Welcome to our dedicated page for Pioneer Power Solutions news (Ticker: PPSI), a resource for investors and traders seeking the latest updates and insights on Pioneer Power Solutions stock.
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 (Nasdaq: PPSI) reported a 40.3% increase in Q3 2021 revenue, totaling $5.7 million compared to $4.1 million in Q3 2020, driven by higher switchgear sales. The company launched E-Boost, a mobile EV charging solution, and reported a net loss of $434,000 or $(0.05) per share for the quarter. Despite this, a notable 121% increase in gross profit for the nine months to $1.4 million reflects improved pricing and cost management. The company strengthened its balance sheet with $8.7 million in net proceeds from stock sales.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) has announced the launch of its E-Boost portfolio, a range of mobile Electric Vehicle (EV) charging solutions. This launch aligns with the growing demand for high-capacity mobile charging as the EV market expands. The E-Boost lineup includes the E-Boost G.O.A.T., E-Boost Mobile, and E-Boost Pod, designed to facilitate convenient charging in various settings, thereby addressing 'range anxiety' among EV owners. Geo Murickan has been appointed President of Pioneer Power Mobility to oversee this new initiative.
Pioneer Power Solutions, Inc. (PPSI) will host a conference call on November 16, 2021, at 4:30 p.m. ET to discuss its Q3 2021 financial results with investors. Interested participants can dial 1-800-289-0438 (US) or 1-323-794-2423 (International) using confirmation code 9337111. A recording of the call will be available until November 23, 2021. The company specializes in distributed generation and EV charging infrastructure and offers a variety of electrical distribution and power generation equipment.
Pioneer Power Solutions (Nasdaq: PPSI) announced on Oct. 28, 2021, that it received over $1 million in orders for its E-Bloc distributed generation solutions in just 14 days. The company expects to deliver these orders in Q4 2021. CEO Nathan Mazurek stated that these new orders from various sectors indicate growing traction for E-Bloc, with applications in grocery distribution, senior living, and water treatment facilities. Pioneer anticipates increased demand for E-Bloc as businesses invest more in alternative energy solutions, paving the way for potential growth in 2022.
Pioneer Power Solutions (NASDAQ: PPSI) announced a significant one-time order valued at $500,000 for its E-Bloc integrated power center. This product will be utilized in the SoCalGas H2 Hydrogen Home, a state-of-the-art demonstration project in California showcasing the potential of hydrogen energy. The E-Bloc system will manage various distributed energy resources, creating a microgrid for the prototype home. The delivery is expected in Q4 2021, positioning Pioneer Power as a vital player in California's carbon neutrality goals.
Pioneer Power Solutions (Nasdaq: PPSI) has declared a one-time special cash dividend of $0.12 per common share, payable on July 7, 2021, to shareholders of record by June 22, 2021. This dividend totals slightly over $1 million and will be funded through surplus cash from the company's balance sheet. The payout indicates a commitment to returning value to shareholders while maintaining financial stability.
Pioneer Power Solutions has expanded its agreement with CleanSpark to utilize proprietary software for the new PowerBloc, designed for EV charging infrastructure. This innovation aligns with market demands for customizable power solutions. Additionally, the Board declared a special cash dividend of $0.12 per share, amounting to over $1 million in distributions. The developments signal a strategic shift towards the growing EV market.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) announced a $1.1 million order for a custom power generation system from a major retailer, expanding its footprint. This order, facilitated through CleanSpark, Inc. (Nasdaq: CLSK), includes Automatic Transfer Switches and is expected to be delivered by year-end 2021. The company reported a 34% increase in its T&D Solutions backlog, rising from $7.6 million to $10.2 million year-over-year. CEO Nathan Mazurek expressed optimism for record sales in 2021 and highlights the expanding market for distributed generation among retailers.
Pioneer Power Solutions (Nasdaq: PPSI) announced a $1.4 million order for distributed generation equipment from CleanSpark, Inc. (Nasdaq: CLSK), a channel partner. This order expands their collaboration with one of the largest mass-market retailers, following a successful pilot program initiated in 2019. The equipment includes Automatic Transfer Switches and specialty controls, expected to be shipped by Q3 2021. This order enhances Pioneer Power's backlog, which stood at $11.3 million as of September 30, 2020, indicating a positive outlook for 2021.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) has expanded its service contract with a major U.S. home improvement retailer, increasing its scope by 30%. This contract entails scheduled generator maintenance and emergency repairs, set to commence in March 2021. Nathan Mazurek, CEO, emphasized the positive impact seen by the retailer since the initial contract, highlighting potential further expansion opportunities. This growth enhances Pioneer’s revenue outlook and backlog for the year.
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