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Pioneer Power Solutions, Inc.
400 Kelby Street, 12Th Floor
Phone: (212) 867-0700p:212 867-0700 FORT LEE, NJ  07024  United States Ticker: PPSIPPSI

On May 31, 2024, the Audit Committee of the Board of Directors of Pioneer Power Solutions, Inc. concluded that the company’s previously issued (i) consolidated financial statements as of and for the year ended December 31, 2022 and (ii) unaudited condensed consolidated financial statements for the quarters ended March 31, 2022 through September 30, 2023 should no longer be relied upon due to errors in such consolidated financial statements. During 2022 and 2023, the company recognized revenues associated with customer contracts with performance obligations satisfied over time using labor hours as the measure of progress. The company’s underlying estimates of total labor hours required to complete Over Time Contracts were materially different from the actual labor hours required, which was determined to represent an error.

Business Summary
Pioneer Power Solutions, Inc. designs, manufactures, integrates, refurbishes, services, distributes electric power systems, distributed energy resources, used and new power generation equipment and mobile electric vehicle (EV) charging solutions. Its products and services are sold to a broad range of customers in the utility, industrial and commercial markets. It operates through two segments: Transmission & Distribution Solutions (T&D Solutions) and Critical Power Solutions (Critical Power). Its T&D Solutions business provides equipment solutions, including e-Bloc, that help customers protect, control, transfer, monitor and manage their electric energy requirements. Its solutions are marketed principally through its Pioneer Custom Electrical Products Corp. (PCEP) brand name. Its Critical Power business provides customers with suite of mobile E-BOOST EV charging solutions, and all forms of maintenance on power generation equipment. Its products are marketed under Titan brand.

Scores and Ratings
FRISK®
Score
Z''
Score
PAYCE®
Score
DBT
Index
Moody's
Rating
Fitch
Rating
DBRS
Rating
YesYes-Yes---

Financials, News and Filings
Latest
Statement
Last
Audit

News
SEC
Filings
Bankruptcy
Filings
Suit &
Judgment
Filings
Tax
Lien
Filings
9/30/202312/31/2022YesYes--Yes

Industries
SIC Code Description
3612 Power, distribution, and specialty transformers

Officers and Directors

Title

Name

Age
Title
Date
Start
Date
Chairman of the Board, President, Chief Executive Officer Nathan J.Mazurek 61 8/12/2010 12/2/2009
Chief Financial Officer, Treasurer, Secretary WalterMichalec 34 5/16/2021 4/15/2020
Director ThomasKlink 60 4/30/2020 4/30/2010
4 additional Officers and Directors records available in full report.

Subsidiaries
Business Name Address City State/Province Country
Pacific Power Systems Integration, Inc. 14729 Spring Ave. Santa Fe Springs CA United States
Pioneer Custom Electrical Products Corp. 10640 Springdale Avenue Sante Fe Springs CA United States
Titan Energy Worldwide, Inc. 6321 Bury Drive Eden Prairie MI United States
Pioneer Critical Power, Inc. 9210 Wyoming Ave N Minneapolis MN United States
PIONEER ELECTROGROUP CANADA INC 612 RUE BERNARD GRANBY QC CA

Business Names
Business Name
Electrogroup Canada, Inc.
Pacific Power Systems Integration, Inc.
Pioneer Critical Power, Inc.
4 additional Business Names available in full report.

General Information
Number of Employees: 99 (As of 12/31/2022)
Outstanding Shares: 9,930,022 (As of 11/13/2023)
Shareholders: 38
Stock Exchange: NASD
Federal Tax Id: 263387077
Fax Number: (212) 867-1325


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Saturday, July 20, 2024