PPSI · Pioneer Power Solutions, Inc.

Pioneer Power Solutions reported full year 2025 revenue of $27.6 million, achieving 20.8% growth and meeting guidance, driven primarily by increased sales and rentals of e-Boost mobile EV charging solutions, though partially offset by lower service sales. Q4 revenue declined 42.3% to $5.6 million due to the absence of large project-based shipments seen in the prior-year quarter. Gross margins compressed significantly to 12.4% for the full year from 24.1%, attributed to an unfavorable sales mix and higher initial production costs for new e-Boost units as manufacturing processes were refined. Operating loss from continuing operations widened to $(6.6) million from $(5.2) million, reflecting strategic front-loaded investments in scaling manufacturing for new platforms like PRYMUS and PowerCore. CEO Nathan Mazurek highlighted these investments as one-time refinements to enable efficient, high-margin production into 2026. Balance sheet shows $15.0 million cash after a $16.7 million special dividend paid January 7, 2025, with no bank debt and backlog at $12.6 million. New product launches position Pioneer to address power gaps in Edge AI/data centers via PRYMUS (1-10 MW off-grid power) and premium residential resiliency with PowerCore, including integrated EV charging. e-Boost continues as a recurring revenue foundation, with global expansion via franchise model. Management views 2026 as a growth inflection with stable e-Boost base and new platforms driving long-term value.