Filing Flows › Pioneer Power Solutions (PPSI) › Q3 2025
Pioneer Power Solutions (PPSI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Pioneer Power Solutions (PPSI) reported revenue of $6.9M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -18% from the quarter before. Operating margin was -21.0%, net loss $2.4M (34.1% of revenue).
Pioneer Power Solutions, Q3 2025: revenue $6.9M (+7% year over year), operating margin -21.0%, net loss $2.4M, operating cash flow −$817K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.9M | -18% | +7% |
| Operating profit | −$1.4M | — | — |
| Net earnings | −$2.4M | — | — |
| Operating cash flow | −$817K | — | — |
What changed
Revenue was $6.9M in Q3 2025, up 7% year over year and down 18% from the previous quarter. Product was the largest line at 56% of revenue. Service added $456K year over year (up 19%), 97% of the total change. Fixed Lease Revenue declined 59%.
Gross margin was 9.3%, down 14.4 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -21.0%. Operating expenses fell 7% while revenue rose 7%. The quarter ended with a net loss of $2.4M, wider than the previous quarter's $1.3M loss.
Operating cash flow was −$817K. Non-cash charges added back $227K of depreciation and $10K of share-based compensation. Working capital and other items added $1.3M. Capital expenditures of $792K exceeded it, leaving free cash flow of −$1.6M.
Questions
What was Pioneer Power Solutions' revenue in the third quarter 2025?
Pioneer Power Solutions (PPSI) reported revenue of $6.9M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -18% from the quarter before.
Was Pioneer Power Solutions profitable in the third quarter 2025?
Operating loss was $1.4M (-21.0% of revenue) and net loss $2.4M.