Monitor gross margin trajectory and backlog replenishment in 2026; new product launches (PRYMUS, PowerCore) are strategic but unproven commercially.
Price Chart
Executive Summary
Pioneer Power Solutions reported full-year 2025 revenue of $27.6 million, up 21% and in line with guidance, but with a 12.4% gross margin far below the prior year's 24.1%. The company launched new products (PRYMUS, PowerCore) and secured international expansion, but faces declining margins and a shrinking backlog.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $27.6 million, up 21% YoY and in line with guidance
- Full-year gross margin: 12.4% vs 24.1% in 2024, due to unfavorable sales mix and higher initial build costs
- Backlog decreased to $12.6 million from $19.8 million at end of 2024
- Cash on hand: $15.0 million, down from $41.6 million due to $16.7 million special dividend
- Launched PRYMUS and PowerCore platforms targeting edge AI and premium residential markets
Financial Impact
Revenue up 21% YoY but gross margin halved to 12.4%; $6.0 million net loss
Risk Factors
- Declining gross margins due to unfavorable sales mix and high initial build costs
- Shrinking backlog ($12.6M vs $19.8M) signals potential future revenue headwinds
- High R&D and corporate overhead costs despite non-GAAP adjustments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-015719 |
| Document: form8-k.htm | 0001493152-26-015719 |
| Document: 0001493152-26-015719-index-headers.html | 0001493152-26-015719 |
| Document: 0001493152-26-015719-index.html | 0001493152-26-015719 |
| Document: 0001493152-26-015719.txt | 0001493152-26-015719 |
| 8-K Data (Synthetic) | 0001493152-26-015719 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | DEFA14A | $3.41 $2.70 | ▼ −20.82% | ▼ −20.26% | $2.48 (−27.27%) |
Sep 22, 2026 4w ago | DEF 14A | $3.41 $2.70 | ▼ −20.82% | ▼ −20.26% | $2.48 (−27.27%) |
Sep 11, 2026 6w ago | EFFECT | $3.06 $3.08 | ▼ −0.49% | ▲ +1.38% | $2.48 (+18.95%) |
Aug 17, 2026 10w ago | 8-K | $2.94 $3.02 | ▲ +2.72% | ▲ +4.70% | $2.48 (−15.65%) |
May 18, 2026 23w ago | 8-K | $4.02 $4.39 | ▲ +9.20% | ▲ +7.62% | $2.48 (−38.31%) |
May 18, 2026 23w ago | 8-K | $4.02 $4.39 | ▲ +9.20% | ▲ +7.62% | $2.48 (−38.31%) |
Apr 8, 2026 28w ago | 8-K | $2.50 $4.34 | ▲ +73.60% | ▲ +66.03% | $2.48 (−0.80%) |
US Market Status
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