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NINGBO, China, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Skycorp Solar Group Limited (the “Company”) (NASDAQ: PN), a solar PV product provider engaged in the manufacture and sale of solar cables and solar connectors, today reported its financial results for the fiscal year 2025, ended September 30, 2025.

Financial Highlights for Fiscal Year 2025

• Revenue increased 26.97% year over year, to approximately $63.31 million in fiscal 2025 from approximately $49.86 million in the same period of last year. The increase reflects strong execution of the Company’s solar?focused strategy.

• Total assets rose from approximately $31.95 million to approximately $45.49 million, an absolute increase of approximately $13.54 million, representing an increase of approximately 42.39% year?over?year.

• Solar PV revenue grew 32.61%, accounting for over 97% of total revenue.

• Overseas revenue increased 140.82%, driven by expanding international demand for solar PV products.

• Material increase in cash and cash equivalents to approximately $9.34 million in fiscal 2025 from $5.17 million in fiscal 2024 not only secures the Company’s operational needs for the next 12 months but also serves as evidence of robust operating performance over the past year, improving short?term liquidity and financial flexibility.

• Strategic expansion – progress made in expanding participation across the renewable energy value chain through selective investments and energy asset initiatives.

Mr. Weiqi Huang, Chairman and CEO of the Company, commented: “Fiscal year 2025 represented a year of solid execution and strategic progress for Skycorp. We delivered strong revenue growth, driven primarily by continued expansion in our solar PV product business, which now accounts for over 97% of total revenue. Growth was supported by rising global demand for photovoltaic cables and connectors, as well as a significant increase in overseas sales, reflecting the success of our international market expansion efforts.”

“Throughout the year, we optimized our business by focusing resources on our core PV cable operations and related extensions. We see strong long-term prospects in global C&I distributed PV plant investment, integrated equipment and service solutions, and AI-enabled energy management—all aligned with the energy transition. Despite competitive pressures affecting pricing and margins, we continue to scale operations, deepen customer relationships, and invest in capabilities to become a full-scope clean energy solutions provider.”

“Recent industry developments, including the global focus on advanced PV technologies and China's central role in solar manufacturing, reinforce the need for continuous innovation and scale. We are expanding from our PV cable manufacturing base into C&I distributed PV plant investment and operation, building an integrated one-stop service ecosystem covering equipment, installation, and O&M, and exploring AI-driven smart energy management to enhance plant efficiency and asset value. Through selective investments, such as our planned stake in Nanjing Cesun Power, we are deepening our participation across the renewable energy value chain while improving capital efficiency and global operational flexibility.”

“Moving into 2026, we remain focused on growing our core PV cable business while building integrated energy infrastructure capabilities covering generation, transmission, and consumption. We are strengthening our position in global C&I distributed PV plant investment, one-stop plant services, and AI smart energy management. Through efficient execution, global reach, and disciplined investment, we aim to become a foundational player in the global clean energy sector.”

Financial Results for Fiscal Year 2025

Revenue

Total revenue increased to approximately $63.31 million, up 26.97% for the fiscal year ended September 30, 2025, from approximately $49.86 million in fiscal 2024. The increase was primarily driven by continued growth in solar PV product sales, partially offset by a decline in HPC product sales.

Revenue from solar PV products rose to approximately $61.65 million, an increase of 32.61% from approximately $46.49 million in the prior year, accounting for 97.37% of total revenue, compared with 93.23% in fiscal 2024. Growth was supported by expanding global photovoltaic demand, improving economics of energy storage systems, and favorable government policies.

Revenue from HPC products declined to approximately $1.28 million, down 62.14% from approximately $3.38 million in fiscal 2024, reflecting the Company’s strategic shift away from HPC products amid softening market demand.

Cost of Revenues

Cost of revenues increased to approximately $57.01 million in fiscal 2025, primarily due to higher sales volumes of solar PV products. Cost of revenues related to solar PV products rose 37.59% to approximately $55.50 million, broadly in line with revenue growth. Cost of revenues for HPC products declined 61.17% to approximately $1.28 million, consistent with lower sales volumes.

Gross Profit and Gross Margin

Gross profit was approximately $6.30 million in fiscal 2025, compared with approximately $6.53 million in fiscal 2024.

Gross margin declined to 9.95% from 13.10%, primarily due to pricing pressure and increased competition in the solar PV market.

  For fiscal year 2025 ended September 30 In USD million except percentages, differences due to rounding.  2025 Amount2024 AmountVariances %Revenues $63.31$49.8626.97Cost of revenue (57.01)(43.33)31.57%Gross profit 6.306.53(3.58)%Net income(loss) (2.21)1.17(289.71)

Operating Expenses

Selling and marketing expenses increased to approximately $2.34 million, up 29.35%, driven mainly by higher international shipping costs associated with overseas sales growth. Overseas revenue increased 140.82% to approximately $24.00 million, reflecting the Company’s increased focus on solar PV products.

General and administrative expenses rose to approximately $4.82 million, compared with approximately $1.73 million in the prior year, primarily due to higher professional fees related to compliance activities and increased facility rental costs following capacity expansion.

Research and development expenses decreased 10.32% to approximately $1.68 million, reflecting lower staffing needs as several projects near completion.

Net Income (Loss)

The Company recorded a net loss of approximately $2.21 million for fiscal 2025, compared with net income of approximately $1.17 million in fiscal 2024, primarily due to margin compression and higher operating expenses.

Liquidity

As of September 30, 2025, the Company had cash and cash equivalents of approximately $9.34 million and working capital of approximately $5.17 million, compared to cash and cash equivalents of approximately $5.17 million and working capital of approximately $12.67 million as of September 30, 2024. The Company believes its current cash position and cash flows from operations will be sufficient to meet working capital needs for the next 12 months.

About Skycorp Solar Group Limited

Skycorp Solar Group Limited is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. Our operations are managed through our subsidiaries, including Ningbo Skycorp Solar Co., Ltd., in China.

The Company’s mission is to become a green energy solutions provider by utilizing solar power and delivering eco-friendly solar PV products. By leveraging the Company’s expertise in solar technologies and relationships with worldwide clients, it aims to expand offerings of solar PV products and energy solutions for enterprise customers. For more information, please visit: https://ir.pnrenewables.com/.

Forward-Looking Statement

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.