PTWO · Pono Capital Two, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43.06M | - | $43.35M | $53.10M | $54.81M | - | $47.28M | - | - | - |
| Cost of Revenue | $12.71M | - | $12.74M | $13.68M | $15.29M | - | $9.85M | - | - | - |
| Gross Profit | $30.35M | - | $30.61M | $39.42M | $39.52M | - | $33.50M | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $12.63M | - | $14.73M | $12.13M | $15.06M | - | $16.60M | - | - | - |
| Total Operating Expenses | $12.63M | - | $14.73M | $12.13M | $13.53M | - | $29.40M | $430.8K | $462.6K | - |
| D&A | $670.4K | - | $453.0K | $570.7K | $1.02M | - | $745.8K | - | - | - |
| Operating Income | $17.72M | - | $15.88M | $14.55M | $24.20M | - | $13.83M | ($501.7K) | ($504.7K) | - |
| Interest Expense | $111.9K | - | $44.9K | $7.4K | $3.0K | - | $4.0K | - | - | - |
| Income Tax | $7.53M | - | $5.67M | $11.10M | $9.96M | - | $10.27M | $40.5K | $45.2K | - |
| Net Income | $11.31M | - | $12.82M | $2.46M | $21.50M | - | $2.83M | ($308.3K) | ($292.5K) | - |
| EPS - Basic | $0.11 | - | $0.12 | $0.20 | $0.20 | - | $0.03 | - | - | - |
| EPS - Diluted | $0.11 | - | $0.12 | $0.02 | $0.20 | - | $0.09 | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $167.31M | $163.77M | $127.43M | $152.74M | $132.06M | $125.04M | $103.02M | $1.38M | $1.66M | $284.4K |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $2.32M | $2.79M | $1.68M | $1.71M | $1.69M | $1.49M | $1.99M | - | - | - |
| Accounts Payable | - | - | - | - | - | - | $14.87M | $77.0K | $60.0K | $43.9K |
| Current Assets | $238.78M | $231.22M | $227.20M | $241.34M | $215.10M | $184.45M | $202.10M | $1.44M | $1.77M | $394.5K |
| Total Assets | $388.02M | $380.45M | $321.36M | $315.30M | $284.61M | $266.08M | $296.48M | $19.53M | $19.75M | $21.25M |
| Current Liabilities | $62.57M | $61.12M | $44.58M | $60.68M | $48.47M | $61.19M | $72.42M | $4.48M | $4.40M | $2.61M |
| Long-term Debt | $40.44M | $42.83M | $21.12M | $7.10M | $6.86M | $6.60M | $823.2K | - | - | - |
| Total Liabilities | $117.64M | $117.14M | $73.30M | $70.65M | $58.28M | $71.06M | $90.96M | $8.51M | $8.43M | $6.63M |
| Stockholders' Equity | $255.34M | $248.28M | $247.99M | $244.59M | $226.45M | $195.11M | $204.98M | $8.83M | $9.02M | ($5.99M) |
| Retained Earnings | $251.76M | $240.45M | $226.25M | $213.42M | $210.97M | $189.46M | $182.92M | ($6.60M) | ($6.29M) | ($6.00M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.23M | - | - | - | $1.93M | - | - | - | ($487.5K) | - |
| Investing Cash Flow | ($528.0K) | - | - | - | ($978.8K) | - | - | - | $3.13M | - |
| Financing Cash Flow | ($1.84M) | - | - | - | ($280.4K) | - | - | - | ($1.26M) | - |
| CapEx | $125.0K | - | - | - | $702.3K | - | - | - | - | - |
| Free Cash Flow | $9.11M | - | - | - | $1.23M | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 70.5% | - | 70.6% | 74.2% | 72.1% | - | 70.9% | - | - | - |
| Operating margin | 41.2% | - | 36.6% | 27.4% | 44.2% | - | 29.3% | - | - | - |
| EBITDA margin | 42.7% | - | 37.7% | 28.5% | 46.0% | - | 30.8% | - | - | - |
| Net margin | 26.3% | - | 29.6% | 4.6% | 39.2% | - | 6.0% | - | - | - |
| Free cash flow margin | 21.1% | - | - | - | 2.2% | - | - | - | - | - |
| FCF / Net income | 0.81 | - | - | - | 0.06 | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 29.3% | - | 34.0% | 22.8% | 27.5% | - | 35.1% | - | - | - |
| Effective tax rate | 40.0% | - | 30.7% | 81.9% | 31.7% | - | 78.4% | - | - | - |
| Return on assets | 2.9% | - | 4.0% | 0.8% | 7.6% | - | 1.0% | -1.6% | -1.5% | - |
| Return on equity | 4.4% | - | 5.2% | 1.0% | 9.5% | - | 1.4% | -3.5% | -3.2% | - |
| Return on invested capital | 3.6% | - | 4.1% | 2.9% | 7.1% | - | 3.4% | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.82 | 3.78 | 5.10 | 3.98 | 4.44 | 3.01 | 2.79 | 0.32 | 0.40 | 0.15 |
| Quick ratio | 3.78 | 3.74 | 5.06 | 3.95 | 4.40 | 2.99 | 2.76 | 0.32 | 0.40 | 0.15 |
| Cash ratio | 2.67 | 2.68 | 2.86 | 2.52 | 2.72 | 2.04 | 1.42 | 0.31 | 0.38 | 0.11 |
| Leverage | ||||||||||
| Debt / Equity | 0.16 | 0.17 | 0.09 | 0.03 | 0.03 | 0.03 | 0.00 | - | - | - |
| Debt / Assets | 0.10 | 0.11 | 0.07 | 0.02 | 0.02 | 0.02 | 0.00 | - | - | - |
| Debt / EBITDA | 2.20 | - | 1.29 | 0.47 | 0.27 | - | 0.06 | - | - | - |
| Interest coverage | 158.4x | - | 354.1x | 1960.4x | 8045.9x | - | 3477.8x | - | - | - |
| Equity multiplier | 1.52 | 1.53 | 1.30 | 1.29 | 1.26 | 1.36 | 1.45 | 2.21 | 2.19 | -3.54 |
| Liabilities / Assets | 0.30 | 0.31 | 0.23 | 0.22 | 0.20 | 0.27 | 0.31 | 0.44 | 0.43 | 0.31 |
| Efficiency | ||||||||||
| Asset turnover | 0.11 | - | 0.13 | 0.17 | 0.19 | - | 0.16 | - | - | - |
| Inventory turnover | 5.47 | - | 7.59 | 8.02 | 9.02 | - | 4.96 | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 67d | - | 48d | 45d | 40d | - | 74d | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | 551d | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -21.4% | - | -8.3% | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -23.2% | - | -8.6% | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -26.8% | - | 14.8% | - | - | - | - | -39066.4% | -29.9% | - |
| Net income growth (YoY) | -47.4% | - | 352.7% | - | - | - | - | - | - | - |
| EPS growth (YoY) | -45.0% | - | 33.3% | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 642.6% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 12.8% | 27.3% | 21.0% | 2669.8% | 2411.1% | - | - | - | - | -78.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$173.61M totalProcurement Services$56.05M · 32.3%
Franchising$45.94M · 26.5%
Management Services$29.63M · 17.1%
Rental Services$23.03M · 13.3%
Other$18.95M · 10.9%
Peer comparison
Same SIC group: Services-Offices & Clinics of Doctors of Medicine
Comparing Pono Capital Two against the 5 most active filers in the same SIC group.