PNBK

MKT CAP:$142M

Patriot National Bancorp, Inc.

Market Cap

$142M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$1.30-$0.37 (-22.16%)

Apr 23, 2026

Company Details

Patriot National Bancorp, Inc. operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial...

CEO

Steven Alan Sugarman

IPO Date

Aug 31, 1994

Website

bankpatriot.com

Key Metrics TTM

Revenue

$58M

-4.0% YoY

Net Income

-$13M

EPS (Diluted)

-$0.19

Free Cash Flow

-$6M

Revenue / Share

$0.74

Gross Margin

48.0%

Operating Margin

-21.8%

Net Margin

-21.9%

FCF Margin

-10.7%

P/S

2.4x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 31, 2026

$58M-4.0%EPS -$0.16

Q4 2025

Mar 31, 2026

$16M+10.7%EPS -$0.02

Q3 2025

Nov 14, 2025

$14M-7.6%EPS -$0.03

Q2 2025

Aug 14, 2025

$14M-11.3%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9M	$7M	$1M
Q2 22	$10M	$8M	$2M
Q3 22	$13M	$10M	$2M
Q4 22	$15M	$9M	$2M
Q1 23	$14M	$7M	-$956.0K
Q2 23	$16M	$7M	-$846.0K
Q3 23	$16M	$3M	-$5M
Q4 23	$18M	$10M	$1M
Q1 24	$16M	$7M	-$233.0K
Q2 24	$15M	$4M	-$4M
Q3 24	$15M	$6M	-$2M
Q4 24	$14M	-$1M	-$10M
Q1 25	$15M	$6M	-$3M
Q2 25	$14M	$5M	-$5M
Q3 25	$14M	$8M	-$3M
Q4 25	$16M	$10M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	1.9x	13.7x
Q2 22	1.3x	9.5x
Q3 22	1.0x	6.9x
Q4 22	0.9x	6.8x
Q1 23	0.7x	7.6x
Q2 23	0.6x	12.2x
Q3 23	0.5x	—
Q4 23	0.3x	—
Q1 24	0.2x	—
Q2 24	0.1x	—
Q3 24	0.1x	—
Q4 24	0.1x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	1.8x	—
Q4 25	2.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$4M	-$4M
Q2 22	$2M	$2M
Q3 22	$2M	$2M
Q4 22	$7M	$7M
Q1 23	-$212.0K	-$310.0K
Q2 23	$4M	$4M
Q3 23	-$14M	-$15M
Q4 23	-$167.0K	-$182.0K
Q1 24	$2M	$2M
Q2 24	$6M	$6M
Q3 24	-$3M	-$3M
Q4 24	-$3M	-$2M
Q1 25	-$6M	-$6M
Q2 25	$921.0K	$918.0K
Q3 25	-$5M	-$5M
Q4 25	$4M	$4M

Capital Expenditures

Quarter	CapEx
Q1 22	$91.0K
Q2 22	$179.0K
Q3 22	$52.0K
Q4 22	$92.0K
Q1 23	$98.0K
Q2 23	$132.0K
Q3 23	$167.0K
Q4 23	$15.0K
Q1 24	$41.0K
Q2 24	$50.0K
Q3 24	$61.0K
Q4 24	$97.0K
Q1 25	$70.0K
Q2 25	$3.0K
Q3 25	$19.0K
Q4 25	$143.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.9%	+7.6%
Q2 22	+22.8%	+22.5%
Q3 22	+42.8%	+44.1%
Q4 22	+42.0%	+26.9%
Q1 23	+59.8%	+94.3%
Q2 23	+53.5%	+94.0%
Q3 23	+27.9%	+109.3%
Q4 23	+18.3%	+30.7%
Q1 24	+12.5%	+7.1%
Q2 24	-5.0%	+13.9%
Q3 24	-8.2%	-19.3%
Q4 24	-21.2%	+41.7%
Q1 25	-6.6%	+9.0%
Q2 25	-11.3%	-3.5%
Q3 25	-7.6%	-4.5%
Q4 25	+10.7%	-24.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$21.0K	0.2%
Q2 22	$20.0K	0.2%
Q3 22	$22.0K	0.2%
Q4 22	$23.0K	0.2%
Q1 23	$23.0K	0.2%
Q2 23	$23.0K	0.1%
Q3 23	$31.0K	0.2%
Q4 23	$28.0K	0.2%
Q1 24	$24.0K	0.1%
Q2 24	$41.0K	0.3%
Q3 24	$55.0K	0.4%
Q4 24	$64.0K	0.5%
Q1 25	$181.0K	1.2%
Q2 25	$1M	8.3%
Q3 25	$2M	13.1%
Q4 25	$2M	13.5%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$4M	$68.0K
Q2 22	$4M	$73.0K
Q3 22	$4M	$50.0K
Q4 22	$3M	$41.0K
Q1 23	$5M	$85.0K
Q2 23	$5M	$77.0K
Q3 23	$5M	$61.0K
Q4 23	$4M	$46.0K
Q1 24	$5M	$46.0K
Q2 24	$5M	$88.0K
Q3 24	$5M	$105.0K
Q4 24	$4M	$121.0K
Q1 25	$5M	$153.0K
Q2 25	$6M	$44.0K
Q3 25	$6M	$46.0K
Q4 25	—	$46.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$44M	$83M	$128M
Q2 22	$38M	$77M	$114M
Q3 22	$31M	$86M	$117M
Q4 22	$38M	$85M	$123M
Q1 23	$60M	$92M	$152M
Q2 23	$71M	$91M	$161M
Q3 23	$79M	$86M	$165M
Q4 23	$53M	$21M	$73M
Q1 24	$64M	$88M	$152M
Q2 24	$94M	$87M	$180M
Q3 24	$73M	$90M	$162M
Q4 24	$148M	$20M	$167M
Q1 25	$121M	$0	$121M
Q2 25	$188M	$8M	$196M
Q3 25	$181M	$92M	$273M
Q4 25	$186M	$210M	$396M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	4M	+0.5%	+0.5%
Q2 22	4M	+0.0%	+0.2%
Q3 22	4M	-0.1%	+0.4%
Q4 22	4M	-0.8%	-0.4%
Q1 23	4M	+0.8%	-0.0%
Q2 23	4M	0.0%	-0.0%
Q3 23	4M	0.0%	+0.0%
Q4 23	4M	+0.3%	+1.1%
Q1 24	4M	0.0%	+0.3%
Q2 24	4M	0.0%	+0.3%
Q3 24	4M	0.0%	+0.3%
Q4 24	4M	+0.4%	+0.4%
Q1 25	41M	+928.5%	+932.6%
Q2 25	78M	+90.3%	+1864.8%
Q3 25	78M	0.0%	+1864.8%
Q4 25	78M	0.0%	+1857.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$70.5K	128
Q2 22	$81.6K	128
Q3 22	$98.9K	128
Q4 22	$117.3K	130
Q1 23	$111.0K	130
Q2 23	$123.3K	130
Q3 23	$124.5K	130
Q4 23	$154.2K	117
Q1 24	$138.8K	117
Q2 24	$130.2K	117
Q3 24	$127.1K	117
Q4 24	$110.2K	129
Q1 25	$117.6K	129
Q2 25	$104.7K	129
Q3 25	$106.5K	129
Q4 25	$147.0K	107

Revenue / Employee