A Business at a Glance
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PIONEER POWER SOLUTIONS, INC.
PPSI
$33M
Mkt Cap
$2.98
-4.18%
PIONEER POWER SOLUTIONS, INC. (PPSI) has a 5-year average return on invested capital (ROIC) of 10.6%. This indicates solid capital allocation.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a market capitalization of $33M. It is classified as a small-cap stock.
Yes, PIONEER POWER SOLUTIONS, INC. (PPSI) pays a dividend with a trailing twelve-month yield of 50.34%.
PIONEER POWER SOLUTIONS, INC. (PPSI) operates in the Power, Distribution & Specialty Transformers industry, within the Industrials sector.
PIONEER POWER SOLUTIONS, INC. (PPSI) reported annual revenue of $28 million in its most recent fiscal year, based on SEC EDGAR filings.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a net profit margin of -21.7%. The company is currently unprofitable.
PIONEER POWER SOLUTIONS, INC. (PPSI) generated $-8 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ITEM 1. BUSINESS. Pioneer Power Solutions, Inc. and its wholly owned subsidiary (referred to herein as the “Company,” “Pioneer,” “Pioneer Power,” “we,” “our” and “us”) design, manufacture, integrate, service, and sell distributed energy resources, on site and mobile power generation equipment and a platform of mobile electric vehicle (“EV”) charging solutions. Our products and services are sold to a broad range of customers in the utility, industrial and commercial markets. Our customers include, but are not limited to, Federal and State government entities, package delivery businesses, school bus fleet operators, EV charging infrastructure developers and owners, and distributed energy developers. We are headquartered in Fort Lee, New Jersey and operate from two (2) additional locations in the United States for manufacturing, service and maintenance, engineering, and sales and administration. U.S.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 28M | 28M | 23M | 11M | 26M | 18M |
| Net Income | -6.0M | -6.0M | 32M | -1.9M | -5.4M | -2.2M |
| EPS | $-0.54 | $-0.54 | $2.90 | $-0.20 | $-0.56 | $-0.24 |
| Free Cash Flow | -8.5M | -8.5M | -10.0M | -6.4M | -7.3M | -3.4M |
| ROIC | -32.9% | -18.4% | 127.3% | -12.6% | -30.5% | -12.6% |
| Gross Margin | 12.4% | 12.4% | 24.1% | 20.0% | 10.9% | 7.6% |
| Debt/Equity | 0.05 | 0.05 | 0.02 | 0.06 | 0.15 | 0.12 |
| Dividends/Share | $1.50 | $1.50 | - | - | - | $0.12 |
| Operating Income | -6.6M | -6.6M | -5.2M | -7.0M | -5.8M | -3.9M |
| Operating Margin | -23.9% | -23.9% | -22.9% | -63.3% | -22.5% | -21.1% |
| ROE | -20.5% | -18.5% | 128.3% | -12.9% | -31.2% | -13.0% |
| Shares Outstanding | 11M | 11M | 11M | 9M | 10M | 9M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 92M | 107M | 100M | 114M | 20M | 21M | 19M | 18M | 26M | 11M | 23M | 28M | 28M |
| Gross Margin | 19.7% | 20.1% | 22.2% | 15.5% | 9.4% | 5.7% | 4.5% | 7.6% | 10.9% | 20.0% | 24.1% | 12.4% | 12.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 885K | 1.1M | 875K | 875K |
| SG&A | 15M | 22M | 17M | 21M | 11M | 13M | 5.2M | 5.3M | 8.6M | 8.4M | 9.7M | 9.1M | 9.1M |
| EBIT | 1.8M | -5.3M | 3.6M | -3.3M | -9.1M | -12M | -4.3M | -3.9M | -5.8M | -7.0M | -5.2M | -6.6M | -6.6M |
| Op. Margin | 1.9% | -5.0% | 3.6% | -2.9% | -45.3% | -57.1% | -22.0% | -21.1% | -22.5% | -63.3% | -22.9% | -23.9% | -23.9% |
| Net Income | -268K | -5.9M | -1.1M | -9.2M | -5.7M | -1.0M | -3.0M | -2.2M | -5.4M | -1.9M | 32M | -6.0M | -6.0M |
| Net Margin | -0.3% | -5.5% | -1.1% | -8.1% | -28.1% | -5.0% | -15.3% | -11.8% | -20.9% | -17.1% | 139.2% | -21.7% | -21.7% |
| Non-Recurring | 2.6M | 5.5M | 2.2M | 1.6M | 1.5M | 3.0M | 546K | 0 | 0 | 0 | 35M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 2.4% | -17.3% | 5.6% | -35.5% | -31.2% | -4.4% | -12.8% | -12.6% | -30.5% | -12.6% | 127.3% | -18.4% | -32.9% |
| ROE | -0.9% | -20.2% | -4.0% | -42.2% | -38.4% | -7.2% | -19.5% | -13.0% | -31.2% | -12.9% | 128.3% | -18.5% | -20.5% |
| ROA | -0.4% | -8.4% | -1.5% | -12.2% | -7.7% | -2.0% | -12.0% | -8.8% | -17.1% | -5.5% | 64.4% | -11.8% | -16.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 95K | -4.0M | -9.5M | 1.7M | 2.2M | -5.6M | -3.6M | -3.2M | -5.8M | -3.9M | -6.2M | -5.8M | -5.8M |
| Free Cash Flow | -628K | -5.0M | -10M | 250K | 1.6M | -5.7M | -3.6M | -3.4M | -7.3M | -6.4M | -10.0M | -8.5M | -8.5M |
| Owner Earnings | -1.7M | -11M | -11M | -66K | 1.6M | -5.9M | -3.8M | -3.5M | -7.0M | -6.8M | -8.0M | -8.6M | -8.6M |
| CapEx | 723K | 1.1M | 668K | 1.4M | 589K | 153K | 0 | 237K | 1.5M | 2.5M | 3.8M | 2.7M | 2.7M |
| Maint. CapEx | 1.6M | 6.5M | 1.2M | 1.3M | 352K | 269K | 203K | 153K | 228K | 1.5M | 716K | 2.7M | 2.7M |
| Growth CapEx | 0 | 0 | 0 | 150K | 237K | 0 | N/A | 84K | 1.3M | 1.0M | 3.0M | 0 | 0 |
| D&A | 1.6M | 6.5M | 1.2M | 1.3M | 352K | 269K | 203K | 153K | 228K | 1.5M | 716K | 2.7M | 2.7M |
| CapEx/OCF | 761.1% | N/A | N/A | 85.3% | 27.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 0 | 0 | 0 | 17M | 17M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 50.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | 226K | 231K | 62K | 466K | 165K | 12K | 3K | 186K | 1.0M | 1.5M | 1.1M | 35K | 35K |
| Debt Repayment | 3.9M | 38M | 29M | 41M | 39M | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 15M | 15M | 9.1M | 10M | 24M | 46M | -6.2M | -9.4M | -8.0M | -2.7M | -41M | -13M | -13M |
| Cash & Equiv. | 3.8M | 648K | 246K | 218K | 211K | 8.2M | 7.6M | 12M | 10M | 3.6M | 42M | 15M | 15M |
| Long-Term Debt | 9.5M | 165K | 4.0M | 4.2M | 2.6M | 15M | 633K | 411K | 418K | 278K | 121K | 219K | 219K |
| Debt/Equity | 0.61 | 0.59 | 0.36 | 0.59 | 2.05 | 3.29 | 0.10 | 0.12 | 0.15 | 0.06 | 0.02 | 0.05 | 0.05 |
| Interest Coverage | 3.0 | -7.1 | 2.0 | -1.3 | -5.2 | -18.0 | -80.8 | -94.2 | -132.0 | -167.5 | -2624.0 | -212.7 | -212.7 |
| Equity | 31M | 27M | 26M | 18M | 12M | 17M | 14M | 20M | 15M | 14M | 35M | 29M | 29M |
| Total Assets | 73M | 67M | 77M | 74M | 73M | 28M | 21M | 28M | 35M | 33M | 66M | 35M | 35M |
| Total Liabilities | 42M | 39M | 51M | 57M | 61M | 12M | 7.4M | 8.4M | 20M | 19M | 31M | 6.1M | 6.1M |
| Intangibles | 9.8M | 10.0M | 6.6M | 6.4M | 124K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 16M | 9.9M | 8.8M | -463K | -6.1M | -7.2M | -10M | -12M | -18M | -20M | N/A | -6.0M | -6.0M |
| Working Capital | 9.2M | -3.1M | 2.4M | -1.7M | -5.5M | 11M | 8.4M | 19M | 12M | 9.4M | 27M | 21M | 21M |
| Current Assets | 34M | 35M | 46M | 45M | 47M | 20M | 14M | 25M | 31M | 28M | 57M | 26M | 26M |
| Current Liabilities | 24M | 38M | 44M | 47M | 52M | 9.8M | 5.5M | 6.6M | 19M | 18M | 30M | 4.9M | 4.9M |
| Per Share Data | |||||||||||||
| EPS | -0.04 | -0.76 | -0.12 | -1.06 | -0.65 | -0.12 | -0.34 | -0.24 | -0.56 | -0.20 | 2.90 | -0.54 | -0.54 |
| Owner EPS | -0.26 | -1.38 | -1.21 | -0.01 | 0.19 | -0.68 | -0.43 | -0.39 | -0.72 | -0.72 | -0.73 | -0.77 | -0.77 |
| Book Value | 4.60 | 3.54 | 2.96 | 2.02 | 1.37 | 1.96 | 1.58 | 2.17 | 1.57 | 1.50 | 3.23 | 2.64 | 2.64 |
| Cash Flow/Share | 0.01 | -0.51 | -1.07 | 0.20 | 0.25 | -0.65 | -0.41 | -0.35 | -0.60 | -0.41 | -0.57 | -0.52 | -0.29 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.12 | N/A | N/A | N/A | 1.50 | 1.50 |
| Shares Out. | 6.7M | 7.7M | 8.9M | 8.7M | 8.7M | 8.6M | 8.8M | 9.0M | 9.7M | 9.5M | 11.0M | 11.1M | 11.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -5.5 |
| P/FCF | N/A | N/A | N/A | 139.0 | 14.9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 21.5 | N/A | 9.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.0 | 0.6 | 1.0 | 2.0 | 2.0 | 0.8 | 2.0 | N/A | N/A | N/A | N/A | N/A | 1.1 |
| Price/Sales | 0.3 | 0.3 | 0.2 | 0.3 | 1.3 | 1.1 | 0.7 | N/A | N/A | N/A | N/A | N/A | 1.2 |
| FCF Yield | -2.0% | -31.5% | -37.9% | 0.7% | 6.7% | -41.9% | -13.3% | N/A | N/A | N/A | N/A | N/A | -25.7% |
| Market Cap | 32M | 16M | 27M | 35M | 23M | 14M | 27M | 0 | 0 | 0 | 0 | 0 | 33M |
| Avg. Price | 4.57 | 3.56 | 2.58 | 3.66 | 2.99 | 2.62 | 1.52 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.98 |
| Year-End Price | 4.76 | 2.06 | 3.02 | 3.99 | 2.68 | 1.59 | 3.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.98 |
PIONEER POWER SOLUTIONS, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 10.6% with a gross margin of 15.0%. Total shareholder yield (dividends) is 50.3%. At current prices, the estimated annualized return to fair value is +22.0%.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
PIONEER POWER SOLUTIONS, INC. (PPSI) reported earnings per share (EPS) of $-0.54 in its most recent fiscal year.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a return on equity (ROE) of -18.5%. A negative ROE may indicate losses or negative equity.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a 5-year average gross margin of 15.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for PIONEER POWER SOLUTIONS, INC. (PPSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PIONEER POWER SOLUTIONS, INC. (PPSI) has a book value per share of $2.64, based on its most recent annual SEC filing.