Pioneer Power Solutions Announces Preliminary Financial Results for Q4 and Full Year 2024

Pioneer Power Solutions, Inc. (NASDAQ: PPSI) recently disclosed its unaudited financial results for the fourth quarter and full year ending December 31, 2024, through an 8-K filing with the Securities and Exchange Commission. The company’s preliminary unaudited financial performance showcased significant growth and improved profitability during the stated period.

For the fourth quarter of 2024, Pioneer Power Solutions reported revenue of $9.8 million from its Critical Power segment, indicating a substantial 265% surge when compared to the same period in 2023. Additionally, the company exhibited a gross profit of $2.8 million, leading to a gross margin of 29%. Operating income, excluding research and development expenses and non-recurring professional fees, stood at $1.5 million, showing a marked improvement year-over-year.

Looking at the full year 2024 results for the Critical Power segment, the company reported revenue of $22.9 million, reflecting a 106% increase over the previous year. The gross profit for the segment was $5.5 million, with an accompanying gross margin of 24%. Furthermore, the operating income, excluding certain expenses, was $1.6 million, showcasing a substantial improvement compared to the prior year.

At the end of 2024, Pioneer Power Solutions held approximately $41.6 million in cash, marking a significant increase from $3.6 million at the close of 2023. Subsequent to the year-end, the company distributed a one-time special cash dividend totaling $16.7 million.

Nathan Mazurek, Chairman and CEO of Pioneer Power Solutions, expressed satisfaction with the company’s performance, highlighting that the results surpassed the 2024 revenue guidance for the Critical Power segment. Mazurek emphasized the company’s strategic balance between profitability and investments in product development and marketing to position itself for sustained growth and profitability.

Additionally, Mazurek mentioned that Pioneer’s e-Boost platform is gaining momentum, particularly in core fleet electrification markets. The company is witnessing increased demand across various sectors and is preparing for the national launch of its HOMe-Boost residential solution and the e-Boost RealM remote monitoring platform.

Looking ahead, management reiterated the revenue expectations for the full year 2025 to be in the range of $27 to $29 million. The projection excludes contributions from the new HOMe-Boost residential solution and the e-Boost RealM remote monitoring platform.

Investors are advised that the forward-looking information provided by Pioneer Power Solutions for 2025 is subject to risks and uncertainties, as outlined in the company’s filings with the Securities and Exchange Commission.

For more information about Pioneer Power Solutions, visit their website at www.pioneerpowersolutions.com.

This article is based on the information extracted from the 8-K filing submitted by Pioneer Power Solutions. It provides an overview of the company’s recent financial performance and future outlook as outlined in the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Pioneer Power Solutions’s 8K filing here.

Pioneer Power Solutions Company Profile

Pioneer Power Solutions, Inc, together with its subsidiaries, design, manufacture, integrate, refurbish, distribute, sell, and service electric power systems, distributed energy resources, power generation equipment, and mobile EV charging solutions. The company operates through Electrical Infrastructure Equipment and Critical Power Solutions segments.