What changed in this filing

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Item 1. Business

2026-04-08 compared with 2025-04-15 · 108 added, 96 removed, 120 unchanged (63% of the section changed)

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 customers in the utility, industrial

and commercial markets.

Our customers include, but are not limited to, Federal and State government entities, package delivery

businesses, school bus fleet operators, EV charging infrastructure developers and owners, and distributed energy developers.

headquartered in Fort Lee, New Jersey and operate from two (2) additional locations in the United States for manufacturing, service

and maintenance, engineering, and sales and administration.

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

Our products and services are sold to a broad range of customers in the utility, industrial and commercial markets.

Our customers

include, but are not limited to, Federal and State government entities, package delivery businesses, school bus fleet operators, EV charging

infrastructure developers and owners, and distributed energy developers.

We are headquartered in Fort Lee, New Jersey and operate from

two (2) additional locations in the United States for manufacturing, service and maintenance, engineering, and sales and administration.

dollars are reported in thousands, except for share and per share amounts (unless otherwise noted).

of Business Segment

In October 2024, we sold our Pioneer Custom

Electrical Products Corp.

(“PCEP”) business unit to a buyer (the “PCEP Sale”) as a result of a strategic

change to the operations of our business.

Management’s Discussion and Analysis of Financial Condition and

Results of Operations – Recent Developments for more information regarding the PCEP Sale.

Sale, we currently have one reportable segment - Critical Power Solutions (“Critical Power”).

Critical Power business provides customers with our suite of mobile EV charging solutions,

power generation equipment and all forms services, including but not limited to, preventative

maintenance, repairs, fuel polishing, and remote monitoring.

October 2024, we sold our Pioneer Custom Electrical Products Corp.

(“PCEP”) business unit to a buyer (the “PCEP Sale”)

as a result of a strategic change to the operations of our business.

the PCEP Sale, we currently have one reportable segment - Critical Power Solutions (“Critical Power”).

Our Critical Power

business provides customers with our suite of mobile EV charging solutions, power generation equipment and all forms of services,

including but not limited to, preventative maintenance, repairs, fuel polishing, and remote monitoring.

These products and services

are marketed by our operations headquartered in Minnesota, currently doing business under

our Pioneer eMobility (“e-Boost”) and Pioneer Critical Power (“Titan”)

are marketed by our operations headquartered in Minnesota, currently doing business under our Pioneer eMobility

(e-Boost) and Pioneer Critical Power (Titan) brand names.

Critical Power business designs, manufactures and sells mobile EV charging solutions under our e-Boost suite of products, in addition

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critical operations.

December of 2025, the Company launched two new product platforms:

new, mobile on-site power system concentrating on customers with requirements of 1-10 megawatts of mobile power to supplement their

current energy profile,

PowerCore - a residential

and small commercial based primary generator system integrating a DC fast charger into one solution.

of Critical Power Segment Product Offerings

e-Boost Products

Product Category

e-Boost G.O.A.T.

(Generator on a Truck) is a truck-mounted option that brings on-demand, high-capacity charging to EV truck and car

owners at any convenient location.

e-Boost Mobile is a trailer-mounted solution that provides multiple options for towing and can be available at specific businesses,

large sports and cultural events and can be relocated with minimal effort on short notice.

e-Boost Pod is a stationary EV charging solution with customizable higher capacity that can also service other power needs especially

in emergency situations, such as a power outage, serving as a back-up power source with convenient power connectors and outlets available

(Generator on a Truck) is a truck-mounted option that brings on-demand, high-capacity charging to EV truck and car owners at any convenient location.

Suite of e-Boost Products

e-Boost Mobile is a trailer-mounted solution that provides multiple options for towing and can be available at specific businesses, large sports and cultural events and can be relocated with minimal effort on short notice.

e-Boost Pod is a stationary EV charging solution with customizable higher capacity that can also service other power needs especially in emergency situations, such as a power outage, serving as a back-up power source with convenient power connectors and outlets available on board.

Engine-generator sets:

power generation equipment with up to 2 MW of power output per genset,

sourced from several manufacturers and available for install by our expert, licensed technicians.

power generation equipment with up to 2 MW of power output per genset, sourced from several manufacturers and available for install by our expert, licensed technicians.

Power Generation Equipment

Available individually or in multi-unit paralleled configurations.

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Uninterruptible Power Supply (“UPS”) systems.

Scheduled preventative maintenance and 24/7 repair and support services provided for all

makes and models of power generation equipment under one- to five-year contracts.

Scheduled preventative maintenance and 24/7 repair and support services provided for all makes and models of power generation equipment under one- to five-year contracts.

Regional service and maintenance:

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National service and maintenance:

provided by our technicians and a network of field service providers throughout the United States

for multi-site, multi-state power generation equipment owners.

provided by our technicians and a network of field service providers throughout the United States for multi-site, multi-state power generation equipment owners.

UPS systems from major manufacturers.

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To complete our geographic

coverage, we maintain a network of field service partners located in other regions, enabling us to provide a quick-response, 24/7 service

coverage, we maintain a network of field service partners located in other regions, enabling us to provide quick-response, 24/7 service

capabilities that can effectively repair and maintain any make and model of back-up power equipment.

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on a number of factors, including our ability to execute the following strategies and actions:

● Establishing

a scalable organizational infrastructure to support our expected growth;

in our capabilities to provide progressively more advanced equipment and service solutions;

● Continuously

applying our manufacturing and service resources to their highest and best uses;

and streamlining our business unit supply chains and administrative functions;

business processes to deliver consistency, quality and value to our customers.

Establishing a scalable organizational

infrastructure to support our expected growth;

Investing in our capabilities to provide progressively

more advanced equipment and service solutions;

Continuously applying our manufacturing and service

resources to their highest and best uses;

Combining and streamlining our business unit supply

chains and administrative functions;

Improving business processes to deliver consistency,

quality and value to our customers.

our Critical Power business, we are actively marketing our preventive maintenance services to new national accounts including:

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believe that several of the key industry trends supporting future growth in our industry are as follows:

and Overburdened North American Power Grid — The aging and overburdened North

American power grid is expected to require significant capital expenditures to upgrade the

existing infrastructure over the next several years to maintain adequate levels of reliability

and efficiency.

Significant capital investment will be required to relieve congestion, meet

growing demand, achieve targets for efficiency, emissions and use of renewable sources, and

to replace components of the U.S.

power grid operating at, near or past their planned service

Long-Term Demand for Electricity and Reliable Power — The Department of Energy’s

Energy Information Administration, or EIA, forecasts that total electricity use in the United

States will increase by approximately 28% from 2011 to 2040.

This increase is driven by anticipated

population growth, economic expansion, increasing dependence on computing power throughout

the economy and the increased use of electrical devices in the home.

In order to meet growing

demand for electricity in North America, substantial investment in increased electrical grid

capacity and efficiency will be required, as well as the addition of specialized equipment

and Overburdened North American Power Grid — The aging and overburdened North American power grid is expected to require

significant capital expenditures to upgrade the existing infrastructure over the next several years to maintain adequate levels of

reliability and efficiency.

Significant capital investment will be required to relieve congestion, meet growing demand, achieve targets

for efficiency, emissions and use of renewable sources, and to replace components of the U.S.

power grid operating at, near or past

their planned service lives.

Increasing Long-Term

Demand for Electricity and Reliable Power — The Department of Energy’s Energy Information Administration, or

EIA, forecasts that total electricity use in the United States will increase by approximately 28% from 2011 to 2040.

This increase

is driven by anticipated population growth, economic expansion, increasing dependence on computing power throughout the economy and

the increased use of electrical devices in the home.

In order to meet growing demand for electricity in North America, substantial

investment in increased electrical grid capacity and efficiency will be required, as well as the addition of specialized equipment

to help ensure the reliability and quality of electricity for critical applications.

to these challenges, there is an increasing trend among commercial and industrial companies

to invest in on-site power sources, both for standby purposes in the event of a catastrophic

power outage, or to reduce the amount of electricity they draw from the utility grid during

peak periods.

Expanding EV and Charging Infrastructure Market — A report from Allied Market

Research in 2020 projected that the global electric vehicle market will reach $803 billion

by the year 2027, registering a compound annual growth rate (“CAGR”) of 22.6%.

North America is estimated to reach $194 billion by 2027, at a significant CAGR of 27.5%.

In 2010, only about 17,000 electric vehicles were on the world’s roads.

By 2019, that

number had swelled to 7.2 million and is increasing rapidly according to the International

Energy Agency.

Furthermore, in order for EV’s to grow at such a rapid pace, it is necessary

that infrastructure be built to allow for such growth.

In 2019, there were about 7.3 million

chargers worldwide compared to an insignificant amount ten years ago, and the EV infrastructure

has become a global priority as major governments and corporations have committed to spending

billions of dollars towards building EV charging infrastructure.

In response to these challenges, there is an

increasing trend among commercial and industrial companies to invest in on-site power sources, both for standby purposes in the event

of a catastrophic power outage, or to reduce the amount of electricity they draw from the utility grid during peak periods.

Vehicle Infrastructure and Rapid EV Deployment — While the broader mobile EV charging market has experienced a period

of stabilization, the autonomous vehicle (“AV”) sector is entering a phase of rapid acceleration.

AV charging depots

require hyper-efficient deployment timelines to match the scaling of autonomous fleets.

Our e-Boost solution is uniquely positioned

to bridge the gap between fleet readiness and traditional utility connectivity, which can often take 12 to 24 months for high-capacity

grid upgrades.

electric vehicle charging station market is projected to grow at a CAGR of 29.1% through 2030, with the fastest

growth occurring in high-power DC fast charging segments (>250 kW) necessary for commercial and autonomous operations.

Edge AI, Data Centers,

and Sustainable Microgrids — The explosion of Generative Artificial Intelligence (“AI”) and Edge Computing

has created an unprecedented demand for localized, “behind-the-meter” power.

Global electricity demand for data centers

is projected to double by 2030, with AI-optimized servers expected to account for 44% of total data center power consumption by that

To meet this need, our PRYMUS mobile microgrid provides 1 MW to 10 MW blocks of onsite power with a 6-month deployment lead

time, significantly faster than traditional infrastructure.

This aligns with a broader industry shift toward decentralized energy;

the global microgrid market is forecast to reach $24.44 billion by 2026, driven specifically by a 20.1% CAGR in the 5–10 MW

segment often utilized for industrial and data center optimization.

Residential Resilience

and Premium Power Solutions — Consumer demand for energy independence is intensifying as the North American power grid

faces increasing reliability challenges.

This has created a high-value niche for “prime power” residential products.

Our PowerCore system addresses this by offering 24/7/365 whole-home resiliency with integrated Level 2 and Level 3 charging.

caters to the growing segment of homeowners who view their residences as long-term financial assets and are increasingly seeking

bidirectional (V2H) charging capabilities.

With Level 2 infrastructure expected to see an incremental growth of over 5 million units

by 2026, providing an all-in-one resiliency and high-speed charging solution captures a critical convergence of the residential and

transportation energy markets.

substantial portion of the products and services we offer are sold directly to customers by our marketing and sales personnel operating

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the year ended December 31, 2025, 99% of our sales were to U.S.

customers and 13% were to Canadian customers, compared to 100% of our

sales being to U.S.

customers for the year ended December 31, 2023.

This was largely driven by companies involved in distributed generation,

regulated and non-regulated utilities, and the industrial and wholesale sectors.

During the years ended December 31, 2024, and 2023,

we sold our electrical equipment and services to over 875 individual customers, and our 20 largest customers represented approximately

74% and 47% of our consolidated revenue, respectively.

customers and 1% were to Canadian customers, compared to 87% of our sales

customers and 13% were to Canadian customers for the year ended December 31, 2024.

This was largely driven by companies

involved in distributed generation, regulated and non-regulated utilities, and the industrial and wholesale sectors.

During the years

ended December 31, 2025, and 2024, we sold our electrical equipment and services to over 879 individual customers, and our 20 largest

customers represented approximately 71% and 74% of our consolidated revenue, respectively.

Approximately

24% and 13% of our sales during the year ended December 31, 2025, were made to Eneridge, Inc.

and SparkCharge, respectively.

Approximately

22% and 13% of our sales during the year ended December 31, 2024, were made to INF Associates, LLC and British Columbia Hydro and Power

Authority, respectively.

Approximately 14% of our sales during the year ended December 31, 2023, were made to Target Corporation.

majority of our sales to customers were made pursuant to specific contract terms and conditions for each project.

Most of our sales to customers were made pursuant to specific contract terms and conditions for each project.

backlog, which consists of purchase orders and contracts from customers that we believe to be firm, reflects the amount of revenue that

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December 31, 2024.

During the year ended December 31, 2024, we experienced a surge in orders and contracts for our mobile EV charging

solutions, e-Boost, which was the primary driver for the increase in our revenue backlog.

The decrease in our revenue backlog was primarily attributable to the fulfillment of orders for our mobile EV charging

solutions that were included in backlog as of December 31, 2024 and recognized as revenue during the year ended December 31, 2025, without

comparable new orders from our mobile EV charging solutions entering backlog as of December 31, 2025.

experience intense competition from generator manufacturers and from distributors and servicers of such equipment.

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specialized or focused on a certain geographic market area or customer.

A representative list of our direct competitors includes EV Power

Pods LLC, DD Dannar LLC, Yoshi Inc., Caterpillar Inc., Cummins Inc.

and Interstate Power Systems, Inc.

A representative list of our direct competitors includes Xos

Inc., Energy Vault, Inc., HM Cragg Co., and Interstate Power Systems, Inc.

Materials and Suppliers

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Our largest suppliers during the year ended December 31, 2025, included Taylor Power Systems, Inc., Gillette Generators

Inc., Winco, Inc.

and Kelly Generator & Equipment, Inc.

and Winco, Inc.

and Development

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solutions, e-Boost.

of December 31, 2024, we had 60 employees consisting of 59 full-time employees and 1 part-time employee.

of December 31, 2025, we had 58 full-time employees.

Environmental

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business