Revenue remains highly erratic with gross margins fluctuating between a low of 32.0% in 2025Q4 and a high of 64.4% in 2026Q3, indicating limited pricing power.
| Sales/Revenue | 22.93M | 21.5M | 24.44M | 23.44M | 16.45M | 9.74M | 10.58M |
| Revenue Growth % | 7.6% | -12.04% | 4.29% | 42.51% | 68.91% | -7.94% | - |
| Cost of Goods Sold | 10.06M | 11.07M | 15.21M | 14.68M | 11.5M | 6.79M | 6.95M |
| COGS % of Revenue | - | 51.5% | 62.23% | 62.64% | 69.91% | 69.74% | 65.73% |
| Gross Profit | 12.87M | 10.43M | 9.23M | 8.76M | 4.95M | 2.95M | 3.63M |
| Gross Margin % | 56.13% | 48.5% | 37.77% | 37.36% | 30.09% | 30.26% | 34.27% |
| Gross Profit Growth % | - | 12.98% | 5.42% | 76.92% | 67.99% | -18.73% | - |
| Operating Expenses | 21.74M | 24.23M | 16.91M | 17.38M | 15.13M | 9.26M | 6.69M |
| OpEx % of Revenue | - | 112.67% | 69.16% | 74.16% | 91.97% | 95.06% | 63.28% |
| Selling, General & Admin | 21.74M | 24.23M | 16.91M | 17.38M | 14.75M | 9.05M | 6.57M |
| SG&A % of Revenue | - | 112.67% | 69.16% | 74.16% | 89.69% | 92.97% | 62.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 374K | 204K | 125K |
| Operating Income | -10.16M | -13.8M | -7.67M | -8.63M | -10.18M | -6.31M | -3.07M |
| Operating Margin % | -44.32% | -64.16% | -31.4% | -36.8% | -61.88% | -64.8% | -29.01% |
| Operating Income Growth % | - | -79.75% | 11.01% | 15.25% | -61.28% | -105.67% | - |
| EBITDA | -9.91M | -13.45M | -7.12M | -8.08M | -9.8M | -6.2M | -3.04M |
| EBITDA Margin % | -43.23% | -62.57% | -29.13% | -34.47% | -59.6% | -63.67% | -28.77% |
| EBITDA Growth % | 18.96% | -88.96% | 11.86% | 17.6% | -58.11% | -103.75% | - |
| D&A (Non-Cash Add-back) | 251K | 342K | 555K | 547K | 374K | 110K | 25K |
| EBIT | -10.67M | -13.89M | -7.41M | -8.59M | -10.78M | -5.9M | -3.19M |
| Net Interest Income | -2.31M | -2.05M | -1.31M | -1.84M | -1.39M | 237K | 213K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 237K | 213K |
| Interest Expense | 1.86M | 2.05M | 1.31M | 1.84M | 1.39M | 0 | 0 |
| Other Income/Expense | -2.73M | -2.14M | -1.05M | -1.8M | -1.99M | 172K | -336K |
| Pretax Income | -12.89M | -15.94M | -8.72M | -10.43M | -12.17M | -6.14M | -3.4M |
| Pretax Margin % | -56.23% | -74.13% | -35.68% | -44.48% | -73.98% | -63.04% | -32.18% |
| Income Tax | 0 | 0 | 0 | -121K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 1.16% | 0% | 0% | 0% |
| Net Income | -12.89M | -15.94M | -8.72M | -10.3M | -12.17M | -6.14M | -3.4M |
| Net Margin % | -56.23% | -74.13% | -35.68% | -43.97% | -73.98% | -63.04% | -32.18% |
| Net Income Growth % | 10.2% | -82.74% | 15.36% | 15.31% | -98.24% | -80.32% | - |
| Net Income (Continuing) | -12.98M | -15.94M | -8.72M | -10.3M | -12.17M | -6.14M | -3.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.99 | -1.34 | -0.66 | -0.78 | -0.39 | -0.22 |
| EPS Growth % | 33.57% | 26.12% | -103.03% | 15.38% | -100% | -77.27% | - |
| EPS (Basic) | - | -0.99 | -1.34 | -0.66 | -0.78 | -0.39 | -0.22 |
| Diluted Shares Outstanding | 35.22M | 16.1M | 6.52M | 15.58M | 15.58M | 15.58M | 15.58M |
| Basic Shares Outstanding | 35.22M | 16.1M | 6.52M | 15.58M | 15.58M | 15.58M | 15.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
High fixed cost burn
As evidenced by the quarterly income statements, PMNT exhibits extreme revenue seasonality, with the most recent 2026Q3 period showing $11.7M in revenue, yet the company struggles to maintain consistent growth, as evidenced by the erratic fluctuations between high-season peaks and significant off-season troughs in reported figures.
The revenue profile suggests a business model heavily reliant on the Northern Hemisphere ski season, which creates lumpy performance that complicates long-term growth forecasting. Investors should monitor whether the company can successfully diversify into non-seasonal categories, as the current reliance on a narrow window of peak demand leaves the top line vulnerable to weather patterns and travel trends.
According to historical financial data, PMNT's gross margin has fluctuated significantly, ranging from a low of 32.0% in 2025Q4 to a high of 64.4% in 2026Q3, suggesting that inventory management and discounting strategies remain primary drivers of profitability rather than stable, premium-based pricing power.
The wide variance in gross margins indicates that the company may be forced into aggressive end-of-season markdowns to clear inventory, which undermines its luxury positioning. A sustained expansion of gross margins will likely require better demand planning and a higher mix of full-price direct-to-consumer sales to insulate the bottom line from wholesale channel volatility.
Based on the reported income statements, PMNT's operating margin reached -64.16% in certain periods, demonstrating that the company's fixed cost base, particularly SG&A, is currently too large to be supported by the existing revenue scale, leading to significant operating deleveraging during off-peak quarters.
The inability to scale operating income alongside gross profit suggests that the company is investing heavily in brand-building and overhead that has yet to yield a commensurate return in revenue. Unless the company can achieve a higher revenue floor, the current cost structure appears to be a structural impediment to achieving sustainable profitability.
As reported in recent filings, PMNT's net income is frequently impacted by significant stock-based compensation, which reached $1.1M in 2025Q4, suggesting that the reported bottom-line figures may not fully reflect the cash-based operational performance of the business during periods of high equity-linked expense.
The reliance on non-cash compensation during periods of negative net income warrants further investigation into the company's true cash burn rate. Investors should adjust for these items to determine the underlying operational health, as the current net margin of -74.13% in some periods may be exacerbated by accounting treatments that do not align with cash flow realities.
Based on the provided financial statements, the company's persistent operating losses and high cash burn raise questions about the long-term viability of its current luxury-technical hybrid model, particularly if the brand fails to achieve the scale necessary to cover its substantial fixed operating expenses.
Short-sellers would likely focus on the disconnect between the brand's luxury aesthetic and its deteriorating financial performance, which may indicate that the market is overestimating the brand's pricing power. The risk remains that the company may require further dilutive capital raises to sustain operations if it cannot demonstrate a clear path to positive operating cash flow.
Quick answers to the most common questions about buying PMNT stock.
For fiscal year 2025, Perfect Moment Ltd. Common Stock (PMNT) reported total revenue of $21.5M. This represents a 103.3% increase compared to $10.6M in 2020.
Perfect Moment Ltd. Common Stock (PMNT) reported a net loss of $15.9M for the fiscal year ending 2025.
Perfect Moment Ltd. Common Stock (PMNT) reported an operating income of $-13.8M, resulting in an operating profit margin of -64.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Perfect Moment Ltd. Common Stock (PMNT) generated $10.4M in gross profit for the year, representing a gross profit margin of 48.5%. This demonstrates the company's core pricing power and production efficiency.