Revenue has trended downward to $480.4K in 2026Q1, while NOI margins remain highly volatile, fluctuating between a low of 0.3% in 2025Q1 and a high of 80.4% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 2.01M | 2.01M | 3.05M | 2.22M | 8.52M | 8.46M | 4.27M | 2.18M | 1.97M | 1.98M | 1.98M | 1.97M | 1.74M | 1.04M | 915.07K | 915.08K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 900K |
| Revenue Growth % | -33.14% | -34.04% | 37.23% | -73.91% | 0.71% | 97.95% | 95.92% | 10.45% | -0.39% | 0.32% | 0.29% | 13.02% | 66.99% | 14.08% | -0% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.67% | 0% |
| Property Operating Expenses | 868K | 1.55M | 2M | 2.44M | 878.02K | 25.91K | 27.52K | 22.19K | 22.01K | 22.71K | 13.73K | 21.93K | 399.66K | 57.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 1.14M | 462.45K | 1.05M | -216.53K | 7.64M | 8.43M | 4.25M | 2.16M | 1.95M | 1.96M | 1.96M | 1.95M | 1.34M | 986.88K | 915.07K | 915.08K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 915K | 900K |
| NOI Margin % | 56.74% | 22.99% | 34.54% | -9.74% | 89.69% | 99.69% | 99.36% | 98.98% | 98.89% | 98.85% | 99.31% | 98.89% | 77.07% | 94.54% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 1.1M | 902.5K | 2.54M | 4.24M | 3.4M | 2.15M | 527.82K | 408.5K | 635.59K | 621.23K | 576.96K | 649.5K | 607.53K | 417.79K | 536.45K | 277.86K | 150.99K | 164.55K | 144.66K | 134.92K | 0 | -237 | 34 | 116.4K | 94.12K | 0 | 0 | 0 | 0 | 0 | 0 |
| G&A Expenses | 1.05M | 1.17M | 1.49M | 1.75M | 1.52M | 880.86K | 527.82K | 408.5K | 398.44K | 384.09K | 339.81K | 412.36K | 436.14K | 417.79K | 536.45K | 277.86K | 150.99K | 0 | 0 | 134.92K | 125.8K | 134.76K | 110.03K | 116.4K | 94.12K | 85K | 78K | 83K | 83K | 80K | 100K |
| EBITDA | 333.58K | -149.01K | -440.8K | -1.97M | 6.12M | 7.55M | 4.1M | 2.03M | 1.97M | 1.36M | 837.87K | 328.04K | -857.06K | -473.21K | 1.08M | 637.22K | 764.01K | 750.45K | 770.34K | 780.08K | 789.2K | 780.24K | 914.97K | 798.6K | 820.88K | 915K | 915K | 915K | 915K | 915K | 900K |
| EBITDA Margin % | 16.63% | -7.41% | -14.45% | -88.62% | 71.86% | 89.28% | 95.87% | 92.9% | 100% | 68.73% | 42.4% | 16.65% | -49.17% | -45.33% | 117.91% | 69.64% | 83.5% | 82.02% | 84.19% | 85.25% | 86.25% | 85.27% | 100% | 87.28% | 89.71% | 100% | 100% | 100% | 100% | 100% | 100% |
| Depreciation & Amortization | 299.2K | 291.04K | 1.05M | 2.49M | 1.88M | 1.27M | 378.86K | 275.9K | 657.6K | 643.95K | 590.68K | 237.14K | 171.39K | 8.27K | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 14.91% | 14.47% | 34.34% | 111.95% | 22.04% | 14.98% | 8.87% | 12.65% | 33.3% | 32.49% | 29.89% | 12.04% | 9.83% | 0.79% | 153.07% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 34.37K | -440.05K | -1.49M | -4.46M | 4.24M | 6.28M | 3.72M | 1.75M | 1.32M | 718.47K | 247.18K | 90.89K | -1.03M | -481.48K | -321.74K | 637.22K | 764.01K | 750.45K | 770.34K | 780.08K | 915K | 915.24K | 914.97K | 798.6K | 820.88K | 915K | 915K | 915K | 915K | 915K | 900K |
| Operating Margin % | 1.71% | -21.87% | -48.79% | -200.57% | 49.82% | 74.3% | 87% | 80.25% | 66.7% | 36.25% | 12.51% | 4.61% | -59% | -46.12% | -35.16% | 69.64% | 83.5% | 82.02% | 84.19% | 85.25% | 100% | 100.03% | 100% | 87.28% | 89.71% | 100% | 100% | 100% | 100% | 100% | 100% |
| Interest Expense | 1.3M | 2.06M | 3.87M | 2.7M | 1.76M | 1.14M | 1.17M | 527.41K | 0 | 489.56K | 0 | 848.78K | 714.89K | 94.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | -0.07x | -5.39x | -4.32x | -7.11x | 5.51x | 2.86x | 2.80x | - | 2.47x | - | 0.47x | -1.18x | -4.08x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 408.23K | -303.42K | 19.36M | 7.21M | 16.74M | 0 | 378.86K | 275.9K | 0 | -489.56K | 635.61K | 900.66K | 1.94M | 955.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -1.68M | -2.2M | -24.71M | -14.37M | -14.25M | 5.14M | 2.17M | 946.89K | 838.81K | 718.47K | 247.18K | -450.75K | -1.56M | -481.48K | -321.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -83.49% | -109.11% | -810.22% | -646.37% | -167.34% | 60.82% | 50.83% | 43.42% | 42.48% | 36.25% | 12.51% | -22.88% | -89.29% | -46.12% | -35.16% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 502.45K | 848.78K | 714.89K | 94.82K | 0 | -637.22K | -764.01K | -750.45K | -770.34K | -780.08K | -789.2K | -780.24K | -804.97K | -798.6K | -820.88K | -830K | -837K | -832K | -832K | -835K | -800K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 203.27% | -188.3% | -45.93% | -19.69% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -1.68M | -2.2M | -24.71M | -14.37M | -14.25M | 5.14M | 2.17M | 946.89K | 838.81K | 718.47K | 247.18K | -450.75K | -1.56M | -481.48K | -321.74K | 637.22K | 764.01K | 750.45K | 770.34K | 780.08K | 789.2K | 780.24K | 804.97K | 798.6K | 820.88K | 830K | 837K | 832K | 832K | 835K | 800K |
| Net Margin % | -83.49% | -109.11% | -810.22% | -646.37% | -167.34% | 60.82% | 50.83% | 43.42% | 42.48% | 36.25% | 12.51% | -22.88% | -89.29% | -46.12% | -35.16% | 69.64% | 83.5% | 82.02% | 84.19% | 85.25% | 86.25% | 85.27% | 87.97% | 87.28% | 89.71% | 90.71% | 91.48% | 90.93% | 90.93% | 91.26% | 88.89% |
| Net Income Growth % | 93.03% | 91.12% | -72.01% | -0.79% | -377.06% | 136.87% | 129.37% | 12.89% | 16.75% | 190.66% | 154.84% | 71.04% | -223.27% | -49.65% | -150.49% | -16.59% | 1.81% | -2.58% | -1.25% | -1.16% | 1.15% | -3.07% | 0.8% | -2.71% | -1.1% | -0.84% | 0.6% | 0% | -0.36% | 4.38% | 0% |
| Funds From Operations (FFO) | -1.38M | -1.9M | -23.66M | -11.88M | -12.38M | 6.41M | 2.55M | 1.22M | 1.5M | 1.36M | 837.87K | -213.61K | -1.39M | -473.21K | 1.08M | 637.22K | 764.01K | 750.45K | 770.34K | 780.08K | 789.2K | 780.24K | 804.97K | 798.6K | 820.88K | 830K | 837K | 832K | 832K | 835K | 800K |
| FFO Margin % | -68.58% | -94.64% | -775.88% | -534.42% | -145.3% | 75.8% | 59.7% | 56.07% | 75.78% | 68.73% | 42.4% | -10.84% | -79.46% | -45.33% | 117.91% | 69.64% | 83.5% | 82.02% | 84.19% | 85.25% | 86.25% | 85.27% | 87.97% | 87.28% | 89.71% | 90.71% | 91.48% | 90.93% | 90.93% | 91.26% | 88.89% |
| FFO Growth % | 541.16% | 91.95% | -99.23% | 4.03% | -293.04% | 151.35% | 108.6% | -18.28% | 9.83% | 62.61% | 492.23% | 84.58% | -192.7% | -143.86% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FFO per Share | -37.47 | -55.77 | -698.10 | -350.40 | -366.41 | 196.38 | 129.26 | 65.33 | 77.97 | 72.52 | 45.59 | -11.86 | -78.37 | -27.32 | 64.03 | 38.36 | 48.74 | 48.16 | 49.14 | 50.09 | 50.34 | 49.77 | 51.35 | 50.94 | 52.37 | 52.95 | 53.39 | 53.07 | 53.07 | 53.27 | 52.02 |
| FFO Payout Ratio % | 0% | 0% | 0% | -5.5% | 0% | 10.18% | 10.99% | 22.92% | 18.73% | 20.54% | 33.4% | 0% | 0% | -34.94% | 45.41% | 100.12% | 98.82% | 100.61% | 99.97% | 100.66% | 99.49% | 100.64% | 95.67% | 100.21% | 101.17% | 100% | 100% | 97.6% | 100% | 100% | 100% |
| EPS (Diluted) | -45.62 | -83.00 | -729.00 | -443.00 | -841.00 | 138.00 | 51.00 | 22.00 | 44.00 | 23.00 | -1.93 | -25.00 | -88.00 | -28.00 | -19.00 | 39.00 | 49.00 | 48.00 | 49.00 | 50.00 | 50.00 | 50.00 | 51.00 | 51.00 | 52.00 | 53.00 | 53.00 | 53.00 | 53.00 | 53.00 | 52.00 |
| EPS Growth % | 91.02% | 88.61% | -64.56% | 47.32% | -709.42% | 170.59% | 131.82% | -50% | 91.3% | 1291.71% | 92.28% | 71.59% | -214.29% | -47.37% | -148.72% | -20.41% | 2.08% | -2.04% | -2% | 0% | 0% | -1.96% | 0% | -1.92% | -1.89% | 0% | 0% | 0% | 0% | 1.92% | -1.89% |
| EPS (Basic) | - | -83.00 | -729.00 | -443.00 | -841.00 | 141.00 | 53.00 | 22.00 | 45.00 | 23.00 | -1.93 | -26.00 | -91.00 | -29.00 | -20.00 | 39.00 | 49.00 | 48.00 | 49.00 | 50.00 | 50.00 | 50.00 | 51.00 | 51.00 | 52.00 | 53.00 | 53.00 | 53.00 | 53.00 | 53.00 | 52.00 |
| Diluted Shares Outstanding | 36.72K | 34.14K | 33.9K | 33.9K | 33.78K | 32.65K | 19.73K | 18.72K | 19.19K | 18.79K | 18.38K | 18.01K | 17.67K | 17.32K | 16.85K | 16.61K | 15.68K | 15.58K | 15.68K | 15.57K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.68K | 15.38K |
Tenant default and liquidity
As reported in recent financial filings, Power REIT experienced a significant revenue decline, with quarterly figures hovering near $480K in 2026Q1, reflecting a broader trend of contraction that suggests the company is struggling to maintain its asset base amidst ongoing tenant performance challenges and portfolio instability.
The consistent downward pressure on top-line revenue indicates that the company's pivot toward Controlled Environment Agriculture has not yielded the expected scale. Investors should monitor whether this revenue erosion is a result of strategic asset dispositions or, more concerningly, a systemic failure of the underlying tenant base to meet lease obligations.
Based on the provided income statement data, NOI margins have exhibited extreme volatility, swinging from a high of 80.4% in 2025Q3 to a low of 0.3% in 2025Q1, which highlights the structural difficulty of maintaining profitability within the current high-fixed-cost operating model.
The inability to sustain consistent property-level margins suggests that the company's cost structure is disproportionately heavy relative to its small revenue base. This margin instability implies that professional fees and administrative overhead are likely consuming the majority of the cash generated by the underlying real estate assets.
According to the company's reported earnings metrics, FFO per share has remained deeply negative for the majority of the last ten quarters, with a 2026Q1 figure of -$22.48, underscoring the significant challenges in achieving a sustainable, dividend-paying REIT structure at this current scale.
The recurring negative FFO suggests that the company is currently unable to cover its operational costs, let alone generate excess cash for shareholders. This trajectory warrants further investigation into whether the company will require additional dilutive equity raises to maintain its basic corporate functions.
As evidenced by the stark discrepancy between net income and FFO, the company's financial results appear heavily impacted by non-cash charges, with net losses reaching as high as -$19.1M in 2024Q2, suggesting that the reported figures may not accurately reflect the underlying cash-generating capacity of the portfolio.
The extreme swings in net income relative to FFO suggest that impairment charges or other non-recurring accounting adjustments are masking the true economic performance of the assets. Analysts should be wary of relying on headline earnings, as the current financial structure appears to be in a state of significant transition.
Quick answers to the most common questions about buying PW stock.
For fiscal year 2025, Power REIT (PW) reported total revenue of $2.0M. This represents a 123.5% increase compared to $0.9M in 1996.
Power REIT (PW) reported a net loss of $2.2M for the fiscal year ending 2025.
Power REIT (PW) reported an operating income of $-0.4M, resulting in an operating profit margin of -21.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Power REIT (PW) generated $0.5M in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.