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Side-by-side financial comparison of PIONEER POWER SOLUTIONS, INC. (PPSI) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.6M, roughly 1.0× PIONEER POWER SOLUTIONS, INC.). PIONEER POWER SOLUTIONS, INC. runs the higher net margin — -24.7% vs -3968.6%, a 3943.8% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -42.3%). PIONEER POWER SOLUTIONS, INC. produced more free cash flow last quarter ($-2.2M vs $-8.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 30.3%).
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 TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.6M | $5.7M |
| Net Profit | $-1.4M | $-227.9M |
| Gross Margin | 23.5% | 64.3% |
| Operating Margin | -19.4% | -159.2% |
| Net Margin | -24.7% | -3968.6% |
| Revenue YoY | -42.3% | 694.2% |
| Net Profit YoY | -103.8% | -7047.9% |
| EPS (diluted) | $-0.12 | $-3.89 |
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 | $5.7M | ||
| Q3 25 | $6.9M | $3.6M | ||
| Q2 25 | $8.4M | $2.1M | ||
| Q1 25 | $6.7M | $1.3M | ||
| Q4 24 | $9.8M | $723.0K | ||
| Q3 24 | $6.4M | — | ||
| Q2 24 | $3.4M | — | ||
| Q1 24 | $3.3M | — |
| Q4 25 | $-1.4M | $-227.9M | ||
| Q3 25 | $-2.4M | $84.3M | ||
| Q2 25 | $-1.3M | $-2.4M | ||
| Q1 25 | $-929.0K | $-2.6M | ||
| Q4 24 | $36.3M | $-3.2M | ||
| Q3 24 | $-1.1M | — | ||
| Q2 24 | $-2.3M | — | ||
| Q1 24 | $-1.0M | — |
| Q4 25 | 23.5% | 64.3% | ||
| Q3 25 | 9.3% | 75.4% | ||
| Q2 25 | 15.7% | 71.2% | ||
| Q1 25 | 2.2% | 73.4% | ||
| Q4 24 | 28.9% | 81.5% | ||
| Q3 24 | 23.7% | — | ||
| Q2 24 | 18.9% | — | ||
| Q1 24 | 16.1% | — |
| Q4 25 | -19.4% | -159.2% | ||
| Q3 25 | -21.0% | -601.5% | ||
| Q2 25 | -20.4% | -138.2% | ||
| Q1 25 | -34.8% | -203.8% | ||
| Q4 24 | -11.0% | -513.1% | ||
| Q3 24 | -11.1% | — | ||
| Q2 24 | -51.1% | — | ||
| Q1 24 | -52.1% | — |
| Q4 25 | -24.7% | -3968.6% | ||
| Q3 25 | -34.1% | 2336.8% | ||
| Q2 25 | -15.9% | -111.9% | ||
| Q1 25 | -13.8% | -196.5% | ||
| Q4 24 | 372.1% | -440.9% | ||
| Q3 24 | -17.5% | — | ||
| Q2 24 | -67.2% | — | ||
| Q1 24 | -31.2% | — |
| Q4 25 | $-0.12 | $-3.89 | ||
| Q3 25 | $-0.21 | $2.23 | ||
| Q2 25 | $-0.12 | $-1.79 | ||
| Q1 25 | $-0.09 | $-2.51 | ||
| Q4 24 | $3.31 | $10.41 | ||
| Q3 24 | $-0.10 | — | ||
| Q2 24 | $-0.21 | — | ||
| Q1 24 | $-0.10 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $29.3M | $406.5M |
| Total Assets | $35.5M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | $18.0M | $10.4M | ||
| Q1 25 | $25.8M | $12.2M | ||
| Q4 24 | $41.6M | $12.5M | ||
| Q3 24 | $3.1M | — | ||
| Q2 24 | $6.5M | — | ||
| Q1 24 | $6.2M | — |
| Q4 25 | $29.3M | $406.5M | ||
| Q3 25 | $30.7M | $639.1M | ||
| Q2 25 | $33.0M | $19.4M | ||
| Q1 25 | $34.5M | $14.6M | ||
| Q4 24 | $35.4M | $16.2M | ||
| Q3 24 | $14.7M | — | ||
| Q2 24 | $15.8M | — | ||
| Q1 24 | $18.1M | — |
| Q4 25 | $35.5M | $411.2M | ||
| Q3 25 | $37.6M | $661.9M | ||
| Q2 25 | $39.1M | $23.7M | ||
| Q1 25 | $47.5M | $18.4M | ||
| Q4 24 | $66.0M | $20.6M | ||
| Q3 24 | $40.1M | — | ||
| Q2 24 | $38.0M | — | ||
| Q1 24 | $39.3M | — |
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 | $-8.0M |
| Free Cash FlowOCF − Capex | $-2.2M | $-8.0M |
| FCF MarginFCF / Revenue | -38.8% | -139.3% |
| Capex IntensityCapex / Revenue | 20.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-8.5M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $-8.0M | ||
| Q3 25 | $-817.0K | $-9.4M | ||
| Q2 25 | $-5.5M | $-2.3M | ||
| Q1 25 | $1.5M | $-1.1M | ||
| Q4 24 | $-2.1M | $-1.9M | ||
| Q3 24 | $-2.7M | — | ||
| Q2 24 | $571.0K | — | ||
| Q1 24 | $-1.9M | — |
| Q4 25 | $-2.2M | $-8.0M | ||
| Q3 25 | $-1.6M | $-9.4M | ||
| Q2 25 | $-5.6M | $-2.3M | ||
| Q1 25 | $907.0K | $-1.1M | ||
| Q4 24 | $-4.6M | $-2.0M | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $170.0K | — | ||
| Q1 24 | $-2.2M | — |
| Q4 25 | -38.8% | -139.3% | ||
| Q3 25 | -23.4% | -261.4% | ||
| Q2 25 | -67.0% | -107.8% | ||
| Q1 25 | 13.5% | -87.0% | ||
| Q4 24 | -46.9% | -279.9% | ||
| Q3 24 | -53.0% | — | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | -65.2% | — |
| Q4 25 | 20.3% | 0.1% | ||
| Q3 25 | 11.5% | 0.4% | ||
| Q2 25 | 1.7% | 0.1% | ||
| Q1 25 | 8.8% | 5.1% | ||
| Q4 24 | 25.4% | 22.1% | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 11.8% | — | ||
| Q1 24 | 6.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| 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% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
