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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, Inc. (Nasdaq: PPSI) will participate in the Electric Vehicle & Auto Tech Virtual Conference on March 30, 2023, at 8:00 a.m. ET. President and CEO Geo Murickan will discuss trends in EV charging, focusing on the success of the e-Boost platform, which offers mobile, high-speed EV charging. The conference will cover topics such as innovations in EV charging and building a new EV supply chain. Analysts and industry leaders will explore opportunities from ongoing EV adoption and advancements in battery technology. Participation is available via M-Vest membership.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) will host a conference call on March 30, 2023, at 5:00 p.m. ET to discuss its 2022 fourth quarter and year-end financial results. Interested participants can join by calling 1-877-423-9813 (U.S.) or 1-201-689-8573 (internationally). A replay will be available until April 6, 2023, via 1-844-512-2921 (U.S.) or 1-412-317-6671 (international). The call will also be available via a live webcast accessible at the official site.
Pioneer Power Solutions (Nasdaq: PPSI) announced expected 2022 revenue exceeding $27.5 million, reflecting over 50% annual growth driven by its E-Bloc solutions. For Q4 2022, revenue surpassed $10 million, the highest since the transformer business sale in 2019. The backlog as of December 31, 2022, rose to approximately $37 million, a 60% increase from 2021. CEO Nathan Mazurek emphasized strong demand for E-Bloc and e-Boost products, with further revenue expected in 2023. The company reported $10.3 million in cash, supporting continued marketing of its solutions. A formal outlook will be shared in March 2023.
Pioneer Power Solutions (Nasdaq: PPSI) has received multiple orders for its innovative e-Boost mobile EV charging solution, indicating strong market acceptance. Merchants Fleet has ordered two trailer-mounted e-Boost units to complement their EV charging offerings. Additionally, an existing customer has purchased two skid-mounted e-Boost systems for medium-duty EV trucks, reaffirming the product's effectiveness. CEO Nathan Mazurek projects that e-Boost revenue will double in 2023, emphasizing its role in accelerating EV infrastructure deployment.
Pioneer Power Solutions (Nasdaq: PPSI) announced a cash inflow of $6.2 million from the full payment of notes related to the 2019 sale of its transformer business. This payment strengthens Pioneer’s financial position, increasing its cash reserves to approximately $11.0 million. The company emphasized its commitment to invest in EV charging infrastructure and related solutions, bolstered by a now debt-free balance sheet. As stated by CEO Nathan Mazurek, the completion of this transaction allows for continued development and commercialization efforts through 2023.
Pioneer Power Solutions (Nasdaq: PPSI) announced a significant order for E-Bloc units from a water utility agency in Central California, expected to generate over $5 million in revenue. This deal enhances Pioneer's backlog as it aims to meet 2023 growth targets. The E-Bloc systems will support distributed energy management, aiding the utility in optimizing power utilization and reducing carbon emissions. Pioneer's CEO emphasized the growing demand for E-Bloc in unserved markets, particularly among aging water systems in North America, which average 45 years old.
Pioneer Power Solutions (Nasdaq: PPSI) reported a significant increase in backlog, which grew 157% year-over-year to $27.9 million. The company anticipates a 50% growth in revenue for 2022, driven by a 79% increase in E-Bloc sales. Q3 revenue reached $6.3 million, a 10% increase from the previous year, with gross profit up 21% to $861,000. However, operating losses widened to $1.4 million due to increased investments in E-Bloc and e-Boost initiatives. Management remains optimistic about continued demand and growth into 2023.
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) will host a conference call on November 14, 2022, at 5:00 p.m. ET to discuss its 2022 third quarter financial results. Interested participants can join by calling 1-866-409-1555 within the U.S. or 1-786-789-4797 internationally, using confirmation code 3332617. A replay of the call will be available until November 21, 2022. The live webcast can be accessed at Pioneer Power's webcast.
Pioneer Power Solutions (Nasdaq: PPSI) announced it will supply two 400 kW propane-powered e-Boost mobile charging systems to Heliox Energy. These systems will enable fast charging of VinFast EVs at the Port of Benicia, California, before delivery to consumers. The systems aim to meet a growing demand for EV charging solutions as manufacturers like VinFast look to overcome existing infrastructure challenges. Pioneer expects delivery of the e-Boost systems by Q1 2023, positioning itself as a key player in the burgeoning EV market.
Pioneer Power Solutions (Nasdaq: PPSI) announced an $8 million purchase order from a major global automaker for its E-Bloc electrical solution, aimed at powering the automaker's new electric vehicle campus. This order enhances Pioneer's project backlog, now exceeding $35 million. The automaker's investment in EV infrastructure is driven by rising demand for electric vehicles. This order is expected to significantly boost Pioneer's revenue in 2023. Delivery of the E-Bloc solution is scheduled for Q3 2023.