M | ||||
| Appropriation of statutory reserve | $138.4K | |||||
| Retained earnings | $11.4M | $14.3M | ||||
| Accumulated other comprehensive income (loss) | -$130.5K | $109.1K | ||||
| Total Skycorp Solar Group Ltd Shareholders Equity | $19.9M | $16.4M | ||||
| Non-controlling interests | $2.6M | $2.6M | $2.3M | |||
| Total Shareholders Equity | $22.5M | $18.8M | $17.0M | $15.7M | ||
| Total Liabilities and Shareholders Equity | $45.5M | $32.0M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net (loss) income | -$2.2M | $1.2M | $1.8M |
| Depreciation and amortization | $377.9K | $322.1K | $263.1K |
| Provision for inventory impairment | $27.3K | ||
| Amortization of right-of-use assets | $394.2K | $153.8K | $157.1K |
| Provision for expected credit loss | $603.9K | $302.0K | $115.6K |
| Loss on disposal of property and equipment | $5.5K | ||
| Unrealized loss on digital assets held | $18.8K | ||
| Losses on equity investments | $51.0K | ||
| Gains on disposal of items of right-of-use assets | -$6.4K | ||
| Accounts receivable | $783.5K | -$4.2M | -$6.0M |
| Inventories | -$1.7M | $1.6M | $4.9M |
| Due from related parties | -$4.7M | ||
| Due to related parties | $2.3M | ||
| Notes receivable | -$241.0K | $367.9K | -$125.0K |
| Prepaid expenses and other current assets | -$3.7M | $1.8M | $4.9M |
| Deferred tax assets | -$29.0K | ||
| Accounts payable | $3.0M | -$1.2M | -$622.7K |
| Other payables | $2.8M | $218.7K | $30.4K |
| Contract liabilities | $3.2M | $1.9M | -$6.6M |
| Tax payables | $314.2K | $384.6K | $1.7M |
| Notes payable | $2.1M | -$1.0M | $208.2K |
| Lease liabilities | -$368.4K | -$166.6K | -$170.2K |
| Net Cash Provided by Operating Activities | $2.9M | $1.6M | $549.3K |
| Purchase of property and equipment | -$465.4K | -$239.8K | -$303.4K |
| Purchase of digital assets | -$50.0K | ||
| Purchases of equity investments | -$2.9M | ||
| Purchase of intangible assets | -$165.5K | -$2.0M | |
| Advances made to related parties | -$1.5M | ||
| Collection from related parties | $128.1K | ||
| Downpayment for investment | -$4.0M | ||
| Net Cash Used in Investing Activities | -$4.8M | -$4.4M | -$2.3M |
| Gross proceeds from initial public offering | $8.0M | ||
| Payments related to initial public offering | -$1.6M | ||
| Proceeds from borrowings | $1.7M | $5.1M | $2.4M |
| Repayment of borrowings | -$2.5M | -$4.8M | -$1.3M |
| Borrowings from related parties | $3.1M | $1.9M | $2.4M |
| Repayment of borrowings to related parties | -$394.9K | -$264.0K | -$38.1K |
| Capital contribution from non-controlling interest | $55.8K | -$6.7K | |
| Dividends paid to non-controlling interest | -$279.2K | -$138.8K | |
| Net Cash Provided by Financing Activities | $8.2M | $1.9M | $3.5M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $40.6K | $208.7K | -$169.8K |
| Net change in cash and cash equivalents and restricted cash | $6.3M | -$763.5K | $1.6M |
| Cash paid for income taxes | $3.2K | $32.2K | $43.5K |
| Cash paid for interest expenses | $124.4K | $202.7K | $88.7K |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $2.0M | ||
| Disposal of an unpaid-in subsidiary | $139.6K | ||
| Acquisition of equity investment through settlement of downpayment for investment | $4.0M |
No quarter-by-quarter statement was filed.
Corporate structure
PN Smart Energy Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of PN Smart Energy Ltd
- Baili Group Ltd Filed SCHEDULE 13G on PN Smart Energy Ltd, latest May 16, 2025
- Skyline Tech Ltd Filed SCHEDULE 13G on PN Smart Energy Ltd, latest May 16, 2025
- PN Smart Energy Ltd
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What PN Smart Energy Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $1.2M2 Sep 30, 2025 | $766.3K2 Sep 30, 2024 | +60.0% |
| Accumulated depreciation | $393.9K2 Sep 30, 2025 | $227.6K2 Sep 30, 2024 | +73.1% |
| Property and equipment, net | $832.0K2 Sep 30, 2025 | $538.7K2 Sep 30, 2024 | +54.4% |
| Operating-lease assets (leased space) | $1.6M2 Sep 30, 2025 | $104.2K2 Sep 30, 2024 | +1473.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $9.3M2 Sep 30, 2025 | $5.2M2 Sep 30, 2024 | +80.8% |
| Marketable securities, current | $31.2K2 Sep 30, 2025 | ||
| Stakes in other companies (equity method) | $6.9M2 Sep 30, 2025 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $1.5M2 Sep 30, 2025 | $1.7M2 Sep 30, 2024 | −13.4% |
| Finite-lived intangibles, gross | $2.1M2 Sep 30, 2025 | $2.1M2 Sep 30, 2024 | 0% |
| Accumulated amortization | $608.9K2 Sep 30, 2025 | $395.8K2 Sep 30, 2024 | +53.8% |
| Finite-lived intangibles, net | $1.5M2 Sep 30, 2025 |
Inventory
Leadership
Who has led PN Smart Energy Ltd, and when. Pick a name to see everywhere that person has worked.
- Chief financial officerZhe Liang Apr 6, 2026 to now5
- Chief operating officerJiye He Apr 6, 2026 to now6
Board members and other officers (6)
- Chief Technology OfficerXufeng Lu Apr 6, 2026 to now7
- Board memberJiye He Apr 6, 2026 to now6
- Board memberKwok Hung Bell Wong Apr 6, 2026 to now8
- Board memberMengying Wang Apr 6, 2026 to now9
- Board memberShibo Feng Apr 6, 2026 to now10
- Board memberZhen Meng Apr 6, 2026 to now11
Former names
- Skycorp Solar Group LtdDec 19, 2023 to May 8, 20263
Filings
65 filings to the SEC since October 2021: 1 annual reports, 8 insider forms, 2 large holders, 54 other. The latest 20:
- Aug 10, 20266-K EDGAR
- Aug 10, 2026424B5 EDGAR
- Aug 7, 20266-K EDGAR
- Aug 4, 20266-K EDGAR
- Jul 30, 20266-K EDGAR
- Jun 11, 20266-K EDGAR
- May 8, 20266-K EDGAR
- May 6, 20266-K EDGAR
- May 1, 20266-K EDGAR
- Apr 30, 2026EFFECT EDGAR
- Apr 28, 2026CORRESP EDGAR
- Apr 28, 2026F-3 EDGAR
- Apr 28, 20266-K EDGAR
- Apr 23, 2026UPLOAD EDGAR
- Apr 17, 2026DRS EDGAR
- Apr 8, 20266-K EDGAR
- Apr 6, 20263 EDGAR
- Apr 6, 20263 EDGAR
- Apr 6, 20263 EDGAR
- Apr 6, 20263 EDGAR
The 65 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Baili Group LtdSCHEDULE 13G, 1 filing May 16, 202512
- Skyline Tech LtdSCHEDULE 13G, 1 filing May 16, 202513
SEC filer profile
How PN Smart Energy Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPN Smart Energy Ltd1
- CIK0002001288
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Industry code (SIC)5045 Wholesale-Computers & Peripheral Equipment & Software1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business addressRoom 303, Block B, No.188 Jinghua Road, Yinzhou District, Ningbo City, Zhejiang Province, China1
- Phone86 0547 879668761
- Shares outstanding13,975,000 Common Class A shares; 13,025,000 Common Class B shares as of Sep 30, 20254
- AuditorEnrome LLP, Singapore PCAOB ID 6907; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceDec 19, 20231
- Filings65 in all: 6-K (23), 3 (8), CORRESP (5), UPLOAD (5), F-1/A (3), DRS (2), DRS/A (2), DRSLTR (2)1
All 20 form types
EFFECT (2), FWP (2), SCHEDULE 13G (2), 20-F (1), 424B4 (1), 424B5 (1), 8-A12B (1), CERT (1), F-1 (1), F-3 (1), NT 20-F (1), S-8 (1)
- Latest filingsAnnual report (20-F) Feb 12, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Ordinary Shares, par value US$0.0001 per share | PN | Nasdaq |
From the cover page of the 20-F filed Feb 12, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5SEC EDGARZhe Liang, Chief financial officer
- 6SEC EDGARJiye He, Chief operating officer
- 7SEC EDGARXufeng Lu, Chief Technology Officer
- 8SEC EDGARKwok Hung Bell Wong, Board member
- 9SEC EDGARMengying Wang, Board member
- 10SEC EDGARShibo Feng, Board member
- 11SEC EDGARZhen Meng, Board member
- 12
- 13