Pioneer Power Announces Financial Results for Fourth Quarter and Full Year 2025
FORT LEE, N.J.--( BUSINESS WIRE)--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
Q4 2025 Financial Highlights
Full Year 2025 Financial Highlights
*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)
2025
2024
27,627
22,879
24,201
17,365
3,426
5,514
9,146
9,712
875
1,050
10,021
10,762
(6,595
)
(5,248
)
739
431
(518
)
50
(6,374
)
(4,767
)
74
(1,418
)
(6,448
)
(3,349
)
449
35,204
(5,999
)
31,855
(0.58
)
(0.31
)
0.04
3.28
(0.54
)
2.97
(0.58
)
(0.31
)
0.04
3.21
(0.54
)
2.90
11,103,623
10,745,217
11,187,868
10,953,861
PIONEER POWER SOLUTIONS, INC.
Consolidated Balance Sheets
(In thousands, except for share amounts)
2025
2024
14,959
41,622
3,133
7,826
6,315
6,068
1,134
1,141
25,541
56,657
5,400
6,503
1,144
530
332
221
418
2,000
2,576
-
44
40
35,455
65,951
3,745
4,543
223
244
123
109
791
991
-
3,347
-
4,079
-
16,665
4,882
29,978
936
301
219
121
101
122
6,138
30,522
-
-
11
11
35,305
35,418
(5,999
)
-
29,317
35,429
35,455
65,951
PIONEER POWER SOLUTIONS, INC.
Consolidated Statements of Cash Flows
(In thousands)
2025
2024
(5,999
)
31,855
1,027
716
137
129
228
224
120
35
35
1,055
-
(35,044
)
601
-
238
-
112
177
(1,335
)
-
(1,147
)
-
4,791
(10,360
)
193
(14,536
)
603
4,558
-
14,320
-
(9,468
)
(894
)
11,609
(4,079
)
(1,418
)
(200
)
684
(249
)
(748
)
(5,818
)
(6,212
)
(2,677
)
(3,759
)
-
42,635
(2,200
)
-
981
-
(3,896
)
38,876
-
519
-
4,986
(16,665
)
-
(136
)
(129
)
(148
)
-
(16,949
)
5,376
(26,663
)
38,040
41,622
3,582
14,959
41,622
8
35
4,922
7
-
344
(440
)
-
2,867
-
(1,532
)
-
(96
)
272
248
-
842
330
-
16,665
PIONEER POWER SOLUTIONS, INC.
Reconciliation of Non-GAAP Measures
(In thousands)
(Unaudited)
2025
2024
2025
2024
$
(1,093
)
$
(1,073
)
$
(6,595
)
$
(5,248
)
1,106
2,109
4,100
5,324
149
345
875
1,050
319
351
1,164
837
108
209
358
515
$
589
$
1,941
$
(98
)
$
2,478