Neither Nathan Cleary's return from concussion nor Isaah Yeo's 250-game milestone could inspire the four-time reigning premiers out of a funk that has now stretched to four consecutive losses.
Friday night's shock defeat - in which Penrith went scoreless in the second half - means they will finish the weekend in the bottom four and crossing their fingers star fullback Dylan Edwards is back from a groin issue next week.
Not since 2013 have the Panthers started a season with only one win in five games. Halfback Cleary was in high school at the time.
Penrith had the better chances, had an extra man advantage in a crucial window before half-time when Reece Robson was sin-binned, and faced a Cowboys side completely outplayed in three of their first four games.
But the usually machine-like Panthers were clunky in attack and struggled to contain a humming North Queensland left edge in their second match at their adoptive home.
Jaxon Purdue continued to announce himself as a top talent at left centre for the Cowboys.
First, he sent an offload that put Murray Taulagi in for the opening try.
Then, he pounced on a Scott Drinkwater kick for his side's first of the second half after fullback Drinkwater had skipped through a hole to put Viliami Vailea in.
North Queensland needed only 12 red-zone tackles to score their four tries, the last of which came when Tom Dearden sent a pin-point kick across field to seal Taulagi's double.
By contrast, the Panthers fluffed their lines at close range, with one moment in the red zone summing things up as the final 10 minutes approached.
As Cleary frantically attempted a kick, Cowboys veteran Coen Hess flattened the champion half so completely that his boot was left swinging at the air, with yet another chance wasted.
Equally notably, prop Lindsay Smith twice dropped the ball while the Panthers were attacking the red zone with an extra man on the field while Robson sat down for his high shot on Daine Laurie.
Cleary had been important early, first crabbing across the field to set up an overlap that led to Casey McLean's try, then winding a grubber kick across field for Izack Tago.
But things didn't come so easily in Penrith's scoreless second half, with Izack Tago sin-binned for a late high shot to stifle the Panthers in their pursuit of an equaliser.
Penrith lost Mitch Kenny to a shoulder injury in the second half, and while the hooker returned to help try to salvage the game in the final 10 minutes, he looks likely to go for scans.
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