Pitanium Ltd
PTNM · Perfumes, Cosmetics & Other Toilet Preparations · EDGAR filings ↗
Grade
D47Hong Kong skincare retailer with premium gross margins but deep operating losses, declining revenue and a Nasdaq trading halt.
Strengths
- Gross margin 83% (100th pct); current ratio 2.79 and quick ratio 2.43 provide a liquidity cushion
- $34M cash and small absolute loss base
Risks
- Net margin -32%, operating margin -38%, ROE -52%; revenue down 12% (5.6th) and net income down 3.4x
- Class A shares under Nasdaq trading halt; FCF -$27.6M with ~5 quarters of runway
Notable findings
- Net lossNet loss (net margin -31.9%)
- Cash burnNegative free cash flow (-3.5M)
- Revenue declineRevenue -12.1% YoY
Key metrics
Gross margin
83.0%
Operating margin
-37.7%
Net margin
-31.9%
Return on equity
-52.1%
Return on assets
-35.0%
Revenue growth (QoQ)
-12.1%
Net-income growth
-336.4%
Current ratio
2.8×
Free cash flow
-$4M
Tangible book value
$5M
Cash & investments
$4M
Cash runway
5q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-01-30 | 2025-09-30 | 0001493152-26-004355 ↗ |