\nThe Company also announced that management is reaffirming revenue guidance for the full year 2025 of $27 to $29 million, which represents year-over-year growth of approximately 20%.<\/p>\n
Q3 2025 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 Key Deployments and Project Execution Highlights<\/b><\/p>\n Order Momentum & Market Penetration<\/b><\/p>\n Expansion to Distributed Energy with Key Wins<\/b><\/p>\n \n\u201cThe third quarter was a defining period for Pioneer,\u201d said Nathan Mazurek, CEO of Pioneer. \u201cOur revenue growth and key wins across fleet, school and distributed energy markets underscore the strength of our strategy and execution. Demand for our e-Boost platform is accelerating as electrification scales across multiple sectors, while our upcoming soft launch of PowerCore, our next-generation home power system, marks an exciting step in bringing our technology directly to consumers. Together, these milestones confirm our evolution into a diversified energy solutions provider. With strong operational momentum, disciplined investment and a robust pipeline heading into 2026, we remain confident in our path toward accelerated growth and the achievement of our full-year 2025 objectives.\u201d<\/p>\n Third Quarter 2025 Financial Results<\/b><\/p>\n Revenue<\/i><\/p>\n \nRevenue for the three months ended September 30, 2025, was $6.9 million, an increase of 7.4%, as compared to $6.4 million during the third quarter of last year primarily due to an increase in service sales from the Company\u2019s Critical Power Solutions segment.<\/p>\n Gross Profit\/Margin<\/i><\/p>\n \nGross profit for the third quarter of 2025 was $640,000, or a 9.3% gross margin, compared to gross profit of $1.5 million, or a 23.7% gross margin, for the same period in 2024. The decrease in gross profit was primarily attributable to an unfavorable sales mix.<\/p>\n Operating Loss from Continuing Operations<\/i><\/p>\n \nFor the three months ended September 30, 2025, operating loss from continuing operations was $(1.4) million as compared to $(714,000) for the same period in 2024.<\/p>\n Net Loss from Continuing Operations<\/i><\/p>\n \nThe Company\u2019s net loss from continuing operations was $(1.8) million for the three months ended September 30, 2025, as compared to $(738,000) for the same period in 2024.<\/p>\n Net Loss<\/i><\/p>\n \nNet loss was $(2.4) million, inclusive of a loss from discontinued operations of $(580,000) as compared to $(1.1) million, inclusive of a loss from discontinued operations of $(383,000), for the same period last year.<\/p>\n Balance Sheet<\/b><\/p>\n \nAs of September 30, 2025, the Company had $17.3 million of cash on hand and working capital of $22.8 million, compared to $41.6 million of cash on hand and working capital of $26.7 million as of December 31, 2024. The decrease in cash on hand is primarily due to the payment of a one-time special cash dividend of an aggregate of $16.7 million on January 7, 2025, and the payment of federal and state income taxes during the nine months ended September 30, 2025. The Company had no bank debt as of September 30, 2025.<\/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 PowerCore, formerly HOMe-Boost, solution.<\/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<\/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<\/p>\n Earnings Conference Call:<\/b><\/p>\n \nManagement will host a conference call Thursday, November 13, 2025, at 4:30 p.m. Eastern Time to discuss Pioneer\u2019s 2025 third quarter financial results with the investment community.<\/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 13757101.<\/p>\n \nA replay will be available until November 20, 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 13757101 to access the replay.<\/p>\n \nThe call will also be accompanied live by webcast over the Internet and accessible at https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1742234&tp_key=66bb728f23<\/a>.<\/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.<\/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.<\/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.<\/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>.<\/p>\n \ne-Boost is Pioneer\u2019s portfolio of smart, mobile EV charging solutions that is revolutionizing the industry with its speed, flexibility, and sustainability. Since its launch in November 2021, e-Boost has established itself as the market leader, delivering mobile, off-grid charging solutions with unparalleled lead times and an extensive range of platforms. Trusted by electric bus and truck manufacturers, fleet management companies, municipalities, and EV infrastructure providers, e-Boost is setting the standard for innovative, all-inclusive EV charging solutions. To learn more about Pioneer\u2019s e-Boost, please visit its website at www.pioneer-emobility.com<\/a>.<\/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.<\/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.<\/p>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n6,888<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,416<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,126<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n6,248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,894<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,428<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n640<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,522<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,102<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1,976<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,980<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,878<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,168<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n256<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n705<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n2,087<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,236<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,604<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,873<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1,447<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(714<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(5,502<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,175<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n184<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n615<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(438<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(118<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1,701<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(738<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(5,005<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,108<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1,770<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(738<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(5,074<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,108<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(580<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(383<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n467<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(331<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(2,350<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,121<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,607<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,439<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.07<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.46<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.39<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.05<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.21<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.42<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.42<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.07<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.46<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.39<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.05<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(0.21<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.42<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.42<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n11,095,266<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,917,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,106,439<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,652,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n11,095,266<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,917,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,186,975<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,652,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n17,336<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,622<\/p>\n<\/td>\n<\/tr>\n \n4,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,826<\/p>\n<\/td>\n<\/tr>\n \n6,780<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,068<\/p>\n<\/td>\n<\/tr>\n \n325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,141<\/p>\n<\/td>\n<\/tr>\n \n29,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,657<\/p>\n<\/td>\n<\/tr>\n \n5,663<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,503<\/p>\n<\/td>\n<\/tr>\n \n353<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n530<\/p>\n<\/td>\n<\/tr>\n \n377<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n221<\/p>\n<\/td>\n<\/tr>\n \n821<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,000<\/p>\n<\/td>\n<\/tr>\n \n1,319<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n<\/tr>\n \n37,580<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,951<\/p>\n<\/td>\n<\/tr>\n \n4,384<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,543<\/p>\n<\/td>\n<\/tr>\n \n131<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n244<\/p>\n<\/td>\n<\/tr>\n \n139<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n109<\/p>\n<\/td>\n<\/tr>\n \n871<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n991<\/p>\n<\/td>\n<\/tr>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,347<\/p>\n<\/td>\n<\/tr>\n \n756<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,079<\/p>\n<\/td>\n<\/tr>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,665<\/p>\n<\/td>\n<\/tr>\n \n6,281<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,978<\/p>\n<\/td>\n<\/tr>\n \n233<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n301<\/p>\n<\/td>\n<\/tr>\n \n249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n121<\/p>\n<\/td>\n<\/tr>\n \n118<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122<\/p>\n<\/td>\n<\/tr>\n \n6,881<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,522<\/p>\n<\/td>\n<\/tr>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \n11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n<\/tr>\n \n35,295<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35,418<\/p>\n<\/td>\n<\/tr>\n \n(4,607<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \n30,699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35,429<\/p>\n<\/td>\n<\/tr>\n \n37,580<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,951<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIONEER POWER SOLUTIONS, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n(4,607<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,439<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n753<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n471<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n92<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n177<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n551<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n112<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(46<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n334<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n198<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n183<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(749<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1,147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n3,060<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(966<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(110<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(8,520<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n1,360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,048<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(499<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,550<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(3,323<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(120<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n5,477<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(185<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(566<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(4,780<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(4,118<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(1,532<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,277<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(2,200<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(2,751<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,277<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,986<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(16,665<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(90<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(93<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(16,755<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n4,893<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(24,286<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(502<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n41,622<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,582<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n17,336<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,080<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n3,924<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(602<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1,410<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(661<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n339<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,337<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(1,447<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(714<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(5,502<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(4,175<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n806<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n926<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,994<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,215<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n112<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n256<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n705<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n263<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n190<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n845<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n486<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n207<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n250<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(196<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n865<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(687<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n537<\/p>\n<\/td>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251113643529\/en\/<\/a><\/span><\/p>\n\n
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\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 Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n Revenues<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \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 \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Selling, general and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating loss from continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income (expense), net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other (expense) income, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net loss from continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss) income from discontinued operations, net of income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net loss<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \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 \n \n \n \n \n \n <\/tr>\n \n Loss from continuing operations<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n (Loss) earnings from discontinued operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic loss per share<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \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 \n \n \n \n \n \n <\/tr>\n \n Loss from continuing operations<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n (Loss) earnings from discontinued operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted loss per share<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \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 \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\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 Accounts receivable, net of allowance for credit losses of $15 and $13 as of September 30, 2025, and December 31, 2024, respectively<\/td>\n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n Operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n Financing lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n Investments<\/td>\n \n \n \n \n \n \n \n Lease receivable and other assets<\/td>\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 \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 Current portion of operating lease liabilities<\/td>\n \n \n \n \n \n \n \n Current portion of financing lease liabilities<\/td>\n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n Consideration due to buyer<\/td>\n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n Dividend payable<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n Operating lease liabilities, non-current portion<\/td>\n \n \n \n \n \n \n \n Financing lease liabilities, non-current portion<\/td>\n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \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 Common stock, $0.001 par value, 30,000,000 shares authorized; 11,095,266 and 11,120,266 shares issued and outstanding on September 30, 2025, and December 31, 2024, respectively<\/td>\n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n Total stockholders\u2019 equity<\/td>\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 \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n Operating activities<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net loss<\/td>\n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Adjustments to reconcile net 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 Loss attributable to equity method investee<\/td>\n \n \n \n \n \n \n \n \n Loss on disposal of property and equipment<\/td>\n \n \n \n \n \n \n \n \n Selling profit on sales-type lease<\/td>\n \n \n \n \n \n \n \n \n Gain on change in consideration due to buyer<\/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, net<\/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 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 Payment of consideration payable<\/td>\n \n \n \n \n \n \n \n \n Dividend received from equity method investee<\/td>\n \n \n \n \n \n \n \n \n Net cash 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 issuance of common stock<\/td>\n \n \n \n \n \n \n \n \n Payment of cash dividend<\/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 (used in)\/provided by financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n 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 Transfer from property and equipment to inventory<\/td>\n \n \n \n \n \n \n \n \n Sales-type lease origination<\/td>\n \n \n \n \n \n \n \n \n Derecognition of assets in exchange for net investment in sales-type lease<\/td>\n \n \n \n \n \n \n \n \n Property and equipment obtained in exchange for accounts payable and accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n Finance lease ROU assets obtained in exchange for finance lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Operating lease ROU assets obtained in exchange for operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n
\n PIONEER POWER SOLUTIONS, INC.<\/b><\/td>\n<\/tr>\n \n Reconciliation of Non-GAAP Measures<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\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 Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n \n September 30,<\/b><\/td>\n<\/tr>\n \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 \n Corporate overhead expenses<\/td>\n \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 \n Depreciation and amortization expenses<\/td>\n \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 \n Non-GAAP operating (loss) income from continuing operations<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n <\/p>\n