7. EQUITY-METHOD INVESTMENT

On October 29, 2024, in connection with the sale of the Company’s former wholly owned subsidiary, Pioneer Custom Electrical Products Corp. (“PCEP”), to Voltaris Power, LLC (“Voltaris”), the Company retained an indirect equity interest in Voltaris through Rollover Common Units of Pioneer Investment LLC (the “Investment”). The Company accounts for the Investment under the equity method in accordance with ASC 323. The Company reports its share of investee results on a one-quarter lag; accordingly, the Company’s share of investee earnings or losses for the three months ended March 31, 2026, reflects investee results for the three months ended December 31, 2025.

On February 27, 2026, the Company exercised its preemptive rights and funded $226 in cash to subscribe for its pro-rata share of a new class of senior preferred interests (the “Preferred Interests”) in the Investment. The Preferred Interests have senior distribution priority and a stated return threshold equal to the greater of a 20% Internal Rate of Return (“IRR”) (compounded quarterly) or 2.0x Multiple on Invested Capital (“MOIC”), are non-voting, and are redeemable at the issuer’s option. The Company’s pro-rata common unit ownership was unchanged during the three months ended March 31, 2026. The Company’s Preferred Interests subscription has been recorded as an additional capital contribution to the Investment.

During the three months ended March 31, 2026, and 2025, the Company recognized a loss from the Investment of $644 and $57, respectively, which is included in other expense in the unaudited condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the carrying value of the Investment was $0 and $418, respectively, and the Company has suspended further loss recognition in accordance with ASC 323-10-35-20.