Pioneer Pow

PPSI

Electrical Equipment & Parts · Industrials

Price

$2.94

+0.06 (+2.08%)

Market Cap

$32.6M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+26.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.9M (2021) → 11.2M (2025)

Winston Score History

The full picture

Pioneer Power Solutions (PPSI) makes electrical equipment used to move and manage electricity. Its core products include power transformers, switchgear, and mobile power units sold to utilities, data centers, industrial facilities, and the military. The company is a small U.S.-based manufacturer focused on critical power infrastructure.

Pioneer Power makes money by selling hardware and providing related services to its customers. It operates primarily in North America and, with a market cap near zero, is a very small player in a fragmented industry dominated by much larger competitors like Eaton and ABB. The company has been losing money at the operating level, and its main challenge is scaling revenue fast enough to cover its cost base — though growing demand for grid upgrades and data center power infrastructure could provide a tailwind if it can compete effectively for contracts.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-40.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-58.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$875,000/ year

↓ Declining (-17% vs prior year)

3.2% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

$13M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Pioneer Pow's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.6%

Thin — 19.6% gross margin

Profit after running costs

Operating Margin

-39.9%

Losing money on operations — -39.9%

Return on the money invested

ROCE

-25.5%

Weak — -25.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-30.3%

Shrinking sales (-30.3% YoY)

Profit growth

EPS YoY

-123.6%

Earnings shrinking (-123.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-35.4%

Burning cash (-35.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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