Filing Flows › Pioneer Power Solutions (PPSI) › Q2 2025
Pioneer Power Solutions (PPSI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Pioneer Power Solutions (PPSI) reported revenue of $8.4M for the second quarter 2025 (Q2 2025), +147% from a year earlier and +24% from the quarter before. Operating margin was -20.4%, net loss $1.3M (15.9% of revenue).
Pioneer Power Solutions, Q2 2025: revenue $8.4M (+146% year over year), operating margin -20.4%, net loss $1.3M, operating cash flow −$5.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4M | +24% | +147% |
| Operating profit | −$1.7M | — | — |
| Net earnings | −$1.3M | — | — |
| Operating cash flow | −$5.5M | -464% | — |
What changed
Revenue was $8.4M in Q2 2025, up 147% year over year and up 24% from the previous quarter.
Gross margin was 15.7%, down 3.2 points from a year earlier. Operating costs exceeded revenue by $1.7M, an operating margin of -20.4%. Operating expenses grew 27% against revenue growth of 147%. The fastest-growing cost line was Research & development (+124%). The quarter ended with a net loss of $1.3M, wider than the previous quarter's $929K loss. Non-operating items added $480K, -39% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$5.5M. Non-cash charges added back $268K of depreciation and $2K of share-based compensation. Working capital and other items used $4.4M. Capital expenditures of $145K exceeded it, leaving free cash flow of −$5.6M.
Questions
What was Pioneer Power Solutions' revenue in the second quarter 2025?
Pioneer Power Solutions (PPSI) reported revenue of $8.4M for the second quarter 2025 (Q2 2025), +147% from a year earlier and +24% from the quarter before.
Was Pioneer Power Solutions profitable in the second quarter 2025?
Operating loss was $1.7M (-20.4% of revenue) and net loss $1.3M.