Pioneer Power Solutions, Inc. (PPSI) Income Statement
PPSI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPPSI revenue and net income
Where PPSI's revenue goes
2025Each bar shows an amount and its share of revenue. PPSI kept −23.3% of revenue as net income.
PPSI profit margins
PPSI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.8% | +2.2% | +7.2% | −12.6% |
| Gross profit | −37.9% | +6.6% | +31.2% | −16.6% |
| Operating income | — | — | — | — |
| Net income | −120.2% | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PPSI quarterly EPS vs estimates
Pioneer Power Solutions beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.13).
PPSI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.6M | $22.9M | $40.8M | $25.9M | $18.3M | $19.5M | $20.6M | $106.4M | $101.4M | $114.4M |
| Cost of revenue | $24.2M | $17.4M | $31.2M | $23.1M | $16.9M | $18.6M | $19.4M | $87.1M | $81.4M | $89.5M |
| Gross profit | $3.4M | $5.5M | $40.8M | $2.8M | $1.4M | $881,000 | $1.2M | $19.3M | $20.0M | $24.9M |
| Research & development | $875,000 | $1.1M | $885,000 | $0 | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $9.1M | $9.7M | $9.9M | $8.6M | $5.3M | $5.2M | $12.7M | $21.5M | $16.7M | $20.0M |
| Total operating expenses | $10.0M | $10.8M | −$40.2M | $8.6M | $5.3M | $5.2M | $12.9M | $21.5M | $16.7M | $20.7M |
| Operating income | −$6.6M | −$5.2M | $617,000 | −$5.8M | −$3.9M | −$4.3M | −$11.8M | −$1.9M | $3.4M | $2.1M |
| Interest income | $739,000 | $431,000 | $335,000 | $465,000 | $387,000 | $334,000 | $396,000 | $916,000 | $2.5M | $1.7M |
| Interest expense | — | — | — | $398,000 | $1.7M | $396,000 | $396,000 | $916,000 | $2.3M | $1.7M |
| Income before taxes | −$6.4M | −$4.8M | $138,000 | −$5.4M | −$2.2M | −$3.0M | −$10.8M | −$5.4M | $857,000 | $572,000 |
| Income taxes | $74,000 | −$1.4M | — | $7,000 | −$16,000 | $5,000 | $1.3M | $303,000 | $3.6M | $1.1M |
| Net income | −$6.4M | $31.9M | $138,000 | −$5.4M | −$2.2M | −$3.0M | −$12.0M | −$5.7M | −$9.3M | −$569,000 |
| EBITDA | −$5.2M | −$3.7M | $617,000 | −$4.3M | −$1.2M | −$3.8M | −$14.5M | −$5.9M | $175,000 | $7.2M |
| EPS (diluted) | −$0.58 | −$0.47 | $0.01 | −$0.37 | −$0.79 | −$1.00 | −$0.67 | $0.70 | $0.64 | $0.50 |
| Gross margin | 12.4% | 24.1% | 100.0% | 10.9% | 7.6% | 4.5% | 5.7% | 18.1% | 19.7% | 21.8% |
| Operating margin | −23.9% | −22.9% | 1.5% | −22.5% | −21.1% | −22.0% | −57.1% | −1.8% | 3.3% | 1.8% |
| Net margin | −23.3% | 139.2% | 0.3% | −20.9% | −11.8% | −15.3% | −58.5% | −5.3% | −9.2% | −0.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M | $4.3M | $5.6M | $6.9M | $8.4M | $6.7M | $0 | $10.9M | $3.3M | $3.3M | $7.7M | $11.5M |
| Cost of revenue | $4.0M | $3.7M | $4.3M | $6.3M | $7.1M | $6.6M | −$4.0M | $8.8M | $2.8M | $2.8M | $8.7M | $7.8M |
| Gross profit | $984,000 | $582,000 | $1.3M | $616,000 | $1.3M | $148,000 | $1.1M | $2.1M | $535,000 | $535,000 | $7.7M | $3.7M |
| Research & development | $161,000 | $156,000 | $149,000 | $111,000 | $534,000 | $80,000 | $345,000 | $256,000 | $211,000 | $211,000 | — | $0 |
| Sales, general & admin | $2.8M | $2.4M | $2.3M | $2.0M | $2.5M | $2.4M | $1.5M | $2.9M | $2.7M | $2.0M | $2.3M | $2.7M |
| Total operating expenses | $3.0M | $2.6M | $6.7M | $2.1M | $3.0M | $2.5M | −$2.2M | $3.2M | $2.3M | $5.0M | −$7.7M | $2.8M |
| Operating income | −$2.0M | −$2.0M | −$1.1M | −$1.4M | −$1.7M | −$2.3M | −$745,000 | −$1.1M | −$1.7M | −$1.7M | −$14,000 | $940,000 |
| Interest income | $51,000 | $156,000 | — | — | $183,000 | $247,000 | $406,000 | — | $17,000 | $31,000 | $40,000 | $60,000 |
| Interest expense | — | $615,000 | — | $615,000 | — | $23,000 | — | $23,000 | $67,000 | — | — | — |
| Income before taxes | −$2.1M | −$2.5M | −$1.4M | −$1.7M | −$1.2M | −$2.1M | −$328,000 | −$1.1M | −$1.7M | −$1.7M | −$689,000 | $1.0M |
| Income taxes | — | $5,000 | — | $69,000 | — | −$1.4M | — | −$377,000 | −$31,000 | — | — | −$60,000 |
| Net income | −$2.1M | −$2.5M | −$1.4M | −$1.8M | −$1.3M | −$929,000 | $36.3M | −$1.1M | −$1.0M | −$1.0M | −$689,000 | $1.0M |
| EBITDA | −$1.7M | −$2.2M | −$723,000 | −$1.4M | −$868,000 | −$1.7M | — | −$693,000 | −$1.4M | — | −$14,000 | $1.4M |
| EPS (diluted) | −$0.19 | −$0.12 | −$0.12 | −$0.16 | −$0.11 | −$0.19 | $0.11 | −$0.21 | −$0.10 | −$0.27 | −$0.07 | $0.10 |
| Gross margin | 19.6% | 13.6% | 23.5% | 8.9% | 15.7% | 2.2% | — | 18.9% | 16.1% | 16.1% | 100.0% | 32.3% |
| Operating margin | −39.9% | −47.4% | −19.4% | −21.0% | −20.4% | −34.8% | — | −10.1% | −52.1% | −52.1% | −0.2% | 8.2% |
| Net margin | −41.0% | −58.8% | −24.7% | −25.7% | −15.9% | −13.8% | — | −10.3% | −31.2% | −31.2% | −8.9% | 8.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PPSI's financial statements (latest annual report filed April 8, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PPSI financial results
In fiscal year 2025 (ended December 31, 2025), Pioneer Power Solutions reported revenue of $27.6 million, up 20.8% from the year before. It had a net loss of $6.4 million, a net profit margin of −23.3%. Diluted earnings per share came to −$0.58. Over five years revenue grew at an average rate of 7.2% a year.
See the PPSI stock overview for the latest quote and news, or the PPSI chart for price history and technical indicators.
PPSI income statement FAQ
What is Pioneer Power Solutions's annual revenue?
Pioneer Power Solutions reported total revenue of $27.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.8% from $22.9 million the previous year.
Is Pioneer Power Solutions profitable?
No. Pioneer Power Solutions reported a net loss of $6.4 million in fiscal 2025, a net profit margin of −23.3%; its operating margin was −23.9%.
What is Pioneer Power Solutions's gross margin?
Pioneer Power Solutions's gross margin was 12.4% in fiscal 2025: for every $100 of revenue, Pioneer Power Solutions kept $12 after the direct cost of its products and services.
How much does Pioneer Power Solutions spend on research and development?
Pioneer Power Solutions spent $0.9 million on research and development in fiscal 2025, 3.2% of revenue.
How fast is Pioneer Power Solutions growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $19.5 million to $27.6 million.
What are Pioneer Power Solutions's earnings per share?
Pioneer Power Solutions earned $-0.58 per diluted share in fiscal 2025, compared with $-0.47 a year earlier.
When will Pioneer Power Solutions report its next earnings?
Pioneer Power Solutions is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Pioneer Power Solutions's fiscal year end?
Pioneer Power Solutions's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 8, 2026.