Pioneer Power Solutions, Inc. (PPSI) Stock

Pioneer Power Solutions, Inc. (PPSI) is a Industrials stock trading at $2.90 (as of 2026-08-20), with a market capitalization of $32.19M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Pioneer Power Solutions, Inc. designs, manufactures, sells, and services electric power systems, distributed energy resources, power generation equipment, and mobile EV charging solutions. It operates in Transmission & Distribution Solutions and Critical Power Solutions, serving utility, industrial, commercial, and backup power customers in the United States, Canada, and internationally.

Understand Pioneer Power Solutions, Inc.: how it makes money

Pioneer Power Solutions designs, manufactures, sells, and services electric power systems and distributed energy resources, plus critical power solutions and mobile EV charging solutions, and makes money primarily by delivering these systems and projects to customers.

Because revenue is tied to converting customer commitments into delivered work, the companys profitability is structurally driven by how effectively it turns Remaining Performance Obligations into recognized revenue and gross profit in its Transmission and Distribution Solutions and Critical Power segments.

Revenue by segment (latest quarter)
T&D Solutions	$0.0B
Critical Power	$0.0B

Business quality (Weak): The latest quarter shows very small revenue, positive gross margin (14.5%), but a large operating loss (-50.4%), so investors should focus on execution and backlog conversion rather than assuming near term operating leverage.

Bull case

Backlog exists, including Critical Power Remaining Performance Obligations (Inclusive of eBoost) of 0.02 USD_B: This provides some visibility into future work tied to the companys critical power offerings.
Gross margin was positive at 14.5% in the latest reported period: This suggests the company can generate gross profit on revenue it recognizes, even though operating results are currently weak.

Bear case

Operating margin was -50.4% in the latest reported period: Costs and expenses outweighed gross profit, indicating limited operating leverage or execution challenges at the current scale.
Several operating revenue signals provided are 0.0 USD_B, including eBoost revenue: This can imply delays or uneven timing in when mobile EV charging activity translates into recognized revenue.
Activity and delivery values can be inconsistent in the provided metrics (for example, e-Block units awarded of 62, but related delivered revenue value shown as 0.0 USD_B): This highlights potential timing risk between awards, deliveries, and revenue recognition.

Valuation — source: SEC EDGAR (first-party)
Price	$2.90
Market Cap	$32.19M
Price / Book	1.30
Price / Sales	1.52
FCF Yield	-24.0%
DCF Value (model)	$16.67
DCF Upside vs Price	474.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$27.63M
Net Margin	-21.7%
Revenue Growth (YoY)	-43.7%
EPS Growth (YoY)	58.3%
FCF Growth (YoY)	-49.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.77 (safe)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.9
Industry P/E (Electrical Equipment)	37.8

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.10M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Electrical Equipment
CEO	Nathan J. Mazurek
Employees	59
Country	US
IPO Date	2013-05-03

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.