Quarterly ResultMay 11, 2026, 11:01 AM
Portsmouth Square Q3 Net Income $571K; Revenue +35.1% to $16.5M
AI Summary
Portsmouth Square Inc. reported a net income of $571,000 for the three months ended March 31, 2026, a substantial improvement from a net loss of $(712,000) in the prior year period. Hotel revenue for the quarter increased 35.1% to $16.5 million. For the nine months ended March 31, 2026, the company reduced its net loss to $(4.31) million from $(6.62) million year-over-year, with hotel revenue growing 22.3% to $41.6 million. Despite these improvements, the company noted that the San Francisco hospitality market recovery remains slower than anticipated, impacting demand and shifting revenue towards lower-yielding leisure travel, though management concluded no substantial doubt about its ability to continue as a going concern.
Key Highlights
- Net income for Q3 2026 was $571,000, a significant improvement from a $(712,000) net loss in Q3 2025.
- Hotel revenue for Q3 2026 increased 35.1% to $16.5 million from $12.2 million in Q3 2025.
- Basic and diluted net income per share for Q3 2026 was $0.78, up from $(0.97) in Q3 2025.
- Nine-month net loss improved to $(4.31) million in 2026 from $(6.62) million in 2025.
- Nine-month hotel revenue rose 22.3% to $41.6 million from $34.0 million in 2025.
- Net cash provided by operating activities for the nine months was $1.87 million, compared to $(5.24) million used in the prior year.
- Hotel room revenue for Q3 2026 increased 36.9% to $14.4 million.
- Total liabilities increased to $175.0 million from $171.0 million as of June 30, 2025.