Business
Pioneer Power Delivers Quarterly Revenue of $9.5 Million, Up 172% Year-over-Year and 52% Sequentially, Driven by Demand for E-Bloc Solution
Full-Year Revenue Up 48% to $27.0 Million, Backlog Grows 63% Year-Over-Year to $37.2 Million; Fourth Quarter Earnings per Share of $0.10; Management Expects
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Full-Year Revenue Up 48% to $27.0 Million, Backlog Grows 63% Year-Over-Year to $37.2 Million; Fourth Quarter Earnings per Share of $0.10; Management Expects Positive EPS for Full-Year of 2023; Company Expects Full Year Revenue Growth of At Least 50% for 2023\nFORT LEE, N.J., March 30, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (\"Pioneer\", \"Pioneer Power\" 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 provided a business update and announced financial results for the fourth quarter and full-year ended December 31, 2022.\nFinancial Highlights for the Fourth Quarter and Full-Year of 2022:\nFourth quarter revenue increased approximately 172% to $9.5 million, as compared to $3.5 million for the fourth quarter of 2021.Full-Year revenue increased 48% to $27.0 million compared to $18.3 million.Pioneer's total backlog was $37.2 million at December 31, 2022, a record since the Company sold its transformer business units three years ago, up 33% as compared to $27.9 million at September 30, 2022, and up 63% as compared to $22.8 million at December 31, 2021.Fourth quarter gross profit increased significantly to $2.8 million, or a 29.0% gross margin, as compared to gross profit of $25,000, or a 0.7% gross margin, for the fourth quarter of 2021.Full-year gross profit was $4.6 million, or a 17.1% gross margin, compared to gross profit of $1.4 million, or a 7.6% gross margin, in 2021.Fourth quarter total operating income was $760,000, compared to an operating loss of $1.5 million in the fourth quarter of last year.Full-year operating loss was $4.0 million compared to an operating loss of $3.9 million in 2021. The Company recognized $1.0 million of non-cash, stock-based compensation expense during 2022, as compared to $186,000 during 2021.Fourth quarter net income was $948,000, or $0.10 per basic and diluted share, compared to a net loss of $1.4 million, or $(0.16) per basic and diluted share, last year.Full-year net loss was $3.6 million, or $(0.37) per share, compared to $2.2 million, or $(0.24) per share last year.The Company had $14.3 million of net operating loss carryforwards at December 31, 2022.Nathan Mazurek, Pioneer's Chairman an...