Backlog Surges to $67 Million; up 46% Sequentially
Expects Strong Second Half of 2024 with Significant Growth in Revenue and EPS
Management to Host Investor Conference Call at 4:30 pm ET on October 30, 2024
FORT LEE, N.J., October 09, 2024--(BUSINESS WIRE)--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 that the Company filed its quarterly report on Form 10-Q for the quarter ended June 30, 2024, with the U.S. Securities and Exchange Commission (the "SEC").
The Company also announced that management reaffirmed guidance for the full year 2024 of $52 to $54 million in revenue, which represents year-over-year growth of approximately 30%, and $0.31 to $0.34 in EPS.
Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, commented, "In just three months, our backlog of orders grew 46% to $67 million at the end of June demonstrating robust demand for both our E-Bloc and e-Boost power solutions. This backlog of confirmed orders is a clear indication of significantly higher sales and increasing profitability in the second half of 2024 compared to the first half of the year."
Recent Business Highlights
Received an order valued at $5 million for our mobile e-Boost charging solution from a major U.S. municipality to support electrification of its EV fleet
Received an initial order valued at $7 million for our mobile e-Boost charging solution from a large metro school district to support its fleet of electric school buses
Received a large substation order valued at more than $3 million from one of the nation’s largest utilities
Received an order for an E-Bloc power solution valued at approximately $2 million for a large military distributed generation system
Received an order for an E-Bloc power solution valued at approximately $1 million from a repeat customer, a major California truck charging depot
The Company is now current with all SEC filings to date
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".
Conference Call:
Management will host a conference call at 4:30 p.m. Eastern Time on Wednesday, October 30, 2024, to discuss Pioneer’s first half of 2024 financial results with the investment community.
Anyone interested in participating should call 1-877-407-0789 if calling within the United States or 1-201-689-8562 if calling internationally. When asked, please reference conference ID: PIONEER.
A replay will be available until Wednesday, November 13, 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: 13749598 to access the replay.
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, and (xiv) 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.
