Key Terms
non-gaap
financial
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company’s results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
u.s. gaap
financial
U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company’s financial health easily.
equity method investment
financial
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
working capital
financial
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
discontinued operations
financial
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Full Year Revenue of
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
Strategic Business Highlights
- Global Expansion of e-Boost Ecosystem: Successfully entered a strategic international agreement to scale e-Boost mobile charging technology globally. By leveraging a high-margin franchise model and local partnerships, the Company is preparing to capture the rapid surge in international EV demand while maintaining a capital-light growth strategy.
- PRYMUS Platform Aligns with Edge AI & Industrial Growth: Launched the PRYMUS Mobile Distributed Energy Platform, a novel solution designed to deliver 1 MW to 10 MW blocks of sustainably-fueled, off-grid power. PRYMUS is intended to address the “power-gap” facing the growing Edge AI and Data Center sectors, by offering megawatt-scale deployment expected in months rather than the years generally required for traditional grid connectivity.
-
Defining the Premium Residential “Prime Power” Category: Debuted the PowerCore Residential Prime Energy Platform in December 2025 at a fully subscribed, invite-only
Miami event. PowerCore is the market’s only known 24/7/365 whole-home resiliency solution with integrated high-speed charging. PowerCore is designed to elevate the premium residential experience by providing energy independence and mission-critical reliability, decoupled from the vulnerabilities of the traditional aging power grid. - e-Boost Strengthens Its Position as the Standard in Mobile EV Charging: Continued to support e-Boost’s position as a solution for high-capacity mobile EV charging, with steady demand across core markets. With an established leasing and service model generating recurring revenue, e-Boost serves as the foundation of the Company’s broader distributed energy ecosystem.
Q4 2025 Financial Highlights
-
Revenue was
$5.6 million $9.8 million -
Gross profit was
$1.3 million 23.5% , as compared to$2.8 million 28.9% , for the same quarter in 2024. -
Operating loss was
$(1.1) million $(1.1) million -
Non-GAAP operating income* from continuing operations, which excludes corporate overhead expenses, research and development expenses, depreciation and amortization expenses and non-recurring professional fees, was
$589,000 $1.9 million -
Net loss was
$(1.4) million $(17,500) $36.3 million $35.5 million
Full Year 2025 Financial Highlights
-
Revenue was
$27.6 million 20.8% and in-line with Company guidance, compared to$22.9 million -
Gross profit was
$3.4 million 12.4% , as compared to$5.5 million 24.1% , for the year ended December 31, 2024. -
Operating loss from continuing operations was
$(6.6) million $(5.2) million -
Non-GAAP operating loss* from continuing operations, which excludes corporate overhead expenses, research and development expenses, depreciation and amortization expenses and non-recurring professional fees, was
$(98,000) $2.5 million -
Net loss was
$(6.0) million $449,000 $31.9 million $35.2 million -
Backlog of
$12.6 million $19.8 million -
Cash on hand at December 31, 2025, was
$15.0 million $41.6 million -
On January 7, 2025, the Company paid a one-time special cash dividend of an aggregate of
$16.7 million
*A reconciliation between GAAP and non-GAAP measures is provided below. The non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company’s operating performance.
“We delivered
“We are now at an important stage of our development. Pioneer has expanded beyond mobile EV charging into providing mobile distributed energy systems, engineered to solve two urgent power challenges of the recent years: the infrastructure bottleneck of AI-driven compute and the escalating demand for residential energy independence. By launching PRYMUS and PowerCore, we have expanded our addressable market and shifted our portfolio toward what we believe to be mission-critical, high-value deployments.
“The market response is encouraging. PRYMUS is offering solutions to the ‘power gap’ for edge AI and data centers, with initial engagements secured in the first quarter of 2026 and shipments scheduled for 2027. Meanwhile, PowerCore is set to begin shipments in the second half of this year, intended to capture a premium residential segment that is increasingly decoupling from traditional grid constraints.
“As we look ahead to 2026, we expect our core e-Boost business to provide a stable, reliable foundation, while our new platforms serve as the primary engines for significant growth over the long-term. Early customer engagement and the quality of our initial orders for PRYMUS and PowerCore suggest that our strategy is aligned with the market’s trajectory. We are no longer just preparing for growth. We are responding to and taking active steps to capture market demand by investing in a robust pipeline of high-value deployments that we believe will drive significant long-term value for our shareholders.”
Fourth Quarter 2025 Financial Results
Revenue
Revenue for the three months ended December 31, 2025, was
Gross Profit/Margin
Gross profit for the fourth quarter of 2025 was
Operating Loss from Continuing Operations
For the three months ended December 31, 2025, operating loss from continuing operations was
Net Loss from Continuing Operations
The Company’s net loss from continuing operations was
Net Loss
Net loss was
Full Year 2025 Financial Results from Continuing Operations
Revenue
Revenue for the year ended December 31, 2025, was
Gross Profit/Margin
Gross profit for 2025 was
Operating Loss from Continuing Operations
Operating loss from continuing operations for the year ended December 31, 2025, was
Net Loss from Continuing Operations
Net loss from continuing operations for the year ended December 31, 2025, was
Net Income (Loss)
Net loss was
Balance Sheet
As of December 31, 2025, the Company had
Non-GAAP Measures
In addition to disclosing financial results in accordance with accounting principles generally accepted in
The Company’s management uses non-GAAP operating income (loss) from continuing operations (a) as a measure of operating performance, (b) for planning and forecasting in future periods, and (c) in communications with the Company’s board of directors concerning the Company’s financial performance. The Company’s presentation of this non-GAAP measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be used by investors as a substitute or alternative to any measure of financial performance calculated and presented in accordance with
Please refer to “Reconciliation of Non-GAAP Measures” in this document for a detailed explanation of the adjustments made to the comparable
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, service of distributed energy resources, power generation equipment and mobile electric charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.
e-Boost is Pioneer’s portfolio of smart, mobile EV charging solutions designed for speed, flexibility, and sustainability. Since its launch in November 2021, e-Boost has established itself as the market leader, delivering mobile, off-grid charging solutions with an extensive range of platforms. Utilized by electric bus and truck manufacturers, fleet management companies, municipalities, and EV infrastructure providers, e-Boost is setting the standard for innovative, all-inclusive EV charging solutions. To learn more about Pioneer’s e-Boost, please visit its website at www.pioneer-emobility.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company’s ability to successfully operate its business after the divestiture of its E-Bloc business, (ii) the Company’s ability to successfully increase its revenue and profit in the future, (iii) general economic conditions and their effect on demand for electrical equipment, (iv) the effects of fluctuations in the Company’s operating results, (v) the fact that many of the Company’s competitors are better established and have significantly greater resources than the Company, (vi) the Company’s dependence on two customers for a large portion of its business, (vii) the potential loss or departure of key personnel, (viii) unanticipated increases in raw material prices or disruptions in supply, (ix) the Company’s ability to realize revenue reported in the Company’s backlog, (x) future labor disputes, (xi) changes in government regulations, (xii) the liquidity and trading volume of the Company’s common stock, (xiii) global events beyond our control, including war, public health crises, such as pandemics and epidemics, trade disputes, economic sanctions, trade wars and their collateral impacts and other international events, (xiv) risks associated with litigation and claims, which could impact our financial results and condition, and (xv) the Company’s ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market.
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the
— Tables Follow –
|
PIONEER POWER SOLUTIONS, INC. Consolidated Statements of Operations (In thousands, except for share and per share amounts) |
|||||||
| For the Year Ended | |||||||
| December 31, | |||||||
|
2025 |
2024 |
||||||
| Revenues | $ |
27,627 |
|
$ |
22,879 |
|
|
| Cost of goods sold |
24,201 |
|
17,365 |
|
|||
| Gross profit |
3,426 |
|
5,514 |
|
|||
| Operating expenses | |||||||
| Selling, general and administrative |
9,146 |
|
9,712 |
|
|||
| Research and development |
875 |
|
1,050 |
|
|||
| Total operating expenses |
10,021 |
|
10,762 |
|
|||
| Operating loss from continuing operations |
(6,595 |
) |
(5,248 |
) |
|||
| Interest income, net |
739 |
|
431 |
|
|||
| Other (expense) income, net |
(518 |
) |
50 |
|
|||
| Loss before income taxes |
(6,374 |
) |
(4,767 |
) |
|||
| Income tax expense (benefit) |
74 |
|
(1,418 |
) |
|||
| Net loss from continuing operations |
(6,448 |
) |
(3,349 |
) |
|||
| Income from discontinued operations, net of income taxes |
449 |
|
35,204 |
|
|||
| Net (loss) income | $ |
(5,999 |
) |
$ |
31,855 |
|
|
| Basic (loss) earnings per share: | |||||||
| Loss from continuing operations | $ |
(0.58 |
) |
$ |
(0.31 |
) |
|
| Earnings from discontinued operations |
0.04 |
|
3.28 |
|
|||
| Basic (loss) earnings per share | $ |
(0.54 |
) |
$ |
2.97 |
|
|
| Diluted (loss) earnings per share: | |||||||
| Loss from continuing operations | $ |
(0.58 |
) |
$ |
(0.31 |
) |
|
| Earnings from discontinued operations |
0.04 |
|
3.21 |
|
|||
| Diluted (loss) income per share | $ |
(0.54 |
) |
$ |
2.90 |
|
|
| Weighted average common shares outstanding: | |||||||
| Basic |
11,103,623 |
|
10,745,217 |
|
|||
| Diluted |
11,187,868 |
|
10,953,861 |
|
|||
|
PIONEER POWER SOLUTIONS, INC. Consolidated Balance Sheets (In thousands, except for share amounts) |
|||||||
| December 31, | |||||||
|
2025 |
2024 |
||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash | $ |
14,959 |
|
$ |
41,622 |
||
| Accounts receivable, net of allowance for credit losses of |
3,133 |
|
7,826 |
|
|||
| Inventories |
6,315 |
|
6,068 |
|
|||
| Prepaid expenses and other current assets |
1,134 |
|
1,141 |
|
|||
| Total current assets |
25,541 |
|
56,657 |
|
|||
| Property and equipment, net |
5,400 |
|
6,503 |
|
|||
| Operating lease right-of-use assets, net |
1,144 |
|
530 |
|
|||
| Financing lease right-of-use assets, net |
332 |
|
221 |
|
|||
| Investments |
418 |
|
2,000 |
|
|||
| Lease receivable |
2,576 |
|
– |
|
|||
| Other assets |
44 |
|
40 |
|
|||
| Total assets | $ |
35,455 |
|
$ |
65,951 |
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ |
3,745 |
|
$ |
4,543 |
|
|
| Current portion of operating lease liabilities, net |
223 |
|
244 |
|
|||
| Current portion of financing lease liabilities, net |
123 |
|
109 |
|
|||
| Deferred revenue |
791 |
|
991 |
|
|||
| Consideration due to buyer |
– |
|
3,347 |
|
|||
| Income taxes payable |
– |
|
4,079 |
|
|||
| Dividend payable |
– |
|
16,665 |
|
|||
| Total current liabilities |
4,882 |
|
29,978 |
|
|||
| Operating lease liabilities, non-current portion, net |
936 |
|
301 |
|
|||
| Financing lease liabilities, non-current portion, net |
219 |
|
121 |
|
|||
| Other long-term liabilities |
101 |
|
122 |
|
|||
| Total liabilities |
6,138 |
|
30,522 |
|
|||
| Stockholders’ equity | |||||||
| Preferred stock, |
– |
|
– |
|
|||
| Common stock, |
11 |
|
11 |
|
|||
| Additional paid-in capital |
35,305 |
|
35,418 |
|
|||
| Accumulated deficit |
(5,999 |
) |
– |
|
|||
| Total stockholders’ equity |
29,317 |
|
35,429 |
|
|||
| Total liabilities and stockholders’ equity | $ |
35,455 |
|
$ |
65,951 |
|
|
|
PIONEER POWER SOLUTIONS, INC. Consolidated Statements of Cash Flows (In thousands) |
|||||||
| For the Year Ended | |||||||
| December 31, | |||||||
|
2025 |
2024 |
||||||
| Operating activities | |||||||
| Net (loss) income | $ |
(5,999 |
) |
$ |
31,855 |
|
|
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||
| Depreciation |
1,027 |
|
716 |
|
|||
| Amortization of right-of-use financing leases |
137 |
|
129 |
|
|||
| Non cash lease expense |
228 |
|
224 |
|
|||
| Change in allowance for credit losses |
120 |
|
35 |
|
|||
| Stock-based compensation |
35 |
|
1,055 |
|
|||
| Gain on sale of PCEP business |
– |
|
(35,044 |
) |
|||
| Loss attributable to equity method investee |
601 |
|
– |
|
|||
| Write-off of costs related to contract settlement |
238 |
|
– |
|
|||
| Loss on disposal of property and equipment |
112 |
|
177 |
|
|||
| Selling profit on sales-type leases |
(1,335 |
) |
– |
|
|||
| Gain on change in consideration due to buyer |
(1,147 |
) |
– |
|
|||
| Changes in current operating assets and liabilities: | |||||||
| Accounts receivable, net |
4,791 |
|
(10,360 |
) |
|||
| Inventories |
193 |
|
(14,536 |
) |
|||
| Prepaid expenses and other assets |
603 |
|
4,558 |
|
|||
| Assets held for sale |
– |
|
14,320 |
|
|||
| Liabilities held for sale |
– |
|
(9,468 |
) |
|||
| Accounts payable, accrued liabilities and other liabilities |
(894 |
) |
11,609 |
|
|||
| Income taxes |
(4,079 |
) |
(1,418 |
) |
|||
| Deferred revenue |
(200 |
) |
684 |
|
|||
| Operating lease liabilities |
(249 |
) |
(748 |
) |
|||
| Net cash used in operating activities |
(5,818 |
) |
(6,212 |
) |
|||
| Investing activities | |||||||
| Purchase of property and equipment |
(2,677 |
) |
(3,759 |
) |
|||
| Proceeds from sale of PCEP business, net of transaction costs |
– |
|
42,635 |
|
|||
| Payment of consideration payable |
(2,200 |
) |
– |
|
|||
| Dividend received from equity method investee |
981 |
|
– |
|
|||
| Net cash (used in)/ provided by investing activities |
(3,896 |
) |
38,876 |
|
|||
| Financing activities | |||||||
| Net proceeds from the exercise of options for common stock |
– |
|
519 |
|
|||
| Net proceeds from issuance of common stock |
– |
|
4,986 |
|
|||
| Payment of cash dividend |
(16,665 |
) |
– |
|
|||
| Principal repayments of financing leases |
(136 |
) |
(129 |
) |
|||
| Payments for tax withholding related to vesting of restricted stock units |
(148 |
) |
– |
|
|||
| Net cash (used in)/ provided by financing activities |
(16,949 |
) |
5,376 |
|
|||
| (Decrease) increase in cash |
(26,663 |
) |
38,040 |
|
|||
| Cash | |||||||
| Cash, beginning of year |
41,622 |
|
3,582 |
|
|||
| Cash, end of year | $ |
14,959 |
|
$ |
41,622 |
|
|
| Supplemental cash flow information: | |||||||
| Interest paid | $ |
8 |
|
$ |
35 |
|
|
| Income taxes paid, net of refunds |
4,922 |
|
7 |
|
|||
| Non-cash investing and financing activities: | |||||||
| Surrender and retirement of common stock |
– |
|
344 |
|
|||
| Transfer from property and equipment to inventory |
(440 |
) |
– |
|
|||
| Sales-type lease origination |
2,867 |
|
– |
|
|||
| Derecognition of assets in exchange for net investment in sales-type lease |
(1,532 |
) |
– |
|
|||
| Property and equipment obtained in exchange for accounts payable and accrued liabilities |
(96 |
) |
272 |
|
|||
| Finance lease ROU assets obtained in exchange for finance lease liabilities |
248 |
|
– |
|
|||
| Operating lease ROU assets obtained in exchange for operating lease liabilities |
842 |
|
330 |
|
|||
| Cash dividend declared |
– |
|
16,665 |
|
|||
|
PIONEER POWER SOLUTIONS, INC. Reconciliation of Non-GAAP Measures (In thousands) (Unaudited) |
|||||||||||||||
| For the Three Months Ended | For the Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||||
| GAAP operating loss from continuing operations |
$ |
(1,093 |
) |
$ |
(1,073 |
) |
$ |
(6,595 |
) |
$ |
(5,248 |
) |
|||
| Corporate overhead expenses |
|
1,106 |
|
|
2,109 |
|
|
4,100 |
|
|
5,324 |
|
|||
| Research and development expenses |
|
149 |
|
|
345 |
|
|
875 |
|
|
1,050 |
|
|||
| Depreciation and amortization expenses |
|
319 |
|
|
351 |
|
|
1,164 |
|
|
837 |
|
|||
| Non-recurring professional fees |
|
108 |
|
|
209 |
|
|
358 |
|
|
515 |
|
|||
| Non-GAAP operating income (loss) from continuing operations |
$ |
589 |
|
$ |
1,941 |
|
$ |
(98 |
) |
$ |
2,478 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260407247644/en/
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
Source: Pioneer Power Solutions, Inc.
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