Skycorp Solar Group Ltd (NASDAQ: PN)

Skycorp Cayman is a solar PV product provider that manufactures and sells solar cables and solar connectors and also offers new and used GPU and high performance computing servers. The company was incorporated under the laws of the Cayman Islands as an exempted company on January 19 2022 and conducts its operations through its Chinese subsidiaries Ningbo Skycorp and its affiliates. Its head office is located in Ningbo City Zhejiang Province China. Skycorp Cayman aims to become a green energy solutions provider for data centers by combining solar power generation with server infrastructure and to deliver environment friendly solar PV products to make the planet greener.

Revenue is generated primarily from the sale of solar PV products such as cables connectors and hybrid energy storage systems and from the distribution of new and used GPU and high performance computing servers. For the fiscal year ended September 30 2025 total revenue was $63,311,196 of which solar PV products and services contributed $61,646,464 representing 97.4% and HPC products contributed $1,278,785 representing 2.02%. In the prior fiscal year ended September 30 2024 revenue was $49,864,047 with solar PV products and services contributing $46,486,751 or 93.23% and HPC products contributed $3,377,296 or 6.77%. Geographically the company's sales shifted from 80% in mainland China in 2024 to 62% in 2025 while sales in other Asian regions rose from 9% to 23% and sales in other regions increased from 11% to 15%.

The company operates through the following segments.

• Solar PV Products: This segment encompasses the design manufacture and sale of low smoke halogen free cross linked polyethylene insulated polyethylene sheathed solar cables MC4 solar connectors and hybrid energy storage systems that combine lithium ion batteries with hybrid inverters to provide residential and commercial energy storage solutions. The company operates 4 fully automated PV cable production lines 8 multi functional PV terminal machines and other specialized equipment enabling an annual capacity of up to 10,000,000 connectors and 80,000 kilometers of PV cables.

• HPC Servers: This segment provides new and used GPU and high performance computing servers along with accessories such as 20 foot mobile data center units server fans and control boards sourced from manufacturers that use ASIC chip platforms. The servers support applications in artificial intelligence data analytics blockchain and other high performance computing workloads and the company has historically shipped more than 250,000 units globally.

In the solar PV industry the company faces numerous competitors but benefits from its TÜV certification its ISO9001 quality management system its portfolio of 58 patents and long term relationships with raw material suppliers such as copper wire and halogen free flame retardant providers. China's solar PV installed capacity reached 277.57 gigawatts in 2024 reflecting a growing market where the company's focus on high quality cables and connectors helps it maintain a reliable position. In the HPC server market the company competes against large global players such as Hewlett Packard Enterprise Dell and Lenovo while differentiating itself through its focus on power efficient server solutions its ability to source hardware from multiple ASIC chip manufacturers and its offering of both new and used equipment that reduces capital expenditure for customers. The global HPC market was valued at approximately $60,000,000,000 in 2024 with the top three vendors holding a combined share of more than 49%.

The company serves a business to business customer base that includes solar panel installers distributors and developers as well as data center operators enterprises and other users of high performance computing servers. As of September 30 2025 the company had more than 8,437 customers with no single customer accounting for more than 10% of total revenue. The top 10 customers represented approximately 22.9% of solar PV revenue and 2.0% of HPC revenue in the fiscal year 2025 indicating a diversified client base. Many of these customers have maintained relationships with the company for over 3 years and the company reports a strong presence in both Asian and European markets.