Pioneer Power Solutions (PPSI) Q4 2025 earnings summary

Executive summary

• Achieved full-year revenue of $27.6 million, up 20.8% year-over-year and in line with guidance.

• Expanded internationally with e-Boost mobile charging and launched PRYMUS and PowerCore platforms targeting edge AI/data centers and premium residential markets.

• Net loss for 2025 was $6.0 million, compared to net income of $31.9 million in 2024, reflecting higher costs and discontinued operations.

Financial highlights

• Q4 2025 revenue was $5.6 million, down 42.3% from $9.8 million in Q4 2024 due to fewer large project shipments.

• Full-year gross profit was $3.4 million (12.4% margin), down from $5.5 million (24.1% margin) in 2024, impacted by unfavorable sales mix and higher initial build costs.

• Operating loss from continuing operations was $6.6 million for 2025, compared to $5.2 million in 2024.

• Non-GAAP operating loss from continuing operations was $98,000, versus non-GAAP operating income of $2.5 million in 2024.

• Net loss from continuing operations was $6.4 million, compared to $3.3 million in 2024.

• Backlog at year-end was $12.6 million, down from $19.8 million in 2024.

Outlook and guidance

• Core e-Boost business expected to provide stable foundation in 2026, with PRYMUS and PowerCore driving long-term growth.

• Initial PRYMUS shipments scheduled for 2027; PowerCore shipments to begin in the second half of 2026.

• Strategy focused on high-value deployments and capturing market demand in distributed energy and premium residential segments.