Pioneer Power Solutions (PPSI) Financial Statements & Analysis

Pioneer Power Solutions (PPSI) Income Statement

Pioneer Power Solutions reported revenue of $27.63M in fiscal 2025 (fiscal year ended Mar 31, 2026), up 20.8% from $22.88M a year earlier. Pioneer Power Solutions posted a net loss of $6.45M, compared with net income of $31.86M a year earlier. Gross margin was 12.4% and operating margin -23.9%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $5.02M, down 40.0% from the same quarter a year earlier.

Pioneer Power Solutions Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Pioneer Power Solutions, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	27.63	27.63	22.88	22.88	11.12	11.12	25.88	18.31	18.31	19.49	20.58	106.39	101.39
Cost of Revenue	24.20	24.20	17.37	17.37	8.89	8.89	23.05	16.92	16.92	18.61	19.42	87.14	81.40
Gross Profit	3.43	3.43	5.51	5.51	2.23	2.23	2.83	1.39	1.39	0.88	1.17	19.25	19.99
Operating Expenses
Research & Development	0.88	0.88	1.05	1.05	0.89	0.89	0.00	0.00	-	0.00	0.00	0.00	0.00
Selling, General & Administrative	9.15	9.15	0.00	9.71	0.00	8.38	8.64	0.00	5.26	0.00	12.68	21.47	16.71
Operating Expenses	10.02	10.02	10.76	10.76	9.26	9.26	8.64	5.26	5.26	5.17	12.92	21.47	16.71
Operating Income	-6.60	-6.60	-5.25	-5.25	-7.04	-7.04	-5.81	-3.86	-3.86	-4.28	-11.75	-1.87	3.39
Other Income/Expense
Interest Income	0.74	0.74	0.43	0.43	0.23	0.23	0.47	0.39	0.39	0.33	0.00	0.00	2.46
Interest Expense	0.00	-	0.00	-	0.00	-	0.00	0.00	-	0.00	0.40	0.92	0.00
Other Income/Expense	0.22	-0.52	0.48	0.05	0.76	0.52	-0.07	1.68	1.29	1.30	0.99	-2.33	-3.64
Income
Income Before Tax	-6.37	-6.37	-4.77	-4.77	-6.28	-6.28	-5.41	-2.18	-2.18	-2.98	-10.76	-5.36	0.86
Income Tax Expense	0.07	0.07	-1.42	-1.42	0.00	-	0.01	-0.02	-0.02	0.01	1.28	0.30	3.55
Net Income	-6.45	-6.00	31.86	31.86	-1.90	-1.90	-5.42	-2.17	-2.17	-2.99	-1.03	-5.66	-9.34
Net Income - Continuous Operations	-6.45	-6.45	31.86	-3.35	-1.90	-6.28	-5.42	-2.17	-2.17	-2.99	-1.03	-5.66	-9.34
Net Income - Discontinued Operations	-	0.45	-	35.20	-	4.38	-	-	-	-	-	-	-
EBITDA	-5.21	-5.20	-3.92	-4.18	-5.56	-5.62	-4.68	-1.75	-2.84	-3.82	-10.64	-5.89	-0.13
EBIT	-	-6.60	-	-5.25	-	-7.04	-5.81	-	-3.86	-4.28	-	-	-
Depreciation & Amortization	1.16	1.39	0.85	1.07	0.72	1.41	1.13	0.44	0.11	0.46	1.11	3.30	3.59
Earnings Per Share
Basic EPS	-1.00	-1.00	3.00	3.00	-	-	-	-	-	-	-1.00	-1.00	-1.00
Diluted EPS	-1.00	-1.00	3.00	3.00	-	-	-	-	-	-	-1.00	-1.00	-1.00
Basic Shares Outstanding	11.10	11.10	10.75	10.75	9.91	9.91	9.73	8.86	8.86	8.73	8.73	8.70	8.70
Diluted Shares Outstanding	11.19	11.19	10.95	10.95	9.91	10.13	9.73	8.86	8.86	8.73	8.73	8.73	8.72

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Pioneer Power Solutions Financial Statements

What was Pioneer Power Solutions's revenue in fiscal 2025?

Pioneer Power Solutions reported revenue of $27.63M in fiscal 2025 (fiscal year ended Mar 31, 2026). That was up 20.8% from $22.88M a year earlier.

Is Pioneer Power Solutions profitable?

No. Pioneer Power Solutions reported a net loss of $6.45M in fiscal 2025. In fiscal 2024 it earned $31.86M.

What is Pioneer Power Solutions's operating margin?

Pioneer Power Solutions's operating income was −$6.59M on revenue of $27.63M in fiscal 2025, an operating margin of -23.9%, compared with -22.9% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition