Pioneer Power Solutions (PPSI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $4.3M, down 36.7% year-over-year, mainly due to lower sales and rentals of mobile EV charging solutions and e-Boost units.

• Gross margin improved to 13.6% from 2.2% year-over-year, driven by operating efficiencies.

• Net loss from continuing operations was $2.5M, compared to $2.1M in Q1 2025; no income from discontinued operations in Q1 2026.

• Backlog was $13.9M at quarter-end, down 40% year-over-year but up 11% sequentially, reflecting strong order activity.

• Cost reduction initiatives implemented in April 2026 are expected to lower annualized operating expenses by over $1.5M.

Financial highlights

• Q1 2026 revenue: $4.3M (down from $6.7M in Q1 2025).

• Gross profit: $582K (up from $148K); gross margin: 13.6%.

• Operating loss: $2.0M (improved from $2.3M loss in Q1 2025).

• Net loss per share from continuing operations: $(0.23) vs. $(0.19) year-over-year.

• Cash on hand at quarter-end: $13.6M, down from $15.0M at year-end 2025.

Outlook and guidance

• Management expects cash balance to be sufficient to fund operations for the next twelve months.

• Cost savings from recent initiatives will be redirected to PRYMUS and PowerCore, supporting long-term growth.

• PowerCore commercialization remains on track for shipments in the second half of 2026.

• Ongoing investments in product development and expansion of manufacturing, engineering, sales, and marketing personnel.

• Management anticipates continued growth in demand for distributed generation solutions, driven by AI infrastructure and data center expansion.