Filing Flows › Pioneer Power Solutions (PPSI) › Q1 2026
Pioneer Power Solutions (PPSI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Pioneer Power Solutions (PPSI) reported revenue of $4.0M for the first quarter 2026 (Q1 2026), -35% from a year earlier and -29% from the quarter before. Operating margin was -50.4%, net loss $2.5M (62.5% of revenue).
Pioneer Power Solutions, Q1 2026: revenue $4.0M (-36% year over year), operating margin -50.4%, net loss $2.5M, operating cash flow −$887K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0M | -29% | -35% |
| Operating profit | −$2.0M | — | — |
| Net earnings | −$2.5M | — | — |
| Operating cash flow | −$887K | — | -159% |
What changed
Revenue was $4.0M in Q1 2026, down 35% year over year and down 29% from the previous quarter. Service was the largest line at 60% of revenue. Product lost $2.2M year over year (down 58%), 99% of the total change.
Gross margin was 14.5%, up 12.1 points from Q1 2025. Operating costs exceeded revenue by $2.0M, an operating margin of -50.4%. Operating expenses grew 4% against a revenue fall of 35%. The fastest-growing cost line was Research & development (+95%). The quarter ended with a net loss of $2.5M, wider than the previous quarter's $1.4M loss.
Operating cash flow was −$887K. Non-cash charges added back $265K of depreciation and $10K of share-based compensation. Working capital and other items added $1.3M. Capital expenditures of $233K exceeded it, leaving free cash flow of −$1.1M.
Questions
What was Pioneer Power Solutions' revenue in the first quarter 2026?
Pioneer Power Solutions (PPSI) reported revenue of $4.0M for the first quarter 2026 (Q1 2026), -35% from a year earlier and -29% from the quarter before.
Was Pioneer Power Solutions profitable in the first quarter 2026?
Operating loss was $2.0M (-50.4% of revenue) and net loss $2.5M.