Recently, we demonstrated that small-molecule azomethines are promising candidates as electron donating materials for organic photovoltaic devices. Azomethines can be prepared via well-known condensation chemistry with water being the sole by-product. Here we present a record power conversion efficiency for azomethine-based small-molecule OPV of 2.2%. To understand the underlying physics limiting device performance, TPA-TBT-TPA devices were characterized using a range of spectroscopic and electro-optical techniques. Light intensity dependent current-density measurement showed the presence of non-geminate charge recombination, which is most likely the result of poor charge mobility. In addition, transient absorption measurements showed a relatively short life time of the exciton (120 ps). However, due to the very fast charge dissociation (<300 fs) charge separation is relatively efficient. This knowledge presents a guideline for preparing subsequent generations of compounds with improved device performance.