Business
Pioneer Power Increases Revenue 149% during the Second Quarter to a Record $12.1 Million; Gross Profit Increases to $2.7 Million, Achieving a 22% Gross Margin
Management Reiterates Guidance of Full Year Revenue of $42 to $45 Million, Full year positive EPS; Company Maintains $33.6 Million Backlog FORT LEE, N.J.,
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Management Reiterates Guidance of Full Year Revenue of $42 to $45 Million, Full year positive EPS; Company Maintains $33.6 Million Backlog\nFORT LEE, N.J., Aug. 14, 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 second quarter and six months ended June 30, 2023.\nFinancial Highlights for the Second Quarter of 2023:\nSecond quarter revenue increased approximately 149% to a record (since divesting the transformer business in 2019) of $12.1 million, as compared to $4.9 million for the second quarter of 2022.Pioneer's total backlog at June 30, 2023 was $33.6 million compared to $24.3 million at June 30, 2022, and $37.2 million at December 31, 2022.Second quarter gross profit was $2.7 million, or a 22.4% gross margin, as compared to a gross profit of $63,000, or a 1.3% gross margin, for the second quarter of 2022.Second quarter total loss from operations was $378,000, which is inclusive of $819,000 in one-time non-cash stock-based compensation, compared to an operating loss of $2.5 million (inclusive of $658,000 in one-time non-cash stock-based compensation) in the second quarter of last year.Excluding the one-time non-cash stock-based compensation, Pioneer Power generated income from operations of approximately $441,000 during the second quarter of 2023, as compared to an operating loss of $1.9 million (excluding one-time non-cash stock-based compensation) during the second quarter of last year.Second quarter net loss was $319,000, or $(0.03) per basic and diluted share, compared to a net loss of $2.5 million, or $(0.26) per basic and diluted share, for the same period last year.Excluding one-time non-cash stock-based compensation for both periods, the Company generated approximately $0.05 in earnings per share compared to $(0.19) of negative earnings per share during the second quarter of 2022.The Company had cash on hand of $9.6 million at June 30, 2023 compared to $10.3 million at December 31, 2022.The Company had $14.2 million of net operating loss carryforwards at June 30, 2023.Nathan ...