Pioneer Power Solutions Inc

pioneerpowersolutions.com

What Do They Do?

Sells power-generation equipment, mobile electric-vehicle charging systems and related services to utility, industrial and commercial customers.

How Do They Make Money?

Customers buy power equipment and mobile charging systems, with product sales typically made at delivery and bills generally due within 30 days. Repairs are charged as services are performed, maintenance contracts run one to five years, and the company also leases mobile charging and power-generation equipment.

revenue

Segment	Share	How money arrives
Total Revenue Recurring	15%	Recurring
Sales Type Lease Revenue Recurring	10%	Recurring
Operating Lease Revenue Recurring	5.1%	Recurring

Who Are Their Customers?

Utilities, industrial and commercial customers buy power systems and services directly from sales staff or through authorized representatives and other intermediaries.

Customers above 10% of revenue, FY2025

of revenue from two customers (24%, 13%)

FY2024: 35% from two customers

Do Revenues Turn Into Profits?

No. It lost $6M in FY2025.

Operating income, FY2025

−24% of revenue

▲ +26% (Loss) vs FY2024 (−$5.2M, −23%)

Net income, FY2025

−22% of revenue

▼ Now a loss vs FY2024 ($31.9M, 139%)

Free cash flow, FY2025

−31% of revenue

▼ −15% (Loss) vs FY2024 (−$10M, −44%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −27%; vs $6.5M in Q2 FY2025
Net income: ▲ +55% (Loss); vs −$1.3M in Q2 FY2025

Aug 17, 2026 Management expects second-half revenue of approximately $15.0 million That outlook represents growth of more than 60% compared with the first half of 2026.
May 18, 2026 Wins a $6.0 million award for two PRYMUS power systems The systems are planned for prime power at two transit hubs, with delivery expected in the second half of 2026.

Growing. Revenue grew 51% in 4 years, from $18.3M in FY2021 to $27.6M in FY2025, about 11% a year.

Sale of the electrical equipment business The older report described a separate T&D Solutions business selling engineered electric-power and distribution equipment; the latest report says PCEP was sold and describes only Critical Power.

New power platforms The older report focused Critical Power on mobile charging, generators and service; the latest adds PRYMUS mobile on-site power and PowerCore residential generation with integrated EV charging.

Revenue over time

Total Revenue Sales Type Lease Revenue Operating Lease Revenue Service Product

$50M$25M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Xos, Energy Vault, HM Cragg, and Interstate Power Systems

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