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Side-by-side financial comparison of Pangaea Logistics Solutions Ltd. (PANL) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $183.9M, roughly 1.4× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs -125.2%, a 131.7% gap on every dollar of revenue.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
PANL vs PCLA — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.9M | $252.6M |
| Net Profit | $11.9M | $-316.2M |
| Gross Margin | — | — |
| Operating Margin | 9.5% | -114.8% |
| Net Margin | 6.5% | -125.2% |
| Revenue YoY | 24.9% | — |
| Net Profit YoY | 40.9% | — |
| EPS (diluted) | $0.18 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.9M | — | ||
| Q3 25 | $168.7M | — | ||
| Q2 25 | $156.7M | — | ||
| Q1 25 | $122.8M | $252.6M | ||
| Q4 24 | $147.2M | — | ||
| Q3 24 | $153.1M | — | ||
| Q2 24 | $131.5M | — | ||
| Q1 24 | $104.7M | — |
| Q4 25 | $11.9M | — | ||
| Q3 25 | $12.2M | — | ||
| Q2 25 | $-2.7M | — | ||
| Q1 25 | $-2.0M | $-316.2M | ||
| Q4 24 | $8.4M | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $11.7M | — |
| Q4 25 | 9.5% | — | ||
| Q3 25 | 10.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.4% | -114.8% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 9.8% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 7.2% | — | ||
| Q2 25 | -1.8% | — | ||
| Q1 25 | -1.6% | -125.2% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 11.1% | — |
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.19 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $-0.03 | — | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.11 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.25 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $103.1M | $456.8M |
| Total DebtLower is stronger | $249.6M | — |
| Stockholders' EquityBook value | $429.3M | $354.8M |
| Total Assets | $928.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.1M | — | ||
| Q3 25 | $94.0M | — | ||
| Q2 25 | $59.3M | — | ||
| Q1 25 | $63.9M | $456.8M | ||
| Q4 24 | $86.8M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $77.9M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $249.6M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $244.7M | — | ||
| Q1 25 | $251.0M | — | ||
| Q4 24 | $257.2M | — | ||
| Q3 24 | $133.6M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $429.3M | — | ||
| Q3 25 | $420.3M | — | ||
| Q2 25 | $414.4M | — | ||
| Q1 25 | $420.8M | $354.8M | ||
| Q4 24 | $427.8M | — | ||
| Q3 24 | $332.6M | — | ||
| Q2 24 | $331.5M | — | ||
| Q1 24 | $332.0M | — |
| Q4 25 | $928.1M | — | ||
| Q3 25 | $932.1M | — | ||
| Q2 25 | $916.0M | — | ||
| Q1 25 | $918.0M | $1.2B | ||
| Q4 24 | $936.5M | — | ||
| Q3 24 | $749.2M | — | ||
| Q2 24 | $692.9M | — | ||
| Q1 24 | $703.3M | — |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.29× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $15.1M | $-245.6M |
| Free Cash FlowOCF − Capex | — | $-256.6M |
| FCF MarginFCF / Revenue | — | -101.6% |
| Capex IntensityCapex / Revenue | — | 4.3% |
| Cash ConversionOCF / Net Profit | 1.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.1M | — | ||
| Q3 25 | $28.6M | — | ||
| Q2 25 | $14.4M | — | ||
| Q1 25 | $-4.4M | $-245.6M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | $28.5M | — | ||
| Q2 24 | $9.0M | — | ||
| Q1 24 | $9.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-256.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -101.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.27× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.29× | — | ||
| Q3 24 | 5.57× | — | ||
| Q2 24 | 2.43× | — | ||
| Q1 24 | 0.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
