Pioneer Power Solutions (PPSI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 150% year-over-year to $8.4 million, driven by major e-Boost orders and operational improvements, with strong sales and rentals of mobile EV charging solutions.

• Net loss from continuing operations improved to $1.2 million from $1.7 million in Q2 2024.

• Initial deliveries under a new agreement with SparkCharge, potentially worth up to $10 million, and a multi-year e-Boost contract with a major CaaS provider reflect growing demand for mobile EV charging.

• Announced upcoming launch of HomeBoost, a residential and light commercial power system, expected to drive growth in 2026 and beyond.

• Completed the sale of the Electrical Infrastructure segment in October 2024, resulting in a one-time gain in 2025.

Financial highlights

• Q2 2025 revenue was $8.4 million, up from $3.4 million in Q2 2024, a 150% increase; six-month revenue was $15.1 million, up from $6.7 million.

• Gross profit rose to $1.3 million (15.7% margin) from $641,000 (18.9%) year-over-year.

• Net loss for the quarter was $1.3 million, improved from $2.3 million in the prior year; non-GAAP operating income from continuing operations was $218,000, compared to a non-GAAP operating loss of $137,000 last year.

• Cash on hand as of June 30, 2025, was $18 million, with zero bank debt and working capital of $23.9 million.

• Cash decreased from $41.6 million at year-end, mainly due to a $16.7 million special dividend and tax payments.

Outlook and guidance

• Reaffirmed full-year 2025 revenue guidance of $27 million–$29 million, representing about 20% year-over-year growth.

• HomeBoost launch delayed to late 2025, with meaningful revenue contribution expected in 2026.

• Management expects current cash balance to be sufficient to fund operations for at least the next twelve months.

• Ongoing investments in product development and expansion of manufacturing, engineering, and sales are planned.

• Backlog at quarter-end was $18 million, down 23% sequentially and 34.4% year-over-year due to order fulfillment.