The company maintains a conservative 0.24 debt-to-equity ratio, yet its $9.7M cash position against $18.8M in total liabilities warrants caution regarding long-term solvency.
| Total Current Assets | 33.08M | 34.59M | 25.43M | 27.24M | 32.27M | 25.86M |
| Cash & Short-Term Investments | 9.74M | 9.34M | 5.17M | 5.64M | 3.45M | 1.65M |
| Cash Only | 9.74M | 9.34M | 5.17M | 5.64M | 3.45M | 1.65M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.08M | 14.21M | 13.55M | 11.51M | 8.54M | 1.66M |
| Days Sales Outstanding | 334.6 | 81.91 | 99.19 | 82.67 | 52.79 | 15.05 |
| Inventory | 3.75M | 4.28M | 2.6M | 4.03M | 9M | 5.83M |
| Days Inventory Outstanding | 133.79 | 27.4 | 21.88 | 34.89 | 65.64 | 65.37 |
| Other Current Assets | 793.19K | 3M | 439.67K | 426.27K | 905.21K | 549.9K |
| Total Non-Current Assets | 10.91M | 10.9M | 6.52M | 2.36M | 575.29K | 100.28K |
| Property, Plant & Equipment | 2.44M | 2.47M | 642.93K | 652.65K | 575.29K | 100.28K |
| Fixed Asset Turnover | 4.96x | 25.62x | 77.56x | 77.86x | 102.66x | 402.10x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.58M | 1.51M | 1.74M | 1.71M | 0 | 0 |
| Long-Term Investments | 6.89M | 6.89M | 4.14M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 43.99M | 45.49M | 31.95M | 29.6M | 32.85M | 25.96M |
| Asset Turnover | 0.27x | 1.39x | 1.56x | 1.72x | 1.80x | 1.55x |
| Asset Growth % | 0% | 42.38% | 7.95% | -9.88% | 26.52% | - |
| Total Current Liabilities | 17.13M | 21.72M | 12.76M | 11.72M | 16.91M | 10.84M |
| Accounts Payable | 3.1M | 4.31M | 1.32M | 2.49M | 3.17M | 2.54M |
| Days Payables Outstanding | 110.55 | 27.62 | 11.09 | 21.56 | 23.15 | 28.43 |
| Short-Term Debt | 4M | 4.13M | 2.36M | 2.62M | 2.11M | 529.88K |
| Deferred Revenue (Current) | 4.84M | 7.5M | 4.35M | 2.31M | 8.88M | 3.49M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.93x | 1.59x | 1.99x | 2.32x | 1.91x | 2.38x |
| Quick Ratio | 1.71x | 1.40x | 1.79x | 1.98x | 1.38x | 1.85x |
| Cash Conversion Cycle | 357.84 | 81.69 | 109.98 | 96 | 95.28 | 51.99 |
| Total Non-Current Liabilities | 1.63M | 1.3M | 427.42K | 844.99K | 244.37K | 0 |
| Long-Term Debt | 242.85K | 43.73K | 427.42K | 763.71K | 0 | 0 |
| Capital Lease Obligations | 1.39M | 1.25M | 0 | 81.28K | 244.37K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.76M | 23.02M | 13.19M | 12.57M | 17.15M | 10.84M |
| Total Debt | 6.01M | 5.82M | 2.88M | 3.63M | 2.51M | 543.49K |
| Net Debt | -3.74M | -3.53M | -2.29M | -2.02M | -942.16K | -1.1M |
| Debt / Equity | 0.24x | 0.26x | 0.15x | 0.21x | 0.16x | 0.04x |
| Debt / EBITDA | 17.65x | - | 1.80x | 1.16x | 0.75x | 0.17x |
| Net Debt / EBITDA | -10.98x | - | -1.43x | -0.64x | -0.28x | -0.35x |
| Interest Coverage | - | -9.47x | 7.29x | 29.85x | 60.11x | 158.42x |
| Total Equity | 25.23M | 22.48M | 18.76M | 17.03M | 15.69M | 15.12M |
| Equity Growth % | 0% | 19.79% | 10.16% | 8.56% | 3.8% | - |
| Book Value per Share | 19.95 | 17.77 | 13.55 | 12.30 | 11.33 | 10.91 |
| Total Shareholders' Equity | 22.78M | 19.88M | 16.42M | 15.29M | 14.6M | 14.44M |
| Common Stock | 2.7K | 2.7K | 2.5K | 2.5K | 2.5K | 50K |
| Retained Earnings | 14.21M | 11.41M | 14.28M | 13.8M | 12.7M | 11.09M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -426.78K | 7.87K | 109.08K | -551.87K | -141.03K | 1.32M |
| Minority Interest | 2.45M | 2.59M | 2.34M | 1.75M | 1.09M | 677.3K |
Liquidity and working capital
According to the 2025Q2 financial statements, Skycorp Solar maintains a cash balance of $9.7M against total liabilities of $18.8M, resulting in a current ratio of 1.93 that suggests limited headroom to absorb unexpected working capital shocks or sustained operational cash outflows in the current market environment.
The current ratio of 1.93 appears adequate on the surface, but when viewed alongside the company's negative operating cash flow, it suggests that liquidity is highly sensitive to inventory turnover and receivable collection cycles. Investors should monitor whether this cash buffer is sufficient to sustain operations without requiring dilutive financing or further debt accumulation.
Based on the 2025Q2 reported figures, Skycorp Solar exhibits a debt-to-equity ratio of 0.24, which, while appearing conservative, may reflect an inability to access traditional credit markets rather than a strategic choice to maintain a pristine balance sheet in a capital-intensive solar manufacturing industry.
The $6.0M debt load is relatively small, yet it represents a significant burden for a company currently struggling with negative operating margins. This low leverage profile warrants further investigation into whether the company is capital-constrained, potentially limiting its ability to invest in the R&D necessary to improve its competitive positioning.
As reported in the latest balance sheet, Skycorp Solar holds $44.0M in total assets, with $2.4M in net PPE and $1.6M in goodwill, indicating a business model that is moderately asset-heavy and reliant on physical infrastructure to support its solar component assembly and distribution operations.
The presence of goodwill suggests past acquisition activity that may require impairment testing if the company fails to achieve profitability. The relatively low net PPE relative to total assets implies that the company may be outsourcing significant portions of its manufacturing, which could explain the thin gross margins observed.
According to the 2025Q2 financial data, Skycorp Solar reports $22.8M in total equity, with $14.2M attributed to retained earnings, suggesting that historical operations have contributed to the capital base despite the recent emergence of negative net margins and operational cash flow deficits.
The reliance on retained earnings to anchor the equity base is a positive sign of historical stability, but the current trend of negative profitability threatens to erode this foundation over time. Investors should watch for any signs of equity dilution if the company needs to bolster its capital position to fund ongoing growth initiatives.
Quick answers to the most common questions about buying PN stock.
As of 2025, Skycorp Solar Group Limited (PN) had total assets of $45.5M including $34.6M in current assets.
Skycorp Solar Group Limited (PN) carries total debt of $5.8M, offset by $9.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Skycorp Solar Group Limited (PN) has total shareholders' equity (book value) of $19.9M ($17.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Skycorp Solar Group Limited (PN) reported a current ratio of 1.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.