Pioneer Achieves 51% Year-Over-Year Increase in Revenue, Reaching $40.8 Million - Seite 3
Operating Income (Loss)
For the three months ended December 31, 2023, loss from operations was $1.2 million, as compared to income from operations of $759,000 during the fourth quarter of 2022, a decrease of approximately $2.0 million.
Net Income (Loss)
The Company’s net loss during the three months ended December 31, 2023, was $689,000, or $(0.07) per basic and diluted share, as compared to net income of $948,000, or $0.10 per basic and diluted share, during the same period last year.
Preliminary Full Year 2023 Financial Results (Unaudited)
Consolidated revenue for the 12 months ended December 31, 2023, was $40.8 million, an increase of 51% compared to $27.0 million for the 12 months ended December 31, 2022. Revenue from the Electrical Infrastructure segment increased by 71%, and revenue from the Critical Power Solutions segment increased by 16% for 2023 as compared to last year.
Gross profit for 2023 was $10.4 million, or 25.5% of revenue, compared to $4.6 million, or 17.1% of revenues, for last year, an increase of $5.8 million or 840 basis points.
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Operating loss was $617,000 for the year ended December 31, 2023, as compared to $4.0 million for the year ended December 31, 2022, an improvement of $3.4 million. The Company’s net income for 2023 was $138,000, or $0.01 per basic and diluted share, compared to a net loss of $3.6 million, or ($0.37) per basic and diluted share, for 2022.
Preliminary Balance Sheet (Unaudited)
As of December 31, 2023, the company had working capital of $13.2 million, including $7.5 million of cash, compared to working capital of $14.1 million, including $10.3 million of cash on hand at December 31, 2022.
2024 Outlook
Management expects revenue of $52 to $54 million for the full year 2024, which represents year-over-year growth of approximately 30% and EPS of $0.31 to $0.34.
The foregoing projected outlook constitutes forward-looking information and is intended to provide information about management's current expectations for the Company's 2024 fiscal year. Although considered reasonable as of the date hereof, this outlook, and the underlying assumptions may prove to be inaccurate. Accordingly, actual results could differ materially from the Company's expectations as set forth herein. See "Forward-Looking Statements".