Delivers Positive Full-Year Net Income vs. Net
Loss in 2022;
Backlog Surges to $46 Million; up 36%
Sequentially;
Expects Continued, Rapid Growth in Revenue, EPS
and Operating Margins in 2024;
Guides to $52 to $54 Million in Revenue and
$0.31 to $0.34 in EPS for Full-Year 2024
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 announced unaudited preliminary
financial results for the fourth quarter and 12 months ended
December 31, 2023 and provided a business update.
Preliminary Financial Highlights for the Full Year 2023
(Unaudited):
- Revenue was $40.8 million, as compared to $27.0 million during
2022, an increase of 51.1%.
- Gross profit was $10.4 million, or a gross margin of 25.5%, as
compared to $4.6 million, or a gross margin of 17.1%, for 2022.
Gross profit increased 125% and gross margin increased 840 basis
points.
- Loss from operations was $617,000, compared to a loss of $4.0
million during 2022, a $3.4 million improvement year-over-year. The
Company recognized $1.5 million of non-cash, stock-based
compensation expense during 2023, as compared to $1.0 million
during 2022.
- Net income was $138,000, or $0.01 per share, compared to a net
loss of $3.6 million, or $(0.37) per share last year, a tremendous
improvement of $3.7 million.
- The Company had $14.6 million of federal net operating loss
carryforwards as of December 31, 2023.
- Total backlog surged to $45.9 million as of December 31, 2023,
up 36% as compared to $33.6 million as of September 30, 2023, and
up 23% as compared to $37.2 million as of December 31, 2022.
Business Highlights for the Full Year 2023
- Delivered a significant increase in mobile charging power via
its suite of e-Boost© charging products during 2023; 7,500 charging
sessions/220mwh of mobile charging power compared to 350 charging
sessions/7.5mwh during 2022.
- Delivered $9 million of E-Bloc product and related equipment to
one of the world’s largest automakers for their new EV design and
manufacturing campus.
- Delivered $6 million of E-Bloc products and related equipment
to three water districts located in California as part of their
efforts to decrease their grid reliance.
- Introduced and immediately booked orders for a new and
innovative E-Bloc solar microgrid series of equipment.
- Awarded a three-year service agreement from a large U.S.
cellular carrier valued at approximately $5 million over three
years.
- Completed a turnkey distributed generation project at Miami
International Airport valued at approximately $700,000.
- Delivered six new e-Boost units to customers, doubling
deliveries compared to 2022.
Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer,
said, “We delivered a record $40.8 million in revenue during 2023,
representing rapid growth of more than 50% over last year,
primarily due to increased sales of our E-Bloc power systems and
related equipment, despite a shift in the timing from the fourth
quarter of 2023 to throughout 2024 of certain orders valued at
approximately $4.5 million. Momentum continues to strengthen with
our E-Bloc product as governments, utilities and commercial
enterprises seek solutions that address the rapidly increasing need
for more power. In tandem with our revenue growth, gross margins
expanded to 25.5% during 2023.”
“Today’s grid infrastructure will not be able to meet the
accelerating demand for power for many years to come,” Mazurek
continued. “Our E-Bloc series of products such as our solar micro
grid line, mini substations, and our charge port series support the
installation and throughput of distributed power generation
resources and, indeed, enable the deployment of electrical power
with greater speed and efficiency. The surge in orders for our
E-Bloc product is a strong indicator of the traction we are
experiencing. With additional product launches planned in 2024, we
believe there is tremendous opportunity for additional revenue and
earnings growth as well as margin expansion.”
Mazurek concluded, “We are aggressively marketing our suite of
e-Boost mobile EV charging products to electric bus and truck
manufacturers, fleet management companies, municipalities and EV
infrastructure providers. As awareness of these solutions expands,
actual orders for e-Boost have similarly surged, making it a
significant driver of the increase in our order backlog at year
end. The increasing adoption of electric vehicles by school
districts and municipalities, indeed, the overall electrification
of all means of transportation, airport ground service equipment
and even construction and agricultural equipment, provide a strong
tailwind for continued growth in this portion of our business.
Strong market demand, a robust backlog and a steady generation of
new opportunities give us a high level of confidence for an even
stronger and more profitable 2024.”
Preliminary Fourth Quarter 2023 Financial Results
(Unaudited)
Revenue
Consolidated revenue for the three months ended December 31,
2023, was $7.7 million, a decrease of 19%, as compared to $9.5
million during the fourth quarter of last year, primarily due to
the timing of certain orders shifting from the fourth quarter of
2023 to throughout 2024. Revenue from the Electrical Infrastructure
segment decreased by 31%, and revenue from the Critical Power
segment increased by 23% during the fourth quarter of 2023 as
compared to the same period last year.
Gross Profit/Margin
Consolidated gross profit for the fourth quarter of 2023 was
$1.8 million, or 22.7% of revenue, compared to $2.8 million, or 29%
of revenue, for the same period in 2022. The decrease in
consolidated gross profit and margin is primarily due to the
reduction in revenue as a result of certain orders shifting from
the fourth quarter of 2023 to 2024.
Operating Income (Loss)
For the three months ended December 31, 2023, loss from
operations was $1.2 million, as compared to income from operations
of $759,000 during the fourth quarter of 2022, a decrease of
approximately $2.0 million.
Net Income (Loss)
The Company’s net loss during the three months ended December
31, 2023, was $689,000, or $(0.07) per basic and diluted share, as
compared to net income of $948,000, or $0.10 per basic and diluted
share, during the same period last year.
Preliminary Full Year 2023 Financial Results
(Unaudited)
Consolidated revenue for the 12 months ended December 31, 2023,
was $40.8 million, an increase of 51% compared to $27.0 million for
the 12 months ended December 31, 2022. Revenue from the Electrical
Infrastructure segment increased by 71%, and revenue from the
Critical Power Solutions segment increased by 16% for 2023 as
compared to last year.
Gross profit for 2023 was $10.4 million, or 25.5% of revenue,
compared to $4.6 million, or 17.1% of revenues, for last year, an
increase of $5.8 million or 840 basis points.
Operating loss was $617,000 for the year ended December 31,
2023, as compared to $4.0 million for the year ended December 31,
2022, an improvement of $3.4 million. The Company’s net income for
2023 was $138,000, or $0.01 per basic and diluted share, compared
to a net loss of $3.6 million, or ($0.37) per basic and diluted
share, for 2022.
Preliminary Balance Sheet (Unaudited)
As of December 31, 2023, the company had working capital of
$13.2 million, including $7.5 million of cash, compared to working
capital of $14.1 million, including $10.3 million of cash on hand
at December 31, 2022.
2024 Outlook
Management expects revenue of $52 to $54 million for the full
year 2024, which represents year-over-year growth of approximately
30% and EPS of $0.31 to $0.34.
The foregoing projected outlook constitutes forward-looking
information and is intended to provide information about
management's current expectations for the Company's 2024 fiscal
year. Although considered reasonable as of the date hereof, this
outlook, and the underlying assumptions may prove to be inaccurate.
Accordingly, actual results could differ materially from the
Company's expectations as set forth herein. See "Forward-Looking
Statements".
In preparing the above outlook, the Company assumed, among other
things, (i) that the Company’s backlog orders will translate into
revenue, (ii) that the Company will be able to satisfactorily
complete and deliver all orders and (iii) the timely payment by
customers for all billings. This section includes forward-looking
statements. See "Forward-Looking Statements".
Earnings Conference Call:
Management will host a conference call Monday, April 1, 2024, at
5 p.m. Eastern Time to discuss Pioneer’s 2023 fourth quarter and
full-year 2023 financial results with the investment community.
Anyone interested in participating should call 1-800-267-6316 if
calling within the United States or 1-203-518-9783 if calling
internationally. When asked, please reference conference ID:
PIONEER.
A replay will be available until Monday, April 8, 2024, which
can be accessed by dialing 1-844-512-2921 if calling within the
United States or 1-412-317-6671 if calling internationally. Please
use Access ID: 11155248 to access the replay.
The call will also be accompanied live by webcast over the
Internet and accessible at
https://viavid.webcasts.com/starthere.jsp?ei=1662001&tp_key=d705ac3c63.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design,
manufacture, integration, refurbishment, service and distribution
of electric power systems, distributed energy resources, power
generation equipment and mobile EV charging solutions for
applications in the utility, industrial and commercial markets. To
learn more about Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Forward-looking statements are not
guarantees of future performance, are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
Company’s ability to successfully increase its revenue and profit
in the future, (ii) general economic conditions and their effect on
demand for electrical equipment, (iii) the effects of fluctuations
in the Company’s operating results, (iv) the fact that many of the
Company’s competitors are better established and have significantly
greater resources than the Company, (v) the Company’s dependence on
two customers for a large portion of its business, (vi) the
potential loss or departure of key personnel, (vii) unanticipated
increases in raw material prices or disruptions in supply, (viii)
the Company’s ability to realize revenue reported in the Company’s
backlog, (ix) future labor disputes, (x) changes in government
regulations, (xi) the liquidity and trading volume of the Company’s
common stock, (xii) an outbreak of disease, epidemic or pandemic,
such as the global coronavirus pandemic, or fear of such an event,
and (xiii) risks associated with litigation and claims, which could
impact our financial results and condition.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual and Quarterly Reports on
Form 10-K and Form 10-Q, respectively. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at www.sec.gov. The Company assumes no obligation to
publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240401443623/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
Pioneer Power Solutions (NASDAQ:PPSI)
過去 株価チャート
から 4 2024 まで 5 2024
Pioneer Power Solutions (NASDAQ:PPSI)
過去 株価チャート
から 5 2023 まで 5 2024