NASDAQ : PPSI
Pioneer Power Solutions, Inc. — Financial statements
Industrials · Electrical Equipment & Parts · United States
Last price 2.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 28.19M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Pioneer Power Solutions, Inc. (PPSI) reported revenue of 21.80M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 21.80M | 27.63M | 22.88M | 11.12M | 25.88M | 18.31M |
| Cost of Revenue | 18.27M | 24.20M | 17.36M | 8.89M | 23.05M | 16.92M |
| Gross Profit | 3.53M | 3.43M | 5.51M | 2.23M | 2.83M | 1.39M |
| Selling, General & Admin | 9.52M | 9.15M | 9.71M | 8.38M | 8.64M | 5.15M |
| Research & Development | 578.00K | 875.00K | 1.05M | 885.00K | ||
| Operating Expenses | 10.10M | 10.02M | 10.76M | 9.26M | 8.64M | 5.25M |
| Operating Income | -6.57M | -6.59M | -5.25M | -7.04M | -5.81M | -3.86M |
| Interest & Investment Income | 515.00K | 739.00K | 431.00K | 232.00K | 465.00K | 387.00K |
| Other Non Operating Income (Expenses) | -589.00K | -518.00K | 50.00K | -1.00K | -67.00K | -125.00K |
| EBT Excluding Unusual Items | -7.64M | -6.37M | -4.77M | -6.80M | -5.41M | -3.60M |
| Legal Settlements | 525.00K | |||||
| Other Unusual Items | 1.42M | |||||
| Pretax Income | -7.64M | -6.37M | -4.77M | -6.28M | -5.41M | -2.18M |
| Income Tax Expense | 74.00K | 74.00K | -1.42M | 7.00K | -16.00K | |
| Earnings From Continuing Operations | -7.71M | -6.45M | -3.35M | -6.28M | -5.42M | -2.17M |
| Earnings From Discontinued Operations | -598.00K | 449.00K | 35.20M | 4.38M | ||
| Net Income | -8.31M | -6.00M | 31.86M | -1.90M | -5.42M | -2.17M |
| Net Income to Common | -8.31M | -6.00M | 31.86M | -1.90M | -5.42M | -2.17M |
| Shares Outstanding (Basic) | 11.10M | 11.10M | 10.75M | 9.91M | 9.73M | 8.86M |
| Shares Outstanding (Diluted) | 11.10M | 11.19M | 10.95M | 9.91M | 9.73M | 8.86M |
| EPS (Basic) | -0.75 | -0.54 | 2.96 | -0.19 | -0.56 | -0.24 |
| EPS (Diluted) | -0.75 | -0.54 | 2.96 | -0.19 | -0.56 | -0.24 |
| Free Cash Flow | -7.73M | -8.49M | -9.97M | -6.39M | -7.28M | -3.43M |
| Free Cash Flow Per Share | -0.70 | -0.76 | -0.91 | -0.65 | -0.75 | -0.39 |
| Gross Margin | 16.19% | 12.40% | 24.10% | 20.02% | 10.92% | 7.61% |
| Operating Margin | -30.12% | -23.87% | -22.94% | -63.29% | -22.45% | -21.09% |
| Profit Margin | -38.11% | -21.71% | 139.23% | -17.07% | -20.94% | -11.83% |
| Free Cash Flow Margin | -35.44% | -30.75% | -43.58% | -57.49% | -28.15% | -18.73% |
| EBITDA | -5.40M | -5.43M | -4.40M | -6.31M | -5.34M | -3.42M |
| EBITDA Margin | -24.77% | -19.66% | -19.25% | -56.80% | -20.65% | -18.70% |
| D&A For EBITDA | 1.17M | 1.16M | 845.00K | 721.00K | 466.00K | 438.00K |
| EBIT | -6.57M | -6.59M | -5.25M | -7.04M | -5.81M | -3.86M |
| EBIT Margin | -30.12% | -23.87% | -22.94% | -63.29% | -22.45% | -21.09% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.67M | 14.96M | 41.62M | 3.58M | 10.30M | 9.92M |
| Cash & Short-Term Investments | 10.67M | 14.96M | 41.62M | 3.58M | 10.30M | 9.92M |
| Accounts Receivable | 4.25M | 3.13M | 7.83M | 1.22M | 10.01M | 2.43M |
| Receivables | 4.25M | 3.13M | 7.83M | 1.22M | 10.01M | 8.21M |
| Inventory | 6.58M | 6.32M | 6.07M | 3.08M | 8.09M | 4.16M |
| Prepaid Expenses | 1.14M | 1.12M | 970.00K | 1.16M | 2.85M | 1.07M |
| Restricted Cash | 1.77M | |||||
| Other Current Assets | 14.00K | 171.00K | 18.64M | |||
| Total Current Assets | 22.63M | 25.54M | 56.66M | 27.68M | 31.25M | 25.14M |
| Property, Plant & Equipment | 6.16M | 6.88M | 7.25M | 4.43M | 3.98M | 2.75M |
| Long-Term Investments | 418.00K | 2.00M | ||||
| Long-Term Accounts Receivable | 2.45M | 2.58M | ||||
| Long-Term Deferred Charges | 195.00K | |||||
| Other Long-Term Assets | 287.00K | 44.00K | 40.00K | 715.00K | 162.00K | 39.00K |
| Total Assets | 31.54M | 35.45M | 65.95M | 33.02M | 35.39M | 27.93M |
| Accounts Payable | 2.42M | 2.25M | 3.05M | 1.68M | 5.62M | 2.09M |
| Accrued Expenses | 1.20M | 1.50M | 1.49M | 6.43M | 1.62M | 1.26M |
| Current Portion of Leases | 372.00K | 346.00K | 353.00K | 376.00K | 1.06M | 807.00K |
| Current Income Taxes Payable | 4.08M | |||||
| Current Unearned Revenue | 1.51M | 791.00K | 991.00K | 307.00K | 10.66M | 2.42M |
| Other Current Liabilities | 20.01M | 9.47M | ||||
| Total Current Liabilities | 5.50M | 4.88M | 29.98M | 18.26M | 18.96M | 6.58M |
| Long-Term Leases | 965.00K | 1.16M | 422.00K | 493.00K | 1.22M | 1.52M |
| Other Long-Term Liabilities | 303.00K | 101.00K | 122.00K | 49.00K | 65.00K | 274.00K |
| Total Liabilities | 6.77M | 6.14M | 30.52M | 18.80M | 20.24M | 8.38M |
| Common Stock | 11.00K | 11.00K | 11.00K | 10.00K | 10.00K | 10.00K |
| Additional Paid-In Capital | 35.32M | 35.30M | 35.42M | 33.84M | 32.86M | 31.84M |
| Retained Earnings | -10.57M | -6.00M | -19.63M | -17.73M | -12.31M | |
| Comprehensive Income & Other | 14.00K | 14.00K | ||||
| Shareholders' Equity | 24.76M | 29.32M | 35.43M | 14.22M | 15.15M | 19.55M |
| Total Liabilities & Equity | 31.54M | 35.45M | 65.95M | 33.02M | 35.39M | 27.93M |
| Total Debt | 1.34M | 1.50M | 775.00K | 869.00K | 2.27M | 2.33M |
| Net Cash (Debt) | 9.33M | 13.46M | 40.85M | 2.71M | 8.02M | 7.60M |
| Net Cash Per Share | 0.84 | 1.20 | 3.73 | 0.27 | 0.82 | 0.86 |
| Filing Date Shares Outstanding | 11.10M | 11.10M | 11.12M | 10.92M | 9.77M | 9.64M |
| Total Common Shares Outstanding | 11.10M | 11.10M | 11.12M | 9.93M | 9.64M | 9.64M |
| Working Capital | 17.13M | 20.66M | 26.68M | 9.42M | 12.29M | 18.55M |
| Book Value Per Share | 2.23 | 2.64 | 3.19 | 1.43 | 1.57 | 2.03 |
| Tangible Book Value | 24.76M | 29.32M | 35.43M | 14.22M | 15.15M | 19.55M |
| Tangible Book Value Per Share | 2.23 | 2.64 | 3.19 | 1.43 | 1.57 | 2.03 |
| Machinery | 4.19M | 2.76M | 3.03M | 3.11M | 2.14M | |
| Construction In Progress | 1.64M | 2.18M | 1.95M | 499.00K | ||
| Leasehold Improvements | 152.00K | 103.00K | 103.00K | 368.00K | 322.00K | |
| Order Backlog | 12.62M | 19.76M | 16.67M | 38.28M | 22.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -8.31M | -6.00M | 31.86M | -1.90M | -5.42M | -2.17M |
| Depreciation & Amortization | 1.17M | 1.16M | 845.00K | 1.41M | 1.13M | 1.02M |
| Loss (Gain) From Sale of Assets | -489.00K | -1.22M | -34.87M | |||
| Loss (Gain) on Equity Investments | 1.60M | 601.00K | ||||
| Stock-Based Compensation | 31.00K | 35.00K | 1.05M | 1.47M | 1.00M | 186.00K |
| Provision & Write-off of Bad Debts | 104.00K | 120.00K | 35.00K | 97.00K | -140.00K | 71.00K |
| Other Operating Activities | 470.00K | 466.00K | 224.00K | -14.00K | -455.00K | -1.75M |
| Change in Accounts Receivable | 798.00K | 4.79M | -10.36M | 585.00K | -7.44M | 115.00K |
| Change in Inventory | -777.00K | 193.00K | -14.54M | 511.00K | -3.93M | -1.76M |
| Change in Accounts Payable | -480.00K | -894.00K | 11.61M | 5.36M | 3.67M | -73.00K |
| Change in Unearned Revenue | 590.00K | -200.00K | 684.00K | -5.73M | 8.24M | 1.71M |
| Change in Income Taxes | -107.00K | -4.08M | -1.42M | -7.00K | 28.00K | 397.00K |
| Change in Other Net Operating Assets | -75.00K | 354.00K | 8.66M | -5.68M | -2.45M | -947.00K |
| Operating Cash Flow | -5.48M | -5.82M | -6.21M | -3.90M | -5.77M | -3.19M |
| Capital Expenditures | -2.25M | -2.68M | -3.76M | -2.50M | -1.51M | -237.00K |
| Sale of Property, Plant & Equipment | 44.00K | |||||
| Divestitures | 42.63M | |||||
| Investment in Securities | -339.00K | |||||
| Other Investing Activities | 981.00K | -1.22M | 6.23M | |||
| Investing Cash Flow | -1.56M | -3.90M | 38.88M | -2.50M | 4.72M | -237.00K |
| Long-Term Debt Repaid | -136.00K | -129.00K | -355.00K | -241.00K | -112.00K | |
| Total Debt Repaid | -144.00K | -136.00K | -129.00K | -355.00K | -241.00K | -112.00K |
| Net Debt Issued (Repaid) | -144.00K | -136.00K | -129.00K | -355.00K | -241.00K | -112.00K |
| Issuance of Common Stock | 2.00K | 5.50M | 227.00K | 17.00K | 8.72M | |
| Common Dividends Paid | -1.05M | |||||
| Other Financing Activities | -148.00K | -148.00K | -195.00K | -129.00K | ||
| Financing Cash Flow | -290.00K | -16.95M | 5.38M | -323.00K | -353.00K | 7.56M |
| Net Cash Flow | -7.33M | -26.66M | 38.04M | -6.71M | -1.40M | 4.13M |
| Free Cash Flow | -7.73M | -8.49M | -9.97M | -6.39M | -7.28M | -3.43M |
| Free Cash Flow Margin | -35.44% | -30.75% | -43.58% | -57.49% | -28.15% | -18.73% |
| Free Cash Flow Per Share | -0.70 | -0.76 | -0.91 | -0.65 | -0.75 | -0.39 |
| Levered Free Cash Flow | -5.75M | -26.24M | 15.67M | -7.17M | 3.37M | -8.54M |
| Unlevered Free Cash Flow | -5.75M | -26.24M | 15.67M | -7.17M | 3.37M | -8.54M |
| Cash Interest Paid | 8.00K | 35.00K | 7.00K | 4.00K | 3.00K | |
| Cash Income Tax Paid | 998.00K | 4.92M | 7.00K | 2.00K | -20.00K | -395.00K |
| Change in Working Capital | -51.00K | 165.00K | -5.36M | -4.96M | -1.89M | -555.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.08M | 52.48M | 45.48M | 67.42M | 25.85M | 72.30M |
| Enterprise Value | 18.75M | 35.90M | 46.26M | 61.30M | 20.85M | 71.30M |
| Last Close Price | 2.54 | 4.73 | 4.13 | 5.12 | 2.02 | 5.66 |
| PE Ratio | 1.43 | |||||
| Forward PE | 12.74 | 12.74 | 32.33 | 9.72 | 9.72 | |
| PS Ratio | 1.29 | 1.90 | 1.99 | 6.07 | 1.00 | 3.95 |
| PB Ratio | 1.14 | 1.79 | 1.28 | 4.74 | 1.71 | 3.70 |
| P/TBV Ratio | 1.14 | 1.79 | 1.28 | 4.74 | 1.71 | 3.70 |
| PEG Ratio | 2.84 | 2.84 | 2.84 | 2.84 | 2.84 | |
| EV/Sales Ratio | 0.87 | 1.30 | 2.02 | 5.51 | 0.81 | 3.89 |
| Debt / Equity Ratio | 0.05 | 0.05 | 0.02 | 0.06 | 0.15 | 0.12 |
| Net Debt / Equity Ratio | -0.38 | -0.46 | -1.15 | -0.19 | -0.53 | -0.39 |
| Net Debt / EBITDA Ratio | 1.73 | 2.48 | 9.28 | 0.43 | 1.50 | 2.22 |
| Net Debt / FCF Ratio | 1.21 | 1.58 | 4.10 | 0.42 | 1.10 | 2.21 |
| Asset Turnover | 0.62 | 0.55 | 0.46 | 0.33 | 0.82 | 0.74 |
| Inventory Turnover | 2.96 | 3.91 | 3.80 | 1.59 | 3.76 | 5.16 |
| Quick Ratio | 2.71 | 3.71 | 1.65 | 0.26 | 1.07 | 1.88 |
| Current Ratio | 4.11 | 5.23 | 1.89 | 1.52 | 1.65 | 3.82 |
| Return on Equity (ROE) | -26.68% | -19.92% | -13.49% | -42.76% | -31.23% | -12.97% |
| Return on Assets (ROA) | -11.62% | -8.13% | -6.63% | -12.85% | -11.47% | -9.81% |
| Return on Invested Capital (ROIC) | -43.63% | -41.59% | -75.51% | -60.89% | -37.91% | |
| Return on Capital Employed (ROCE) | -25.20% | -21.60% | -14.60% | -47.70% | -35.40% | -18.10% |
| Earnings Yield | -29.60% | -11.43% | 70.04% | -2.81% | -20.96% | -3.00% |
| FCF Yield | -27.41% | -16.19% | -21.92% | -9.48% | -28.18% | -4.74% |
| Buyback Yield / Dilution | 99.80% | -2.14% | -10.59% | -1.83% | -9.82% | -1.51% |