Pioneer Power Solutions Inc【PPSI】株式ニュース

Pioneer Power Announces Financial Results for First Quarter 2026 and Business UpdatesMay 18, 2026 7:30 AM
Business Wire Backlog Grew 11% Sequentially Implemented Actions Expected to Reduce Operating Expenses by Over $1.5 Million on an Annualized Basis $6 Million PRYMUS® Award from National Logistics Customer Validates Early Market Adoption Following Recent Launch 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 recent business highlights and financial results for the first quarter ended March 31, 2026. Recent Business Highlights Received a $6 million award for two PRYMUS® 1.2 megawatt distributed generation systems from a major national logistics customer, reflecting market interest in the platform following the official launch in December 2025. Delivery is expected in the second half of 2026. Implemented cost reduction initiatives at the end of April 2026 expected to lower operating expenses by approximately $1.5 million on an annualized basis, primarily through headcount reductions associated with the e-Boost product platform. Expanded PRYMUS sales pipeline and outstanding customer quotations at a pace exceeding the Company’s initial expectations, suggesting growing market demand for its distributed generation platform. Shipped first e-Boost unit to its distribution partner, Savvy Charging, in the United Arab Emirates, marking the Company’s initial entry into the Middle East market. Order activity for e-Boost mobile EV charging systems averaged to more than $500,000 per month during the quarter, as reflected in the Company’s higher backlog levels as of March 31, 2026. Q1 2026 Financial Highlights Revenue was $4.3 million, compared to $6.7 million for the same quarter in 2025. Gross profit was $582,000, or a gross margin of 13.6%, as compared to $148,000, or a gross margin of 2.2%, for the same quarter in 2025. Operating loss was $2.0 million, compared to $2.3 million for the same quarter in 2025. 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 $380,000, as compared to $708,000 for the same quarter in 2025. Net loss was $2.5 million, as compared to $929,000, inclusive of income from discontinued operations of $1.1 million, in the year ago quarter. Backlog of $13.9 million at March 31, 2026, compared to $12.6 million at December 31, 2025. Cash on hand at March 31, 2026, was $13.6 million, as compared to $15.0 million at December 31, 2025. *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. “Our first quarter results reflect momentum across the business and meaningful progress in positioning Pioneer for its next phase of growth,” said Nathan Mazurek, CEO of Pioneer. “We delivered a significant year-over-year improvement in gross margin and a sequential increase in backlog, which suggests two important things: we are building commercial momentum, and customer demand for our distributed power solutions continues to build. While revenue in the quarter was affected by the timing of e-Boost deployments, the underlying trajectory of the business remains solid and improving. Importantly, the cost reduction actions we implemented at the end of April are expected to reduce our operating expense base by $1.5 million or more on an annualized basis, giving us a leaner, more focused organization. Those potential savings are expected to be directed toward the areas where we see the most opportunity and excitement - PRYMUS and PowerCore, which we believe are central to our long-term growth story. “The early response to PRYMUS has been encouraging and, in our view, reinforces the strength of the market opportunity we are addressing. We continue to see accelerating demand for rapidly deployable distributed generation solutions, driven by the expansion of AI infrastructure, growth in data center capacity and ongoing constraints within the utility grid. In fact, a significant portion of our current pipeline and outstanding customer quotations is now centered on PRYMUS opportunities, which gives us increasing confidence in the scale and long-term potential of the platform. “At the same time, we continue to advance commercialization efforts for PowerCore, which currently remains on track to begin shipments in the second half of 2026. Together, PRYMUS and PowerCore represent an important step forward in Pioneer’s evolution into a broader distributed energy solutions provider, serving both commercial and residential end markets. “Looking ahead, our focus remains on disciplined execution, improving operating leverage and converting a growing pipeline of opportunities into revenue. We believe our differentiated product portfolio positions us well to capitalize on increasing demand for flexible, resilient power infrastructure.” First Quarter 2026 Financial Results Revenue Revenue for the three months ended March 31, 2026, was $4.3 million, a decrease of 36.7%, as compared to $6.7 million during the first quarter of last year, primarily due to a decrease in sales and rentals in the Company’s suite of mobile EV charging solutions, e-Boost. Gross Profit/Margin Gross profit for the first quarter of 2026 was $582,000, or a 13.6% gross margin, compared to gross profit of $148,000, or a 2.2% gross margin, for the same period in 2025. The increase in gross profit was primarily attributable to improved operating efficiencies associated with the sale of the Company’s mobile EV charging solutions, e-Boost. Operating Loss from Continuing Operations For the three months ended March 31, 2026, operating loss from continuing operations was $2.0 million, an improvement of $326,000 compared to $2.3 million for the same period in 2025. Net Loss from Continuing Operations The Company’s net loss from continuing operations was $2.5 million for the three months ended March 31, 2026, as compared to $2.1 million for the same period in 2025. Net Loss Net loss was $2.5 million, as compared to $929,000, inclusive of income from discontinued operations of $1.1 million, for the same period last year. Balance Sheet As of March 31, 2026, the Company had $13.6 million of cash on hand and working capital of $18.7 million, compared to $15.0 million of cash on hand and working capital of $20.7 million as of December 31, 2025. The Company had no bank debt as of March 31, 2026. Non-GAAP Measures In addition to disclosing financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this document references certain non-GAAP financial measures. The Company defines non-GAAP operating income (loss) from continuing operations as GAAP operating income (loss) from continuing operations excluding corporate overhead expenses, research and development expenses, depreciation and amortization expenses, and non-recurring professional fees. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary, independent of business performance. 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 for or alternative to any measure of financial performance calculated and presented in accordance with GAAP. Instead, management believes this non-GAAP measure should be used to supplement the Company’s financial measures derived in accordance with U.S. GAAP in order to provide a more complete understanding of the trends affecting the business. Please refer to "Reconciliation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable GAAP measures. 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. PRYMUS is Pioneer’s advanced power systems and controls platform focused on delivering resilient, intelligent, and scalable energy solutions for utility, industrial, and critical infrastructure applications. PRYMUS supports customers through innovative engineering, system integration, and power management technologies designed to improve reliability, operational efficiency, and grid performance. PowerCore is Pioneer’s distributed energy and infrastructure solutions platform, providing customers with flexible and sustainable power solutions for standby, prime, and mobile power applications. PowerCore supports a wide range of commercial, industrial, utility, and infrastructure projects through integrated power generation, energy management, and deployment capabilities. 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” and similar words, or their negatives. 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 reduce operating costs through its cost reduction initiatives, (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, particularly in the commercial market, but also in the power generation, industrial production and infrastructure industries (iv) the effects of fluctuations in the Company’s business, revenues, expenses, net income (loss), income (loss) per share, margins and profitability, (v) the fact that many of the Company’s competitors are better established and have significantly greater resources than the Company, (vi) ability to generate internal growth, maintain market acceptance of our existing products and gain acceptance for our new products, (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, (xv) our ability to remediate the ongoing material weaknesses identified in our internal control over financial reporting, or inability to otherwise maintain an effective system of internal control, (xvi) the effect that the identified material weaknesses and failure to establish and maintain effective internal control over financial reporting could have on investor confidence in us and raise reputational risk and (xvii) the Company’s ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market. Actual outcomes and results may differ materially from those expressed or implied. Important factors that could cause actual results to differ materially include the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. PIONEER POWER SOLUTIONS, INC. Condensed Consolidated Statements of Operations (In thousands, except for share and per share amounts) (Unaudited) For the Three Months Ended March 31, 2026 2025 Revenues $ 4,266 $ 6,740 Cost of goods sold 3,684 6,592 Gross profit 582 148 Operating expenses Selling, general and administrative 2,446 2,414 Research and development 156 80 Total operating expenses 2,602 2,494 Operating loss from continuing operations (2,020 ) (2,346 ) Interest income, net 156 247 Other (expense) income, net (644 ) 23 Loss before income taxes (2,508 ) (2,076 ) Income tax expense (benefit) - - Net loss from continuing operations (2,508 ) (2,076 ) Income from discontinued operations, net of income taxes - 1,147 Net loss $ (2,508 ) $ (929 ) Basic (loss) earnings per share: Loss from continuing operations $ (0.23 ) $ (0.19 ) Earnings from discontinued operations - 0.10 Basic loss per share $ (0.23 ) $ (0.09 ) Diluted (loss) earnings per share: Loss from continuing operations $ (0.23 ) $ (0.19 ) Earnings from discontinued operations - 0.10 Diluted loss per share $ (0.23 ) $ (0.09 ) Weighted average common shares outstanding: Basic 11,095,588 11,120,266 Diluted 11,095,588 11,187,484 PIONEER POWER SOLUTIONS, INC. Condensed Consolidated Balance Sheets (In thousands, except for share and per share amounts) (Unaudited) March 31, December 31, 2026 2025 ASSETS Current assets Cash $ 13,583 $ 14,959 Accounts receivable, net of allowance for credit losses of $68 and $23 as of March 31, 2026, and December 31, 2025, respectively 3,362 3,133 Inventories 5,834 6,315 Prepaid expenses and other current assets 954 1,134 Total current assets 23,733 25,541 Property and equipment, net 5,087 5,400 Operating lease right-of-use assets, net 1,084 1,144 Financing lease right-of-use assets, net 299 332 Investments - 418 Lease receivable 2,514 2,576 Other assets 304 44 Total assets $ 33,021 $ 35,455 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 3,670 $ 3,745 Current portion of operating lease liabilities, net 243 223 Current portion of financing lease liabilities, net 122 123 Deferred revenue 1,041 791 Total current liabilities 5,076 4,882 Operating lease liabilities, non-current portion, net 874 936 Financing lease liabilities, non-current portion, net 188 219 Other long-term liabilities 62 101 Total liabilities 6,200 6,138 Stockholders’ equity Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued - - Common stock, $0.001 par value, 30,000,000 shares authorized; 11,096,266 and 11,095,266 shares issued and outstanding on March 31, 2026, and December 31, 2025, respectively 11 11 Additional paid-in capital 35,317 35,305 Accumulated deficit (8,507 ) (5,999 ) Total stockholders’ equity 26,821 29,317 Total liabilities and stockholders’ equity $ 33,021 $ 35,455 PIONEER POWER SOLUTIONS, INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Operating activities Net loss $ (2,508 ) $ (929 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 265 258 Amortization of financing lease right-of-use assets 33 23 Non cash lease expense 60 58 Provision for credit losses 55 2 Stock-based compensation 10 13 Loss attributable to equity method investee 644 57 Loss on disposal of property and equipment - 29 Gain on change in consideration due to buyer - (1,147 ) Changes in current operating assets and liabilities: Accounts receivable, net (284 ) 2,479 Inventories 481 32 Prepaid expenses and other assets 236 424 Accounts payable, accrued liabilities and other liabilities (110 ) 103 Deferred revenue 250 155 Lease receivables 62 - Operating lease liabilities (81 ) (55 ) Net cash (used in) provided by operating activities (887 ) 1,502 Investing activities Purchase of property and equipment (233 ) (595 ) Investment in equity method investee (226 ) - Net cash used in investing activities (459 ) (595 ) Financing activities Net proceeds from the exercise of options for common stock 2 - Payment of cash dividend - (16,665 ) Principal repayments of financing leases (32 ) (24 ) Net cash used in financing activities (30 ) (16,689 ) Decrease in cash (1,376 ) (15,782 ) Cash Cash, beginning of period 14,959 41,622 Cash, end of period $ 13,583 $ 25,840 Non-cash investing and financing activities: Transfer from property and equipment to inventory $ - $ (420 ) Property and equipment obtained in exchange for accounts payable and accrued liabilities 35 74 PIONEER POWER SOLUTIONS, INC. Reconciliation of Non-GAAP Measures (In thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 GAAP operating loss from continuing operations $ (2,020 ) $ (2,346 ) Corporate overhead expenses 1,045 1,184 Research and development expenses 155 80 Depreciation and amortization expenses 298 281 Non-recurring professional fees 141 93 Non-GAAP operating loss from continuing operations $ (380 ) $ (708 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20260518071702/en/ Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com Original: Pioneer Power Announces Financial Results for First Quarter 2026 and Business Updates

Pioneer Power Announces Financial Results for Fourth Quarter and Full Year 2025April 8, 2026 4:35 PM
Business Wire
Full Year Revenue of $27.6 Million, Up 21% and In-line with Guidance

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, compared to $9.8 million for the same quarter in 2024.

Gross profit was $1.3 million, or a gross margin of 23.5%, as compared to $2.8 million, or a gross margin of 28.9%, for the same quarter in 2024.

Operating loss was $(1.1) million, unchanged from $(1.1) million for the same quarter in 2024.

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, as compared to $1.9 million for the same quarter in 2024.

Net loss was $(1.4) million, inclusive of loss from discontinued operations of $(17,500), as compared to net income of $36.3 million, inclusive of income from discontinued operations of $35.5 million, in the year ago quarter.

Full Year 2025 Financial Highlights

Revenue was $27.6 million, up 20.8% and in-line with Company guidance, compared to $22.9 million for the year ended December 31, 2024.

Gross profit was $3.4 million, or a gross margin of 12.4%, as compared to $5.5 million, or a gross margin of 24.1%, for the year ended December 31, 2024.

Operating loss from continuing operations was $(6.6) million, as compared to $(5.2) million for the year ended December 31, 2024.

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), as compared to non-GAAP operating income of $2.5 million for the year ended December 31, 2024.

Net loss was $(6.0) million, inclusive of income from discontinued operations of $449,000, as compared to net income of $31.9 million, inclusive of income from discontinued operations of $35.2 million, for the year ended December 31, 2024.

Backlog of $12.6 million at December 31, 2025, compared to $19.8 million at December 31, 2024.

Cash on hand at December 31, 2025, was $15.0 million, as compared to $41.6 million at December 31, 2024.

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 21% year-over-year revenue growth in 2025 and met our guidance, indicating strong execution and continued demand for our mobile and distributed power solutions," said Nathan Mazurek, CEO of Pioneer. "Throughout the year, we strategically front-loaded investments to scale our manufacturing platform. The higher initial build costs associated with our new power systems, PRYMUS and PowerCore, were one-time refinements that we believe were needed to allow for a more efficient, high-margin production model as we move into 2026.

"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 $5.6 million, a decrease of 42.3%, as compared to $9.8 million during the fourth quarter of last year, primarily due to a decrease in revenues from a large project-based shipments in the prior-year period with no comparable shipments in the current quarter.

Gross Profit/Margin

Gross profit for the fourth quarter of 2025 was $1.3 million, or a 23.5% gross margin, compared to gross profit of $2.8 million, or a 28.9% gross margin, for the same period in 2024. The decrease in gross profit was primarily attributable to a decrease in revenue.

Operating Loss from Continuing Operations

For the three months ended December 31, 2025, operating loss from continuing operations was $(1.1) million, unchanged from the same period in 2024.

Net Loss from Continuing Operations

The Company’s net loss from continuing operations was $(1.4) million for the three months ended December 31, 2025, as compared to net income from continuing operations of $759,000 for the same period in 2024.

Net Loss

Net loss was $(1.4) million, inclusive of loss from discontinued operations of $17,500, as compared to net income of $36.3 million, inclusive of income from discontinued operations of $35.5 million, for the same period last year.

Full Year 2025 Financial Results from Continuing Operations

Revenue

Revenue for the year ended December 31, 2025, was $27.6 million, an increase of 20.8% as compared to $22.9 million for the year ended December 31, 2024. The increase in revenue is primarily due to an increase in sales and rentals of the Company’s suite of mobile EV charging solutions, e-Boost, partially offset by a decrease in service sales.

Gross Profit/Margin

Gross profit for 2025 was $3.4 million, or a 12.4% gross margin, compared to gross profit of $5.5 million, or a 24.1% gross margin, for the same period in 2024. The decrease in gross margin was primarily attributable to an unfavorable sales mix, in addition to a contract that generated lower margins on the initial e-Boost units due to higher costs incurred during the early stages of production as the Company refined its manufacturing processes and optimized build efficiency.

Operating Loss from Continuing Operations

Operating loss from continuing operations for the year ended December 31, 2025, was ($6.6) million as compared to ($5.2) million during the prior year.

Net Loss from Continuing Operations

Net loss from continuing operations for the year ended December 31, 2025, was ($6.4) million, as compared to ($3.3) million during the year ended December 31, 2024. During 2025, the Company recognized $35,000 of non-cash, stock-based compensation expense as compared to $1.1 million during the same period last year. Additionally, the Company recorded a loss from its equity method investment of $601,000 during 2025, as compared to no loss or income during the same period last year.

Net Income (Loss)

Net loss was $(6.0) million, inclusive of income from discontinued operations of $449,000, as compared to net income of $31.9 million, inclusive of income from discontinued operations of $35.2 million, for the year ended December 31, 2024.

Balance Sheet

As of December 31, 2025, the Company had $15.0 million of cash on hand and working capital of $20.7 million, compared to $41.6 million of cash on hand and working capital of $26.7 million as of December 31, 2024. The decrease in cash on hand is primarily due to the payment of a one-time special cash dividend of an aggregate of $16.7 million on January 7, 2025, and the payment of federal and state income taxes during the year ended December 31, 2025. The Company had no bank debt as of December 31, 2025.

Non-GAAP Measures

In addition to disclosing financial results in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), this document references certain non-GAAP financial measures. The Company defines non-GAAP operating income (loss) from continuing operations as GAAP operating income (loss) from continuing operations excluding corporate overhead expenses, research and development expenses, depreciation and amortization expenses, and non-recurring professional fees. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary, independent of business performance.

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 U.S. GAAP. Instead, management believes this non-GAAP measure should be used to supplement the Company’s financial measures derived in accordance with U.S. GAAP in order to provide a more complete understanding of the trends affecting the business.

Please refer to "Reconciliation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures.

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 U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

-- 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 $23 and $13 as of December 31, 2025, and 2024, respectively

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, $0.001 par value, 5,000,000 shares authorized; none issued

-

-

Common stock, $0.001 par value, 30,000,000 shares authorized; 11,095,266 and 11,120,266 shares issued and outstanding on December 31, 2025, and 2024, respectively

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

Original: Pioneer Power Announces Financial Results for Fourth Quarter and Full Year 2025