P2 Solar, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data P2 Solar, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2011	FY2011	FY2012	FY2014	FY2023	FY2023	FY2024	FY2025
Revenue				0.15	0	0	0.17	0.03
Cost of revenue				0.12		0	0.1	0
Gross profit				0.03		0	0.07	0.02
Selling and marketing	0.04	0.12	0	0.01
General and administrative					0	0	0.04	0.02
Operating expenses					0.09	0.09	0.18	0.13
Operating income					-0.09	-0.09	-0.11	-0.1
Interest expense	-0.01	-0	-0.02	-0.01	0.03	0.03	0.03	0.03
Other non-operating income					-0.03	-0.09	-0.03	0.07
Income tax					0	0	0	0
Income from continuing operations			-0.19	-0.45
Net income	-2.94	-2.59	-0.2	-0.42	-0.12	-0.18	-0.15	-0.03
EPS, diluted							0.00	0.00
Shares, diluted (weighted)							67.9	73.9

Balance sheet

	FY2011	FY2011	FY2012	FY2014	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	0	0	0	0	0.01	0.01	0	0
Receivables			0.01	0.01		0	0.01	0
Other current assets					0	0	0	0
Total current assets	2.03	0.01	0.08	0.08	0.02	0.02	0.02	0.01
Goodwill					0	0.09	0.09	0.09
Total assets	2.03	0.01	0.08	0.16	0.02	0.11	0.11	0.1
Accounts payable		0.09	0.09		0.23	0.22	0.27	0.25
Accrued liabilities		0.01	0.02
Total current liabilities	0.22	0.34	0.65	0.55	1.66	1.71	1.87	1.04
Total liabilities	0.22	0.34	0.65	0.74	1.66	1.79	1.95	1.12
Paid-in capital	5.74	6.18	6.18	6.5	6.54	6.54	6.54	7.24
Retained earnings					-7.78	-7.96	-8.11	-8.14
Other comprehensive income	-0.3	-0.31	-0.31	-0.27	-0.47	-0.34	-0.33	-0.23
Shareholders' equity	1.82	-0.33	-0.57	-0.58	-1.64	-1.69	-1.83	-1.01
Total equity	1.82	-0.33	-0.57	-0.58	-1.64	-1.69	-1.83	-1.01
Total liabilities and equity	2.03	0.01	0.08	0.16	0.02	0.11	0.11	0.1
Shares outstanding				65.3	67.9	67.9	67.9	127

Cash flow statement

	FY2011	FY2011	FY2012	FY2014	FY2023	FY2023	FY2024	FY2025
Net income	-2.94	-2.59	-0.2	-0.42	0.12	-0.18	-0.15	-0.03
Stock-based compensation				0.12
Change in receivables			0	-0		0	-0.01	0.01
Change in payables	0.01	0.01	0	0.04	0.01	0.01	0.05	-0.01
Cash from operations	-0.33	-0.2	-0	-0.24	-0.02	-0.05	-0.03	-0.07
Cash from investing			-0.06	-0.01
Debt repaid				-0.03
Stock issued	0.13	0.01
Cash from financing	0.27	0.21	0.06	0.26	0.05	0.02	0.02	0.04
Exchange rate effect	-0.01	0	-0		-0.01	0.03	0	0.02
Net change in cash					0.01	-0	-0.01	-0
Interest paid	0	0	0		0	0	0	0
Income taxes paid					0	0	0	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.4%	Gross profit / revenue.
Operating margin	-391.7%	Operating income / revenue.
Net margin	-130.7%	Net income / revenue.
Operating cash flow margin	-260.6%	Cash from operations / revenue.
Return on assets (ROA)	-31.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-84.1%	Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y	-67.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	64.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	8.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.01x	Current assets / current liabilities.
Quick ratio	0.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	1,086.0%	Total liabilities / total assets.
Interest coverage	-3.36x	Operating income / interest expense.
Working capital	-$1.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	87.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Receivables turnover	4.43x	Revenue / average receivables.
Days sales outstanding	82 days	365 x average receivables / revenue.
Days payables	21,843 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.00	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	-$0.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.01	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.2M	Share price x shares outstanding.
Enterprise value	$1.2M	Market cap + total debt - cash - short-term investments.
P/S	47.3x	Market cap / revenue.
EV/Sales	47.3x	Enterprise value / revenue.
Earnings yield	-2.8%	Net income / market cap (the inverse of P/E).

What was P2 Solar, Inc.'s revenue in fiscal 2025?

P2 Solar, Inc. reported revenue of $26.4K for fiscal 2025, 84.1% lower than the year before.

Was P2 Solar, Inc. profitable in fiscal 2025?

No. It reported a net loss of $34.5K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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