Business
Pioneer Power Announces Preliminary Q4 and Full Year 2024 Financial Results
FORT LEE, N.J., February 19, 2025--Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" or the "Company"), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle ("EV") charging solutions, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024, showcasing a year of remarkable growth and improved profitability. These preliminary unaudited f
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Preliminary Fourth Quarter 2024 Revenue from Continuing Operations of $9.8 Million; Up 265% Year-Over-Year ","length":106,"tagName":"p","attribs":{}},{"type":"text","content":"FORT LEE, N.J., February 19, 2025--(BUSINESS WIRE)--Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" or the "Company"), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle ("EV") charging solutions, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024, showcasing a year of remarkable growth and improved profitability. These preliminary unaudited financial results exclude our T&D Solutions segment due to the previously announced sale of that business unit for $50 million in cash and equity to Mill Point Capital on October 29, 2024.","length":738,"tagName":"p"},{"type":"text","content":"Preliminary (Unaudited) Financial Highlights from the Critical Power Segment for Q4 2024","length":88,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue was $9.8 million, as compared to $2.7 million for the same quarter in 2023, an increase of $7.1 million, or 265%.","length":121,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Gross profit was $2.8 million, or a gross margin of 29%, as compared to $610,000, or a gross margin of 23%, for the same quarter in 2023.","length":137,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Operating income, excluding R&D expense and non-recurring professional fees, was $1.5 million, as compared to a loss of $66,000 for the same quarter in 2023, a year-over-year improvement of $1.6 million.","length":207,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":465,"olType":false},{"type":"text","content":"Preliminary (Unaudited) Financial Highlights from the Critical Power Segment for the Full Year 2024","length":99,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue was $22.9 million, as compared to $11.1 million for the year ended December 31, 2023, an increase of 106%.","length":114,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Gross profit was $5.5 million, or a gross margin of 24%, as compared to $2.2 million, o...