Pioneer Achieves 51% Year-Over-Year Increase in Revenue, Reaching $40.8 Million - Seite 2

“Today’s grid infrastructure will not be able to meet the accelerating demand for power for many years to come,” Mazurek continued. “Our E-Bloc series of products such as our solar micro grid line, mini substations, and our charge port series support the installation and throughput of distributed power generation resources and, indeed, enable the deployment of electrical power with greater speed and efficiency. The surge in orders for our E-Bloc product is a strong indicator of the traction we are experiencing. With additional product launches planned in 2024, we believe there is tremendous opportunity for additional revenue and earnings growth as well as margin expansion.”

Mazurek concluded, “We are aggressively marketing our suite of e-Boost mobile EV charging products to electric bus and truck manufacturers, fleet management companies, municipalities and EV infrastructure providers. As awareness of these solutions expands, actual orders for e-Boost have similarly surged, making it a significant driver of the increase in our order backlog at year end. The increasing adoption of electric vehicles by school districts and municipalities, indeed, the overall electrification of all means of transportation, airport ground service equipment and even construction and agricultural equipment, provide a strong tailwind for continued growth in this portion of our business. Strong market demand, a robust backlog and a steady generation of new opportunities give us a high level of confidence for an even stronger and more profitable 2024.”

Preliminary Fourth Quarter 2023 Financial Results (Unaudited)

Revenue

Consolidated revenue for the three months ended December 31, 2023, was $7.7 million, a decrease of 19%, as compared to $9.5 million during the fourth quarter of last year, primarily due to the timing of certain orders shifting from the fourth quarter of 2023 to throughout 2024. Revenue from the Electrical Infrastructure segment decreased by 31%, and revenue from the Critical Power segment increased by 23% during the fourth quarter of 2023 as compared to the same period last year.

Gross Profit/Margin

Consolidated gross profit for the fourth quarter of 2023 was $1.8 million, or 22.7% of revenue, compared to $2.8 million, or 29% of revenue, for the same period in 2022. The decrease in consolidated gross profit and margin is primarily due to the reduction in revenue as a result of certain orders shifting from the fourth quarter of 2023 to 2024.