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Pioneer Power Solutions, Inc. (symbol: PPSI) is a distinguished leader in the design and manufacture of specialized electrical equipment, serving a vast array of markets across North America. With a history spanning over 95 years, the company has built a stellar reputation for innovation, quality, and reliability. Pioneer Power's product portfolio is extensive, featuring a diverse range of liquid-filled and dry-type power, distribution, and specialty electrical transformers designed to meet the needs of the utility, industrial, commercial, OEM, and critical power sectors.
In addition to transformers, the company has expanded its capabilities to include advanced switchgear and controls, ensuring seamless protection against power outages and efficient management of electricity generation and distribution. This strategic enhancement allows Pioneer Power to offer comprehensive solutions that align with the evolving demands of the power grid and critical infrastructure.
Operating through two primary segments - Transmission and Distribution Solutions (T&D Solutions) and Critical Power Solutions (Critical Power) - Pioneer Power Solutions provides a wide range of products and services. These include custom-engineered electrical transformers, switchgear, engine-generator sets, and controls. The company also offers a national field-service network dedicated to maintaining and repairing power generation assets, ensuring the longevity and optimal performance of its products.
The company's commitment to excellence is reflected in its adherence to stringent design technology standards, superior product quality, and durability. Pioneer Power's steadfast dedication to on-time delivery further underscores its role as a reliable partner in a dynamic and rapidly changing marketplace.
Pioneer Power generates the majority of its revenue from the United States, demonstrating a strong domestic presence. Recent achievements highlight the company's innovative approach to product development and its ability to adapt to market changes, solidifying its position as a key player in the electrical equipment industry.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) will host a conference call on March 30, 2023, at 5:00 p.m. ET to discuss its 2022 fourth quarter and year-end financial results. Interested participants can join by calling 1-877-423-9813 (U.S.) or 1-201-689-8573 (internationally). A replay will be available until April 6, 2023, via 1-844-512-2921 (U.S.) or 1-412-317-6671 (international). The call will also be available via a live webcast accessible at the official site.
Pioneer Power Solutions (Nasdaq: PPSI) announced expected 2022 revenue exceeding $27.5 million, reflecting over 50% annual growth driven by its E-Bloc solutions. For Q4 2022, revenue surpassed $10 million, the highest since the transformer business sale in 2019. The backlog as of December 31, 2022, rose to approximately $37 million, a 60% increase from 2021. CEO Nathan Mazurek emphasized strong demand for E-Bloc and e-Boost products, with further revenue expected in 2023. The company reported $10.3 million in cash, supporting continued marketing of its solutions. A formal outlook will be shared in March 2023.
Pioneer Power Solutions (Nasdaq: PPSI) has received multiple orders for its innovative e-Boost mobile EV charging solution, indicating strong market acceptance. Merchants Fleet has ordered two trailer-mounted e-Boost units to complement their EV charging offerings. Additionally, an existing customer has purchased two skid-mounted e-Boost systems for medium-duty EV trucks, reaffirming the product's effectiveness. CEO Nathan Mazurek projects that e-Boost revenue will double in 2023, emphasizing its role in accelerating EV infrastructure deployment.
Pioneer Power Solutions (Nasdaq: PPSI) announced a cash inflow of $6.2 million from the full payment of notes related to the 2019 sale of its transformer business. This payment strengthens Pioneer’s financial position, increasing its cash reserves to approximately $11.0 million. The company emphasized its commitment to invest in EV charging infrastructure and related solutions, bolstered by a now debt-free balance sheet. As stated by CEO Nathan Mazurek, the completion of this transaction allows for continued development and commercialization efforts through 2023.
Pioneer Power Solutions (Nasdaq: PPSI) announced a significant order for E-Bloc units from a water utility agency in Central California, expected to generate over $5 million in revenue. This deal enhances Pioneer's backlog as it aims to meet 2023 growth targets. The E-Bloc systems will support distributed energy management, aiding the utility in optimizing power utilization and reducing carbon emissions. Pioneer's CEO emphasized the growing demand for E-Bloc in unserved markets, particularly among aging water systems in North America, which average 45 years old.
Pioneer Power Solutions (Nasdaq: PPSI) reported a significant increase in backlog, which grew 157% year-over-year to $27.9 million. The company anticipates a 50% growth in revenue for 2022, driven by a 79% increase in E-Bloc sales. Q3 revenue reached $6.3 million, a 10% increase from the previous year, with gross profit up 21% to $861,000. However, operating losses widened to $1.4 million due to increased investments in E-Bloc and e-Boost initiatives. Management remains optimistic about continued demand and growth into 2023.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) will host a conference call on November 14, 2022, at 5:00 p.m. ET to discuss its 2022 third quarter financial results. Interested participants can join by calling 1-866-409-1555 within the U.S. or 1-786-789-4797 internationally, using confirmation code 3332617. A replay of the call will be available until November 21, 2022. The live webcast can be accessed at Pioneer Power's webcast.
Pioneer Power Solutions (Nasdaq: PPSI) announced it will supply two 400 kW propane-powered e-Boost mobile charging systems to Heliox Energy. These systems will enable fast charging of VinFast EVs at the Port of Benicia, California, before delivery to consumers. The systems aim to meet a growing demand for EV charging solutions as manufacturers like VinFast look to overcome existing infrastructure challenges. Pioneer expects delivery of the e-Boost systems by Q1 2023, positioning itself as a key player in the burgeoning EV market.
Pioneer Power Solutions (Nasdaq: PPSI) announced an $8 million purchase order from a major global automaker for its E-Bloc electrical solution, aimed at powering the automaker's new electric vehicle campus. This order enhances Pioneer's project backlog, now exceeding $35 million. The automaker's investment in EV infrastructure is driven by rising demand for electric vehicles. This order is expected to significantly boost Pioneer's revenue in 2023. Delivery of the E-Bloc solution is scheduled for Q3 2023.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) announced its participation in the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022. On September 13 at 11:30 a.m. Eastern, Chairman Nathan Mazurek and CFO Walter Michalec will present an overview of the Company’s operations. Attendees can join both in-person at the Lotte New York Palace Hotel and virtually. Additional details can be found on the event website. Pioneer Power specializes in designing and manufacturing electrical power systems and mobile EV charging solutions.
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