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Side-by-side financial comparison of PIONEER POWER SOLUTIONS, INC. (PPSI) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
PIONEER POWER SOLUTIONS, INC. is the larger business by last-quarter revenue ($5.6M vs $5.3M, roughly 1.1× TECOGEN INC.). PIONEER POWER SOLUTIONS, INC. runs the higher net margin — -24.7% vs -75.1%, a 50.4% gap on every dollar of revenue. On growth, TECOGEN INC. posted the faster year-over-year revenue change (-12.5% vs -42.3%). PIONEER POWER SOLUTIONS, INC. produced more free cash flow last quarter ($-2.2M vs $-2.6M). Over the past eight quarters, PIONEER POWER SOLUTIONS, INC.'s revenue compounded faster (30.3% CAGR vs -7.3%).
Caterpillar Energy Solutions GmbH, is a mechanical engineering company based in Mannheim, Baden-Württemberg, Germany. It was known as MWM GmbH Motoren-Werke Mannheim (MWM) until November 2013. In 2009 the company was the third-largest producer by revenue of gas and diesel engines.
PPSI vs TGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.6M | $5.3M |
| Net Profit | $-1.4M | $-4.0M |
| Gross Margin | 23.5% | 36.8% |
| Operating Margin | -19.4% | -77.8% |
| Net Margin | -24.7% | -75.1% |
| Revenue YoY | -42.3% | -12.5% |
| Net Profit YoY | -103.8% | -236.7% |
| EPS (diluted) | $-0.12 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.6M | $5.3M | ||
| Q3 25 | $6.9M | $7.2M | ||
| Q2 25 | $8.4M | $7.3M | ||
| Q1 25 | $6.7M | $7.3M | ||
| Q4 24 | $9.8M | $6.1M | ||
| Q3 24 | $6.4M | $5.6M | ||
| Q2 24 | $3.4M | $4.7M | ||
| Q1 24 | $3.3M | $6.2M |
| Q4 25 | $-1.4M | $-4.0M | ||
| Q3 25 | $-2.4M | $-2.1M | ||
| Q2 25 | $-1.3M | $-1.5M | ||
| Q1 25 | $-929.0K | $-659.9K | ||
| Q4 24 | $36.3M | $-1.2M | ||
| Q3 24 | $-1.1M | $-930.4K | ||
| Q2 24 | $-2.3M | $-1.5M | ||
| Q1 24 | $-1.0M | $-1.1M |
| Q4 25 | 23.5% | 36.8% | ||
| Q3 25 | 9.3% | 30.4% | ||
| Q2 25 | 15.7% | 33.8% | ||
| Q1 25 | 2.2% | 44.3% | ||
| Q4 24 | 28.9% | 45.0% | ||
| Q3 24 | 23.7% | 44.1% | ||
| Q2 24 | 18.9% | 44.0% | ||
| Q1 24 | 16.1% | 41.6% |
| Q4 25 | -19.4% | -77.8% | ||
| Q3 25 | -21.0% | -29.2% | ||
| Q2 25 | -20.4% | -19.4% | ||
| Q1 25 | -34.8% | -8.2% | ||
| Q4 24 | -11.0% | -18.7% | ||
| Q3 24 | -11.1% | -15.5% | ||
| Q2 24 | -51.1% | -31.2% | ||
| Q1 24 | -52.1% | -17.0% |
| Q4 25 | -24.7% | -75.1% | ||
| Q3 25 | -34.1% | -29.7% | ||
| Q2 25 | -15.9% | -20.1% | ||
| Q1 25 | -13.8% | -9.1% | ||
| Q4 24 | 372.1% | -19.5% | ||
| Q3 24 | -17.5% | -16.5% | ||
| Q2 24 | -67.2% | -32.5% | ||
| Q1 24 | -31.2% | -17.9% |
| Q4 25 | $-0.12 | $-0.14 | ||
| Q3 25 | $-0.21 | $-0.07 | ||
| Q2 25 | $-0.12 | $-0.06 | ||
| Q1 25 | $-0.09 | $-0.03 | ||
| Q4 24 | $3.31 | $-0.05 | ||
| Q3 24 | $-0.10 | $-0.04 | ||
| Q2 24 | $-0.21 | $-0.06 | ||
| Q1 24 | $-0.10 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $12.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $29.3M | $21.6M |
| Total Assets | $35.5M | $37.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $15.3M | ||
| Q2 25 | $18.0M | $1.6M | ||
| Q1 25 | $25.8M | $4.1M | ||
| Q4 24 | $41.6M | $5.4M | ||
| Q3 24 | $3.1M | $1.3M | ||
| Q2 24 | $6.5M | $841.9K | ||
| Q1 24 | $6.2M | $1.5M |
| Q4 25 | $29.3M | $21.6M | ||
| Q3 25 | $30.7M | $25.5M | ||
| Q2 25 | $33.0M | $9.1M | ||
| Q1 25 | $34.5M | $9.6M | ||
| Q4 24 | $35.4M | $10.2M | ||
| Q3 24 | $14.7M | $11.3M | ||
| Q2 24 | $15.8M | $12.2M | ||
| Q1 24 | $18.1M | $13.7M |
| Q4 25 | $35.5M | $37.0M | ||
| Q3 25 | $37.6M | $41.5M | ||
| Q2 25 | $39.1M | $28.4M | ||
| Q1 25 | $47.5M | $29.7M | ||
| Q4 24 | $66.0M | $31.1M | ||
| Q3 24 | $40.1M | $27.5M | ||
| Q2 24 | $38.0M | $27.2M | ||
| Q1 24 | $39.3M | $28.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.0M | $-2.6M |
| Free Cash FlowOCF − Capex | $-2.2M | $-2.6M |
| FCF MarginFCF / Revenue | -38.8% | -49.3% |
| Capex IntensityCapex / Revenue | 20.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-8.5M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $-2.6M | ||
| Q3 25 | $-817.0K | $-3.6M | ||
| Q2 25 | $-5.5M | $-2.6M | ||
| Q1 25 | $1.5M | $-1.2M | ||
| Q4 24 | $-2.1M | $4.2M | ||
| Q3 24 | $-2.7M | $-207.3K | ||
| Q2 24 | $571.0K | $-157.9K | ||
| Q1 24 | $-1.9M | $248.2K |
| Q4 25 | $-2.2M | $-2.6M | ||
| Q3 25 | $-1.6M | $-3.6M | ||
| Q2 25 | $-5.6M | $-2.7M | ||
| Q1 25 | $907.0K | $-1.3M | ||
| Q4 24 | $-4.6M | $4.0M | ||
| Q3 24 | $-3.4M | $-489.6K | ||
| Q2 24 | $170.0K | $-609.6K | ||
| Q1 24 | $-2.2M | $143.3K |
| Q4 25 | -38.8% | -49.3% | ||
| Q3 25 | -23.4% | -50.6% | ||
| Q2 25 | -67.0% | -37.7% | ||
| Q1 25 | 13.5% | -17.9% | ||
| Q4 24 | -46.9% | 66.6% | ||
| Q3 24 | -53.0% | -8.7% | ||
| Q2 24 | 5.0% | -12.9% | ||
| Q1 24 | -65.2% | 2.3% |
| Q4 25 | 20.3% | 0.9% | ||
| Q3 25 | 11.5% | 1.0% | ||
| Q2 25 | 1.7% | 2.0% | ||
| Q1 25 | 8.8% | 1.8% | ||
| Q4 24 | 25.4% | 2.1% | ||
| Q3 24 | 10.3% | 5.0% | ||
| Q2 24 | 11.8% | 9.6% | ||
| Q1 24 | 6.4% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.06× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPSI
| Total Revenue | $4.0M | 70% |
| Other | $1.7M | 30% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
