Pioneer Power Revenue Increases 34% to $8.5 Million from Prior Year Quarter; Company Reports Earnings Per Share of $0.01
- First quarter revenue increased by 34% to $8.5 million.
- Total backlog at March 31, 2023, was $37.0 million, up 57% compared to the previous year.
- Gross profit increased significantly to $2.2 million, with a 26.0% gross margin.
- Operating income improved to $55,000, compared to an operating loss of $823,000 in the same period last year.
- Net income was $122,000, compared to a net loss of $740,000 in the first quarter of 2022.
- The company expects total revenue of $42 to $45 million for the full year 2023, representing at least 50% growth.
- None.
Management Reiterates Guidance of Full Year Revenue of
Financial Highlights for the First Quarter of 2023:
- First quarter revenue increased approximately
34% to , as compared to$8.5 million for the first quarter of 2022.$6.4 million - Pioneer's total backlog at March 31, 2023 was
, up$37.0 million (or$13.4 million 57% ) when compared to at March 31, 2022, and essentially flat compared to Pioneer's ending backlog at December 31, 2022.$23.6 million - First quarter gross profit increased significantly to
, or a$2.2 million 26.0% gross margin, which is a 1,150 basis point improvement when compared to a gross margin of14.5% , or gross profit of , for the first quarter of 2022.$923,000 - First quarter total operating income was
, compared to an operating loss of$55,000 in the first quarter of last year.$823,000 - First quarter net income was
, or$122,000 per basic and diluted share, compared to a net loss of$0.01 , or$740,000 per basic and diluted share, for the same period last year.$(0.08) - The Company had cash on hand of
at March 31, 2023, up approximately$11.6 million 12% from of cash on hand at December 31, 2022.$10.3 million - The Company had
of net operating loss carryforwards at March 31, 2023.$14.3 million
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "Supported by surging demand and an increasingly strong competitive position, Pioneer Power continued its momentum in the first quarter, delivering year-over-year revenue growth of more than
"Our distinct products provide competitive and highly differentiated solutions to large and underserved needs," continued Mr. Mazurek. "We are well aligned with two durable, secular catalysts, distributed generation technology and the rapid electrification of the transportation system- and our solutions give our customers greater resilience, lower emissions, ultimate portability and reduced energy costs. During the first quarter, we provided our e-Boost system to a major northeastern transportation agency, facilitating on-demand charging of electric shuttle busses and other vehicles, providing yet another use-case for e-Boost. These trends, combined with improving commercial execution and increased market awareness, should fuel sustained growth for the foreseeable future. We expect to recognize between
The foregoing projected outlook constitutes forward-looking information and is intended to provide information about management's current expectations for the Company's 2023 fiscal year. Although considered reasonable as of the date hereof, such 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 recorded sales, (ii) that the Company will be able to satisfactorily complete and deliver all orders and (iii) the timely payment by customers for all order. This section includes forward-looking statements. See "Forward-Looking Statements".
First Quarter 2023 Financial Results
Revenue
Total revenue for the three months ended March 31, 2023 was
Gross Profit/Margin
Total gross profit for the first quarter of 2023 was
Operating Income (Loss)
For the three months ended March 31, 2023, operating income was
Net Income (Loss)
The Company's net income was
Balance Sheet
At March 31, 2023, the Company had
2023 Outlook
Management reiterated expectations of total revenue between
Earnings Conference Call:
Management will host a conference call today, Monday, May 15, 2023, at 4:30 p.m. Eastern Time to discuss Pioneer's 2023 first quarter financial results with the investment community.
Anyone interested in participating should call 1-877-300-8521 if calling within
A replay will be available until May 22, 2023 which can be accessed by dialing 1-844-512-2921 if calling within
The call will also be accompanied live by webcast over the Internet and accessible at https://viavid.webcasts.com/starthere.jsp?ei=1613402&tp_key=2126bcaa44.
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 and (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.
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.
Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
Tables Follow
PIONEER POWER SOLUTIONS, INC. | |||||
Three Months Ended | |||||
March 31, | |||||
2023 | 2022 (Revised) | ||||
Revenues | $ | 8,507 | $ | 6,362 | |
Cost of goods sold | 6,294 | 5,439 | |||
Gross profit | 2,213 | 923 | |||
Operating expenses | |||||
Selling, general and administrative | 2,158 | 1,746 | |||
Total operating expenses | 2,158 | 1,746 | |||
Income (loss) from operations | 55 | (823) | |||
Interest income | (54) | (101) | |||
Other (income) expense, net | (13) | 11 | |||
Income (loss) before taxes | 122 | (733) | |||
Income tax expense | - | 7 | |||
Net income (loss) | $ | 122 | $ | (740) | |
Income (loss) per share: | |||||
Basic | $ | 0.01 | $ | (0.08) | |
Diluted | $ | 0.01 | $ | (0.08) | |
Weighted average common shares outstanding: | |||||
Basic | 9,769,545 | 9,640,545 | |||
Diluted | 9,769,565 | 9,640,545 |
PIONEER POWER SOLUTIONS, INC. | |||||
March 31, | December 31, | ||||
2023 | 2022 | ||||
(Unaudited) | |||||
ASSETS | |||||
Current assets | |||||
Cash | $ | 11,556 | $ | 10,296 | |
Accounts receivable, net | 7,863 | 11,139 | |||
Inventories | 9,589 | 8,748 | |||
Prepaid expenses and other current assets | 2,900 | 2,853 | |||
Total current assets | 31,908 | 33,036 | |||
Property and equipment, net | 1,863 | 1,800 | |||
Operating lease right-of-use assets | 1,281 | 1,450 | |||
Financing lease right-of-use assets | 655 | 727 | |||
Other assets | 150 | 162 | |||
Total assets | $ | 35,857 | $ | 37,175 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 6,485 | $ | 7,239 | |
Current portion of operating lease liabilities | 718 | 703 | |||
Current portion of financing lease liabilities | 316 | 355 | |||
Deferred revenue | 10,095 | 10,665 | |||
Total current liabilities | 17,614 | 18,962 | |||
Operating lease liabilities, non-current portion | 612 | 797 | |||
Financing lease liabilities, non-current portion | 386 | 418 | |||
Other long-term liabilities | 61 | 65 | |||
Total liabilities | 18,673 | 20,242 | |||
Stockholders' equity | |||||
Preferred stock, | - | - | |||
Common stock, | 10 | 10 | |||
Additional paid-in capital | 33,002 | 32,859 | |||
Accumulated other comprehensive income | - | 14 | |||
Accumulated deficit | (15,828) | (15,950) | |||
Total stockholders' equity | 17,184 | 16,933 | |||
Total liabilities and stockholders' equity | $ | 35,857 | $ | 37,175 |
PIONEER POWER SOLUTIONS, INC. | |||||
Three Months Ended | |||||
March 31, | |||||
2023 | 2022 (Revised) | ||||
Operating activities | |||||
Net income (loss) | $ | 122 | $ | (740) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation | 130 | 36 | |||
Amortization of right-of-use financing leases | 73 | 51 | |||
Amortization of imputed interest | - | (107) | |||
Amortization of right-of-use operating leases | 169 | 163 | |||
Change in receivable reserves | 13 | 28 | |||
Stock-based compensation | 143 | 57 | |||
Other | (14) | - | |||
Changes in current operating assets and liabilities: | |||||
Accounts receivable | 3,275 | (1,743) | |||
Inventories | (841) | (2,527) | |||
Prepaid expenses and other assets | (57) | (478) | |||
Income taxes | 2 | 19 | |||
Accounts payable and accrued liabilities | (750) | 2,920 | |||
Deferred revenue | (570) | 4,569 | |||
Operating lease liabilities | (170) | (161) | |||
Net cash provided by operating activities | 1,525 | 2,087 | |||
Investing activities | |||||
Purchases of property and equipment | (194) | (112) | |||
Net cash used in investing activities | (194) | (112) | |||
Financing activities | |||||
Net proceeds from the exercise of options for common stock | - | 17 | |||
Principal repayments of financing leases | (71) | (48) | |||
Net cash used in financing activities | (71) | (31) | |||
Increase in cash | 1,260 | 1,944 | |||
Cash, beginning of period | 10,296 | 11,699 | |||
Cash, end of period | $ | 11,556 | $ | 13,643 | |
Non-cash investing and financing activities: | |||||
Acquisition of right-of-use assets and lease liabilities | - | 156 |
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SOURCE Pioneer Power Solutions, Inc.
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