• The Eaton or Schneider Electric for EV charging and data center power infrastructure.
• A specialized Siemens or ABB, building the complex electrical infrastructure that powers large-scale EV charging and data centers.

• e-Bloc EV Charging Solutions: Provides integrated electric vehicle charging solutions, including power distribution, energy management, and charging infrastructure for various applications.
• Switchgear: Offers custom-engineered low and medium voltage switchgear for reliable power distribution, protection, and control in commercial and industrial settings.
• Transformers: Manufactures a range of liquid-filled and dry-type distribution transformers designed for diverse industrial, utility, and commercial applications.
• E-Houses (Modular Power Houses): Delivers integrated, pre-fabricated modular enclosures that house critical electrical equipment for specialized power applications.
• Aftermarket Services: Provides comprehensive parts, field services, maintenance, and repair for their power distribution equipment, ensuring ongoing operational reliability.

Pioneer Power Solutions (symbol: PPSI) primarily sells its products and solutions to other companies (B2B). While the company serves a diverse range of customers across its e-Mobility, Critical Power, and Forend divisions, it does not publicly disclose the names of individual major customers in its SEC filings. Therefore, specific customer company names cannot be listed.

However, based on its business segments, Pioneer Power Solutions' major customer categories (types of companies it sells to) include:

1. Utilities and Infrastructure Developers: Companies responsible for building and maintaining electrical grids, power generation facilities, and other large-scale infrastructure projects. These customers utilize Pioneer's solutions for power distribution, generation, and specialized electrical equipment.
2. Commercial and Industrial End-Users: This broad category encompasses businesses such as data centers, hospitals, manufacturing plants, and fleet operators. These customers purchase Pioneer's critical power solutions for reliable operations and e-Mobility charging infrastructure for their vehicle fleets and facilities.
3. Electrical Contractors, General Contractors, and Equipment Distributors: These businesses often integrate Pioneer's electrical products and systems into larger construction projects or distribute them to a wide array of end-users across various industries.

Mr. Mazurek has served as Chairman and Chief Executive Officer of Pioneer Power Solutions, Inc. since its inception in December 2009. He has also been President of Pioneer Power Solutions since December 2, 2009. Prior to this, he served as Chairman, CEO, and Vice President of Sales and Marketing of Pioneer Transformers Ltd., the company's largest operating subsidiary, since 1995. Mr. Mazurek began his career in the electrical equipment and components industry in 1988 when he acquired American Circuit Breaker Corp. and served as its president for over two decades. Between 2001 and 2005, he acquired and integrated several businesses, including those from MagneTek, Inc., Aerovox, Inc., and Ningbo Shine Electrical Co. Ltd. (China), forming one of the largest manufacturers of AC film capacitors. He served as president of the combined company, Aerovox, Inc., until 2007. From 1999 to 2017, Mr. Mazurek was a director of Empire Resources, Inc., a distributor of semi-finished aluminum products.

Mr. Michalec has served as Chief Financial Officer of Pioneer Power Solutions, Inc. since 2020. He previously held several positions within the company, including corporate controller from August 2019, operations controller from March 2016 to August 2019, and senior accountant from May 2012 to February 2016. Before joining Pioneer Power Solutions, Mr. Michalec worked as a public accountant for Mendonca & Partners Certified Public Accountants, LLC. In 2024, he received a one-time bonus in recognition of his significant role in the sale of the company's Electrical Infrastructure Equipment segment.

Mr. Whyte has over 45 years of experience in the Electrical Power Distribution & Controls industries, with a focus on manufacturing, sales, and marketing. Since July 31, 2015, he has served as a consultant and currently holds the position of President of Pioneer Custom Electrical Products Corp., a subsidiary of Pioneer Power Solutions. Additionally, since January 2016, Mr. Whyte has been President of Blue Mountain Industries, Inc., a consulting firm specializing in electrical engineering and marketing for the electrical utility, petrochemical, and marine markets.

1. Financial Performance and Profitability Challenges

The company confronts significant challenges in increasing its revenue and achieving consistent profitability. It is currently a loss-making entity with concerns regarding its path to breakeven. Pioneer Power Solutions faces operating margin risk stemming from competitive pricing, operating inefficiencies, supply chain vulnerabilities, and potential increases in material, labor, or overhead costs. Furthermore, the company's ability to convert its reported backlog into actual revenue is a critical factor influencing its financial success. Declining cash reserves and ongoing margin pressures also raise concerns about adequate funding for research and development and future operational expansion.

2. Dependence on Key Customers and Supply Chain Vulnerabilities

Pioneer Power Solutions' business is significantly dependent on a limited number of key customers, such as Siemens and Hydro Quebec. Any reduction in orders from these major customers could have a substantial adverse impact on the company's financial results. Additionally, the company is susceptible to unanticipated increases in raw material prices or disruptions in its supply chain, which can lead to higher production costs and negatively affect profitability. There are also identified limited sources of supply for specific critical components like electrical core steel and transformer oil.

3. Nasdaq Listing Compliance and Financial Reporting Delays

The company has received notifications from Nasdaq regarding its non-compliance with listing rules due to its failure to timely file its annual and quarterly financial reports with the Securities and Exchange Commission (SEC). This ongoing issue presents a material risk to the company's ability to maintain its listing on the Nasdaq Capital Market.

The rapidly intensifying competition in the e-Mobility infrastructure market, particularly for EV charging solutions, poses a clear emerging threat. A growing number of large, well-capitalized companies (including established electrical equipment giants like Siemens, ABB, and Eaton, as well as dedicated charging network operators and automotive manufacturers) are investing heavily in research and development, scaling manufacturing, and expanding their integrated hardware, software, and service offerings. This environment could lead to significant pricing pressure, increased barriers to market entry for smaller players, and difficulty for Pioneer Power Solutions to differentiate its products and maintain market share against competitors with superior financial resources, broader distribution channels, and more comprehensive solution portfolios.

Pioneer Power Solutions (PPSI) operates in several key markets with distinct addressable sizes:

• e-Boost Mobile EV Charging Solutions: The addressable market for off-grid EV charging solutions in the U.S. is projected to be a $50 billion opportunity by 2026.
• HOMe-Boost Residential Power and EV Charging: Pioneer Power Solutions has entered the residential power and EV charging market, which is stated as a $2.4 billion market in the U.S. Additionally, the residential solar and energy storage market, which HOMe-Boost targets, is projected to reach $300 billion by 2033 in the U.S.

1. Expansion and Adoption of e-Boost Mobile EV Charging Solutions: Pioneer Power Solutions anticipates significant revenue growth from increased sales and rentals of its e-Boost mobile electric vehicle (EV) charging solutions. This is driven by expanding applications in fleet electrification for school districts, state and local fleet operators, robotaxi service providers, emergency services, and logistics companies. The e-Boost platform, including innovations like e-Boost Mini, Mobile, and POD, addresses the critical "grid gap" challenge by providing flexible, reliable, and off-grid power and charging systems. For example, a multi-year contract worth up to $10 million with a major U.S. Charging-as-a-Service (CaaS) provider and a 25-unit order for a public school district are expected to drive revenue in 2026 and 2027.
2. Launch and Market Penetration of HOMe-Boost Residential Energy Platform: The company is preparing to launch its HOMe-Boost residential energy platform in late 2025. This new product aims to tap into the smart home market by integrating energy efficiency, Internet of Things (IoT), and home security systems. While not expected to generate revenue in 2025, HOMe-Boost represents a substantial long-term opportunity to diversify revenue streams within the rapidly growing residential energy sector.
3. Growth in Service and Maintenance Agreements: Pioneer Power Solutions is expected to benefit from the renewal and expansion of its service and maintenance agreements. An example of this is a renewed three-year contract with a prominent U.S. retailer, which is projected to generate approximately $6 million in revenue through maintenance, energy management, and update services for over 750 retail locations. This indicates a growing and stable source of recurring revenue.

Share Issuance

• Pioneer Power Solutions reported net proceeds from the issuance of common stock of $4,841 thousand in 2024.

Inbound Investments

• In October 2024, Pioneer Power Solutions sold its Electrical Infrastructure business for $50 million in a cash and equity transaction.

Outbound Investments

• Pioneer Power Solutions acquired Pacific Power Systems Integration, Inc.
• Pioneer Power Solutions completed the acquisition of Titan Energy Worldwide, Inc.

Capital Expenditures

• Capital expenditures for the latest twelve months (as of June 2025) totaled $3.885 million.
• Capital expenditures increased in recent years, reaching $3.759 million in 2024, $2.496 million in 2023, and $1.512 million in 2022.
• The company's capital expenditures are notably directed towards developing and expanding its e-Boost solutions, particularly in manufacturing to meet growing demand.