Pioneer Power Announces Financial Results for First Quarter 2026 and Business Updates
Backlog Grew 11% Sequentially
Implemented Actions Expected to Reduce Operating Expenses by Over
Recent Business Highlights
-
Received a
$6 million award for two PRYMUS® 1.2 megawatt distributed generation systems from a major national logistics customer, reflecting market interest in the platform following the official launch inDecember 2025 . Delivery is expected in the second half of 2026. -
Implemented cost reduction initiatives at the end of
April 2026 expected to lower operating expenses by approximately$1.5 million on an annualized basis, primarily through headcount reductions associated with the e-Boost product platform. - Expanded PRYMUS sales pipeline and outstanding customer quotations at a pace exceeding the Company’s initial expectations, suggesting growing market demand for its distributed generation platform.
-
Shipped first e-Boost unit to its distribution partner, Savvy Charging, in the
United Arab Emirates , marking the Company’s initial entry into theMiddle East market. -
Order activity for e-Boost mobile EV charging systems averaged to more than
$500,000 per month during the quarter, as reflected in the Company’s higher backlog levels as ofMarch 31, 2026 .
Q1 2026 Financial Highlights
-
Revenue was
$4.3 million , compared to$6.7 million for the same quarter in 2025. -
Gross profit was
$582,000 , or a gross margin of 13.6%, as compared to$148,000 , or a gross margin of 2.2%, for the same quarter in 2025. -
Operating loss was
$2.0 million , compared to$2.3 million for the same quarter in 2025. -
Non–GAAP operating loss* from continuing operations, which excludes corporate overhead expenses, research and development expenses, depreciation and amortization expenses and non-recurring professional fees, was
$380,000 , as compared to$708,000 for the same quarter in 2025. -
Net loss was
$2.5 million , as compared to$929,000 , inclusive of income from discontinued operations of$1.1 million , in the year ago quarter. -
Backlog of
$13.9 million atMarch 31, 2026 , compared to$12.6 million atDecember 31, 2025 . -
Cash on hand at
March 31, 2026 , was$13.6 million , as compared to$15.0 million atDecember 31, 2025 .
*A reconciliation between GAAP and non-GAAP measures is provided below. The non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company’s operating performance.
“Our first quarter results reflect momentum across the business and meaningful progress in positioning Pioneer for its next phase of growth,” said
“The early response to PRYMUS has been encouraging and, in our view, reinforces the strength of the market opportunity we are addressing. We continue to see accelerating demand for rapidly deployable distributed generation solutions, driven by the expansion of AI infrastructure, growth in data center capacity and ongoing constraints within the utility grid. In fact, a significant portion of our current pipeline and outstanding customer quotations is now centered on PRYMUS opportunities, which gives us increasing confidence in the scale and long-term potential of the platform.
“At the same time, we continue to advance commercialization efforts for PowerCore, which currently remains on track to begin shipments in the second half of 2026. Together, PRYMUS and PowerCore represent an important step forward in Pioneer’s evolution into a broader distributed energy solutions provider, serving both commercial and residential end markets.
“Looking ahead, our focus remains on disciplined execution, improving operating leverage and converting a growing pipeline of opportunities into revenue. We believe our differentiated product portfolio positions us well to capitalize on increasing demand for flexible, resilient power infrastructure.”
First Quarter 2026 Financial Results
Revenue
Revenue for the three months ended
Gross Profit/Margin
Gross profit for the first quarter of 2026 was
Operating Loss from Continuing Operations
For the three months ended
Net Loss from Continuing Operations
The Company’s net loss from continuing operations was
Net Loss
Net loss was
Balance Sheet
As of
Non-GAAP Measures
In addition to disclosing financial results in accordance with accounting principles generally accepted in
The Company’s management uses non-GAAP operating income (loss) from continuing operations (a) as a measure of operating performance, (b) for planning and forecasting in future periods, and (c) in communications with the Company’s board of directors concerning the Company’s financial performance. The Company’s presentation of this non-GAAP measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be used by investors as a substitute for or alternative to any measure of financial performance calculated and presented in accordance with GAAP. Instead, management believes this non-GAAP measure should be used to supplement the Company’s financial measures derived in accordance with
Please refer to "Reconciliation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable GAAP measures.
About
e-Boost is Pioneer’s portfolio of smart, mobile EV charging solutions designed for speed, flexibility, and sustainability. Since its launch in
PRYMUS is Pioneer’s advanced power systems and controls platform focused on delivering resilient, intelligent, and scalable energy solutions for utility, industrial, and critical infrastructure applications. PRYMUS supports customers through innovative engineering, system integration, and power management technologies designed to improve reliability, operational efficiency, and grid performance.
PowerCore is Pioneer’s distributed energy and infrastructure solutions platform, providing customers with flexible and sustainable power solutions for standby, prime, and mobile power applications. PowerCore supports a wide range of commercial, industrial, utility, and infrastructure projects through integrated power generation, energy management, and deployment capabilities.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” and similar words, or their negatives. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company’s ability to successfully reduce operating costs through its cost reduction initiatives, (ii) the Company’s ability to successfully increase its revenue and profit in the future, (iii) general economic conditions and their effect on demand for electrical equipment, particularly in the commercial market, but also in the power generation, industrial production and infrastructure industries (iv) the effects of fluctuations in the Company’s business, revenues, expenses, net income (loss), income (loss) per share, margins and profitability, (v) the fact that many of the Company’s competitors are better established and have significantly greater resources than the Company, (vi) ability to generate internal growth, maintain market acceptance of our existing products and gain acceptance for our new products, (vii) the potential loss or departure of key personnel, (viii) unanticipated increases in raw material prices or disruptions in supply, (ix) the Company’s ability to realize revenue reported in the Company’s backlog, (x) future labor disputes, (xi) changes in government regulations, (xii) the liquidity and trading volume of the Company’s common stock, (xiii) global events beyond our control, including war, public health crises, such as pandemics and epidemics, trade disputes, economic sanctions, trade wars and their collateral impacts and other international events, (xiv) risks associated with litigation and claims, which could impact our financial results and condition, (xv) our ability to remediate the ongoing material weaknesses identified in our internal control over financial reporting, or inability to otherwise maintain an effective system of internal control, (xvi) the effect that the identified material weaknesses and failure to establish and maintain effective internal control over financial reporting could have on investor confidence in us and raise reputational risk and (xvii) the Company’s ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market.
Actual outcomes and results may differ materially from those expressed or implied. Important factors that could cause actual results to differ materially include the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
|
Condensed Consolidated Statements of Operations (In thousands, except for share and per share amounts) (Unaudited) |
||||||||
| For the Three Months Ended | ||||||||
|
|
||||||||
|
2026 |
2025 |
|||||||
| Revenues | $ |
4,266 |
|
$ |
6,740 |
|
||
| Cost of goods sold |
3,684 |
|
6,592 |
|
||||
| Gross profit |
582 |
|
148 |
|
||||
| Operating expenses | ||||||||
| Selling, general and administrative |
2,446 |
|
2,414 |
|
||||
| Research and development |
156 |
|
80 |
|
||||
| Total operating expenses |
2,602 |
|
2,494 |
|
||||
| Operating loss from continuing operations |
(2,020 |
) |
(2,346 |
) |
||||
| Interest income, net |
156 |
|
247 |
|
||||
| Other (expense) income, net |
(644 |
) |
23 |
|
||||
| Loss before income taxes |
(2,508 |
) |
(2,076 |
) |
||||
| Income tax expense (benefit) |
- |
|
- |
|
||||
| Net loss from continuing operations |
(2,508 |
) |
(2,076 |
) |
||||
| Income from discontinued operations, net of income taxes |
- |
|
1,147 |
|
||||
| Net loss | $ |
(2,508 |
) |
$ |
(929 |
) |
||
| Basic (loss) earnings per share: | ||||||||
| Loss from continuing operations | $ |
(0.23 |
) |
$ |
(0.19 |
) |
||
| Earnings from discontinued operations |
- |
|
0.10 |
|
||||
| Basic loss per share | $ |
(0.23 |
) |
$ |
(0.09 |
) |
||
| Diluted (loss) earnings per share: | ||||||||
| Loss from continuing operations | $ |
(0.23 |
) |
$ |
(0.19 |
) |
||
| Earnings from discontinued operations |
- |
|
0.10 |
|
||||
| Diluted loss per share | $ |
(0.23 |
) |
$ |
(0.09 |
) |
||
| Weighted average common shares outstanding: | ||||||||
| Basic |
11,095,588 |
|
11,120,266 |
|
||||
| Diluted |
11,095,588 |
|
11,187,484 |
|
||||
|
Condensed Consolidated Balance Sheets (In thousands, except for share and per share amounts) (Unaudited) |
||||||||
|
|
|
|||||||
|
2026 |
2025 |
|||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ |
13,583 |
|
$ |
14,959 |
|
||
| Accounts receivable, net of allowance for credit losses of |
3,362 |
|
3,133 |
|
||||
| Inventories |
5,834 |
|
6,315 |
|
||||
| Prepaid expenses and other current assets |
954 |
|
1,134 |
|
||||
| Total current assets |
23,733 |
|
25,541 |
|
||||
| Property and equipment, net |
5,087 |
|
5,400 |
|
||||
| Operating lease right-of-use assets, net |
1,084 |
|
1,144 |
|
||||
| Financing lease right-of-use assets, net |
299 |
|
332 |
|
||||
| Investments |
- |
|
418 |
|
||||
| Lease receivable |
2,514 |
|
2,576 |
|
||||
| Other assets |
304 |
|
44 |
|
||||
| Total assets | $ |
33,021 |
|
$ |
35,455 |
|
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ |
3,670 |
|
$ |
3,745 |
|
||
| Current portion of operating lease liabilities, net |
243 |
|
223 |
|
||||
| Current portion of financing lease liabilities, net |
122 |
|
123 |
|
||||
| Deferred revenue |
1,041 |
|
791 |
|
||||
| Total current liabilities |
5,076 |
|
4,882 |
|
||||
| Operating lease liabilities, non-current portion, net |
874 |
|
936 |
|
||||
| Financing lease liabilities, non-current portion, net |
188 |
|
219 |
|
||||
| Other long-term liabilities |
62 |
|
101 |
|
||||
| Total liabilities |
6,200 |
|
6,138 |
|
||||
| Stockholders’ equity | ||||||||
| Preferred stock, |
- |
|
- |
|
||||
| Common stock, |
11 |
|
11 |
|
||||
| Additional paid-in capital |
35,317 |
|
35,305 |
|
||||
| Accumulated deficit |
(8,507 |
) |
(5,999 |
) |
||||
| Total stockholders’ equity |
26,821 |
|
29,317 |
|
||||
| Total liabilities and stockholders’ equity | $ |
33,021 |
|
$ |
35,455 |
|
||
|
Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||
| For the Three Months Ended | ||||||||
|
|
||||||||
|
2026 |
2025 |
|||||||
| Operating activities | ||||||||
| Net loss | $ |
(2,508 |
) |
$ |
(929 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation |
265 |
|
258 |
|
||||
| Amortization of financing lease right-of-use assets |
33 |
|
23 |
|
||||
| Non cash lease expense |
60 |
|
58 |
|
||||
| Provision for credit losses |
55 |
|
2 |
|
||||
| Stock-based compensation |
10 |
|
13 |
|
||||
| Loss attributable to equity method investee |
644 |
|
57 |
|
||||
| Loss on disposal of property and equipment |
- |
|
29 |
|
||||
| Gain on change in consideration due to buyer |
- |
|
(1,147 |
) |
||||
| Changes in current operating assets and liabilities: | ||||||||
| Accounts receivable, net |
(284 |
) |
2,479 |
|
||||
| Inventories |
481 |
|
32 |
|
||||
| Prepaid expenses and other assets |
236 |
|
424 |
|
||||
| Accounts payable, accrued liabilities and other liabilities |
(110 |
) |
103 |
|
||||
| Deferred revenue |
250 |
|
155 |
|
||||
| Lease receivables |
62 |
|
- |
|
||||
| Operating lease liabilities |
(81 |
) |
(55 |
) |
||||
| Net cash (used in) provided by operating activities |
(887 |
) |
1,502 |
|
||||
| Investing activities | ||||||||
| Purchase of property and equipment |
(233 |
) |
(595 |
) |
||||
| Investment in equity method investee |
(226 |
) |
- |
|
||||
| Net cash used in investing activities |
(459 |
) |
(595 |
) |
||||
| Financing activities | ||||||||
| Net proceeds from the exercise of options for common stock |
2 |
|
- |
|
||||
| Payment of cash dividend |
- |
|
(16,665 |
) |
||||
| Principal repayments of financing leases |
(32 |
) |
(24 |
) |
||||
| Net cash used in financing activities |
(30 |
) |
(16,689 |
) |
||||
| Decrease in cash |
(1,376 |
) |
(15,782 |
) |
||||
| Cash | ||||||||
| Cash, beginning of period |
14,959 |
|
41,622 |
|
||||
| Cash, end of period | $ |
13,583 |
|
$ |
25,840 |
|
||
| Non-cash investing and financing activities: | ||||||||
| Transfer from property and equipment to inventory | $ |
- |
|
$ |
(420 |
) |
||
| Property and equipment obtained in exchange for accounts payable and accrued liabilities |
35 |
|
74 |
|
||||
|
Reconciliation of Non-GAAP Measures (In thousands) (Unaudited) |
||||||||
| For the Three Months Ended | ||||||||
|
|
||||||||
|
|
2026 |
|
|
2025 |
|
|||
| GAAP operating loss from continuing operations | $ |
(2,020 |
) |
$ |
(2,346 |
) |
||
| Corporate overhead expenses |
1,045 |
|
1,184 |
|
||||
| Research and development expenses |
155 |
|
80 |
|
||||
| Depreciation and amortization expenses |
298 |
|
281 |
|
||||
| Non-recurring professional fees |
141 |
|
93 |
|
||||
| Non-GAAP operating loss from continuing operations | $ |
(380 |
) |
$ |
(708 |
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260518071702/en/
Hayden IR
(646) 536-7331
brett@haydenir.com
Source:
