PIONEER POWER SOLUTIONS, INC.

Listed Company

PPSICIK 0001449792NasdaqNon-AcceleratedSmaller ReportingMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$27.63M

Net Income

$-6.00M

Total Assets

$35.45M

Equity

$29.32M

Shares Out

11.10M

Op. Cash Flow

$-5.82M

Business

PIONEER POWER SOLUTIONS, INC. designs, manufactures, integrates, services and sells distributed energy resources, on-site and mobile power generation equipment and a platform of mobile electric vehicle (EV) charging solutions. Its main products and services include the e-Boost suite of mobile and stationary EV charging systems, engine-generator sets and UPS systems, along with preventative maintenance, repairs, fuel conditioning and remote monitoring services. The company operates a single reportable Critical Power segment encompassing mobile EV charging, power generation equipment sales and comprehensive service contracts. Products and services are marketed and sold primarily in the United States (with some sales to Canada) through direct sales personnel, authorized representatives and a network of regional and national field service partners.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	28	23	11	26	18
Cost of goods sold	24	17	9	23	17
Gross profit	3	6	2	3	1
Selling, general and administrative	9	10	8	9	5
Research and development	875,000	1	885,000	—	—
Total operating expenses	10	11	9	9	5
Operating loss from continuing operations	−7	−5	−7	−6	−4
Interest income, net	739,000	431,000	232,000	—	—
Other (expense) income, net	−518,000	50,000	524,000	67,000	−1
Loss before income taxes	−6	−5	−6	−5	−2
Income tax expense (benefit)	74,000	−1	—	7,000	−16,000
Net loss from continuing operations	−6	−3	−6	—	—
Income from discontinued operations, net of income taxes	449,000	35	4	—	—
Net (loss) income	−6	32	−2	−5	−2
Loss from continuing operations	−0.58	−0.31	−0.63	—	—
Earnings from discontinued operations	0.04	3.28	0.44	—	—
Basic (loss) earnings per share	−0.54	2.97	−0.19	−0.56	−0.24
Loss from continuing operations	−0.58	−0.31	−0.63	—	—
Earnings from discontinued operations	0.04	3.21	0.43	—	—
Diluted (loss) income per share	−0.54	2.9	−0.2	−0.56	−0.24
Basic	11	11	10	10	9
Diluted	11	11	10	10	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-10-31	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash	15	42	—	4	—
Accounts receivable, net of allowance for credit losses of $23 and $13 as of December 31, 2025, and 2024, respectively	3	8	—	9	8
Inventories	6	6	—	3	9
Prepaid expenses and other current assets	1	1	—	6	—
Total current assets	26	57	—	28	30
Property and equipment, net	5	7	—	4	—
Operating lease right-of-use assets, net	1	530,000	—	425,000	—
Financing lease right-of-use assets, net	332,000	221,000	—	403,000	—
Investments	418,000	2	2	—	—
Lease receivable	3	—	—	—	—
Other assets	44,000	40,000	—	40,000	—
Total assets	35	66	—	33	36
Accounts payable and accrued liabilities	4	5	—	8	—
Current portion of operating lease liabilities, net	223,000	244,000	—	237,000	—
Current portion of financing lease liabilities, net	123,000	109,000	—	139,000	—
Deferred revenue	791,000	991,000	—	307,000	6
Consideration due to buyer	—	3	—	—	—
Income taxes payable	—	4	—	—	—
Dividend payable	—	17	—	—	—
Total current liabilities	5	30	—	18	17
Operating lease liabilities, non-current portion, net	936,000	301,000	—	215,000	—
Financing lease liabilities, non-current portion, net	219,000	121,000	—	278,000	—
Other long-term liabilities	101,000	122,000	—	49,000	—
Total liabilities	6	31	—	19	17
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	11,000	11,000	—	10,000	—
Additional paid-in capital	35	35	—	34	—
Accumulated deficit	−6	—	—	−20	−15
Total stockholders equity	29	35	—	14	18
Total liabilities and stockholders equity	35	66	—	33	36

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	716,000	397,000	228,000	153,000
Amortization of right-of-use financing leases	137,000	129,000	324,000	238,000	285,000
Non cash lease expense	228,000	224,000	—	—	—
Change in allowance for credit losses	120,000	35,000	97,000	−140,000	71,000
Stock-based compensation	35,000	1	1	1	186,000
Gain on sale of PCEP business	—	−35	—	—	—
Loss attributable to equity method investee	601,000	—	—	—	—
Write-off of costs related to contract settlement	238,000	—	—	—	—
Loss on disposal of property and equipment	112,000	177,000	—	—	—
Selling profit on sales-type leases	−1	—	—	—	—
Gain on change in consideration due to buyer	−1	—	—	—	—
Accounts receivable, net	5	−10	585,000	−7	115,000
Inventories	193,000	−15	511,000	−4	−2
Prepaid expenses and other assets	603,000	5	−5	−2	−195,000
Assets held for sale	—	14	—	—	—
Liabilities held for sale	—	−9	—	—	—
Accounts payable, accrued liabilities and other liabilities	−894,000	12	5	—	—
Income taxes	−4	−1	−7,000	28,000	397,000
Deferred revenue	−200,000	684,000	−6	8	2
Operating lease liabilities	−249,000	−748,000	−703,000	−653,000	−752,000
Net cash used in operating activities	−6	−6	−4	−6	−3
Purchase of property and equipment	−3	−4	−2	−2	−237,000
Proceeds from sale of PCEP business, net of transaction costs	—	43	—	—	—
Payment of consideration payable	−2	—	—	—	—
Dividend received from equity method investee	981,000	—	—	—	—
Net cash (used in)/ provided by investing activities	−4	39	−2	5	−237,000
Net proceeds from the exercise of options for common stock	—	519,000	50,000	17,000	58,000
Net proceeds from issuance of common stock	—	5	177,000	—	9
Payment of cash dividend	−17	—	—	—	−1
Principal repayments of financing leases	−136,000	−129,000	−355,000	−241,000	−112,000
Payments for tax withholding related to vesting of restricted stock units	−148,000	—	—	—	—
Net cash (used in)/ provided by financing activities	−17	5	−323,000	−353,000	8
(Decrease) increase in cash	−27	38	−7	−1	4
Interest paid	8,000	35,000	7,000	4,000	3,000
Income taxes paid, net of refunds	5	7,000	2,000	−20,000	−395,000
Surrender and retirement of common stock	—	344,000	720,000	—	—
Transfer from property and equipment to inventory	−440,000	—	—	—	—
Sales-type lease origination	3	—	—	—	—
Derecognition of assets in exchange for net investment in sales-type lease	−2	—	—	—	—
Property and equipment obtained in exchange for accounts payable and accrued liabilities	−96,000	272,000	—	—	—
Finance lease ROU assets obtained in exchange for finance lease liabilities	248,000	—	—	—	—
Operating lease ROU assets obtained in exchange for operating lease liabilities	842,000	330,000	—	—	—
Cash dividend declared	—	17	—	—	—

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