Patriot National Bancorp (PNBK) just closed out FY 2025 with fourth quarter revenue of US$9.8 million and a basic EPS loss of US$0.02, alongside trailing twelve month revenue of US$28.1 million and a basic EPS loss of US$0.17. Over recent quarters the company has seen revenue move from US$4.7 million in Q2 2025 to US$7.6 million in Q3 2025 and then to US$9.8 million in Q4 2025. Quarterly basic EPS losses narrowed from US$0.21 in Q1 2025 to US$0.06 in Q2, US$0.03 in Q3 and US$0.02 in Q4. Together, these results put the focus firmly on how sustainable its margins and overall profitability profile really look for investors.

See our full analysis for Patriot National Bancorp.

With the headline numbers on the table, the next step is to line these results up against the widely shared narratives around Patriot National Bancorp to see which stories hold up and which ones the latest margins and earnings trends call into question.

Net loss of US$12.7 million over the year

• Over the trailing twelve months, Patriot National Bancorp recorded a net loss of US$12.71 million on revenue of US$28.12 million, with basic EPS at a loss of US$0.17 per share.
• Bears argue that earnings pressure is entrenched, and the figures here support that concern, as:
  • Losses have widened at an annualized rate of 66.2% over the past five years, pointing to a multi year pattern rather than a single rough period.
  • The bank remains unprofitable over the last 12 months even with quarterly EPS losses narrowing from US$0.21 in Q1 2025 to US$0.02 in Q4 2025.

Skeptical investors often focus on how long a bank has been loss making and how deep those losses run, and this earnings track record makes that question hard to ignore for Patriot National Bancorp 📊 Read the what the Community is saying about Patriot National Bancorp.

Credit quality signals: 4.4% non performing loans

• Non performing loans sit at 4.4% over the last year, with balances such as US$25.97 million in Q3 2025 and US$29.71 million in Q1 2025 alongside a relatively low allowance for bad loans at 28%.
• Critics highlight credit risk as a key bearish theme, and the numbers here line up with that view because:
  • Elevated non performing loan levels across the recent quarters suggest a meaningful portion of the loan book is under stress, including US$25.97 million of problem loans against total loans of US$588.67 million in Q3 2025.
  • A comparatively low allowance coverage of 28% means reserves are not large relative to these stressed loans, which keeps attention on how much additional provisioning might still be needed.

Premium 1.7x P/B despite ongoing losses

• The shares trade at a P/B of 1.7x, above both the US banks industry average of 1.1x and the peer average of 0.6x, even as the bank remains loss making and the stock price is US$1.26.
• What stands out for bearish investors is the tension between these valuation and balance sheet signals, because:
  • The company has been unprofitable on a trailing twelve month basis while still carrying this premium P/B multiple versus peers that, in some cases, are profitable.
  • Substantial shareholder dilution over the past year means existing owners now hold a smaller share of the business at a time when the market is not pricing the stock at a discount on book value.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Patriot National Bancorp's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With this backdrop in mind, it helps to step back, review the underlying figures, and form your own view before sentiment settles. To move from headlines to specifics around the company’s risk profile, take a closer look at 4 important warning signs.

See What Else Is Out There

Patriot National Bancorp is still loss making with a US$12.71 million annual net loss, elevated non performing loans at 4.4%, and a premium 1.7x P/B.

If you want ideas where financial risk may be more contained and balance sheets look sturdier, check out 65 resilient stocks with low risk scores to quickly spot alternatives that prioritise resilience.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.