Pioneer Power expects FY 2022 revenue > $27.5M, exceeding 50% YoY growth target

PIONEER POWER SOLUTIONS, INC.

2022-FY EPS reported -$0.37 revenue$27,000,000

Preliminary Q4 2022 revenue exceeded $10M, highest since transformer division sale in mid-2019.
Backlog at Dec. 31, 2022 was ~$37.0M, up over 60% from $22.8M a year earlier.
Cash on hand at year-end 2022 was ~$10.3M; expected to sustain growth in 2023.
Company confident of maintaining similar revenue growth rate in 2023, driven by E-Bloc and e-Boost demand.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PIONEER POWER SOLUTIONS, INC. reported the year ended December 31, 2022 results: revenue more than $27.5 million.

Period: the year ended December 31, 2022
Revenue: more than $27.5 million
Result: preliminary results

Exact text from the filing

Based on preliminary and unaudited results, management believes that revenue during the fourth quarter of 2022 exceeded $10.0 million, representing the highest quarterly revenue since the sale of the Company's transformer business units in mid-2019, resulting in estimated full-year 2022 revenue of more than $27.5 million.

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Source: SEC EDGAR

accession 0001493152-23-003957

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