Pioneer Power Solutions Reports 103.3% Revenue Growth to $6.74 Million in Q1 2025

Pioneer Power Solutions, Inc. reported significant financial results for the first quarter of 2025, with revenues reaching $6.74 million, a substantial increase of 103.3% compared to $3.32 million in the same period of 2024. This growth was primarily driven by increased sales and rentals of the company's mobile electric vehicle (EV) charging solutions, particularly its e-Boost product line. However, the company also experienced a gross profit margin decline, with gross profit at $148,000, translating to a gross margin of 2.2%, down from 16.1% in the prior year. The decrease in gross margin was attributed to higher costs incurred during the early stages of production for new contracts.

Operating expenses for the quarter increased to $2.49 million from $2.26 million year-over-year, largely due to a rise in selling, general, and administrative expenses, which grew by 17.8% to $2.41 million. The company reported an operating loss from continuing operations of $2.35 million, compared to a loss of $1.73 million in the previous year. The net loss for the quarter was $929,000, a slight improvement from a loss of $1.04 million in the first quarter of 2024. Basic and diluted loss per share were both reported at $0.09, compared to a loss of $0.10 per share in the prior year.

Pioneer Power Solutions has undergone strategic changes, including the sale of its Electrical Infrastructure segment in October 2024, which has allowed the company to focus on its Critical Power Solutions segment. This segment is now the sole reportable segment, providing mobile EV charging solutions and power generation equipment. The company’s revenue backlog as of March 31, 2025, was $23.23 million, reflecting a 54.6% increase from $15.02 million a year earlier, indicating strong future revenue potential.

Operationally, the company reported a cash balance of $25.84 million as of March 31, 2025, down from $41.62 million at the end of 2024, primarily due to a one-time special cash dividend of $16.67 million paid in January 2025. The company’s working capital stood at $26.15 million, slightly lower than the previous quarter. Pioneer continues to face challenges from macroeconomic factors, including rising interest rates and geopolitical tensions, which may impact demand for its products and services. Looking ahead, the company expects to meet its cash needs through operational cash flows and is committed to enhancing its internal controls to address identified weaknesses in financial reporting.