10-Q · May 15, 2026
Pioneer Power Solutions reported a decrease in revenue and an increased net loss for Q1 2026 compared to Q1 2025. Revenues fell to $4.3 million, down 36.7% year-over-year, primarily due to a drop in sales of mobile EV…
Earnings analysis · 10-Q
PPSI earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q text does not include the current-period income statement, balance sheet, cash-flow statement, or segment disclosures, so revenue, margins, EPS, free cash flow, and segment trends cannot be quantified…
Read full summary
The supplied 10-Q text does not include the current-period income statement, balance sheet, cash-flow statement, or segment disclosures, so revenue, margins, EPS, free cash flow, and segment trends cannot be quantified from the filing extract. The principal filing signal is negative: disclosure controls were not effective as of June 30, 2026, and two material weaknesses continued from December 31, 2025. Customer concentration is also material, with three customers accounting for approximately 14%, 12%, and 11% of quarterly revenue and one customer representing 100% of lease receivables.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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ERP Remediation Continues
Management continued refining controls and system configurations during the six months ended June 30, 2026, following implementation of a new ERP system intended to replace multiple legacy systems and manual workflows.
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Control Improvement Plan Underway
The company states that it is executing a remediation plan involving additional accounting and finance personnel, enhanced IT general controls, automated monitoring, and further training as of June 30, 2026.
What to watch
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Customer Concentration Risk
Revenue concentration was identified as a revised risk factor: three customers represented approximately 14%, 12%, and 11% of revenue for the three months ended June 30, 2026, while two customers represented approximately 13% and 11% for the six-month period. A single customer represented 100% of the lease receivable balance at June 30, 2026.
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Material Control Weaknesses Persist
Disclosure controls were not effective as of June 30, 2026, and two previously disclosed material weaknesses remained: insufficient accounting personnel and inadequate IT general controls over user and privileged access.
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Remediation Effectiveness Unproven
Management cannot conclude that remediation has addressed the material weaknesses until a sufficient testing period has passed; therefore, the weaknesses are expected to continue until the remediation steps are fully implemented and tested.
Management's outlook
No quantitative revenue or EPS outlook was provided in the supplied 10-Q text; outlook may have been deferred to the earnings release or call.
Earlier filings 4
10-K · April 8, 2026
Pioneer Power Solutions has pivoted to a single reportable segment, Critical Power, after the October 2024 sale of its PCEP unit and is marketing two new platforms launched in December 2025 (PRYMUS and PowerCore). The…
10-K · April 15, 2025
Pioneer Power Solutions transitioned to a focused Critical Power Solutions segment after divesting its Pioneer Custom Electrical Products Corp business. This strategic shift aligns with growing trends in the EV charging…
10-Q · November 14, 2024
Pioneer Power Solutions reported quarterly revenue of $10,911,000 for the three months ended September 30, 2024, down from $11,453,000 a year earlier, producing a GAAP net loss of $1,121,000 and diluted loss per share…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.