PN Smart Energy Ltd
skycorp.comWhat Do They Do?
Sells solar cables and connectors for solar power systems to solar-industry businesses, and GPU and high-performance computing servers to computing businesses.
20-F for FY2025, filed Feb 12, 2026We are a solar PV product provider principally engaged in the manufacture and sale of solar cables and solar connectors. We also actively…View ↗
Ningbo Skycorp and its subsidiaries offer the following solar PV products used in solar energy generation scenarios.View ↗
Ningbo Skycorp, Zhejiang Skycorp and Ningbo Dcloud Information provide our customers with brand new and used GPU servers and HPC servers…View ↗
We adopt business-to-business (“B2B”) business models, and our customers are in the solar PV installation and application and HPC server…View ↗
How Do They Make Money?
Business customers buy solar PV products, HPC servers and accessories at fixed prices listed in sales orders and invoices; sales are completed when customers accept the products.
20-F for FY2025, filed Feb 12, 2026The Company sells solar PV products, HPC server products and their accessories to customers. The transaction price in the contract is fixed…View ↗
$63.3M
-
20-F for FY2025, filed Feb 12, 2026
$63.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Solar PV Products
Sold outright
20-F for FY2025, filed Feb 12, 2026 |
97% |
Solar PV Products, FY2025
$61.6M Sources
|
Sold outright |
|
High Performance Computing Products
Sold outright
|
2.0% |
High Performance Computing Products, FY2025
$1.3M Sources
|
Sold outright |
|
Other
|
0.6% |
Other, FY2025
$385.9K Sources
|
Who Are Their Customers?
Business customers in solar installation and application and HPC server markets, mainly in Asia and Europe, buy through referral-led solar sales and HPC websites, social media and online stores.
20-F for FY2025, filed Feb 12, 2026We adopt business-to-business (“B2B”) business models, and our customers are in the solar PV installation and application and HPC server…View ↗
Ningbo Skycorp and its subsidiaries mainly through customer referrals for solar PV products to promote sales. In addition, attending…View ↗
For HPC servers, Ningbo Skycorp and its subsidiaries use websites, official accounts on social media platforms, such as Facebook, Twitter…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $2.7M in FY2025, but brought in more cash than it spent: $2.4M of free cash flow.
20-F for FY2025, filed Feb 12, 2026
−$2.5MView ↗
20-F for FY2025, filed Feb 12, 2026
−$2.7MView ↗
20-F for FY2025, filed Feb 12, 2026
$2.4MView ↗
How Are They Changing?
Who Do They Compete With?
Competes with HPE, Dell, and Lenovo
20-F for FY2025, filed Feb 12, 2026The global HPC servers market is concentrated with a few large competitors, and most leading players are in the US. According to Hyperion…View ↗
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