PPSI · Pioneer Power Solutions, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $27.63M | $22.88M | $41.49M | $27.00M | $19.49M | $19.49M |
| Cost of Revenue | $24.20M | $17.36M | $33.14M | $16.92M | $18.61M | $18.61M |
| Gross Profit | $3.43M | $5.51M | $8.35M | $4.61M | $1.39M | $881.0K |
| R&D | $875.0K | $1.05M | $885.0K | - | - | - |
| SG&A | $9.15M | $9.71M | $10.12M | $8.64M | $5.25M | $5.17M |
| Total Operating Expenses | $10.02M | $10.76M | $11.00M | $8.64M | $5.25M | $5.17M |
| D&A | $1.03M | $716.0K | $721.0K | $228.0K | $153.0K | $203.0K |
| Operating Income | ($6.59M) | ($5.25M) | ($2.65M) | ($4.03M) | ($3.86M) | ($4.28M) |
| Interest Expense | - | - | - | - | $4.0K | $9.0K |
| Income Tax | $74.0K | ($1.42M) | - | $7.0K | ($16.0K) | $5.0K |
| Net Income | ($6.00M) | $31.86M | ($1.90M) | ($3.64M) | ($2.17M) | ($2.99M) |
| EPS - Basic | ($0.54) | $2.97 | ($0.19) | ($0.37) | ($0.24) | ($0.34) |
| EPS - Diluted | ($0.54) | $2.90 | ($0.19) | ($0.37) | ($0.24) | ($0.34) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.96M | $41.62M | $3.58M | $10.30M | $11.70M | $7.57M |
| Accounts Receivable | $9.01M | $7.83M | $9.01M | $11.14M | $2.43M | $2.59M |
| Inventory | $6.32M | $6.07M | $7.58M | $8.75M | $4.16M | $2.40M |
| Accounts Payable | $2.25M | $3.05M | $5.40M | $5.62M | $2.23M | - |
| Current Assets | $25.54M | $56.66M | $27.68M | $33.04M | $25.14M | $13.96M |
| Total Assets | $35.45M | $65.95M | $33.02M | $37.17M | $27.93M | $21.29M |
| Current Liabilities | $4.88M | $29.98M | $18.26M | $18.96M | $6.58M | $5.54M |
| Long-term Debt | - | - | - | - | - | $633.0K |
| Total Liabilities | $6.14M | $30.52M | $18.80M | $20.24M | $8.38M | $7.43M |
| Stockholders' Equity | $29.32M | $35.43M | $14.22M | $16.93M | $19.55M | $13.86M |
| Retained Earnings | ($6.00M) | - | ($19.63M) | ($15.95M) | ($12.31M) | ($10.14M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($5.82M) | ($6.21M) | ($3.90M) | ($5.77M) | ($2.34M) | ($3.61M) |
| Investing Cash Flow | ($3.90M) | $38.88M | ($2.50M) | $4.72M | ($237.0K) | $2.63M |
| Financing Cash Flow | ($16.95M) | $5.38M | ($323.0K) | ($353.0K) | $6.71M | $337.0K |
| CapEx | $2.68M | $3.76M | $2.50M | $1.51M | $237.0K | - |
| Free Cash Flow | ($8.49M) | ($9.97M) | ($6.39M) | ($7.28M) | ($2.58M) | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 12.4% | 24.1% | 20.1% | 17.1% | 7.1% | 4.5% |
| Operating margin | -23.9% | -22.9% | -6.4% | -14.9% | -19.8% | -22.0% |
| EBITDA margin | -20.2% | -19.8% | -4.7% | -14.1% | -19.0% | -20.9% |
| Net margin | -21.7% | 139.2% | -4.6% | -13.5% | -11.1% | -15.3% |
| Free cash flow margin | -30.7% | -43.6% | -15.4% | -27.0% | -13.2% | - |
| FCF / Net income | 1.42 | -0.31 | 3.37 | 2.00 | 1.19 | - |
| R&D / Revenue | 3.2% | 4.6% | 2.1% | - | - | - |
| SG&A / Revenue | 33.1% | 42.4% | 24.4% | 32.0% | 27.0% | 26.5% |
| Effective tax rate | - | -4.7% | - | - | - | - |
| Return on assets | -16.9% | 48.3% | -5.7% | -9.8% | -7.8% | -14.0% |
| Return on equity | -20.5% | 89.9% | -13.3% | -21.5% | -11.1% | -21.5% |
| Return on invested capital | - | - | - | - | - | -23.4% |
| Liquidity | ||||||
| Current ratio | 5.23 | 1.89 | 1.52 | 1.74 | 3.82 | 2.52 |
| Quick ratio | 3.94 | 1.69 | 1.10 | 1.28 | 3.19 | 2.09 |
| Cash ratio | 3.06 | 1.39 | 0.20 | 0.54 | 1.78 | 1.37 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | 0.05 |
| Debt / Assets | - | - | - | - | - | 0.03 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | -965.5x | -476.0x |
| Equity multiplier | 1.21 | 1.86 | 2.32 | 2.20 | 1.43 | 1.54 |
| Liabilities / Assets | 0.17 | 0.46 | 0.57 | 0.54 | 0.30 | 0.35 |
| Efficiency | ||||||
| Asset turnover | 0.78 | 0.35 | 1.26 | 0.73 | 0.70 | 0.92 |
| Inventory turnover | 3.83 | 2.86 | 4.37 | 1.93 | 4.47 | 7.74 |
| Days sales outstanding | 119d | 125d | 79d | 151d | 45d | 48d |
| Days inventory outstanding | 95d | 128d | 83d | 189d | 82d | 47d |
| Days payable outstanding | 34d | 64d | 59d | 121d | 44d | - |
| Cash conversion cycle | 180d | 188d | 103d | 218d | 83d | - |
| Valuation | ||||||
| P / E | - | 1.4x | - | - | - | - |
| P / B | 1.8x | 1.3x | 4.7x | 1.5x | 3.4x | 2.4x |
| P / S | 1.9x | 2.0x | 1.6x | 1.0x | 3.4x | 1.7x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 20.8% | -44.9% | 53.7% | 38.5% | 0.0% | -5.3% |
| Revenue CAGR (3y) | 0.8% | 5.5% | 28.6% | 9.5% | -43.2% | -42.3% |
| Revenue CAGR (5y) | 7.2% | 2.1% | -17.2% | -23.3% | -29.8% | -28.8% |
| Gross profit growth (YoY) | -37.9% | -34.0% | 81.2% | 230.7% | 58.1% | -24.4% |
| Operating income growth (YoY) | -25.7% | -97.7% | 34.1% | -4.3% | 9.9% | 63.5% |
| Net income growth (YoY) | - | - | 47.8% | -67.9% | 27.4% | -107.5% |
| EPS growth (YoY) | - | - | 48.6% | -54.2% | 29.4% | -100.0% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 14.8% | -56.0% | 12.3% | -182.5% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -17.3% | 149.2% | -16.0% | -13.4% | 41.1% | -15.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$31.90M totalProduct$13.91M · 43.6%
Service$9.44M · 29.6%
Total Revenue$4.27M · 13.4%
Sales Type Lease Revenue$2.86M · 9.0%
Operating Lease Revenue$1.41M · 4.4%
Geographic
$27.63M totalUS$27.50M · 99.5%
CA$127.0K · 0.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.48
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing PIONEER POWER SOLUTIONS against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months · -100.0% YoY
| Ex-date | Per share |
|---|---|
| Dec 17, 2024 | $1.5000 |
| Jun 21, 2021 | $0.1200 |
| Oct 8, 2019 | $1.3700 |