Filing Flows › Pioneer Power Solutions (PPSI) › Q4 2025
Pioneer Power Solutions (PPSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 8, 2026
Pioneer Power Solutions (PPSI) reported revenue of $5.6M for the fourth quarter 2025 (Q4 2025), -42% from a year earlier and -18% from the quarter before. Operating margin was -19.4%, net loss $1.4M (24.7% of revenue).
Pioneer Power Solutions, Q4 2025: revenue $5.6M (-42% year over year), operating margin -19.4%, net loss $1.4M, operating cash flow −$1.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6M | -18% | -42% |
| Operating profit | −$1.1M | — | — |
| Net earnings | −$1.4M | — | — |
| Operating cash flow | −$1.0M | — | — |
What changed
Revenue was $5.6M in Q4 2025, down 42% year over year and down 18% from the previous quarter. Product was the largest line at 37% of revenue.
Gross margin was 23.5%, down 5.4 points from Q4 2024. Operating costs exceeded revenue by $1.1M, an operating margin of -19.4%. Operating expenses fell 38% while revenue fell 42%. The quarter ended with a net loss of $1.4M, narrower than the previous quarter's $2.4M loss.
Operating cash flow was −$1.0M. Non-cash charges added back $274K of depreciation and $10K of share-based compensation. Working capital and other items added $70K. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$2.2M.
Questions
What was Pioneer Power Solutions' revenue in the fourth quarter 2025?
Pioneer Power Solutions (PPSI) reported revenue of $5.6M for the fourth quarter 2025 (Q4 2025), -42% from a year earlier and -18% from the quarter before.
Was Pioneer Power Solutions profitable in the fourth quarter 2025?
Operating loss was $1.1M (-19.4% of revenue) and net loss $1.4M.