$PPSI

PIONEER POWER SOLUTIONS, INC.

CIK:0001449792|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 5,019	$ 8,370	$ 9,285	$ 15,110
Cost of goods sold	4,035	7,056	7,720	13,648
Gross profit	984	1,314	1,565	1,462
Operating expenses
Selling, general and administrative	2,828	2,488	5,274	4,903
Research and development	161	534	317	614
Total operating expenses	2,989	3,022	5,591	5,517
Operating loss from continuing operations	(2,005)	(1,708)	(4,026)	(4,055)
Interest income, net	51	183	207	431
Other (expense) income, net	(105)	297	(748)	320
Loss before income taxes	(2,059)	(1,228)	(4,567)	(3,304)
Income tax expense (benefit)
Net loss from continuing operations	(2,059)	(1,228)	(4,567)	(3,304)
(Loss) income from discontinued operations, net of income taxes		(100)		1,047
Net loss	$ (2,059)	$ (1,328)	$ (4,567)	$ (2,257)
Basic (loss) earnings per share:
Loss from continuing operations	$ (0.19)	$ (0.11)	$ (0.41)	$ (0.30)
(Loss) earnings from discontinued operations		(0.01)		0.09
Basic loss per share	(0.19)	(0.12)	(0.41)	(0.21)
Diluted (loss) earnings per share:
Loss from continuing operations	(0.19)	(0.11)	(0.41)	(0.30)
(Loss) earnings from discontinued operations		(0.01)		0.09
Diluted loss per share	$ (0.19)	$ (0.12)	$ (0.41)	$ (0.21)
Weighted average common shares outstanding:
Basic	11,096,266	11,104,058	11,096,599	11,112,117
Diluted	11,096,266	11,104,058	11,096,599	11,112,117

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (4,567)	$ (2,257)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	519	526
Amortization of financing lease right-of-use assets	64	56
Non cash lease expense	121	117
Provision for credit losses	91	107
Stock-based compensation	11	15
Loss (income) attributable to equity method investee	757	(240)
Loss on disposal of property and equipment	14	29
Selling profit on sales-type leases		(749)
Gain on change in consideration due to buyer		(1,147)
Changes in current operating assets and liabilities:
Accounts receivable, net	(1,206)	2,787
Inventories	(265)	705
Prepaid expenses and other assets	71	826
Accounts payable, accrued liabilities and other liabilities	(184)	(598)
Income taxes		(3,972)
Deferred revenue	722	(68)
Lease receivables	125
Operating lease liabilities	101	(100)
Net cash used in operating activities	(3,626)	(3,963)
Investing activities
Purchase of property and equipment	(309)	(740)
Payment of consideration payable		(2,200)
Investment in equity method investee	(339)
Proceeds from sale of fixed assets	44
Net cash used in investing activities	(604)	(2,940)
Financing activities
Net proceeds from the exercise of options for common stock	2
Payment of cash dividend		(16,665)
Principal repayments of financing leases	(63)	(55)
Net cash used in financing activities	(61)	(16,720)
Net decrease in cash	(4,291)	(23,623)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation [Abstract]
Cash, beginning of period	14,959	41,622
Cash, end of period	10,668	17,999
Supplemental cash flow information:
Interest paid		8
Income taxes paid, net of refunds		3,924
Non-cash investing and financing activities:
Surrender and retirement of common stock		148
Transfer from property and equipment to inventory		(420)
Sales-type lease origination		1,410
Derecognition of assets in exchange for net investment in sales-type lease		(661)
Property and equipment obtained in exchange for accounts payable and accrued liabilities	58	111
Finance lease ROU assets obtained in exchange for financing lease liabilities		$ 248

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 10,668	$ 14,959
Accounts receivable, net of allowance for credit losses of $103 and $23 as of June 30, 2026, and December 31, 2025, respectively	4,248	3,133
Inventories	6,580	6,315
Prepaid expenses and other current assets	1,137	1,134
Total current assets	22,633	25,541
Property and equipment, net	4,873	5,400
Operating lease right-of-use assets, net	1,023	1,144
Financing lease right-of-use assets, net	268	332
Investments		418
Lease receivable	2,451	2,576
Other assets	287	44
Total assets	31,535	35,455
Current liabilities
Accounts payable and accrued liabilities	3,619	3,745
Current portion of operating lease liabilities, net	249	223
Current portion of financing lease liabilities, net	123	123
Deferred revenue	1,513	791
Total current liabilities	5,504	4,882
Operating lease liabilities, non-current portion, net	809	936
Financing lease liabilities, non-current portion, net	156	219
Other long-term liabilities	303	101
Total liabilities	6,772	6,138
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued
Common stock, $0.001 par value, 30,000,000 shares authorized; 11,096,266 and 11,095,266 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	11	11
Additional paid-in capital	35,318	35,305
Accumulated deficit	(10,566)	(5,999)
Total stockholders’ equity	24,763	29,317
Total liabilities and stockholders’ equity	$ 31,535	$ 35,455