PPSI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• We currently have one reportable segment - Critical Power Solutions (“Critical Power”).

• Our unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of our unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts and disclosures in the unaudited condensed con…

• Selected financial and operating data for our reportable business segment for the most recent reporting period as compared to the comparable period in the prior year is summarized below. This information, as well as the selected financial data provided in “Note 9 - Business Segment and Geographic In…

• Our summary of operating results during the three months ended March 31, 2026, and 2025, are as follows:

• Income from discontinued operations, net of income taxes - 1,147

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• 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. Following the PCEP Sale, we currently have one reportable segment - Critical Power Solutions (“Critical Power…

• Our Critical Power business designs, manufactures and sells mobile EV charging solutions under our e-Boost suite of products, in addition to distributing new power generation equipment and performing service and maintenance on our customers’ existing equipment. Many of these systems are used to main…

• Our unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of our unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts and disclosures in the unaudited condensed con…

• Selected financial and operating data for our reportable business segment for the most recent reporting period is summarized below. This information, as well as the selected financial data provided in “Note 11 - Business Segment and Geographic Information” and in our unaudited condensed consolidated…

• Our summary of operating results during the three and nine months ended September 30, 2025, and 2024 are as follows:

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The Company is executing a comprehensive remediation plan centered on implementing a new enterprise resource planning (“ERP”) system designed to enhance automation, improve process consistency and strengthen the reliability of financial reporting. The new ERP replaces multiple legacy systems and man…

• During the year ended December 31, 2025, the Company completed major stages of the implementation, including process design, system configuration, and initial deployment. As part of this effort, management is refining key process-level controls, enhancing IT general controls, including strengthening…

• The Company remains committed to completing the remaining ERP implementation phases and dedicating the resources necessary to strengthen its control environment.

• During the year ended December 31, 2025, the Company completed the initial implementation of a new ERP system designed to enhance the integration and automation of its financial and operational processes. The implementation of the ERP system resulted in changes to internal controls over financial re…

• In connection with the ERP implementation, management performed additional testing and monitoring activities to validate the design and operating effectiveness of affected controls. These activities included user training, parallel processing, reconciliation procedures, and enhanced supervision duri…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The Company is implementing enhancements to its internal controls to remediate the identified material weakness in its internal control over financial reporting. Specifically, the Company:

• ● has engaged external third parties for assistance as needed;

• ● has contracted to implement a new ERP system allowing for systemic enforcement of segregation of duties rules; and

• ● will be enhancing, designing and implementing process-level and general information technology controls relevant to the financial reporting process within the new ERP system.

• Other than described above, there have been no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-05-15

• We historically have depended, and expect to continue to depend on a small number of customers for a large portion of our business each quarter, due to the scope of certain contracts. Any change in the level of orders from customers could have a significant impact on our results of operations, and a…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• We historically have depended, and expect to continue to depend on a small number of customers for a large portion of our business each quarter, due to the scope of certain contracts. Any change in the level of orders from customers could have a significant impact on our results of operations, and a…

• Approximately 19% and 17% of our revenues during the three months ended September 30, 2025, were made to two customers. Approximately 45% and 10% of our revenues during the three months ended September 30, 2024, were made to two customers.

• Approximately 30% of our revenues during the nine months ended September 30, 2025, were made to one customer. Approximately 22%, 10% and 10% of our revenues during the nine months ended September 30, 2024, were made to three customers.

• The majority of our sales to these customers and other customers in the past were made pursuant to contract terms and conditions for each project and it is expected that future sales will similarly be made pursuant to the relevant contract terms and conditions for future contracts.