PPSI

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

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 $1.5 Million on an Annualized Basis

$6 Million PRYMUS® Award from National Logistics Customer Validates Early Market Adoption Following Recent Launch

FORT

LEE, N.J., May 18, 2026 /BusinessWire/ — Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced recent business highlights and financial results for the first quarter ended March 31, 2026.

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 in December 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 the Middle 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 of March 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 at March 31, 2026, compared to $12.6 million at December 31, 2025.

●Cash on hand at March 31, 2026, was $13.6 million, as compared to $15.0 million at December 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 Nathan Mazurek, CEO of Pioneer. “We delivered a significant year-over-year improvement in gross margin and a sequential increase in backlog, which suggests two important things: we are building commercial momentum, and customer demand for our distributed power solutions continues to build. While revenue in the quarter was affected by the timing of e-Boost deployments, the underlying trajectory of the business remains solid and improving. Importantly, the cost reduction actions we implemented at the end of April are expected to reduce our operating expense base by $1.5 million or more on an annualized basis, giving us a leaner, more focused organization. Those potential savings are expected to be directed toward the areas where we see the most opportunity and excitement - PRYMUS and PowerCore, which we believe are central to our long-term growth story.

“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

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Pioneer Power Announces Financial Results for Fourth Quarter and Full Year 2025

Full Year Revenue of $27.6 Million, Up 21% and In-line with Guidance

FORT

LEE, N.J., April 8, 2026 /BusinessWire/ — Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Strategic Business Highlights

●Global Expansion of e-Boost Ecosystem: Successfully entered a strategic international agreement to scale e-Boost mobile charging technology globally. By leveraging a high-margin franchise model and local partnerships, the Company is preparing to capture the rapid surge in international EV demand while maintaining a capital-light growth strategy.

●PRYMUS

Platform Aligns with Edge AI & Industrial Growth: Launched the PRYMUS Mobile Distributed Energy Platform, a novel solution designed to deliver 1 MW to 10 MW blocks of sustainably-fueled, off-grid power. PRYMUS is intended to address the “power-gap” facing the growing Edge AI and Data Center sectors, by offering megawatt-scale deployment expected in months rather than the years generally required for traditional grid connectivity.

●Defining the Premium Residential “Prime Power” Category: Debuted the PowerCore Residential Prime Energy Platform in December 2025 at a fully subscribed, invite-only Miami event. PowerCore is the market’s only known 24/7/365 whole-home resiliency solution with integrated high-speed charging. PowerCore is designed to elevate the premium residential experience by providing energy independence and mission-critical reliability, decoupled from the vulnerabilities of the traditional aging power grid.

●e-Boost Strengthens Its Position as the Standard in Mobile EV Charging: Continued to support e-Boost’s position as a solution for high-capacity mobile EV charging, with steady demand across core markets. With an established leasing and service model generating recurring revenue, e-Boost serves as the foundation of the Company’s broader distributed energy ecosystem.

Q4 2025 Financial Highlights

●Revenue was $5.6 million, compared to $9.8 million for the same quarter in 2024.

●Gross profit was $1.3 million, or a gross margin of 23.5%, as compared to $2.8 million, or a gross margin of 28.9%, for the same quarter in 2024.

●Operating loss was $(1.1) million, unchanged from $(1.1) million for the same quarter in 2024.

●Non–GAAP operating income* from continuing operations, which excludes corporate overhead expenses, research and development expenses, depreciation and amortization expenses and non-recurring professional fees, was $589,000, as compared to $1.9 million for the same quarter in 2024.

●Net loss was $(1.4) million, inclusive of loss from discontinued operations of $(17,500), as compared to net income of $36.3 million, inclusive of income from discontinued operations of $35.5 million, in the year ago quarter.

Full Year 2025 Financial Highlights

●Revenue was $27.6 million, up 20.8% and in-line with Company guidance, compared to $22.9 million for the year ended December 31, 2024.

●Gross profit was $3.4 million, or a gross margin of 12.4%, as compared to $5.5 million, or a gross margin of 24.1%, for the year ended December 31, 2024.

●Operating loss from continuing operations was $(6.6) million, as compared to $(5.2) million for the year ended December 31, 2024.

●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 $(98,000), as compared to non-GAAP operating income of $2.5 million for the year ended December 31, 2024.

●Net loss was $(6.0) million, inclusive of income from discontinued operations of $449,000, as compared to net income of $31.9 million, inclusive of income from discontinued operations of $35.2 million, for the year ended December 31, 2024.

●Backlog of $12.6 million at December 31, 2025, compared to $19.8 million at December 31, 2024.

●Cash on hand at December 31, 2025, was $15.0 million, as compared to $41.6 million at December 31, 2024.

●On January 7, 2025, the Company paid a one-time special cash dividend of an aggregate of $16.7 million.

*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.

“We delivered 21% year-over-year revenue growth in 2025 and met our guidance, indicating strong execution and continued demand for our mobile and distributed power solutions,” said Nathan Mazurek, CEO of Pioneer. “Throughout the year, we strategically front-loaded investments to scale our manufactu

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 13, 2025

PIONEER

POWER SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35212

27-1347616

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S.

Employer

Identification No.)

400 Kelby Street, 12th Floor

Fort Lee, New Jersey

07024

(Address of principal executive offices)

(Zip Code)

(212) 867-0700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock, par value $0.001 per share

PPSI

Nasdaq Stock Market LLC (Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 13, 2025, Pioneer Power Solutions, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of this press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

Election of Directors

On November 13, 2025, the Company held its 2025 annual meeting of stockholders (the “Annual Meeting”). At the Annual Meeting, Mr. Mazurek, Mr. Klink, Mr. Cohn, Mr. Ross, Mr. Tesler, Mr. Tulkoff and Mr. Whyte were elected as directors to serve on the Company’s board of directors until the annual meeting of the stockholders in 2026, or until their successors are elected and qualified.

Item 5.07 Submission of Matters to a Vote of Security Holders.

At the Company’s Annual Meeting, the following proposals were submitted to the Company’s stockholders. The final voting results are as follows:

(1) Election of seven directors to serve on the Company’s board of directors to serve until the annual meeting of the stockholders in 2026, or until his or her successors have been duly elected and qualified:

Nominee Votes For Votes Withheld

Nathan J. Mazurek 4,260,630

65,284

Thomas Klink 4,232,620 93,294

Yossi Cohn 4,016,115 309,799

Ian Ross 4,029,868 296,046

David Tesler 4,165,650 160,264

Jonathan Tulkoff 4,029,167 296,747

Kytchener Whyte 4,232,361 93,553

(2) Ratification of the appointment of BDO USA, P.C. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025:

Votes For Votes Against Votes Abstaining

6,972,192 115,256 35,359

For more information about the foregoing proposals, see the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on September 30, 2025, the relevant portions of which are incorporated herein by reference. A total of 7,122,744 shares of the Company’s common s