Business
Pioneer Power Increases Revenue 72%, Triples Gross Margin, as e-Bloc and E-BOOST EV-Charging Solutions Drive Growth
Backlog Increases to $24 Million, Largest Since Sale of Transformer Business, Reflecting Demand for e-Bloc and E-BOOST Products FORT LEE, N.J., May 16, 2022
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Backlog Increases to $24 Million, Largest Since Sale of Transformer Business, Reflecting Demand for e-Bloc and E-BOOST Products \nFORT LEE, N.J., May 16, 2022 /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 first quarter ended March 31, 2022.\n\nBusiness Highlights for the First Quarter of 2022:\nAccelerated sales of e-Bloc with more than $1.3 million sold in Q1. Approximately $15.2 million of the backlog reflects e-Bloc orders.Recognized $788,000 in revenue from E-BOOST mobile EV charging solutions.Received initial order for two E-BOOST units from Navistar, a leading manufacturer and solutions provider of trucks and buses. Both units were delivered in early May and were featured at the 2022 Advanced Clean Transportation (ACT) Expo, the largest advanced transportation technology and clean fleet event.Backlog increased to $24.0 million at March 31, 2022, compared to $22.8 million at December 31, 2021 and $17.1 million at March 31, 2021. This is the highest backlog since the Company sold its transformer business over 30 months ago.Financial Highlights for the First Quarter of 2022:\nRevenue increased 72% to $6.0 million for the three months ended March 31, 2022, as compared to $3.5 million for the three months ended March 31, 2021. The $6.0 million in revenue is the highest quarterly revenue level since the fourth quarter of 2019.Gross profit increased over 450% to $875,000 for the three months ended March 31, 2022, or 14.5% gross margin, as compared to $159,000 for the three months ended March 31, 2021, or 4.5% gross margin, reflecting higher volumes, and specifically the contribution of newly introduced EV-charging solutions, as well as improved productivity.Total operating loss narrowed by $235,000 to $871,000, even as the Company increased selling, general and administrative expenses by $481,000 to support its new strategic initiatives.Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, \"The first quarter of 2022 reflects the initial, strong contribution from our new e-Bl...