Earnings

Pinetree Capital Ltd Announces Audited Financial Results for the Year Ended December 31, 2025 and Director Appointment

By The Northwire Desk — AI Analysis Mar 04, 2026 · 17:00 PNP · 9.7 PINETREE CAPITAL LTD. J

PNP · Price

Pinetree Capital reported FY 2025 total assets of $89.4 M and equity of $87.6 M, up 12% year‑over‑year.
Book value per share increased 13% to $9.33 from $8.28 a year earlier, despite a net loss for the quarter.
Net investment losses of $523 K in Q4 2025 drove the quarterly loss of $(1.09) M; total expenses rose to $1.64 M for the year, representing 1.9% of equity.

Balance Sheet (Dec 31 2025 vs. Dec 31 2024)
Total assets: $89,394 K → $78,270 K (+14%).
Total liabilities: $1,808 K → $571 K (+217%).
Equity (Book Value): $87,586 K → $77,699 K (+13%).
Shares Outstanding: 9,387,000 (unchanged).
Book Value per Share (BVPS): $9.33 vs. $8.28 a year earlier (+13%).
Quarterly Expenses (Q4 2025): $347 K (0.4% of equity).
Prior quarter (Q3 2025) expenses: $497 K (0.5% of equity).
Annual Expenses (FY 2025): $1,640 K (1.9% of equity), up from $939 K (1.2%) in FY 2024.
Net Investment Gains/Losses:
Q4 2025: loss of $(523) K (vs. gain of $17,788 K in Q4 2024).
FY 2025: loss of $32,892 K vs. gain of $10,415 K in FY 2024.
Other Income: $77 K in Q4 2025 (dividends $68 K, interest $9 K) vs. $25 K in Q4 2024.
Total Expenses (FY): $(2,262) K for 2025 vs. $(976) K for 2024.
Net Income (Loss):
Q4 2025: $(1,088) K vs. profit of $17,360 K in Q4 2024.
FY 2025: loss of $32,327 K vs. profit of $9,887 K in FY 2024.
Earnings per Share (basic & fully diluted): $(0.12) for Q4 2025; $1.05 for FY 2025.

(No direct quotes were provided in the release.)

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