Pioneer Power Solutions, Inc. - PPSI STOCK NEWS

Pioneer Power Solutions (Nasdaq: PPSI) has received a delinquency notification from Nasdaq due to its failure to timely file its Q2 2024 10-Q report and continued delay in filing its Q1 2024 10-Q report. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately affect the company's listing on the Nasdaq Capital Market. Pioneer has until September 5, 2024, to update its compliance plan, which Nasdaq may accept and grant an extension until October 14, 2024, to file the required reports. The company previously submitted a plan and received an exception until September 20, 2024, to file the quarterly reports.

Pioneer Power Solutions (Nasdaq: PPSI) has announced a strategic partnership with SparkCharge to integrate Pioneer's e-Boost mobile EV charging solution with SparkCharge's battery energy storage systems. The collaboration aims to drive widespread adoption of mobile EV charging and accelerate technological advancements in the industry. Key points include:

- Pioneer will deliver up to 12 e-Boost rental units over the next 12 months, starting Q4 2024
- Pioneer will receive a per kilowatt hour usage fee and monthly rental fee
- The companies will develop new innovative units combining e-Boost's on-site generating capabilities with SparkCharge's zero-emission technology
- They plan to market their platforms together for large fleet customers
- The partnership is expected to introduce a first-of-its-kind, mobile Distributed Energy Resource (mDER)

The collaboration will be showcased at the GWRCCC Conference & Expo on October 6, 2024, in Greenbelt, Maryland.

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 announced new E-Bloc orders totaling $7.2 million in June, targeting infrastructure markets such as airports, military installations, and EV charging. Key orders include a $725,000 contract for JFK International Airport from a major solar developer, a $3.4 million order for a Southern California utility to support future EV demand, a $1.9 million order for a U.S. military installation, and a $1.2 million order for an electric truck charging depot. The bulk of deliveries are expected in early 2025. The E-Bloc product line integrates circuit protection, controls, and power management in a compact system, and has over 1,500 site deployments since its 2021 launch.

Pioneer Power Solutions (Nasdaq: PPSI) has secured a $7.1 million order from one of the largest U.S. school districts for 25 e-Boost Mobile units to power its electric school bus fleet. The order could exceed $8.0 million with planned contingency measures. Delivery is scheduled for Q1 2025. This will support the district's goal of phasing out traditional fuel sources and electrifying its fleet of over 1,000 buses, with the initial deployment serving 200 buses. The e-Boost units, featuring Level 2 AC chargers, will collectively deliver 30.7MWh of energy per night. The order was secured in collaboration with Eneridge Inc. following a competitive bidding process. Pioneer anticipates significant growth in 2025, driven by this order and a strong backlog. To meet demand, the company will form partnerships with national manufacturing firms to increase production capacity without costly facility expansions.

Pioneer Power Solutions (Nasdaq: PPSI) has secured a $5 million order for its e-Boost mobile EV charging solutions from a major U.S. metro transit authority. The order aims to equip the transit authority's new fleet of 24 EV buses across two depot locations, supporting the city's 2028 goal for a fully electric fleet. Each e-Boost Mobile unit offers 240kW of onboard power and includes six offboard chargers. The total onboard energy at each site will be 8.4MWh, ensuring continuous operation even during adverse weather or grid congestion. This contract contributes to Pioneer eMobility's expected revenue exceeding $10 million in 2024. Pioneer was selected for its sustainable, mobile, and robust off-grid solutions. The units will be delivered and commissioned by Q4 2024.

Pioneer Power Solutions received a delinquency notification from Nasdaq on May 24, 2024, due to its failure to timely file its Quarterly Report for Q1 2024 and its Annual Report for 2023. However, this notice does not immediately affect the company's Nasdaq listing. Pioneer has until June 17, 2024, to submit a compliance plan. If accepted, Nasdaq may grant up to 180 days, until October 14, 2024, to file the overdue reports. If Nasdaq rejects the plan, Pioneer can appeal to a Hearings Panel.

Pioneer Power Solutions, Inc. (Nasdaq: PPSI) received a Nasdaq notification of non-compliance due to a delayed Annual Report on Form 10-K. The company failed to file its Annual Report for the year ended December 31, 2023, leading to a 60-day deadline to submit a compliance plan. If accepted, Nasdaq may grant an extension of up to 180 days. The delinquency notification letter has no immediate impact on the company's stock listing, and Pioneer expects to file the Annual Report in the coming weeks.

Pioneer Power Solutions, Inc. (PPSI) reports positive full-year net income in 2023, surpassing the net loss in 2022. Revenue surges to $40.8 million, up by 51.1%, with gross margin increasing to 25.5%. The company expects continued growth in revenue, EPS, and operating margins in 2024, projecting $52 to $54 million in revenue and $0.31 to $0.34 in EPS. Backlog reaches $45.9 million, up by 36% sequentially, indicating strong business performance and growth prospects.