Pioneer Power Q1 revenue up 72% to $6.0M; backlog hits $24M

PIONEER POWER SOLUTIONS, INC.

2022-Q1 EPS reported -$0.08 revenue$6,036,000

Revenue increased 72% to $6.0M; gross profit up 450% to $875,000 (14.5% margin).
Net loss of $788,000 ($0.08 per share) vs net income $351,000 in prior year (which included $1.4M PPP loan forgiveness).
Backlog increased to $24M, highest since transformer business sale; e-Bloc accounts for $15.2M of backlog.
E-BOOST EV-charging solutions contributed $788,000 revenue; first order received from Navistar.
Guidance: expects 2022 revenue growth of at least 50% over 2021; positive operating cash flow expected.

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