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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).

Revenue$4.0M
Year over year-35%
Quarter over quarter-29%
Operating margin-50.4%
Net earnings−$2.5M

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 2026AmountQ/QY/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.

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Source: Pioneer Power Solutions 10-Q on SEC EDGAR.