Business
Pioneer Reports 10% Revenue Growth for the Third Quarter of 2022, Driven By 79% Growth in E-Bloc Sales
Backlog Increases 157% Year-Over-Year and 15% Sequentially to $27.9 Million,Company Reiterates Expectation of 50% Year-over-Year Full Year Revenue Growth for
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Backlog Increases 157% Year-Over-Year and 15% Sequentially to $27.9 Million,Company Reiterates Expectation of 50% Year-over-Year Full Year Revenue Growth for 2022\nFORT LEE, N.J., Nov. 14, 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 third quarter and nine months ended September 30, 2022.\nBusiness Highlights for the Third Quarter of 2022:Pioneer continued to increase market traction for its E-Bloc solution, with E-Bloc revenue growing 79% to $3.4 million as compared to $1.9 million for the same period last year. Approximately 50% of the total backlog at the end of the third quarter reflects E-Bloc orders, reinforcing management's confidence in achieving full-year revenue goals in 2022 and continued outsized revenue growth in 2023.Pioneer's total backlog increased to $27.9 million at September 30, 2022, compared to $24.3 million (revised) at June 30, 2022, $23.6 million (revised) at March 31, 2022 and $22.8 million at December 31, 2021. The Company's total backlog at September 30, 2022 was at record levels since the Company sold its transformer business units three years ago.Financial Highlights for the Third Quarter of 2022:Revenue increased approximately 10% to $6.3 million for the three months ended September 30, 2022, as compared to $5.7 million for the three months ended September 30, 2021. Revenue during the third quarter reflected increased sales of our E-Bloc power systems.Gross profit increased approximately 21% to $861,000, or a 13.8% gross margin, for the three months ended September 30, 2022, as compared to gross profit of $713,000, or a 12.5% gross margin, for the three months ended September 30, 2021 as a result of the increase in sales of our E-Bloc power systems.Total operating loss during the third quarter of 2022 was $1.4 million, compared to an operating loss of $518,000 in the third quarter of last year, reflecting ongoing investments in the Company's E-Bloc and e-Boost initiatives. The Company recognized $143,000 of non-cash, stock-based compensation expense durin...