Business
Pioneer Power Announces Financial Results for First Quarter 2026 and Business Updates
FORT LEE, N.J., May 18, 2026--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.
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Backlog Grew 11% Sequentially","length":29,"tagName":"p","attribs":{}},{"type":"text","content":"Implemented Actions Expected to Reduce Operating Expenses by Over $1.5 Million on an Annualized Basis","length":101,"tagName":"p","attribs":{}},{"type":"text","content":"$6 Million PRYMUS® Award from National Logistics Customer Validates Early Market Adoption Following Recent Launch","length":113,"tagName":"p","attribs":{}},{"type":"text","content":"FORT LEE, N.J., May 18, 2026--(BUSINESS WIRE)--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.","length":436,"tagName":"p"},{"type":"text","content":"Recent Business Highlights","length":26,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"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.","length":269,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":239,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":196,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":165,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Order activity for e-Boost mobile EV charging systems averaged to more than $500,000 per month during the quarter, as reflected in ...