Pioneer Power Solutions, Inc. (PPSI)

From the record

Pioneer Power Solutions, Inc.'s filings since 2017 show 15 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2024-08-23); a warning not to rely on past financial statements (8-K item 4.02, the latest 2024-06-06); an auditor change (8-K item 4.01, 4 times, the latest 2024-11-26); a late-report notice (Form NT 10-K or NT 10-Q, 7 times, the latest 2026-04-01) (its current reports).

From the record

Pioneer Power Solutions, Inc.'s 10 filed years say what it did: revenue went from $100 million in fiscal 2016 to $28 million in fiscal 2025, down 13.3% a year; it rose in 5 of 9 years; the deepest fall was 90% from fiscal 2017 to fiscal 2023; net income was positive in 1 of 10 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Pioneer Power Solutions, Inc.'s diluted share count grew about 4.8% a year, and dividends and buybacks returned about 70% of its net income over 3 years (its filed statements). Its officers and directors filed 0 sales and 1 purchase of their own stock on the open market in the year to 2026-09-30, buying about $34 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Pioneer Power Solutions, Inc. lost about 20 cents for every dollar of shareholders' money, and gross profitability: its products earned about 10 cents per dollar of everything the company owns. Leverage: it owed about 17 cents per dollar of assets, and net share issuance: its share count grew 2.1% over the year (the filed statements).

From the record

Pioneer Power Solutions, Inc.'s standing among 39 graded names in its industry family: revenue of $28 million in fiscal 2025 ranks in the bottom 34% by size; a net margin of -21.7% ranks in the top 35%; revenue growth of 2.2% a year over the last 3 filed years ranks in the bottom 32% (its annual reports).

From the record

Pioneer Power Solutions, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash from operations less capital spending is -30.7% of revenue (top 50%); a gross margin of 12.4% (bottom 21%); research spending of 3.2% of revenue (bottom 20%) (its annual report).

From the record

Pioneer Power Solutions, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 2.2% a year over the last three filed years against -13.3% over all 10, speeding up (top 8% of its family); the newest year grew 20.8% (top 30%); research spending grew -0.6% a year (bottom 42%); capital spending grew 21% a year (top 29%) (its annual reports). Pioneer Power Solutions, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

From the record

Pioneer Power Solutions, Inc.'s newest year against its own record: revenue of $28 million in fiscal 2025 came in 28.4% above the $22 million its prior three years' pace pointed to (top 24% of its family); net income of $6 million against a prior three-year average of $8 million (bottom 16%); a net margin of -21.7% against 33.7% before (bottom 27%) (its annual reports).