PIONEER POWER SOLUTIONS, INC. PPSI
Power Solutions, Inc. and its wholly owned subsidiary (referred to herein as the "Company," "Pioneer," "Pioneer
Power," "we," "our" and "us") design, manufacture, integrate, service, and sell distributed
energy resources, on site and mobile power generation equipment and a platform of mobile electric vehicle ("EV") charging
solutions. Our products and services are sold to a broad range of customers in the utility, industrial and commercial markets. Our customers
Last close
2.89
2026-09-04
Market cap
$32.1M
2026-06-30 share count
52-week range
2.35 - 6.29
Valuation FY2025 figures against the last close
P/S1.2x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield52.0%
Diluted EPS-0.54
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.6M | $22.9M | $11.1M | $25.9M | $18.3M | $19.5M | $20.6M | $20.1M | $114.4M | $99.6M |
| Cost of revenue | $24.2M | $17.4M | $8.9M | $23.1M | $16.9M | $18.6M | $19.4M | $18.2M | $96.7M | $77.5M |
| Gross profit | $3.4M | $5.5M | $2.2M | $2.8M | $1.4M | $881.0K | $1.2M | $1.9M | $17.7M | $22.1M |
| R&D | $875.0K | $1.1M | $885.0K | — | — | — | — | — | — | — |
| SG&A | $9.1M | $9.7M | $8.4M | $8.6M | $5.3M | $5.2M | $12.9M | $11.0M | $21.2M | $16.7M |
| Total operating expenses | $10.0M | $10.8M | $9.3M | $8.6M | $5.3M | $5.2M | $12.9M | $11.0M | $21.1M | $18.6M |
| Operating income | -$6.6M | -$5.2M | -$7.0M | -$5.8M | -$3.9M | -$4.3M | -$11.8M | -$9.1M | -$3.3M | $3.6M |
| Pre-tax income | -$6.4M | -$4.8M | -$6.3M | -$5.4M | -$2.2M | -$3.0M | -$10.8M | -$10.1M | -$6.2M | $2.4M |
| Income tax | $74.0K | $1.4M | — | $7.0K | $16.0K | $5.0K | $1.3M | $796.0K | $3.0M | $925.0K |
| Net income | -$6.0M | $31.9M | -$1.9M | -$5.4M | -$2.2M | -$3.0M | -$1.0M | -$5.7M | -$9.2M | -$1.1M |
| EPS, basic | -0.54 | 2.97 | -0.19 | -0.56 | -0.24 | -0.34 | -0.12 | -0.65 | -1.06 | -0.12 |
| EPS, diluted | -0.54 | 2.90 | -0.20 | -0.56 | -0.24 | -0.34 | -0.12 | -0.65 | -1.06 | -0.12 |
| Shares, diluted (wtd. avg.) | $11.2M | $11.0M | $10.1M | $9.7M | $8.9M | $8.7M | $8.7M | $8.7M | $8.7M | $8.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $41.6M | $3.6M | $10.3M | $11.7M | $7.6M | $8.2M | $211.0K | $218.0K | $246.0K |
| Short-term investments | — | — | — | — | — | — | $936.0K | — | — | — |
| Receivables | $3.1M | $7.8M | $9.0M | $10.0M | $2.4M | $2.6M | $3.7M | $3.4M | $15.0M | $14.3M |
| Inventory | $6.3M | $6.1M | $3.1M | $5.1M | $4.9M | $2.4M | $4.6M | $3.7M | $26.1M | $22.3M |
| Total current assets | $25.5M | $56.7M | $27.7M | $27.2M | $30.1M | $14.0M | $20.4M | $46.9M | $45.1M | $46.2M |
| Property, plant and equipment | $5.4M | $6.5M | $3.6M | $1.8M | $516.0K | $433.0K | $640.0K | $878.0K | $6.9M | $5.9M |
| Goodwill | — | — | — | — | — | — | — | $3.0M | $8.5M | $8.5M |
| Other intangibles | — | — | — | — | — | — | — | $124.0K | $6.4M | $6.6M |
| Total assets | $35.5M | $66.0M | $33.0M | $30.2M | $32.9M | $21.3M | $28.5M | $72.5M | $74.3M | $77.4M |
| Accounts payable | $2.2M | $3.1M | $1.7M | $5.6M | $2.1M | $2.2M | $7.5M | $7.3M | $20.4M | $14.1M |
| Short-term debt | — | — | — | — | — | $780.0K | — | $1.2M | $5.4M | $4.0M |
| Total current liabilities | $4.9M | $30.0M | $18.3M | $14.9M | $14.4M | $5.5M | $9.8M | $52.4M | $46.8M | $43.7M |
| Long-term debt | — | — | — | — | — | $633.0K | — | $2.6M | $4.2M | $4.0M |
| Total liabilities | $6.1M | $30.5M | $18.8M | $16.3M | $15.8M | $7.4M | $11.6M | $60.6M | $56.7M | $51.2M |
| Retained earnings | -$6.0M | — | -$19.6M | -$18.7M | -$14.9M | -$10.1M | -$7.2M | -$6.1M | -$463.0K | $8.8M |
| Total equity | $29.3M | $35.4M | $14.2M | $15.2M | $19.6M | $13.9M | $16.8M | $12.0M | $17.5M | $26.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.8M | -$6.2M | -$3.9M | -$5.8M | -$3.2M | -$3.6M | -$5.6M | $2.2M | $1.7M | -$9.5M |
| Depreciation and amortisation | $1.0M | $716.0K | $397.0K | $228.0K | $153.0K | $203.0K | $269.0K | $352.0K | $1.3M | $1.2M |
| Stock-based compensation | $35.0K | $1.1M | $1.5M | $1.0M | $186.0K | $3.0K | $12.0K | $165.0K | $466.0K | $62.0K |
| Capital expenditure | $2.7M | $3.8M | $2.5M | $1.5M | $237.0K | — | $153.0K | $589.0K | $1.4M | $668.0K |
| Investing cash flow | -$3.9M | $38.9M | -$2.5M | $4.7M | -$237.0K | $2.6M | $39.8M | $173.0K | -$1.4M | -$618.0K |
| Financing cash flow | -$16.9M | $5.4M | -$323.0K | -$353.0K | $7.6M | $337.0K | -$26.2M | -$3.4M | $642.0K | $10.0M |
| Dividends paid | $16.7M | — | — | — | $1.0M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-015715.
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