Pioneer Pwr Solutions Inc Financials

PPSI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Pioneer Pwr Solutions Inc (PPSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 56/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Pioneer Pwr Solutions Inc has an operating margin of -22.9%, meaning the company retains $-23 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -63.3% the prior year.

Growth

100

Pioneer Pwr Solutions Inc's revenue surged 105.8% year-over-year to $22.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Pioneer Pwr Solutions Inc carries a low D/E ratio of 0.86, meaning only $0.86 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pioneer Pwr Solutions Inc's current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Pioneer Pwr Solutions Inc generated -$6.2M in operating cash flow, capex of $3.8M consumed most of it, leaving -$10.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

100

Pioneer Pwr Solutions Inc earns a strong 89.9% return on equity (ROE), meaning it generates $90 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.

Piotroski F-Score Neutral

5/9

Pioneer Pwr Solutions Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-0.20x

For every $1 of reported earnings, Pioneer Pwr Solutions Inc generates $-0.20 in operating cash flow (-$6.2M OCF vs $31.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$22.9M

YoY+105.8%

5Y CAGR+2.1%

10Y CAGR-13.0%

Pioneer Pwr Solutions Inc generated $22.9M in revenue in fiscal year 2024. This represents an increase of 105.8% from the prior year.

EBITDA

-$4.4M

YoY+30.3%

Pioneer Pwr Solutions Inc's EBITDA was -$4.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.3% from the prior year.

Free Cash Flow

-$10.0M

YoY-56.0%

Pioneer Pwr Solutions Inc generated -$10.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 56.0% from the prior year.

Net Income

$31.9M

YoY+1778.3%

Pioneer Pwr Solutions Inc reported $31.9M in net income in fiscal year 2024. This represents an increase of 1778.3% from the prior year.

EPS (Diluted)

$2.90

YoY+1550.0%

Pioneer Pwr Solutions Inc earned $2.90 per diluted share (EPS) in fiscal year 2024. This represents an increase of 1550.0% from the prior year.

Cash & Debt

$41.6M

YoY+1062.0%

5Y CAGR+38.3%

10Y CAGR+26.9%

Pioneer Pwr Solutions Inc held $41.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+12.0%

5Y CAGR+5.0%

10Y CAGR+4.1%

Pioneer Pwr Solutions Inc had 11M shares outstanding in fiscal year 2024. This represents an increase of 12.0% from the prior year.

Gross Margin

24.1%

YoY+4.1pp

5Y CAGR+18.4pp

10Y CAGR+4.4pp

Pioneer Pwr Solutions Inc's gross margin was 24.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.

Operating Margin

-22.9%

YoY+40.4pp

5Y CAGR+34.2pp

10Y CAGR-24.8pp

Pioneer Pwr Solutions Inc's operating margin was -22.9% in fiscal year 2024, reflecting core business profitability. This is up 40.4 percentage points from the prior year.

Net Margin

139.2%

YoY+156.3pp

5Y CAGR+144.2pp

10Y CAGR+139.5pp

Pioneer Pwr Solutions Inc's net profit margin was 139.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 156.3 percentage points from the prior year.

Return on Equity

89.9%

Pioneer Pwr Solutions Inc's ROE was 89.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$1.1M

YoY+18.6%

Pioneer Pwr Solutions Inc invested $1.1M in research and development in fiscal year 2024. This represents an increase of 18.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.8M

YoY+50.6%

5Y CAGR+89.7%

10Y CAGR+17.9%

Pioneer Pwr Solutions Inc invested $3.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 50.6% from the prior year.

PPSI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$22.9M+105.8%	$11.1M-57.0%	$25.9M+41.3%	$18.3M-6.0%	$19.5M-5.3%	$20.6M
Cost of Revenue	$17.4M+95.3%	$8.9M-61.4%	$23.1M+36.3%	$16.9M-9.1%	$18.6M-4.2%	$19.4M
Gross Profit	$5.5M+147.8%	$2.2M-21.3%	$2.8M+102.9%	$1.4M+58.1%	$881K-24.4%	$1.2M
R&D Expenses	$1.1M+18.6%	$885K	N/A	N/A	N/A	N/A
SG&A Expenses	$9.7M+16.0%	$8.4M-3.0%	$8.6M+64.3%	$5.3M+1.7%	$5.2M-60.0%	$12.9M
Operating Income	-$5.2M+25.4%	-$7.0M-21.1%	-$5.8M-50.4%	-$3.9M+9.9%	-$4.3M+63.5%	-$11.8M
Interest Expense	N/A	N/A	N/A	$4K-55.6%	$9K-97.7%	$396K
Income Tax	-$1.4M	N/A	$7K+143.8%	-$16K-420.0%	$5K-99.6%	$1.3M
Net Income	$31.9M+1778.3%	-$1.9M+65.0%	-$5.4M-150.1%	-$2.2M+27.4%	-$3.0M-189.3%	-$1.0M
EPS (Diluted)	$2.90+1550.0%	$-0.20+64.3%	$-0.56-133.3%	$-0.24+29.4%	$-0.34-183.3%	$-0.12

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$6.9M-17.7%	$8.4M+24.2%	$6.7M-30.9%	$9.8M+187.3%	$3.4M+2.4%	$3.3M	N/A	$11.5M
Cost of Revenue	$6.2M-11.5%	$7.1M+7.0%	$6.6M-5.0%	$6.9M+151.9%	$2.8M-0.9%	$2.8M	N/A	$7.8M
Gross Profit	$640K-51.3%	$1.3M+787.8%	$148K-94.7%	$2.8M+339.3%	$641K+19.8%	$535K	N/A	$3.7M
R&D Expenses	$111K-79.2%	$534K+567.5%	$80K-76.8%	$345K+45.0%	$238K+12.8%	$211K	N/A	N/A
SG&A Expenses	$2.0M-20.6%	$2.5M+3.1%	$2.4M-31.9%	$3.5M+65.8%	$2.1M+4.3%	$2.0M	N/A	$2.8M
Operating Income	-$1.4M+15.3%	-$1.7M+27.2%	-$2.3M-118.6%	-$1.1M+38.2%	-$1.7M-0.5%	-$1.7M	N/A	$940K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$69K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.4M-77.0%	-$1.3M-42.9%	-$929K-102.6%	$36.3M+1689.8%	-$2.3M-120.6%	-$1.0M	N/A	$1.0M
EPS (Diluted)	$-0.21-75.0%	$-0.12-33.3%	$-0.09-102.7%	$3.31+1676.2%	$-0.21-110.0%	$-0.10	N/A	$0.10

PPSI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$66.0M+99.7%	$33.0M-6.7%	$35.4M+26.7%	$27.9M+31.2%	$21.3M-25.3%	$28.5M
Current Assets	$56.7M+104.7%	$27.7M-11.4%	$31.2M+24.3%	$25.1M+80.1%	$14.0M-31.5%	$20.4M
Cash & Equivalents	$41.6M+1062.0%	$3.6M-65.2%	$10.3M-12.0%	$11.7M+54.6%	$7.6M-7.9%	$8.2M
Inventory	$6.1M+97.1%	$3.1M-62.0%	$8.1M+94.5%	$4.2M+73.1%	$2.4M-47.2%	$4.6M
Accounts Receivable	$7.8M+542.0%	$1.2M-87.8%	$10.0M+312.1%	$2.4M-6.1%	$2.6M-30.4%	$3.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$30.5M+62.3%	$18.8M-7.1%	$20.2M+141.6%	$8.4M+12.7%	$7.4M-36.2%	$11.6M
Current Liabilities	$30.0M+64.2%	$18.3M-3.7%	$19.0M+188.0%	$6.6M+18.9%	$5.5M-43.7%	$9.8M
Long-Term Debt	N/A	N/A	N/A	N/A	$633K	N/A
Total Equity	$35.4M+149.2%	$14.2M-6.2%	$15.2M-22.5%	$19.6M+41.1%	$13.9M-17.7%	$16.8M
Retained Earnings	N/A	-$19.6M-10.7%	-$17.7M-44.0%	-$12.3M-21.4%	-$10.1M-41.7%	-$7.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$37.6M-3.9%	$39.1M-17.6%	$47.5M-28.0%	$66.0M+73.4%	$38.0M-3.3%	$39.3M+19.0%	$33.0M-7.5%	$35.7M
Current Assets	$29.0M-0.9%	$29.3M-24.1%	$38.6M-31.8%	$56.7M+71.6%	$33.0M-3.8%	$34.3M+24.0%	$27.7M-8.5%	$30.3M
Cash & Equivalents	$17.3M-3.7%	$18.0M-30.3%	$25.8M-37.9%	$41.6M+539.2%	$6.5M+4.6%	$6.2M+73.8%	$3.6M-52.8%	$7.6M
Inventory	$6.8M+17.2%	$5.8M-10.4%	$6.5M+6.4%	$6.1M-52.1%	$12.7M+32.0%	$9.6M+211.6%	$3.1M-66.5%	$9.2M
Accounts Receivable	$4.6M-5.7%	$4.9M-8.6%	$5.3M-31.7%	$7.8M+32.6%	$5.9M-47.3%	$11.2M+818.4%	$1.2M-84.7%	$8.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.9M+13.2%	$6.1M-53.1%	$13.0M-57.5%	$30.5M+37.3%	$22.2M+4.7%	$21.2M+13.0%	$18.8M+9.3%	$17.2M
Current Liabilities	$6.3M+16.1%	$5.4M-56.6%	$12.5M-58.4%	$30.0M+37.0%	$21.9M+5.1%	$20.8M+13.9%	$18.3M+10.3%	$16.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$30.7M-7.1%	$33.0M-4.3%	$34.5M-2.6%	$35.4M+124.4%	$15.8M-12.6%	$18.1M+27.0%	$14.2M-23.1%	$18.5M
Retained Earnings	-$4.6M-104.1%	-$2.3M-142.9%	-$929K+96.1%	-$24.1M-4.9%	-$22.9M-11.0%	-$20.7M-5.3%	-$19.6M-29.7%	-$15.1M

PPSI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$6.2M-59.5%	-$3.9M+32.5%	-$5.8M-80.8%	-$3.2M+11.6%	-$3.6M+35.2%	-$5.6M
Capital Expenditures	$3.8M+50.6%	$2.5M+65.1%	$1.5M+538.0%	$237K	N/A	$153K
Free Cash Flow	-$10.0M-56.0%	-$6.4M+12.3%	-$7.3M-112.4%	-$3.4M	N/A	-$5.7M
Investing Cash Flow	$38.9M+1657.5%	-$2.5M-152.9%	$4.7M+2092.4%	-$237K-109.0%	$2.6M-93.4%	$39.8M
Financing Cash Flow	$5.4M+1764.4%	-$323K+8.5%	-$353K-104.7%	$7.6M+2143.9%	$337K+101.3%	-$26.2M
Dividends Paid	$16.7M	N/A	N/A	$1.0M	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$817K+85.1%	-$5.5M-463.8%	$1.5M+171.7%	-$2.1M-466.7%	$571K+129.3%	-$1.9M+46.8%	-$3.7M-517.3%	-$594K
Capital Expenditures	$792K+446.2%	$145K-75.6%	$595K-76.0%	$2.5M+519.0%	$401K+88.3%	$213K+41.1%	$151K-90.2%	$1.5M
Free Cash Flow	-$1.6M+71.3%	-$5.6M-718.5%	$907K+119.8%	-$4.6M-2791.8%	$170K+107.9%	-$2.2M+43.3%	-$3.8M-79.3%	-$2.1M
Investing Cash Flow	$189K+108.1%	-$2.3M-294.1%	-$595K-101.5%	$40.2M+10113.2%	-$401K-88.3%	-$213K-41.1%	-$151K+90.2%	-$1.5M
Financing Cash Flow	-$35K-12.9%	-$31K+99.8%	-$16.7M-3555.3%	$483K+320.0%	$115K-97.6%	$4.8M+2756.4%	-$181K-310.5%	$86K
Dividends Paid	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PPSI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	24.1%+4.1pp	20.0%+9.1pp	10.9%+3.3pp	7.6%+3.1pp	4.5%-1.1pp	5.7%
Operating Margin	-22.9%+40.4pp	-63.3%-40.8pp	-22.4%-1.4pp	-21.1%+0.9pp	-22.0%+35.1pp	-57.1%
Net Margin	139.2%+156.3pp	-17.1%+3.9pp	-20.9%-9.1pp	-11.8%+3.5pp	-15.3%-10.3pp	-5.0%
Return on Equity	89.9%	N/A	N/A	N/A	N/A	N/A
Return on Assets	48.3%+54.0pp	-5.8%+9.6pp	-15.3%-7.6pp	-7.8%+6.3pp	-14.0%-10.4pp	-3.6%
Current Ratio	1.89+0.4	1.52-0.1	1.65-2.2	3.82+1.3	2.52+0.5	2.07
Debt-to-Equity	0.86-0.5	1.32-0.0	1.34+0.9	0.43+0.4	0.05-0.6	0.69
FCF Margin	-43.6%+13.9pp	-57.5%-29.3pp	-28.1%-9.4pp	-18.7%	N/A	-27.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	9.3%-6.4pp	15.7%+13.5pp	2.2%-26.7pp	28.9%+10.0pp	18.9%+2.7pp	16.1%	N/A	32.3%
Operating Margin	-21.0%-0.6pp	-20.4%+14.4pp	-34.8%-23.8pp	-11.0%+40.1pp	-51.1%+1.0pp	-52.1%	N/A	8.2%
Net Margin	-34.1%-18.3pp	-15.9%-2.1pp	-13.8%-385.9pp	372.1%+439.4pp	-67.3%-36.0pp	-31.2%	N/A	8.8%
Return on Equity	N/A	N/A	N/A	102.4%	N/A	N/A	N/A	5.5%
Return on Assets	-6.3%-2.8pp	-3.4%-1.4pp	-2.0%-57.0pp	55.0%+61.0pp	-6.0%-3.4pp	-2.6%	N/A	2.8%
Current Ratio	4.62-0.8	5.42+2.3	3.10+1.2	1.89+0.4	1.51-0.1	1.65+0.1	1.52-0.3	1.83
Debt-to-Equity	0.22+0.0	0.18-0.2	0.38-0.5	0.86-0.5	1.41+0.2	1.18-0.1	1.32+0.4	0.93
FCF Margin	-23.4%+43.7pp	-67.0%-80.5pp	13.5%+60.4pp	-46.9%-51.9pp	5.0%+70.3pp	-65.3%	N/A	-18.6%

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Frequently Asked Questions

What is Pioneer Pwr Solutions Inc's annual revenue?

Pioneer Pwr Solutions Inc (PPSI) reported $22.9M in total revenue for fiscal year 2024. This represents a 105.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pioneer Pwr Solutions Inc's revenue growing?

Pioneer Pwr Solutions Inc (PPSI) revenue grew by 105.8% year-over-year, from $11.1M to $22.9M in fiscal year 2024.

Is Pioneer Pwr Solutions Inc profitable?

Yes, Pioneer Pwr Solutions Inc (PPSI) reported a net income of $31.9M in fiscal year 2024, with a net profit margin of 139.2%.

What is Pioneer Pwr Solutions Inc's earnings per share (EPS)?

Pioneer Pwr Solutions Inc (PPSI) reported diluted earnings per share of $2.90 for fiscal year 2024. This represents a 1550.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Pioneer Pwr Solutions Inc's EBITDA?

Pioneer Pwr Solutions Inc (PPSI) had EBITDA of -$4.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pioneer Pwr Solutions Inc's gross margin?

Pioneer Pwr Solutions Inc (PPSI) had a gross margin of 24.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pioneer Pwr Solutions Inc's operating margin?

Pioneer Pwr Solutions Inc (PPSI) had an operating margin of -22.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Pioneer Pwr Solutions Inc's net profit margin?

Pioneer Pwr Solutions Inc (PPSI) had a net profit margin of 139.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Pioneer Pwr Solutions Inc's return on equity (ROE)?

Pioneer Pwr Solutions Inc (PPSI) has a return on equity of 89.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Pioneer Pwr Solutions Inc's free cash flow?

Pioneer Pwr Solutions Inc (PPSI) generated -$10.0M in free cash flow during fiscal year 2024. This represents a -56.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pioneer Pwr Solutions Inc's operating cash flow?

Pioneer Pwr Solutions Inc (PPSI) generated -$6.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pioneer Pwr Solutions Inc's total assets?

Pioneer Pwr Solutions Inc (PPSI) had $66.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Pioneer Pwr Solutions Inc's capital expenditures?

Pioneer Pwr Solutions Inc (PPSI) invested $3.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Pioneer Pwr Solutions Inc spend on research and development?

Pioneer Pwr Solutions Inc (PPSI) invested $1.1M in research and development during fiscal year 2024.

How many shares does Pioneer Pwr Solutions Inc have outstanding?

Pioneer Pwr Solutions Inc (PPSI) had 11M shares outstanding as of fiscal year 2024.

What is Pioneer Pwr Solutions Inc's current ratio?

Pioneer Pwr Solutions Inc (PPSI) had a current ratio of 1.89 as of fiscal year 2024, which is generally considered healthy.

What is Pioneer Pwr Solutions Inc's debt-to-equity ratio?

Pioneer Pwr Solutions Inc (PPSI) had a debt-to-equity ratio of 0.86 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pioneer Pwr Solutions Inc's return on assets (ROA)?

Pioneer Pwr Solutions Inc (PPSI) had a return on assets of 48.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pioneer Pwr Solutions Inc's cash runway?

Based on fiscal year 2024 data, Pioneer Pwr Solutions Inc (PPSI) had $41.6M in cash against an annual operating cash burn of $6.2M. This gives an estimated cash runway of approximately 80 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Pioneer Pwr Solutions Inc's Piotroski F-Score?

Pioneer Pwr Solutions Inc (PPSI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pioneer Pwr Solutions Inc's earnings high quality?

Pioneer Pwr Solutions Inc (PPSI) has an earnings quality ratio of -0.20x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pioneer Pwr Solutions Inc?

Pioneer Pwr Solutions Inc (PPSI) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.