# Pioneer Power Solutions Inc. (PPSI)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $47M  
**Price:** $4.18 (+1.46%)

> Pioneer Power Solutions Inc. is an innovative provider of specialty electrical transmission equipment. Its primary function is to design, manufacture, and supply critical power components and systems that cater to a diverse range of industries, including utilities, data centers, and renewable energy. The company’s portfolio includes transformers, circuit protection products, and switchgear, which are essential in the stable and efficient distribution of electricity. Pioneer Power Solutions' equipment plays a pivotal role in supporting the infrastructure of sustainable energy systems, which are crucial in the transition towards reduced carbon emissions. Operating across North America, it is notable for its contributions to enhancing the reliability and efficiency of electrical networks. As energy demands evolve with technological advancements and increased sustainability efforts, Pioneer Power Solutions Inc. remains significant in the market by addressing these needs with its specialized electrical solutions.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $28M | $3M | -$7M | -$6M | $-0.54 |
| 2024 | $23M | $6M | -$5M | $32M | $2.90 |
| 2023 | $11M | $2M | -$7M | -$2M | $-0.20 |
| 2022 | $26M | $3M | -$6M | -$5M | $-0.56 |
| 2021 | $18M | $1M | -$4M | -$2M | $-0.24 |
| 2020 | $19M | $881,000 | -$4M | -$3M | $-0.34 |
| 2019 | $21M | $1M | -$12M | -$1M | $-0.12 |
| 2018 | $20M | $2M | -$9M | -$6M | $-0.65 |
| 2017 | $114M | $18M | -$3M | -$9M | $-1.06 |
| 2016 | $100M | $22M | $4M | -$1M | $-0.12 |
| 2015 | $107M | $21M | -$5M | -$6M | $-0.76 |
| 2014 | $92M | $18M | $2M | -$268,000 | $-0.04 |
| 2013 | $88M | $22M | $7M | $5M | $0.84 |
| 2012 | $84M | $19M | $6M | $3M | $0.51 |
| 2011 | $69M | $16M | $5M | -$60,000 | $-0.01 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $35M | $6M | $29M | — | — |
| 2024 | $66M | $31M | $35M | $42M | — |
| 2023 | $33M | $19M | $14M | $4M | — |
| 2022 | $35M | $20M | $15M | — | — |
| 2021 | $28M | $8M | $20M | — | — |
| 2020 | $21M | $7M | $14M | $8M | $1M |
| 2019 | $28M | $12M | $17M | $8M | — |
| 2018 | $73M | $61M | $12M | $211,000 | $3M |
| 2017 | $74M | $57M | $18M | $218,000 | $4M |
| 2016 | $77M | $51M | $26M | $246,000 | $4M |
| 2015 | $67M | $39M | $27M | $648,000 | $6M |
| 2014 | $73M | $42M | $31M | $4M | $10M |
| 2013 | $54M | $23M | $31M | $425,000 | $7M |
| 2012 | $52M | $34M | $18M | $467,000 | — |
| 2011 | $49M | $34M | $15M | $1M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$6M | $3M | -$8M |
| 2024 | -$6M | $4M | -$10M |
| 2023 | -$4M | $2M | -$6M |
| 2022 | -$6M | $2M | -$7M |
| 2021 | -$3M | $237,000 | -$3M |
| 2020 | -$4M | — | — |
| 2019 | -$6M | $153,000 | -$6M |
| 2018 | $2M | $589,000 | $2M |
| 2017 | $2M | $1M | $250,000 |
| 2016 | -$9M | $668,000 | -$10M |
| 2015 | -$4M | $1M | -$5M |
| 2014 | $95,000 | $723,000 | -$628,000 |
| 2013 | $3M | $3M | $525,000 |
| 2012 | $2M | $2M | $339,000 |
| 2011 | $2M | $1M | $237,000 |

Source: [CompaniesByCap](https://companiesbycap.com/company/PPSI)