\nThe financial results also reflect income from discontinued operations of the Company\u2019s Electrical Infrastructure segment due to the previously announced sale of that business unit for $50 million in cash and equity to Mill Point Capital on October 29, 2024.\n<\/p>\n
Recent Business Highlights<\/b><\/p>\n Q4 2024 Financial Highlights<\/b><\/p>\n Full Year 2024 Financial Highlights<\/b><\/p>\n *A reconciliation between GAAP and non-GAAP measures is provided below. The non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company\u2019s operating performance.<\/i><\/p>\n Fourth Quarter 2024 Financial Results<\/b><\/p>\n Revenue<\/i><\/p>\n \nRevenue for the three months ended December 31, 2024, was $9.8 million, an increase of 265%, as compared to $2.7 million during the fourth quarter of last year primarily due to an increase in shipments and rentals of our suite of mobile EV charging equipment, e-Boost.\n<\/p>\n Gross Profit\/Margin<\/i><\/p>\n \nGross profit for the fourth quarter of 2024 was $2.8 million, or a 29% gross margin, compared to a gross profit of $0.6 million, or a 23% gross margin, for the same period in 2023. The increase in gross profit and margin is primarily due to the growth generated from our e-Boost business.\n<\/p>\n Operating Loss from Continuing Operations<\/i><\/p>\n \nFor the three months ended December 31, 2024, operating loss from continuing operations was ($1.1) million as compared to ($1.9) million during the fourth quarter of 2023. The improvement of approximately $0.9 million, or 45%, is primarily due to the increase in sales and rentals of e-Boost equipment and an increase in service sales.\n<\/p>\n Net Income (Loss) from Continuing Operations<\/i><\/p>\n \nThe Company\u2019s net income from continuing operations was $0.8 million for the three months ended December 31, 2024, as compared to a net loss from continuing operations of ($1.4) million during the three months ended December 31, 2023, an improvement of approximately $2.1 million, or 155%.\n<\/p>\n Net Income (Loss)<\/i><\/p>\n \nNet income was $36.3 million, inclusive of income from discontinued operations of $35.5 million, as compared to a net loss of ($4.5) million, inclusive of a loss from discontinued operations of ($3.1) million, in the year ago quarter.\n<\/p>\n Full Year 2024 Financial Results from Continuing Operations<\/b><\/p>\n Revenue<\/i><\/p>\n \nRevenue for the year ended December 31, 2024, was $22.9 million, an increase of 106% as compared to $11.1 million during the year ended December 31, 2023. The increase in revenue is primarily due to an increase in shipments and rentals of our suite of mobile EV charging equipment, e-Boost.\n<\/p>\n Gross Profit\/Margin<\/i><\/p>\n \nGross profit for 2024 was $5.5 million, or a 24% gross margin, compared to gross profit of $2.2 million, or a 20% gross margin, for the same period in 2023. The increase in gross profit was predominately due to the growth generated from our e-Boost business.\n<\/p>\n Operating Loss from Continuing Operations<\/i><\/p>\n \nOperating loss from continuing operations for the year ended December 31, 2024, was ($5.2) million as compared to ($7.0) million during the prior year, a year-over-year improvement of $1.8 million, or 25%.\n<\/p>\n Net Income (Loss) from Continuing Operations<\/i><\/p>\n \nNet loss from continuing operations for the year ended December 31, 2024, was ($3.3) million, as compared to ($6.3) million during the year ended December 31, 2023, a year-over-year improvement of $3.0 million. During 2024, the Company recognized $1.1 million of non-cash, stock-based compensation expense as compared to $1.5 million during the same period last year.\n<\/p>\n Net Income (Loss)<\/i><\/p>\n \nNet income was $31.9 million, inclusive of income from discontinued operations of $35.2 million, as compared to a net loss of ($1.9) million, inclusive of income from discontinued operations of $4.4 million, for the year ended December 31, 2023.\n<\/p>\n Balance Sheet<\/b><\/p>\n \nAs of December 31, 2024, the Company had $41.6 million in cash and working capital of $26.7 million, compared to $3.6 million in cash and working capital of $9.4 million as of December 31, 2023. The Company had no bank debt on the balance sheet at December 31, 2024.\n<\/p>\n 2025 Outlook<\/b><\/p>\n \nManagement reiterates its expectation for revenue of $27 million to $29 million for the full year of 2025. The revenue projection for 2025 assumes no contribution from Pioneer\u2019s new HOMe-Boost solution.\n<\/p>\n \nThe foregoing projected outlook constitutes forward-looking information and is intended to provide information about management\u2019s current expectations for the Company\u2019s 2025 fiscal year. Although considered reasonable as of the date hereof, this outlook, and the underlying assumptions may prove to be inaccurate. Accordingly, actual results could differ materially from the Company\u2019s expectations as set forth herein. See \u201cForward-Looking Statements.\u201d\n<\/p>\n \nIn preparing the above outlook, the Company assumed, among other things, (i) that the Company\u2019s backlog orders will translate into revenue, (ii) that the Company will be able to satisfactorily complete and deliver all orders and (iii) the timely payment by customers for all billings. This section includes forward-looking statements. See \u201cForward-Looking Statements.\u201d\n<\/p>\n Earnings Conference Call:<\/b><\/p>\n \nManagement will host a conference call Tuesday, April 15, 2025, at 4:30 p.m. Eastern Time to discuss Pioneer\u2019s 2024 fourth quarter and full year 2024 financial results with the investment community.\n<\/p>\n \nAnyone interested in participating should call 1-877-407-0789 if calling within the United States or 1-201-689-8562 if calling internationally. When asked, please reference confirmation code 13752590.\n<\/p>\n \nA replay will be available until April 17, 2025, which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 13752590 to access the replay.\n<\/p>\n \nThe call will also be accompanied live by webcast over the Internet and accessible at https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1712844&tp_key=c8ff18fe09<\/a>.\n<\/p>\n Non-GAAP Measures<\/b><\/p>\n \nIn addition to disclosing financial results in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d), this document references certain non-GAAP financial measures. The Company defines non-GAAP operating income (loss) from continuing operations as GAAP operating income (loss) from continuing operations excluding corporate overhead expenses, research and development expenses, and non-recurring professional fees. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary, independent of business performance.\n<\/p>\n \nThe Company\u2019s management uses non-GAAP operating income (loss) from continuing operations (a) as a measure of operating performance, (b) for planning and forecasting in future periods, and (c) in communications with the Company\u2019s board of directors concerning the Company\u2019s financial performance. The Company\u2019s presentation of this non-GAAP measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be used by investors as a substitute or alternative to any measure of financial performance calculated and presented in accordance with U.S. GAAP. Instead, management believes this non-GAAP measure should be used to supplement the Company\u2019s financial measures derived in accordance with U.S. GAAP in order to provide a more complete understanding of the trends affecting the business.\n<\/p>\n \nPlease refer to “Reconciliation of Non-GAAP Measures” in this document for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures.\n<\/p>\n About Pioneer Power Solutions, Inc.<\/b><\/p>\n \nPioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, service of distributed energy resources, power generation equipment and mobile electric charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com<\/a>.\n<\/p>\n \ne-Boost is Pioneer\u2019s portfolio of smart, mobile EV charging solutions. The Company has been aggressively marketing e-Boost to electric bus and truck manufacturers, fleet management companies, municipalities and EV infrastructure providers since its initial launch in November 2021.\n<\/p>\n Forward-Looking Statements:<\/b><\/p>\n \nThis press release contains \u201cforward-looking statements\u201d within the meaning of the federal securities laws. Such statements may be preceded by the words \u201cintends,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201cestimates,\u201d \u201caims,\u201d \u201cbelieves,\u201d \u201chopes,\u201d \u201cpotential\u201d or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company\u2019s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company\u2019s ability to successfully operate its business after the divestiture of its E-Bloc business, (ii) the Company\u2019s ability to successfully increase its revenue and profit in the future, (iii) general economic conditions and their effect on demand for electrical equipment, (iv) the effects of fluctuations in the Company\u2019s operating results, (v) the fact that many of the Company\u2019s competitors are better established and have significantly greater resources than the Company, (vi) the Company\u2019s dependence on two customers for a large portion of its business, (vii) the potential loss or departure of key personnel, (viii) unanticipated increases in raw material prices or disruptions in supply, (ix) the Company\u2019s ability to realize revenue reported in the Company\u2019s backlog, (x) future labor disputes, (xi) changes in government regulations, (xii) the liquidity and trading volume of the Company\u2019s common stock, (xiii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, (xiv) risks associated with litigation and claims, which could impact our financial results and condition, and (xv) the Company\u2019s ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market.\n<\/p>\n \nMore detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company\u2019s filings with the U.S. Securities and Exchange Commission (\u201cSEC\u201d), including the Company\u2019s Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC\u2019s web site at www.sec.gov<\/a>. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.\n<\/p>\n — Tables Follow —<\/b><\/p>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n Consolidated Statements of Operations<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands, except for share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n22,879\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,116\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n17,365\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,891\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n5,514\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n9,712\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,375\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n1,050\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n885\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n10,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,260\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(5,248\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(7,035\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n431\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n232\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n524\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(4,767\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,279\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(1,418\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(3,349\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,279\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n35,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n31,855\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,898\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(0.31\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.63\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n3.28\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.44\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2.97\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.19\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(0.31\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.63\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n3.21\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.43\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2.90\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.20\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n10,745,217\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,905,234\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n10,953,861\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,127,188\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n Consolidated Balance Sheets<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands, except for share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n41,622\n<\/p>\n<\/td>\n \n3,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n7,826\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n6,068\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n1,141\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,645\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n56,657\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,683\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n6,503\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,601\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n530\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n221\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n403\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n195\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n675\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n65,951\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n4,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,111\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n244\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n237\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n109\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n139\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n991\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n307\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n3,347\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n4,079\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n16,665\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,468\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n29,978\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,262\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n301\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n215\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n121\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n122\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n49\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n30,522\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,804\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n35,418\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,837\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19,629\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n35,429\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,218\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n65,951\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n Consolidated Statements of Cash Flows<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n31,855\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,898\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n716\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n397\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n129\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n324\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n1,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(35,044\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(10,360\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n585\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(14,536\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n511\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n4,558\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,982\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n14,320\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(9,468\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n11,609\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(1,418\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n684\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,727\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(748\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(703\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(6,212\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3,895\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(3,759\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2,496\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n42,635\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n38,876\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,496\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n4,986\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(195\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(129\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(355\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n5,376\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(323\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n38,040\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,714\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n3,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,296\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n41,622\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n344\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n720\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n330\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n272\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n16,665\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n Reconciliation of Non-GAAP Measures<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n(1,073\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,937\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(5,248\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7,035\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,109\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n986\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,324\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n345\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n885\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,050\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n885\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n239\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n171\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n546\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n347\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,620\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n105\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,284\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250415794288\/en\/<\/a><\/span><\/p>\n \nBrett Maas, Managing Partner KEYWORDS:<\/b> United States North America New Jersey<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Automotive EV\/Electric Vehicles Other Energy Utilities<\/p>\n\n
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\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Years Ended<\/b><\/td>\n<\/tr>\n \n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n Revenues<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Cost of goods sold<\/td>\n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n Operating expenses<\/td>\n \n \n \n \n <\/tr>\n \n Selling, general and administrative<\/td>\n \n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n Operating loss from continuing operations<\/td>\n \n \n \n \n \n \n \n \n Interest income, net<\/td>\n \n \n \n \n \n \n \n \n Other income, net<\/td>\n \n \n \n \n \n \n \n \n Loss before income taxes<\/td>\n \n \n \n \n \n \n \n \n Income tax benefit<\/td>\n \n \n \n \n \n \n \n \n Net loss from continuing operations<\/td>\n \n \n \n \n \n \n \n \n Income from discontinued operations, net of income taxes<\/td>\n \n \n \n \n \n \n \n \n Net income (loss)<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic (loss) earnings per share:<\/td>\n \n \n \n \n <\/tr>\n \n Loss from continuing operations<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Earnings from discontinued operations<\/td>\n \n \n \n \n \n \n \n \n Basic earnings (loss) per share<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Diluted (loss) earnings per share:<\/td>\n \n \n \n \n <\/tr>\n \n Loss from continuing operations<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Earnings from discontinued operations<\/td>\n \n \n \n \n \n \n \n \n Diluted earnings (loss) per share<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average common shares outstanding:<\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n ASSETS<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Current assets<\/td>\n \n \n \n \n <\/tr>\n \n Cash<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Accounts receivable, net of allowance for credit losses of $13 and $0 as of December 31, 2024 and 2023, respectively<\/td>\n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n \n Current assets held for sale<\/td>\n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n Operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n Financing lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n Deferred financing costs<\/td>\n \n \n \n \n \n \n \n \n Investments<\/td>\n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n Noncurrent assets held for sale<\/td>\n \n \n \n \n \n \n \n \n Total assets<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Current liabilities<\/td>\n \n \n \n \n <\/tr>\n \n Accounts payable and accrued liabilities<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Current portion of operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Current portion of financing lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n \n Consideration due to buyer<\/td>\n \n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n \n Dividend payable<\/td>\n \n \n \n \n \n \n \n \n Current liabilities held for sale<\/td>\n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n Operating lease liabilities, non-current portion<\/td>\n \n \n \n \n \n \n \n \n Financing lease liabilities, non-current portion<\/td>\n \n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n Commitments and contingencies (Note 7)<\/td>\n \n \n \n \n <\/tr>\n \n Stockholders\u2019 equity<\/td>\n \n \n \n \n <\/tr>\n \n Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued<\/td>\n \n \n \n \n \n \n \n \n Common stock, $0.001 par value, 30,000,000 shares authorized; 11,120,266 and 9,930,022 shares issued and outstanding on December 31, 2024 and 2023, respectively<\/td>\n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n Total stockholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n Total liabilities and stockholders\u2019 equity<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Years Ended<\/b><\/td>\n<\/tr>\n \n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n Operating activities<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net income (loss)<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Adjustments to reconcile net income (loss) to net cash used in operating activities:<\/td>\n \n \n \n \n <\/tr>\n \n Depreciation<\/td>\n \n \n \n \n \n \n \n \n Amortization of right-of-use financing leases<\/td>\n \n \n \n \n \n \n \n \n Amortization of right-of-use operating leases<\/td>\n \n \n \n \n \n \n \n \n Change in allowance for credit losses<\/td>\n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n Gain on sale of PCEP business<\/td>\n \n \n \n \n \n \n \n \n Loss on disposal of fixed assets<\/td>\n \n \n \n \n \n \n \n \n Other<\/td>\n \n \n \n \n \n \n \n \n Changes in current operating assets and liabilities:<\/td>\n \n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n Prepaid expenses and other assets<\/td>\n \n \n \n \n \n \n \n \n Assets held for sale<\/td>\n \n \n \n \n \n \n \n \n Liabilities held for sale<\/td>\n \n \n \n \n \n \n \n \n Accounts payable, accrued liabilities and other liabilities<\/td>\n \n \n \n \n \n \n \n \n Income taxes<\/td>\n \n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n \n Operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Net cash used in operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Investing activities<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Purchase of property and equipment<\/td>\n \n \n \n \n \n \n \n \n Proceeds from sale of PCEP business, net of transaction costs<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by\/(used in) investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Financing activities<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net proceeds from the exercise of options for common stock<\/td>\n \n \n \n \n \n \n \n \n Net proceeds from issuance of common stock<\/td>\n \n \n \n \n \n \n \n \n Payment of deferred financing costs<\/td>\n \n \n \n \n \n \n \n \n Principal repayments of financing leases<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by\/ (used in) financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Increase (decrease) in cash<\/td>\n \n \n \n \n \n \n \n \n Cash<\/td>\n \n \n \n \n <\/tr>\n \n Cash, beginning of year<\/td>\n \n \n \n \n \n \n \n \n Cash, end of year<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Supplemental cash flow information:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Interest paid<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Income taxes paid, net of refunds<\/td>\n \n \n \n \n \n \n \n \n Non-cash investing and financing activities:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Surrender and retirement of common stock<\/td>\n \n \n \n \n \n \n \n \n Acquisition of right-of-use assets and lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Property and equipment obtained in exchange for accounts payable<\/td>\n \n \n \n \n \n \n \n \n Cash dividend declared<\/td>\n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Three Months Ended<\/b><\/td>\n \n For the Year Ended<\/b><\/td>\n<\/tr>\n \n \n December 31,<\/b><\/td>\n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n GAAP operating loss from continuing operations<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Corporate overhead expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Research and development expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-recurring professional fees<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-GAAP operating income (loss) from continuing operations<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
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Hayden IR
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(646) 536-7331
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brett@haydenir.com<\/a><\/p>\n
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