先驱电气 2026年季度报告

FORM 10-Q (Mark One) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares outstanding of the registrant’s common stock, $0.001 par value, as of May 14, 2026, was 11,096,266. PART II. OTHER INFORMATION PIONEER POWER SOLUTIONS, INC.Condensed Consolidated Statements of Operations PIONEER POWER SOLUTIONS, INC.Condensed Consolidated Balance Sheets(In thousands, except for share and per share amounts) PIONEER POWER SOLUTIONS, INC.Condensed Consolidated Statements of Cash Flows(In thousands) PIONEER POWER SOLUTIONS, INC.Condensed Consolidated Statements of Changes in Stockholders’ Equity PIONEER POWER SOLUTIONS, INC.Notes to Unaudited Condensed Consolidated Financial Statements(in thousands, except for share and per share amounts) 1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS, RISKS AND UNCERTAINTIES Organization and Operations Pioneer Power Solutions, Inc. and its wholly owned subsidiary (referred to herein as the “Company” or “Pioneer”) design,manufacture, service and integrate distributed energy resources, power generation equipment and 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 Segments In determining operating and reportable segments in accordance with Financial Accounting Standards Board (“FASB”) AccountingStandards Codification (“ASC”) 280, Segment Reporting (“ASC 280”), the Company concluded that it has one reportable segment:Critical Power Solutions (“Critical Power”), as defined in its Annual Report on Form 10-K for the year ended December 31, 2025, as Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance withaccounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and withthe instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosuresrequired by U.S. GAAP for complete financial statements. The Company believes that the disclosures made are adequate to make theinformation presented not misleading to the reader. In the opinion of management, all adjustments, consisting only of normal recurring ASC 740-270 requires the use of an estimated annual effective tax rate to compute the tax provision during an interim period unlesscertain exceptions are met. Due to significant variability in projected ordinary income, the Company concluded that the estimated These unaudited condensed interim consolidated financial statements include the accounts of Pioneer and Titan Energy Systems, Inc.(“Titan”), its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financialstatements and notes thereto of the Company and its subsidiary included in the Company’s Annual Report on Form 10-K for the yearended December 31, 2025. Risks and Uncertainties Thecontinuing impacts of the rising interest rates,inflation,changes in foreign currency exchange rates and geopoliticaldevelopments, such as the ongoing conflict between Russia and Ukraine, and the ongoing conflict in the Middle East, have resulted,and may continue to result, in a global slowdown of economic activity, which may decrease demand for a broad variety of goods andservices, including those provided by the Company’s clients, while also disrupting supply channels, sales channels and advertising andmarketing activities for an unknown period of time. Additionally, recent changes to U.S. policy implemented by the U.S. Congress, theTrump administration or any new administration have impacted and may in the future impact, among other things, the U.S. and globaleconomy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation There can be no assurance that precautionary measures, whether adopted by the Company or imposed by others, will be effective, andsuch measures could negatively affect its sales, marketing, and client service efforts, delay and lengthen its sales cycles, decrease its Rounding All dollar amounts (except share and per share data) presented are stated in thousands of dollars, unless otherwise noted. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Since the Annual Report for the year ended