Business
Pioneer Files Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2024; Reiterates Full Year 2024 Guidance
Backlog Surges to $67 Million; up 46% Sequentially Expects Strong Second Half of 2024 with Significant Growth in Revenue and EPS Management to Host Investor
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"\nBacklog Surges to $67 Million; up 46% Sequentially\n\nExpects Strong Second Half of 2024 with Significant Growth in Revenue and EPS\n\nManagement to Host Investor Conference Call at 4:30 pm ET on October 30, 2024\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 June 30, 2024, with the U.S. Securities and Exchange Commission (the \"SEC\").\n\nThe Company also announced that management reaffirmed 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, \"In just three months, our backlog of orders grew 46% to $67 million at the end of June demonstrating robust demand for both our E-Bloc and e-Boost power solutions. This backlog of confirmed orders is a clear indication of significantly higher sales and increasing profitability in the second half of 2024 compared to the first half of the year.”\n\nRecent Business Highlights\n\n\nReceived an order valued at $5 million for our mobile e-Boost charging solution from a major U.S. municipality to support electrification of its EV fleet\n\n\nReceived an initial order valued at $7 million for our mobile e-Boost charging solution from a large metro school district to support its fleet of electric school buses\n\n\nReceived a large substation order valued at more than $3 million from one of the nation’s largest utilities\n\n\nReceived an order for an E-Bloc power solution valued at approximately $2 million for a large military distributed generation system\n\n\nReceived an order for an E-Bloc power solution valued at approximately $1 million from a repeat customer, a major California truck charging depot\n\n\nThe Company is now current with all SEC filings to date\n\n\n2024 Outlook\n\nManagement expects revenue of $52 to $54 million for the full year 2024, which represents year-over-year growth of approximately 30% and EPS of $0.31 to $0.34.\n\nThe foregoing proj...