Business
Pioneer's Third Quarter Revenue Increases 99.1% to a Record $12.4 Million; Grows Profitability to $0.10 in Quarterly EPS
Management Reiterates Guidance of Full Year Revenue of $42 to $45 Million, Full year positive EPS; Company Maintains $33.6 Million Backlog after Record
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 after Record Revenue Quarter\nFORT LEE, N.J., Nov. 14, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (\"Pioneer\" 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, 2023.\nFinancial Highlights for the Third Quarter of 2023:\nThird quarter revenue was $12.4 million, up approximately 99.1% and a record for the Company since divesting its transformer business units in August of 2019, as compared to $6.3 million for the third quarter of 2022.Third quarter gross profit was $3.7 million, or 29.8% of revenue, as compared to $861,000, or 13.8% of revenue for the third quarter of 2022.Third quarter operating income was $953,000, as compared to an operating loss of $1.4 million during the third quarter of 2022, an improvement of $2.4 million.Third quarter net income was $1.0 million, or $0.10 per basic and diluted share, compared to a net loss of $1.3 million, or negative $0.13 per basic and diluted share, for the same period last year.Pioneer maintains consolidated backlog at $33.6 million at September 30, 2023, effectively unchanged from June 30, 2023.The Company ended the third quarter with $7.6 million of cash on hand and no bank debt.The Company had $14.0 million of net operating loss carryforwards as of September 30, 2023.Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, \"The quarter's financial results reflect the continued market penetration and value proposition our suite of power solutions offer. E-Bloc continues to benefit from the exponential growth of the distributed generation market. Large industrial and commercial users of electricity are addressing the grid's inability, or anticipated inability, to meet their power consumption needs. In addition, alternative power systems can also supplement their power needs less expensively than their current utility rates. The market success of E-Bloc has allowed us to attract additional well-established engineering a...