Pioneer Power Q1 revenue up 34% to $8.5M; net income $0.01 EPS vs loss $0.08

Financial Highlights for the First Quarter of 2023: ● First quarter revenue increased approximately 34% to $8.5 million, as compared to $6.4 million for the first quarter of 2022. ● Pioneer’s total backlog at March 31, 2023 was $37.0 million, up $13.4 million (or 57%) when compared to $23.6 million at March 31, 2022, and essentially flat compared to Pioneer’s ending backlog at December 31, 2022. ● First quarter gross profit increased significantly to $2.2 million, or a 26.0% gross margin, which is a 1,150 basis point improvement when compared to a gross margin of 14.5%, or gross profit of $923,000, for the first quarter of 2022. ● First quarter total operating income was $55,000, compared to an operating loss of $823,000 in the first quarter of last year. ● First quarter net income was $122,000, or $0.01 per basic and diluted share, compared to a net loss of $740,000, or $(0.08) per basic and diluted share, for the same period last year. ● The Company had cash on hand of $11.6 million