8-K
PIONEER POWER SOLUTIONS, INC. (PPSI)
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): April 15, 2025
PIONEER
POWER SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35212 | 27-1347616 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
| 400 Kelby Street, 12th Floor<br><br> <br>Fort Lee, New Jersey | 07024 | |
| (Address<br> of principal executive offices) | (Zip<br> 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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> 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<br> Stock, par value $0.001 per share | PPSI | Nasdaq<br> 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. ☐
Item2.02 Results of Operations and Financial Condition.
On April 15, 2025, Pioneer Power Solutions, Inc. issued a press release announcing its final financial results for the fourth quarter and full year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
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.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated April 15, 2025 (furnished herewith pursuant to Item 2.02) |
| 104 | Cover<br> 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. | ||
|---|---|---|
| Date:<br> April 15, 2025 | By: | /s/ Walter Michalec |
| Name: | Walter<br> Michalec | |
| Title: | Chief<br> Financial Officer |
Exhibit99.1
Pioneer Power Announces Financial Results for Fourth Quarter and Full Year 2024
ReportsFull Year Revenue Growth of 106% and Diluted EPS of $2.90
ReaffirmsFull-Year 2025 Revenue Guidance of $27 million to $29 Million
Managementto Host Conference Call Today at 4:30 pm ET
FORTLEE, N.J., April 15, 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 final financial results for the fourth quarter and full year ended December 31, 2024, after having previously released preliminary results on February 19, 2025.
The financial results also reflect income from discontinued operations of the Company’s Electrical Infrastructure segment due to the previously announced sale of that business unit for $50 million in cash and equity to Mill Point Capital on October 29, 2024.
RecentBusiness Highlights
| ● | Sold<br> its Electrical Infrastructure business for $50 million in a cash and equity transaction. |
|---|---|
| ● | Renewed<br> and extended a service agreement with an existing customer, a large U.S. retailer, for on-site<br> power services. The new agreement is valued at approximately $6.0 million in total revenue<br> over the course of the three-year agreement. |
| --- | --- |
| ● | Received<br> an order valued at approximately $1.3 million from the City of Portland, Oregon for multiple<br> e-Boost© Mobile units through Graybar Electric Company, Inc. |
| --- | --- |
| ● | Awarded<br> a groundbreaking pilot program from a Fortune 100 e-commerce retailer to tackle the “grid<br> gap” challenge between the increasing power needs of the retailer’s EV delivery<br> fleet and the limited amount of grid supplied power at its depots. |
| --- | --- |
| ● | Increased<br> charging sessions to 14,500 in 2024, up 93% from 7,500 charging sessions in 2023. |
| --- | --- |
Q42024 Financial Highlights
| ● | Revenue<br> was $9.8 million, as compared to $2.7 million for the same quarter in 2023, an increase of<br> $7.1 million, or 265%. |
|---|---|
| ● | Gross<br> profit was $2.8 million, or a gross margin of 29%, as compared to $0.6 million, or a gross<br> margin of 23%, for the same quarter in 2023. |
| --- | --- |
| ● | Operating<br> loss from continuing operations was $(1.1) million, as compared to $(1.9) million for the<br> same quarter in 2023, a year-over-year improvement of approximately $0.8 million. |
| --- | --- |
| ● | Non–GAAP<br> operating income* from continuing operations, which excludes corporate overhead expenses,<br> research and development expenses and non-recurring professional fees, was $1.6 million,<br> as compared to $0.1 million for the same quarter in 2023, a year-over-year improvement of<br> approximately $1.5 million. |
| --- | --- |
| ● | Net<br> income was $36.3 million, inclusive of income from discontinued operations of $35.5 million,<br> as compared to a net loss of ($4.5) million, inclusive of a loss from discontinued operations<br> of ($3.1) million, in the year ago quarter. |
| --- | --- |
FullYear 2024 Financial Highlights
| ● | Revenue<br> was $22.9 million, as compared to $11.1 million for the year ended December 31, 2023, an<br> increase of 106%. |
|---|---|
| ● | Gross<br> profit was $5.5 million, or a gross margin of 24%, as compared to $2.2 million, or a gross<br> margin of 20%, for the year ended December 31, 2023. |
| --- | --- |
| ● | Operating<br> loss from continuing operations was $(5.2) million, as compared to $(7.0) million for the<br> year ended December 31, 2023, a year-over-year improvement of approximately $1.8 million. |
| --- | --- |
| ● | Non–GAAP<br> operating income* from continuing operations, which excludes corporate overhead expenses,<br> research and development expenses and non-recurring professional fees, was $1.7 million,<br> as compared to a non-GAAP operating loss of ($1.3) million for the year ended December 31,<br> 2023, a year-over-year improvement of approximately $3.0 million. |
| --- | --- |
| ● | Net<br> income was $31.9 million, inclusive of income from discontinued operations of $35.2 million,<br> as compared to a net loss of ($1.9) million, inclusive of income from discontinued operations<br> of $4.4 million, for the year ended December 31, 2023. |
| --- | --- |
| ● | Backlog<br> of $19.8 million at December 31, 2024, compared to $16.7 million at December 31, 2023, a<br> year-over-year increase of $3.1 million. |
| --- | --- |
| ● | Cash<br> on hand at December 31, 2024 was $41.6 million, as compared to $3.6 million at December 31,<br> 2023, an increase of approximately $38.0 million. Subsequent to the year end, on January<br> 7, 2025, the Company paid a one-time special cash dividend of an aggregate of $16.7 million. |
| --- | --- |
*Areconciliation between GAAP and non-GAAP measures is provided below. The non-GAAP measures should not be considered an alternative toGAAP measures as an indicator of the Company’s operating performance.
FourthQuarter 2024 Financial Results
Revenue
Revenue for the three months ended December 31, 2024, was $9.8 million, an increase of 265%, as compared to $2.7 million during the fourth quarter of last year primarily due to an increase in shipments and rentals of our suite of mobile EV charging equipment, e-Boost.
GrossProfit/Margin
Gross profit for the fourth quarter of 2024 was $2.8 million, or a 29% gross margin, compared to a gross profit of $0.6 million, or a 23% gross margin, for the same period in 2023. The increase in gross profit and margin is primarily due to the growth generated from our e-Boost business.
OperatingLoss from Continuing Operations
For the three months ended December 31, 2024, operating loss from continuing operations was ($1.1) million as compared to ($1.9) million during the fourth quarter of 2023. The improvement of approximately $0.9 million, or 45%, is primarily due to the increase in sales and rentals of e-Boost equipment and an increase in service sales.
NetIncome (Loss) from Continuing Operations
The Company’s net income from continuing operations was $0.8 million for the three months ended December 31, 2024, as compared to a net loss from continuing operations of ($1.4) million during the three months ended December 31, 2023, an improvement of approximately $2.1 million, or 155%.
NetIncome (Loss)
Net income was $36.3 million, inclusive of income from discontinued operations of $35.5 million, as compared to a net loss of ($4.5) million, inclusive of a loss from discontinued operations of ($3.1) million, in the year ago quarter.
FullYear 2024 Financial Results from Continuing Operations
Revenue
Revenue for the year ended December 31, 2024, was $22.9 million, an increase of 106% as compared to $11.1 million during the year ended December 31, 2023. The increase in revenue is primarily due to an increase in shipments and rentals of our suite of mobile EV charging equipment, e-Boost.
GrossProfit/Margin
Gross profit for 2024 was $5.5 million, or a 24% gross margin, compared to gross profit of $2.2 million, or a 20% gross margin, for the same period in 2023. The increase in gross profit was predominately due to the growth generated from our e-Boost business.
OperatingLoss from Continuing Operations
Operating loss from continuing operations for the year ended December 31, 2024, was ($5.2) million as compared to ($7.0) million during the prior year, a year-over-year improvement of $1.8 million, or 25%.
NetIncome (Loss) from Continuing Operations
Net loss from continuing operations for the year ended December 31, 2024, was ($3.3) million, as compared to ($6.3) million during the year ended December 31, 2023, a year-over-year improvement of $3.0 million. During 2024, the Company recognized $1.1 million of non-cash, stock-based compensation expense as compared to $1.5 million during the same period last year.
NetIncome (Loss)
Net income was $31.9 million, inclusive of income from discontinued operations of $35.2 million, as compared to a net loss of ($1.9) million, inclusive of income from discontinued operations of $4.4 million, for the year ended December 31, 2023.
BalanceSheet
As of December 31, 2024, the Company had $41.6 million in cash and working capital of $26.7 million, compared to $3.6 million in cash and working capital of $9.4 million as of December 31, 2023. The Company had no bank debt on the balance sheet at December 31, 2024.
2025Outlook
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 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.”
EarningsConference Call:
Management will host a conference call Tuesday, April 15, 2025, at 4:30 p.m. Eastern Time to discuss Pioneer’s 2024 fourth quarter and full year 2024 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 13752590.
A replay will be available until April 17, 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 13752590 to access the replay.
The call will also be accompanied live by webcast over the Internet and accessible at https://viavid.webcasts.com/starthere.jsp?ei=1712844&tp_key=c8ff18fe09.
Non-GAAPMeasures
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.
AboutPioneer 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 www.pioneerpowersolutions.com.
e-Boost is Pioneer’s portfolio of smart, mobile EV charging solutions. The Company has been aggressively marketing e-Boost to electric bus and truck manufacturers, fleet management companies, municipalities and EV infrastructure providers since its initial launch in November 2021.
Forward-LookingStatements:
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 www.sec.gov. 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
brett@haydenir.com
—Tables Follow —
PIONEERPOWER SOLUTIONS, INC.
ConsolidatedStatements of Operations
(Unaudited)
(In thousands, except for share and per shareamounts)
| For the Years Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2024 | 2023 | |||||
| Revenues | $ | 22,879 | $ | 11,116 | ||
| Cost of goods sold | 17,365 | 8,891 | ||||
| Gross profit | 5,514 | 2,225 | ||||
| Operating expenses | ||||||
| Selling, general and administrative | 9,712 | 8,375 | ||||
| Research and development | 1,050 | 885 | ||||
| Total operating expenses | 10,762 | 9,260 | ||||
| Operating loss from continuing operations | (5,248 | ) | (7,035 | ) | ||
| Interest income, net | 431 | 232 | ||||
| Other income, net | 50 | 524 | ||||
| Loss before income taxes | (4,767 | ) | (6,279 | ) | ||
| Income tax benefit | (1,418 | ) | - | |||
| Net loss from continuing operations | (3,349 | ) | (6,279 | ) | ||
| Income from discontinued operations, net of income taxes | 35,204 | 4,381 | ||||
| Net income (loss) | $ | 31,855 | $ | (1,898 | ) | |
| Basic (loss) earnings per share: | ||||||
| Loss from continuing operations | $ | (0.31 | ) | $ | (0.63 | ) |
| Earnings from discontinued operations | 3.28 | 0.44 | ||||
| Basic earnings (loss) per share | $ | 2.97 | $ | (0.19 | ) | |
| Diluted (loss) earnings per share: | ||||||
| Loss from continuing operations | $ | (0.31 | ) | $ | (0.63 | ) |
| Earnings from discontinued operations | 3.21 | 0.43 | ||||
| Diluted earnings (loss) per share | $ | 2.90 | $ | (0.20 | ) | |
| Weighted average common shares outstanding: | ||||||
| Basic | 10,745,217 | 9,905,234 | ||||
| Diluted | 10,953,861 | 10,127,188 |
PIONEER POWER SOLUTIONS, INC.
ConsolidatedBalance Sheets
(Unaudited)
(Inthousands, except for share amounts)
| 2023 | ||||
| ASSETS | ||||
| Current assets | ||||
| Cash | 41,622 | $ | 3,582 | |
| Accounts receivable, net of allowance for credit losses of 13 and 0 as of December 31, 2024 and 2023, respectively | 7,826 | 1,219 | ||
| Inventories | 6,068 | 3,078 | ||
| Prepaid expenses and other current assets | 1,141 | 6,159 | ||
| Current assets held for sale | - | 13,645 | ||
| Total current assets | 56,657 | 27,683 | ||
| Property and equipment, net | 6,503 | 3,601 | ||
| Operating lease right-of-use assets | 530 | 425 | ||
| Financing lease right-of-use assets | 221 | 403 | ||
| Deferred financing costs | - | 195 | ||
| Investments | 2,000 | - | ||
| Other assets | 40 | 40 | ||
| Noncurrent assets held for sale | - | 675 | ||
| Total assets | 65,951 | $ | 33,022 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | 4,543 | $ | 8,111 | |
| Current portion of operating lease liabilities | 244 | 237 | ||
| Current portion of financing lease liabilities | 109 | 139 | ||
| Deferred revenue | 991 | 307 | ||
| Consideration due to buyer | 3,347 | - | ||
| Income taxes payable | 4,079 | - | ||
| Dividend payable | 16,665 | - | ||
| Current liabilities held for sale | - | 9,468 | ||
| Total current liabilities | 29,978 | 18,262 | ||
| Operating lease liabilities, non-current portion | 301 | 215 | ||
| Financing lease liabilities, non-current portion | 121 | 278 | ||
| Other long-term liabilities | 122 | 49 | ||
| Total liabilities | 30,522 | 18,804 | ||
| Commitments and contingencies (Note 7) | ||||
| Stockholders’ equity | ||||
| Preferred stock, 0.001 par value, 5,000,000 shares authorized; none issued | - | - | ||
| Common stock, 0.001 par value, 30,000,000 shares authorized; 11,120,266 and 9,930,022 shares issued and outstanding on December 31, 2024 and 2023, respectively | 11 | 10 | ||
| Additional paid-in capital | 35,418 | 33,837 | ||
| Accumulated deficit | - | (19,629 | ) | |
| Total stockholders’ equity | 35,429 | 14,218 | ||
| Total liabilities and stockholders’ equity | 65,951 | $ | 33,022 |
All values are in US Dollars.
PIONEER POWER SOLUTIONS, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(Inthousands)
| For the Years Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2024 | 2023 | |||||
| Operating activities | ||||||
| Net income (loss) | $ | 31,855 | $ | (1,898 | ) | |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
| Depreciation | 716 | 397 | ||||
| Amortization of right-of-use financing leases | 129 | 324 | ||||
| Amortization of right-of-use operating leases | 224 | 690 | ||||
| Change in allowance for credit losses | 35 | 97 | ||||
| Stock-based compensation | 1,055 | 1,471 | ||||
| Gain on sale of PCEP business | (35,044 | ) | - | |||
| Loss on disposal of fixed assets | 177 | - | ||||
| Other | - | (14 | ) | |||
| Changes in current operating assets and liabilities: | ||||||
| Accounts receivable | (10,360 | ) | 585 | |||
| Inventories | (14,536 | ) | 511 | |||
| Prepaid expenses and other assets | 4,558 | (4,982 | ) | |||
| Assets held for sale | 14,320 | - | ||||
| Liabilities held for sale | (9,468 | ) | - | |||
| Accounts payable, accrued liabilities and other liabilities | 11,609 | 5,361 | ||||
| Income taxes | (1,418 | ) | (7 | ) | ||
| Deferred revenue | 684 | (5,727 | ) | |||
| Operating lease liabilities | (748 | ) | (703 | ) | ||
| Net cash used in operating activities | (6,212 | ) | (3,895 | ) | ||
| Investing activities | ||||||
| Purchase of property and equipment | (3,759 | ) | (2,496 | ) | ||
| Proceeds from sale of PCEP business, net of transaction costs | 42,635 | - | ||||
| Net cash provided by/(used in) investing activities | 38,876 | (2,496 | ) | |||
| Financing activities | ||||||
| Net proceeds from the exercise of options for common stock | 519 | 50 | ||||
| Net proceeds from issuance of common stock | 4,986 | 177 | ||||
| Payment of deferred financing costs | - | (195 | ) | |||
| Principal repayments of financing leases | (129 | ) | (355 | ) | ||
| Net cash provided by/ (used in) financing activities | 5,376 | (323 | ) | |||
| Increase (decrease) in cash | 38,040 | (6,714 | ) | |||
| Cash | ||||||
| Cash, beginning of year | 3,582 | 10,296 | ||||
| Cash, end of year | $ | 41,622 | $ | 3,582 | ||
| Supplemental cash flow information: | ||||||
| Interest paid | $ | 35 | $ | 7 | ||
| Income taxes paid, net of refunds | 7 | 2 | ||||
| Non-cash investing and financing activities: | ||||||
| Surrender and retirement of common stock | 344 | 720 | ||||
| Acquisition of right-of-use assets and lease liabilities | 330 | - | ||||
| Property and equipment obtained in exchange for accounts payable | 272 | - | ||||
| Cash dividend declared | 16,665 | - |
PIONEER POWER SOLUTIONS, INC.
Reconciliation of Non-GAAP Measures
(Unaudited)
(In thousands)
| For the Three Months Ended | For the Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| GAAP operating loss from continuing operations | $ | (1,073 | ) | $ | (1,937 | ) | $ | (5,248 | ) | $ | (7,035 | ) |
| Corporate overhead expenses | 2,109 | 986 | 5,324 | 4,519 | ||||||||
| Research and development expenses | 345 | 885 | 1,050 | 885 | ||||||||
| Non-recurring professional fees | 239 | 171 | 546 | 347 | ||||||||
| Non-GAAP operating income (loss) from continuing operations | $ | 1,620 | $ | 105 | $ | 1,672 | $ | (1,284 | ) |