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Pioneer Power Solutions Inc (PPSI) delivers innovative electrical infrastructure and critical power solutions for utilities, commercial, and industrial markets. This news hub provides investors and industry professionals with timely updates on product developments, strategic initiatives, and operational milestones.
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Pioneer Power Solutions (PPSI) has renewed and expanded a service agreement with a major U.S. retailer for on-site power services. The new three-year agreement, valued at approximately $6.0 million in total revenue, represents an increase from the previous $1.3 million to $2.0 million in estimated annual revenue.
Under the agreement, Pioneer will provide maintenance, energy management, and update services to more than 750 store locations, representing a 10% increase in service footprint. The renewal demonstrates the customer's trust in Pioneer's capabilities to ensure operational efficiency and up-time through their on-site power services.
Pioneer Power Solutions (PPSI) has secured a $1.3 million order from the City of Portland, Oregon for multiple e-Boost Mobile units through Graybar Electric. The order, expected for delivery in Q2 2025, is for the e-Boost Mobile 'Open Flex' model featuring a 175kW power unit with one 120kW Level 3 fast charger, four 15.3kW Level 2 chargers, and a grid-tie transfer switch.
The e-Boost solution offers Portland three key advantages: immediate deployment for charging while awaiting infrastructure upgrades, mobility for remote charging locations without grid dependency, and future grid connectivity through a built-in transfer switch with backup power capabilities. The order contributes to Pioneer's existing e-Boost product backlog for 2025, addressing the growing municipal fleet electrification needs across both metro and remote areas.
Pioneer Power Solutions (PPSI) has launched a pilot program with a Fortune 100 e-commerce retailer to address EV charging challenges at Last Mile Delivery depots. The program involves providing multiple e-Boost mobile charging units for a monthly fee, including service and monitoring.
The pilot deploys Pioneer's e-Boost Mobile Max at a Midwest depot, offering 240kW Level 3 charging for heavy-duty trucks and Level 2 charging for delivery vans. The retailer aims to gather data to evaluate deploying e-Boost solutions across its major metro locations. The initiative focuses on solving the 'grid gap' between increasing power needs for electric delivery fleets and grid supply.
Pioneer Power Solutions (NASDAQ: PPSI) reported Q3 2024 results, highlighting a 130% revenue growth in its Critical Power segment to $6.4 million. The company sold its PCEP business unit for $50 million and declared a special dividend of $1.50 per share. The Critical Power segment achieved a gross margin of 24% and operating income of $211,000. Backlog increased 200% to $24.0 million. Overall consolidated revenue decreased 4.7% to $10.9 million, with a net loss of $1.1 million. The company projects 2025 revenue between $27-29 million, representing approximately 25% growth.
Pioneer Power Solutions (Nasdaq: PPSI), a leader in distributed energy resources and mobile EV charging solutions, has scheduled its 2024 third quarter financial results conference call for November 18, 2024, at 4:30 p.m. ET. The company will release its Q3 2024 results on November 14, 2024, after market close. The conference call will be accessible via phone and webcast, with replay available until December 2, 2024.
Pioneer Power Solutions (PPSI) has sold its Pioneer Custom Electrical Products (PCEP) business unit to Mill Point Capital for $50 million in cash and equity, including the assumption of certain liabilities. The deal comprises $48 million in cash and $2 million in equity. Mill Point is combining PCEP with Jefferson Electric to form Voltaris Power , a new electrical power solutions platform. Pioneer will retain a minority equity stake in Voltaris and contribute 4% of its equity in Pioneer Investment This divestiture aligns with Pioneer's 2022 strategic transformation, focusing the company on its Critical Power and eMobility business.
Pioneer Power Solutions (Nasdaq: PPSI) has filed its Q2 2024 quarterly report and reaffirmed its full-year 2024 guidance. The company's backlog surged 46% to $67 million, indicating strong demand for its E-Bloc and e-Boost power solutions. Pioneer expects significant growth in revenue and EPS in the second half of 2024.
Key highlights include:
- Full-year 2024 guidance: $52-$54 million revenue (30% YoY growth) and $0.31-$0.34 EPS
- $5 million order for mobile e-Boost charging solution from a major U.S. municipality
- $7 million order for mobile e-Boost charging solution from a large metro school district
- $3+ million substation order from a major utility
- $2 million E-Bloc power solution order for a military distributed generation system
- $1 million E-Bloc power solution order from a California truck charging depot
The company is now current with all SEC filings to date.
Pioneer Power Solutions (Nasdaq: PPSI) has filed its Q1 2024 10-Q report and reaffirmed its full-year 2024 guidance. The company expects $52 to $54 million in revenue (30% YoY growth) and $0.31 to $0.34 in EPS. Pioneer's Q1 2024 order backlog stood at $45.9 million, with most deliveries expected within 12 months. Recent highlights include:
- $5+ million order for e-Boost mobile EV charging solutions from a major U.S. metro transit authority
- $7.1 million order for 25 e-Boost Mobile units from a large U.S. school district
- $7.2 million in orders for E-Bloc products
- Collaboration with SparkCharge to promote mobile EV charging adoption
The company anticipates filing its Q2 2024 10-Q and hosting an investor call to discuss H1 2024 results in the coming weeks.
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.
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