Purpose: Xtrim-PET is a newly designed Silicon Photomultipliers (SiPMs)-based prototype PET scanner dedicated for small laboratory animal imaging. We present the performance evaluation of the Xtrim-PET scanner following NEMA NU-4 2008 standards to help optimizing scanning protocols which can be achieved through standard and reliable system performance characterization. Methods: The performance assessment was conducted according to the National Electrical Manufacturers Association (NEMA) NU-4 2008 standards in terms of spatial resolution, sensitivity, counting rate performance, scatter fraction and image quality. The in vivo imaging capability of the scanner is also showcased through scanning a normal mouse injected with 18 F-FDG. Furthermore, the performance characteristics of the developed scanner are compared with commercially available systems and current prototypes. Results: The volumetric spatial resolution at 5 mm radial offset from the central axis of the scanner is 6.81 µl, whereas a peak absolute sensitivity of 2.99% was achieved using a 250-650 keV energy window and a 10 ns timing window. The peak noise-equivalent count rate (NECR) using a mouselike phantom is 113.18 kcps at 0.34 KBq/cc with 12.5% scatter fraction, whereas the NECR peaked at 82.76 kcps for an activity concentration level of 0.048 KBq/cc with a scatter fraction of 25.8% for rat-like phantom. An excellent uniformity (3.8%) was obtained using NEMA image quality phantom. Recovery coefficients of 90%, 86%, 68%, 40% and 12% were calculated for rod diameters of 5, 4, 3, 2 and 1 mm, respectively. Spill-over ratios for air-filled and water-filled chambers were 35% and 25% without applying any correction for attenuation and Compton scattering effects. Conclusion: Our findings revealed that beyond compactness, lightweight, easy installation and good energy resolution, the Xtrim-PET prototype presents a reasonable performance making it suitable for preclinical molecular imaging-based research.