Business
Pioneer Power Reports Third Quarter 2021 Financial Results
Also Notes Accelerating Growth of E-Bloc and Recent Launch of E-Boost© Products for the EV Charging Market FORT LEE, N.J., Nov. 16, 2021 /PRNewswire/ --
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Also Notes Accelerating Growth of E-Bloc and Recent Launch of E-Boost© Products for the EV Charging Market\n\n\nFORT LEE, N.J., Nov. 16, 2021 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (\"Pioneer\" \"Pioneer Power\" or the \"Company\"), a leader in the design, manufacture and integration of electric power systems and service, including on site power, circuit protective and control power solutions, today provided a business update and announced its financial results for the third quarter and nine months ended September 30, 2021.\nRecent Business Highlights and Third Quarter 2021 Financial Results:\nAccelerating sales of E-Bloc with more than $1.8 million of equipment sold and delivered during Q3 2021 Launched E-Boost, a unique suite of three mobile electric vehicle (EV) charging solutions Paid a special cash dividend of $0.12 per common share for an aggregate distribution of approximately $1 million Strengthened balance sheet with $8.7 million in net proceeds from the sales of common stock at an average price of $10.1288 per share under the ATM program Revenue of $5.7 million during Q3 2021, up 40.3% when compared to $4.1 million in Q3 2020 Cash provided by operating activities was $839,000 during the nine months ended September 30, 2021, as compared to cash used in operating activities of $1.3 million in the year ago periodNathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, \"The recent launch of E-Boost, our revolutionary suite of mobile EV charging solutions, and the accelerating growth of E-Bloc sales mark the success of our strategic shift to the multi-billion-dollar EV charging and distributed generation markets. We have applied our decades of power solution expertise to the design and manufacture of these unique products; E-Boost to address the largely unmet need for mobile charging and E-Bloc to streamline and simplify the installation demand for more high-capacity charging.\"\n\"These new offerings are key levers for our continued growth, and already represent a significant portion of our overall business,\" continued Mazurek. \"In addition, we strengthened our balance sheet with $8.7 million in net proceeds from a recent sale of common stock providing Pioneer with the working capital it needs to pursue, win and deliver on a growing number of market opportunities in the EV charging and...