Business
Pioneer Power Expects Full-Year 2022 Revenue Projected to Exceed its 50% Growth Target
E-Bloc Solution Drives Robust Organic Growth, Record Revenue and Backlog Since Transformer Division Sale; Accelerating e-Boost Revenue and Continued Strong
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"E-Bloc Solution Drives Robust Organic Growth, Record Revenue and Backlog Since Transformer Division Sale; Accelerating e-Boost Revenue and Continued Strong Demand for E-Bloc Expected to Exceed 2022 Performance in 2023\nFORT LEE, N.J., Feb. 8, 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 announced that based on preliminary and unaudited results, management expects to exceed its target of 50% year-over-year revenue growth for the year ended December 31, 2022.\nBased on preliminary and unaudited results, management believes that revenue during the fourth quarter of 2022 exceeded $10.0 million, representing the highest quarterly revenue since the sale of the Company's transformer business units in mid-2019, resulting in estimated full-year 2022 revenue of more than $27.5 million. As a result, management believes it has exceeded its target of 50% year-over-year revenue growth for the year ended December 31, 2022. \nNathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, \"The projected growth in our revenue by over 50% in 2022 was due to significant revenue from our E-Bloc offering, and we have additional E-Bloc revenue scheduled to be recognized in 2023. The preliminary and unaudited results to date include initial contributions from our e-Boost solutions, but the majority of our expected e-Boost revenue is expected to benefit 2023 and beyond. We continue to drive awareness for both our E-Bloc and e-Boost solutions, and demand is surging from a variety of end-customers and continues to build, as new use-cases are still being discovered and market adoption grows. Because E-Bloc and e-Boost are addressing an important and unmet need, many of these new applications are being suggested by prospective customers. The use-cases range from EV car importers to extend routes for last-mile deliveries and bus transportation. Our backlog at December 31, 2022 was approximately $37.0 million, an increase of nearly $14.0 million, or over 60%, when compared to total backlog of $22.8 million at December 31, 2021, and it continues to grow in the new year, fur...