Pioneer Power Announces Filing of Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023
Pioneer Power Solutions (Nasdaq: PPSI) filed its delayed annual report on Form 10-K for 2023, revealing significant financial improvements. Revenue increased 60.3% to $41.5 million, while gross profit surged 196% to $8.4 million. The company narrowed its operating loss to $2.7 million from $5.8 million in 2022. Total backlog grew 18% to $45.2 million by year-end. Pioneer also addressed a restatement of previous financial statements, emphasizing no impact on cash or total cash flow from operations. Looking ahead, the company reaffirmed its 2024 guidance, projecting revenue of $52-54 million (30% YoY growth) and EPS of $0.31-0.34, with an exceptionally strong second half expected.
Pioneer Power Solutions (Nasdaq: PPSI) ha presentato il suo rapporto annuale ritardato sulla forma 10-K per il 2023, rivelando significativi miglioramenti finanziari. Il fatturato è aumentato del 60,3% raggiungendo 41,5 milioni di dollari, mentre il profitto lordo è schizzato del 196% a 8,4 milioni di dollari. L'azienda ha ridotto la sua perdita operativa a 2,7 milioni di dollari rispetto ai 5,8 milioni di dollari del 2022. Il backlog totale è cresciuto del 18% raggiungendo 45,2 milioni di dollari entro la fine dell'anno. Pioneer ha anche affrontato un riesame dei precedenti bilanci, sottolineando che non ci sono stati impatti sulla liquidità o sul flusso di cassa totale dalle operazioni. Guardando al futuro, l'azienda ha confermato le sue previsioni per il 2024, prevedendo un fatturato tra 52 e 54 milioni di dollari (crescita del 30% su base annua) e un utile per azione di 0,31-0,34 dollari, con una seconda metà dell'anno eccezionalmente forte attesa.
Pioneer Power Solutions (Nasdaq: PPSI) presentó su informe anual retrasado en el formulario 10-K para 2023, revelando mejoras financieras significativas. Los ingresos aumentaron un 60,3% hasta 41,5 millones de dólares, mientras que la ganancia bruta se disparó un 196% hasta 8,4 millones de dólares. La empresa redujo su pérdida operativa a 2,7 millones de dólares desde los 5,8 millones de dólares en 2022. El backlog total creció un 18% hasta 45,2 millones de dólares al final del año. Pioneer también abordó una reexpresión de los estados financieros anteriores, enfatizando que no hubo impacto en la liquidez ni en el flujo de caja total de las operaciones. Mirando hacia el futuro, la compañía ratificó su guía para 2024, proyectando ingresos de entre 52 y 54 millones de dólares (crecimiento del 30% interanual) y EPS de 0,31-0,34 dólares, con una segunda mitad del año excepcionalmente fuerte esperada.
파이오니어 파워 솔루션즈(Pioneer Power Solutions)(Nasdaq: PPSI)는 2023년 연차 보고서(Form 10-K)를 제출하며 상당한 재무 개선 사항을 공개했습니다. 수익이 60.3% 증가하여 4,150만 달러에 달했으며, 매출 총 이익은 196% 급증하여 840만 달러에 이르렀습니다. 이 회사는 운영 손실을 580만 달러에서 270만 달러로 줄였습니다. 총 백로그는 18% 증가하여 연말에 4,520만 달러에 이르렀습니다. 파이오니어는 또한 이전 재무 제표의 수정 사항을 언급하며 현금 또는 운영으로부터의 총 현금 흐름에 미치는 영향이 없음을 강조했습니다. 앞으로 다가오는 2024년을 위해 가이던스를 재확인했습니다, 수익은 5,200만에서 5,400만 달러(전년 대비 30% 성장) 및 주당순이익은 0.31-0.34 달러로 예상하며, 기대되는 강력한 하반기가 있습니다.
Pioneer Power Solutions (Nasdaq: PPSI) a déposé son rapport annuel retardé dans le formulaire 10-K pour 2023, révélant des améliorations financières significatives. Le chiffre d'affaires a augmenté de 60,3% pour atteindre 41,5 millions de dollars, tandis que le bénéfice brut a explosé de 196% à 8,4 millions de dollars. L'entreprise a réduit sa perte opérationnelle à 2,7 millions de dollars, contre 5,8 millions de dollars en 2022. Le carnet de commandes total a augmenté de 18% pour atteindre 45,2 millions de dollars à la fin de l'année. Pioneer a également évoqué un redressement des états financiers précédents, soulignant qu'il n'y avait pas d'impact sur la liquidité ou le flux de trésorerie total des opérations. En regardant vers l'avenir, l'entreprise a réaffirmé ses prévisions pour 2024, projetant un chiffre d'affaires compris entre 52 et 54 millions de dollars (croissance de 30 % par rapport à l'année précédente) et un bénéfice par action de 0,31 à 0,34 dollar, avec une seconde moitié de l'année exceptionnellement forte attendue.
Pioneer Power Solutions (Nasdaq: PPSI) hat ihren verspäteten Jahresbericht auf Formular 10-K für 2023 eingereicht und dabei erhebliche finanzielle Verbesserungen bekannt gegeben. Der Umsatz stieg um 60,3% auf 41,5 Millionen Dollar, während der Bruttogewinn um 196% auf 8,4 Millionen Dollar anstieg. Das Unternehmen hat seinen Betriebsverlust auf 2,7 Millionen Dollar verringert, im Vergleich zu 5,8 Millionen Dollar im Jahr 2022. Der Gesamtrückstand wuchs um 18% und erreichte bis zum Jahresende 45,2 Millionen Dollar. Pioneer sprach auch über eine Neufassung der vorherigen Finanzberichte und betonte, dass diese keinen Einfluss auf die Liquidität oder den Gesamtcashflow aus den Betrieben hatten. Ausblickend bestätigte das Unternehmen seine Prognose für 2024, mit Projektionen von Einnahmen zwischen 52 und 54 Millionen Dollar (30% Wachstum im Jahresvergleich) und einem Gewinn pro Aktie von 0,31-0,34 Dollar, wobei eine außergewöhnlich starke zweite Jahreshälfte erwartet wird.
- Revenue increased 60.3% year-over-year to $41.5 million
- Gross profit surged 196% to $8.4 million, with margin improving from 10.9% to 20.1%
- Operating loss narrowed by $3.1 million to $2.7 million
- Total backlog grew 18% to $45.2 million
- Reaffirmed 2024 guidance with 30% revenue growth and positive EPS
- Net loss of $1.9 million in 2023, despite improvement from $5.4 million loss in 2022
- Delayed filing of annual report and restatement of previous financial statements
- Increased non-cash, stock-based compensation expense to $1.5 million from $1.0 million in 2022
- Recognized $885,000 in research and development expenses, compared to none in 2022
Pioneer Power Solutions' 2023 financial results and 2024 outlook present a mixed but generally improving picture. Revenue growth of
However, the company still reported a net loss of
The restatement of previous financial statements is concerning, as it relates to revenue recognition practices. While it doesn't affect cash flow or long-term profitability, it does raise questions about the company's accounting practices and internal controls. Investors should monitor this situation closely in future reports.
The
Overall, while Pioneer Power is showing signs of improvement, it's still in a turnaround phase. The projected profitability for 2024 would be a significant milestone if achieved, but investors should remain cautious given the recent accounting issues and the company's history of losses.
Pioneer Power's financial results and outlook reflect broader trends in the electrical power systems and EV charging markets. The
The company's focus on distributed energy resources and mobile EV charging solutions aligns with the global shift towards renewable energy and electrification of transportation. The strong backlog growth indicates sustained demand for these products, likely driven by infrastructure investments and the push for grid modernization.
However, Pioneer's relatively small size (
The projected
Investors should watch for any shifts in government policies or incentives related to renewable energy and EV infrastructure, as these could significantly impact demand for Pioneer's products. Additionally, supply chain dynamics and raw material costs in the electrical components industry could affect the company's ability to maintain its improved gross margins.
Reaffirms Full-Year 2024 Financial Guidance
Expects Exceptionally Strong Second Half of 2024
Financial Highlights for Full Year 2023, as compared to 2022 (restated):
-
Revenue was
, as compared to$41.5 million during 2022, an increase of$25.9 million 60.3% . -
Gross profit was
, or a gross margin of$8.4 million 20.1% , as compared to , or a gross margin of$2.8 million 10.9% , for 2022. Gross profit increased196% in the comparable periods. -
Loss from operations was
, compared to a loss from operations of$2.7 million during 2022, a$5.8 million improvement year-over-year. The Company recognized$3.1 million of non-cash, stock-based compensation expense during 2023, as compared to$1.5 million during 2022. Additionally, the Company recognized$1.0 million of research and development expense during 2023 and none during 2022.$885,000 -
Net loss was
, or$1.9 million per share, compared to a net loss of$(0.19) , or$5.4 million per share last year, an improvement of$(0.56) .$3.5 million -
The Company had
of federal net operating loss carryforwards as of December 31, 2023.$18.2 million -
Total backlog increased to
as of December 31, 2023, up$45.2 million 18% as compared to as of December 31, 2022.$38.3 million
Explanatory Note on the Restatement of Previously Issued Financial Statements
As previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2024, in connection with the preparation of our consolidated financial statements for the fiscal year ended December 31, 2023, the Audit Committee of our Board of Directors, concluded that certain previously filed financial statements should no longer be relied upon and should be restated. The restatement relates to the recognition of revenues and costs associated with customer contracts that require performance obligations to be satisfied over time and is explained in more detail within the recently filed Annual Report on Form 10-K for the year ended December 31, 2023. The restatement adjustments had no impact to the Company’s cash on hand or total cash flow from operations. Cumulatively, the restatement adjustments will not change the profitability of the Company and will net to zero over time as the Company completes its customer contracts. Further, the changes resulting from the restatement adjustments led to the recognition of the majority of costs for certain contracts prior to the recognition of the majority of the related revenue for those same contracts and, as a result, the Company expects to recognize revenue in 2024 for certain contracts for which it has already recognized the majority of costs in 2023.
2024 Outlook
Based on current customer delivery schedules, management expects to have an exceptionally strong second half of 2024 and reaffirms its expectation for revenue of
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."
Conference Call
Management plans to host an investor conference call soon after filing its quarterly results on Form 10-Q for the period ending March 31, 2024.
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, (xiii) risks associated with litigation and claims, which could impact our financial results and condition, (xiv) the Company’s ability to deliver its orders to customers on a timely manner and (xv) the Company’s ability to regain and maintain compliance with the continued listing requirements of the Nasdaq Capital Market.
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/20240726378678/en/
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
Source: Pioneer Power Solutions, Inc.
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