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Pioneer Power Solutions, Inc. and its wholly owned subsidiary (referred to herein as the Company, Pioneer, Pioneer Power, we, our and us ) design, manufacture, integrate, service, and sell distributed energy resources, on site and mobile power generation equipment and a platform of mobile electric vehicle ( EV ) charging solutions. Our products and services are sold to a broad range of customer…
The business is unprofitable at the operating level (-23.87% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 20.8%, still solid.
Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$25M
▲ +20.8% YoY
Net Income (TTM)
-$8M
▼ -118.8% YoY
Op. Margin
-24.66%
▼ -0.9pp YoY
ROIC
-15.92%
▲ +0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▲ +14.8% YoY
Op. Cash Flow (TTM)
-$8M
▲ +6.3% YoY
Net Debt
-$12M
Net Cash Position
Cash & Equiv.
$14M
3Y CAGR: +2.2%
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