PMNT reported Q2 2025 revenue of USD 3.83 million with gross profit of USD 2.07 million, yielding a gross margin of 54.0%. Despite a healthy gross margin, the company posted a net loss of USD 2.74 million and negative EBITDA of USD 2.45 million, driven primarily by elevated operating expenses (SG&A and selling/marketing) and ongoing cash burn. The quarterly results show a significant sequential improvement in revenue and gross profit (YoY declines but QoQ gains), suggesting potential stabilization as the brand scales. However, profitability remains elusive for the quarter, and cash flow remains negative, with CFO of USD -3.85 million and free cash flow of USD -3.89 million. The balance sheet depicts modest assets with a thin liquidity buffer (current ratio ~1.20, cash ratio ~0.07) and a substantial accumulated deficit (retained earnings of USD -55.11 million). Leverage is small but present (total debt USD 2.79 million; net debt USD 2.06 million). The combination of negative earnings, ongoing cash burn, and limited liquidity underscores the need for operational refinement, working capital optimization, and potential external financing to sustain a growth trajectory.