Business
Pioneer Announces Filing of Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2024
Reaffirms Full-Year 2024 Guidance of $52 to $54 Million in Revenue and $0.31 to $0.34 in EPS; Expects to File Second Quarter 10-Q and Host Investor
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"\nReaffirms Full-Year 2024 Guidance of $52 to $54 Million in Revenue and $0.31 to $0.34 in EPS;\n\nExpects to File Second Quarter 10-Q and Host Investor Conference Call to Discuss First Half 2024 Financial Results in the Coming Weeks\n\n FORT LEE, N.J.--(BUSINESS WIRE)--\nPioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced that the Company filed its quarterly report on Form 10-Q for the quarter ended March 31, 2024, with the U.S. Securities and Exchange Commission (the “SEC”).\n\nThe Company also announced that management is reaffirming guidance for the full year 2024 of $52 to $54 million in revenue, which represents year-over-year growth of approximately 30%, and $0.31 to $0.34 in EPS.\n\nNathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, commented, “The ever growing market demand for our E-Bloc and e-Boost power solutions reinforces our confidence for delivering both strong growth and significantly improved profitability for 2024. As of the end of the first quarter, we had an order backlog of $45.9 million, most of which is to be delivered over the next 12 months, and we have a growing number of new business opportunities that we believe will further boost our backlog number in the coming months. Importantly, the expected timing of the delivery of customer orders indicates the second half of 2024 sales will be significantly higher than the first half of the year.”\n\nThe Company expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2024, with the SEC in the coming weeks and host a conference call with the investment community shortly after filing.\n\nRecent Business Highlights\n\n\nReceived an order valued over $5 million for its e-Boost mobile EV charging solutions from a major U.S. metro transit authority.\n\n\nReceived an order from one of the largest public school districts in the United States for 25 e-Boost Mobile units to power the school district’s electric school bus fleet. The order, valued at $7.1 million, is likely to grow to more than $8.0 million with the expected addition of planned contingency measures.\n\n\nReceived orders from multi...