Pioneer Power Solutions, Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company achieved revenues of $22.9 million, a substantial increase of 105.8% compared to $11.1 million in 2023. This growth was primarily driven by heightened demand for its mobile electric vehicle (EV) charging solutions, particularly the e-Boost product line. The gross profit also saw a notable rise, reaching $5.5 million, up from $2.2 million the previous year, resulting in a gross margin of 24.1%, an improvement from 20.0% in 2023.
The company underwent a strategic transformation with the sale of its Pioneer Custom Electrical Products Corp. (PCEP) business unit in October 2024 for $48 million in cash. This divestiture allowed Pioneer to streamline its operations and focus on its remaining segment, Critical Power Solutions, which encompasses mobile EV charging and power generation equipment. Following the sale, Pioneer reported a net income of $31.9 million, significantly up from a net loss of $1.9 million in the prior year, largely due to a gain of $35.2 million from the discontinued operations of PCEP.
Operationally, Pioneer reported a revenue backlog of approximately $19.8 million as of December 31, 2024, an increase of 18.6% from $16.7 million in 2023. The company serviced over 875 customers, with its largest clients contributing significantly to its revenue. Notably, two customers accounted for 22% and 13% of total sales, respectively. The company also maintained a workforce of 60 employees, reflecting its commitment to supporting its operational needs post-divestiture.
Despite the positive financial results, Pioneer acknowledged challenges, including a material weakness in its internal control over financial reporting, attributed to insufficient accounting personnel. The company is actively working to address this issue by enhancing its internal controls and hiring additional qualified staff. Looking ahead, Pioneer aims to leverage its cash reserves, totaling $41.6 million as of year-end, to support ongoing operations and product development initiatives, while navigating potential economic uncertainties and market conditions.
About PIONEER POWER SOLUTIONS, INC.
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