# EDGAR Filing Document

**Accession Number:** 0001449792
**File Stem:** 0001493152-25-022307
**Filing Date:** 2025-11
**Character Count:** 32535
**Document Hash:** d1e4faea7a241cd856f8bc6ed624bae6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-022307.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001493152-25-022307

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIONEER POWER SOLUTIONS, INC.
- **CENTRAL INDEX KEY:** 0001449792
- **STANDARD INDUSTRIAL CLASSIFICATION:** POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35212
- **FILM NUMBER:** 251478628

**BUSINESS ADDRESS:**
- **STREET 1:** 400 KELBY STREET, 12TH FLOOR
- **CITY:** FORT LEE
- **STATE:** NJ
- **ZIP:** 07024
- **BUSINESS PHONE:** 212-867-0700

**MAIL ADDRESS:**
- **STREET 1:** 400 KELBY STREET, 12TH FLOOR
- **CITY:** FORT LEE
- **STATE:** NJ
- **ZIP:** 07024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIERRA CONCEPTS, INC.
- **DATE OF NAME CHANGE:** 20081112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIERRA CONCEPTS
- **DATE OF NAME CHANGE:** 20081112

?xml version='1.0' encoding='ASCII'?

**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<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **<u>400 Kelby Street, 12th Floor</u>**<br> **<u>Fort Lee, New Jersey</u>** | **<u>07024</u>** |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(212) 867-0700</u>**

(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:

&nbsp;&nbsp;&nbsp;&nbsp;(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 | 4260630 | 65284 |
| Thomas Klink | 4232620 | 93294 |
| Yossi Cohn | 4016115 | 309799 |
| Ian Ross | 4029868 | 296046 |
| David Tesler | 4165650 | 160264 |
| Jonathan Tulkoff | 4029167 | 296747 |
| Kytchener Whyte | 4232361 | 93553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** |
| 6972192 | 115256 | 35359 |

---

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 stock were present in person or represented by proxy at the Annual Meeting. Holders of the Company's common stock were entitled to one vote per share. The results reported above are final voting results. No other matters were considered or voted upon at the meeting.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated November 13, 2025 (furnished herewith pursuant to Item 2.02)](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PIONEER POWER SOLUTIONS, inc.** | **PIONEER POWER SOLUTIONS, inc.** |
| Date: November 13, 2025 | By: | */s/ Walter Michalec* |
|  | Name: | Walter Michalec |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

Pioneer Power Reports Third Quarter 2025 Revenue of $6.9 Million, Up 7%

*Year-to-Date Revenue of $22.0 Million, up 68%*

*Reaffirms Full-Year 2025 Revenue Guidance of $27 Million to $29 Million*

**FORT LEE, N.J., Nov. 13, 2025 /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 third quarter ended September 30, 2025.

The Company also announced that management is reaffirming revenue guidance for the full year 2025 of $27 to $29 million, which represents year-over-year growth of approximately 20%.

**Q3 2025 Financial Highlights** 

● Revenue was $6.9 million, compared to $6.4 million for the same quarter in 2024, an increase of $472,000, or 7.4%.

● Gross profit was $640,000, or a gross margin of 9.3%, as compared to $1.5 million, or a gross margin of 23.7%, for the same quarter in 2024, a decrease of $882,000, or 58.0%.

● Operating loss from continuing operations was $(1.4) million, as compared to $(714,000) for the same quarter in 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 $(196,000), as compared to non-GAAP operating income from continuing operations of $865,000 for the same quarter in 2024.

● Received a $981,000 cash dividend from the Voltaris Power LLC business. The distribution was recorded as a reduction in the Company's investment account on the balance sheet and not as investment income on the statement of operations.

*\*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.*

 

**Key Deployments and Project Execution Highlights** 

● **School Bus Electrification**: Completed final delivery of five units for a landmark school district project, totaling $1.3 million, solidifying e-Boost's presence in large-scale educational electrification.

● **Fleet Electrification**: Delivered e-Boost Mobile 'Open Flex' to the City of Portland under a $1.2 million contract, showcasing high-density, flexible, multi-functional mobile power solutions.

● Received a $725,000 order from the City of Long Beach for e-Boost Mobile 'Stretch' featuring 250 kW of Level 3 off-grid EV charging, scheduled to ship before the end of 2025.

**Order Momentum & Market Penetration**

● **Last Mile Delivery:** Following a successful pilot with one of the world's largest online retailers, the Company delivered an additional e-Boost unit to the same retailer, and based on the customer's current business plan, Pioneer expects the online retailer to expand the e-Boost platform across multiple depots and distribution centers throughout the U.S. and Canada in 2026.

● **Charging-as-a-Service (CaaS) Growth**: Received order from SparkCharge, Inc. for four (4) new e-Boost PureEnergy 275 kW units valued at $1.6 million as part of a multi-year purchase plan, further expanding e-Boost's role in rideshare and autonomous vehicle electrification.

● **Additional Verticals**: Delivered first propane-powered dispenser unit to one of the largest U.S. propane marketers, opening a new distribution channel. Also, partnered to deploy a mobile microgrid solution for a cutting-edge rocket launching facility with an e-Boost Mobile – PurePower 250 kVA natural gas-fueled unit, seamlessly integrating with mobile battery storage (mBESS) to ensure resilient, non-interruptible power support for mission-critical rocket launch site.

**Expansion to Distributed Energy with Key Wins** 

● **Major Fitness Club Order**: Secured a high-capacity system order from one of the largest U.S. fitness chains for delivery in the first quarter of 2026, expanding the Pioneer eMobility business and mission-critical power convergence.

● **Multiple Project Wins:** Delivered over $700,000 in high-capacity kilowatt systems to four (4) customers in Florida spanning both commercial and industrial markets, reflecting early market traction and signaling continued strong demand.

"The third quarter was a defining period for Pioneer," said Nathan Mazurek, CEO of Pioneer. "Our revenue growth and key wins across fleet, school and distributed energy markets underscore the strength of our strategy and execution. Demand for our e-Boost platform is accelerating as electrification scales across multiple sectors, while our upcoming soft launch of PowerCore, our next-generation home power system, marks an exciting step in bringing our technology directly to consumers. Together, these milestones confirm our evolution into a diversified energy solutions provider. With strong operational momentum, disciplined investment and a robust pipeline heading into 2026, we remain confident in our path toward accelerated growth and the achievement of our full-year 2025 objectives."

**Third Quarter 2025 Financial Results**

*Revenue*

Revenue for the three months ended September 30, 2025, was $6.9 million, an increase of 7.4%, as compared to $6.4 million during the third quarter of last year primarily due to an increase in service sales from the Company's Critical Power Solutions segment.

*Gross Profit/Margin*

Gross profit for the third quarter of 2025 was $640,000, or a 9.3% gross margin, compared to gross profit of $1.5 million, or a 23.7% gross margin, for the same period in 2024. The decrease in gross profit was primarily attributable to an unfavorable sales mix.

*Operating Loss from Continuing Operations*

For the three months ended September 30, 2025, operating loss from continuing operations was $(1.4) million as compared to $(714,000) for the same period in 2024.

*Net Loss from Continuing Operations*

The Company's net loss from continuing operations was $(1.8) million for the three months ended September 30, 2025, as compared to $(738,000) for the same period in 2024.

*Net Loss*

 

Net loss was $(2.4) million, inclusive of a loss from discontinued operations of $(580,000) as compared to $(1.1) million, inclusive of a loss from discontinued operations of $(383,000), for the same period last year.

**Balance Sheet**

As of September 30, 2025, the Company had $17.3 million of cash on hand and working capital of $22.8 million, compared to $41.6 million of cash on hand and working capital of $26.7 million as of December 31, 2024. The decrease in cash on hand is primarily due to the payment of a one-time special cash dividend of an aggregate of $16.7 million on January 7, 2025, and the payment of federal and state income taxes during the nine months ended September 30, 2025. The Company had no bank debt as of September 30, 2025.

**2025 Outlook** 

Management reiterates its expectation for revenue of $27 million to $29 million for the full year of 2025. The revenue projection for 2025 assumes no contribution from Pioneer's new PowerCore, formerly HOMe-Boost, solution.

The foregoing projected outlook constitutes forward-looking information and is intended to provide information about management's current expectations for the Company's 2025 fiscal year. Although considered reasonable as of the date hereof, this outlook, and the underlying assumptions may prove to be inaccurate. Accordingly, actual results could differ materially from the Company's expectations as set forth herein. See "Forward-Looking Statements."

In preparing the above outlook, the Company assumed, among other things, (i) that the Company's backlog orders will translate into revenue, (ii) that the Company will be able to satisfactorily complete and deliver all orders and (iii) the timely payment by customers for all billings. This section includes forward-looking statements. See "Forward-Looking Statements."

**Earnings Conference Call:**

Management will host a conference call Thursday, November 13, 2025, at 4:30 p.m. Eastern Time to discuss Pioneer's 2025 third quarter financial results with the investment community.

Anyone interested in participating should call 1-877-407-0789 if calling within the United States or 1-201-689-8562 if calling internationally. When asked, please reference confirmation code 13757101.

A replay will be available until November 20, 2025, which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 13757101 to access the replay.

The call will also be accompanied live by webcast over the Internet and accessible at <u>https://viavid.webcasts.com/starthere.jsp?ei=1742234&tp_key=66bb728f23</u>.

**Non-GAAP Measures**

In addition to disclosing financial results in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), this document references certain non-GAAP financial measures. The Company defines non-GAAP operating income (loss) from continuing operations as GAAP operating income (loss) from continuing operations excluding corporate overhead expenses, research and development expenses, and non-recurring professional fees. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary, independent of business performance.

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 or alternative to any measure of financial performance calculated and presented in accordance with U.S. GAAP. Instead, management believes this non-GAAP measure should be used to supplement the Company's financial measures derived in accordance with U.S. GAAP in order to provide a more complete understanding of the trends affecting the business.

Please refer to "Reconciliation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures.

**About Pioneer Power Solutions, Inc.** 

Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, service of distributed energy resources, power generation equipment and mobile electric charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at <u>www.pioneerpowersolutions.com</u>.

e-Boost is Pioneer's portfolio of smart, mobile EV charging solutions that is revolutionizing the industry with its speed, flexibility, and sustainability. Since its launch in November 2021, e-Boost has established itself as the market leader, delivering mobile, off-grid charging solutions with unparalleled lead times and an extensive range of platforms. Trusted by electric bus and truck manufacturers, fleet management companies, municipalities, and EV infrastructure providers, e-Boost is setting the standard for innovative, all-inclusive EV charging solutions. To learn more about Pioneer's e-Boost, please visit its website at <u>www.pioneer-emobility.com</u>.

**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" or similar words. 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 operate its business after the divestiture of its E-Bloc business, (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, (iv) the effects of fluctuations in the Company's operating results, (v) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (vi) the Company's dependence on two customers for a large portion of its business, (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) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, (xiv) risks associated with litigation and claims, which could impact our financial results and condition, and (xv) the Company's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market.

More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is 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 <u>www.sec.gov</u>. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

**Contact:**

Brett Maas, Managing Partner

Hayden IR

(646) 536-7331

<u>brett@haydenir.com</u> 

**— Tables Follow –**

**PIONEER POWER SOLUTIONS, INC.**

**Condensed Consolidated Statements of Operations**

**(In thousands, except for share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues | $6888 | $6416 | $21998 | $13126 |
| Cost of goods sold | 6248 | 4894 | 19896 | 10428 |
| &nbsp;&nbsp;&nbsp;Gross profit | 640 | 1522 | 2102 | 2698 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 1976 | 1980 | 6878 | 6168 |
| &nbsp;&nbsp;&nbsp;Research and development | 111 | 256 | 726 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2087 | 2236 | 7604 | 6873 |
| Operating loss from continuing operations | (1447) | (714) | (5502) | (4175) |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | 184 | (24) | 615 | 27 |
| &nbsp;&nbsp;&nbsp;Other (expense) income, net | (438) | - | (118) | 40 |
| Loss before income taxes | (1701) | (738) | (5005) | (4108) |
| &nbsp;&nbsp;&nbsp;Income tax expense | 69 | - | 69 | - |
| Net loss from continuing operations | (1770) | (738) | (5074) | (4108) |
| &nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of income taxes | (580) | (383) | 467 | (331) |
| Net loss | $(2350) | $(1121) | $(4607) | $(4439) |
| Basic (loss) earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss from continuing operations | $(0.16) | $(0.07) | $(0.46) | $(0.39) |
| &nbsp;&nbsp;&nbsp;(Loss) earnings from discontinued operations | (0.05) | (0.03) | 0.04 | (0.03) |
| Basic loss per share | $(0.21) | $(0.10) | $(0.42) | $(0.42) |
| Diluted (loss) earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss from continuing operations | $(0.16) | $(0.07) | $(0.46) | $(0.39) |
| &nbsp;&nbsp;&nbsp;(Loss) earnings from discontinued operations | (0.05) | (0.03) | 0.04 | (0.03) |
| Diluted loss per share | $(0.21) | $(0.10) | $(0.42) | $(0.42) |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 11095266 | 10917038 | 11106439 | 10652911 |
| &nbsp;&nbsp;&nbsp;Diluted | 11095266 | 10917038 | 11186975 | 10652911 |

---

**PIONEER POWER SOLUTIONS, INC.**

**Condensed Consolidated Balance Sheets**

**(In thousands, except for share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $17336 | $41622 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $15 and $13 as of September 30, 2025, and December 31, 2024, respectively | 4606 | 7826 |
| &nbsp;&nbsp;&nbsp;Inventories | 6780 | 6068 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 325 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 29047 | 56657 |
| Property and equipment, net | 5663 | 6503 |
| Operating lease right-of-use assets | 353 | 530 |
| Financing lease right-of-use assets | 377 | 221 |
| Investments | 821 | 2000 |
| Lease receivable and other assets | 1319 | 40 |
| &nbsp;&nbsp;&nbsp;Total assets | $37580 | $65951 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $4384 | $4543 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 131 | 244 |
| &nbsp;&nbsp;&nbsp;Current portion of financing lease liabilities | 139 | 109 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 871 | 991 |
| &nbsp;&nbsp;&nbsp;Consideration due to buyer |  | 3347 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 756 | 4079 |
| &nbsp;&nbsp;&nbsp;Dividend payable | - | 16665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 6281 | 29978 |
| Operating lease liabilities, non-current portion | 233 | 301 |
| Financing lease liabilities, non-current portion | 249 | 121 |
| Other long-term liabilities | 118 | 122 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6881 | 30522 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 30,000,000 shares authorized; 11,095,266 and 11,120,266 shares issued and outstanding on September 30, 2025, and December 31, 2024, respectively | 11 | 11 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 35295 | 35418 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (4607) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 30699 | 35429 |
| Total liabilities and stockholders' equity | $37580 | $65951 |

---

**PIONEER POWER SOLUTIONS, INC.**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(4607) | $(4439) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 753 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use financing leases | 92 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use operating leases | 177 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses | 112 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 25 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss attributable to equity method investee | 198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling profit on sales-type lease | (749) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on change in consideration due to buyer | (1147) |  |
| &nbsp;&nbsp;&nbsp;Changes in current operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 3060 | (966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (110) | (8520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1360 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other liabilities | (499) | (1550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (3323) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (120) | 5477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (185) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (4780) | (4118) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (1532) | (1277) |
| &nbsp;&nbsp;&nbsp;Payment of consideration payable | (2200) |  |
| &nbsp;&nbsp;&nbsp;Dividend received from equity method investee | 981 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2751) | (1277) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock |  | 4986 |
| &nbsp;&nbsp;&nbsp;Payment of cash dividend | (16665) |  |
| &nbsp;&nbsp;&nbsp;Principal repayments of financing leases | (90) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)/ provided by financing activities | (16755) | 4893 |
| &nbsp;&nbsp;&nbsp;Decrease in cash | (24286) | (502) |
| Cash |  |  |
| &nbsp;&nbsp;&nbsp;Cash, beginning of year | 41622 | 3582 |
| &nbsp;&nbsp;&nbsp;Cash, end of year | $17336 | $3080 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $8 | $26 |
| &nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | 3924 |  |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Surrender and retirement of common stock | 148 | 224 |
| &nbsp;&nbsp;&nbsp;Transfer from property and equipment to inventory | (602) |  |
| &nbsp;&nbsp;&nbsp;Sales-type lease origination | 1410 |  |
| &nbsp;&nbsp;&nbsp;Derecognition of assets in exchange for net investment in sales-type lease | (661) |  |
| &nbsp;&nbsp;&nbsp;Property and equipment obtained in exchange for accounts payable and accrued liabilities | 339 |  |
| &nbsp;&nbsp;&nbsp;Finance lease ROU assets obtained in exchange for finance lease liabilities | 248 |  |
| &nbsp;&nbsp;&nbsp;Operating lease ROU assets obtained in exchange for operating lease liabilities |  | 3337 |

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**PIONEER POWER SOLUTIONS, INC.**

**Reconciliation of Non-GAAP Measures**

**(In thousands)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP operating loss from continuing operations** | $(1447) | $(714) | $(5502) | $(4175) |
| &nbsp;&nbsp;&nbsp;Corporate overhead expenses | 806 | 926 | 2994 | 3215 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 112 | 256 | 726 | 705 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 263 | 190 | 845 | 486 |
| &nbsp;&nbsp;&nbsp;Non-recurring professional fees | 70 | 207 | 250 | 306 |
| **Non-GAAP operating (loss) income from continuing operations** | $(196) | $865 | $(687) | $537 |

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