Pioneer Power Q2 revenue down 24% to $4.3M; backlog up 98% YoY to $25.2M

PIONEER POWER SOLUTIONS, INC.

2022-Q2 EPS reported -$0.34 revenue$10,325,000

Net loss of $2.5M ($0.26/share) vs. $686K loss a year ago; includes $658K non-cash stock compensation.
Revenue fell to $4.3M from $5.6M, driven by delayed e-Bloc shipments from one large customer due to site readiness issues.
Backlog hit $25.2M (highest since transformer business sale), with ~$15M in e-Bloc orders.
Company reiterates expectation of at least 50% YoY revenue growth for full-year 2022.
Cash balance $9.8M at June 30, 2022; expects $6.2M from notes receivable by year-end.

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