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Pioneer Power Solutions(PPSI) - 2022 Q4 - Earnings Call Transcript
2023-03-30 23:33
Financial Data and Key Metrics Changes - In Q4 2022, revenue nearly tripled to $9.5 million, a year-over-year increase of 172% and a sequential increase of 52% [5][19] - Full-year revenue for 2022 increased by 48% to $27 million compared to $18.3 million in 2021 [40] - Net income for Q4 2022 was $0.10 per share, while the full-year net loss was $3.6 million or $0.37 per share [5][22] - Backlog increased by 33% in Q4 2022 to a record level of $37.2 million [5][7] Business Line Data and Key Metrics Changes - Revenue from the T&D Solutions segment, which includes the E-Bloc solution, increased nearly 400% to $7.4 million in Q4 2022 [19] - Revenue from the Critical Power segment, which includes E-Boost, increased marginally by 9% to $2.2 million in Q4 2022 [19] - For the full year, revenue from T&D solutions increased by 83% to $17.4 million, while revenue from Critical Power increased by 9% to $9.6 million [40] Market Data and Key Metrics Changes - The primary markets for E-Bloc include multi-location businesses such as retailers, supermarkets, data centers, and utilities [8] - A significant order of $12 million for E-Bloc was received from a major retailer, with additional evaluations from other retailers and data centers [9] - A new order for over $5 million from a U.S. water utility was secured in Q4 2022, expanding the backlog and representing a new use case [10] Company Strategy and Development Direction - The company is focusing on aggressive growth targets in the distributed generation and electric vehicle markets, with expectations of revenue growth of at least 50% in 2023 [6][50] - Investments in E-Bloc and E-Boost solutions are expected to continue, targeting increased demand and market penetration [20][40] - The company plans to expand manufacturing capacity in 2024 to meet growing demand [28] Management's Comments on Operating Environment and Future Outlook - Management anticipates some quarter-to-quarter volatility in 2023 but expects to generate positive EPS for the full year [6][26] - The company is confident in its ability to achieve improved operating leverage and sustainable EPS based on projected annual volume [27] - Management highlighted the favorable product mix and higher operating efficiencies contributing to strong performance in Q4 2022 [26][57] Other Important Information - As of December 31, 2022, the company had approximately $14.3 million in net operating loss carryforwards available to shelter taxable net income [7] - Selling, general, and administrative expenses decreased by 32% year-over-year to $2 million, representing 21% of revenues in Q4 2022 [20] Q&A Session Summary Question: Should we expect additional orders from the major retailer mentioned? - Management expects additional orders in 2023, targeting hundreds of stores, but does not anticipate any orders before midyear [54] Question: What is the expected delivery timeline for E-Boost orders? - Most deliveries for E-Boost are expected in the third and fourth quarters of 2023, with some exciting orders to be announced soon [55] Question: How will the quarterly revenue cadence look in 2023? - Management anticipates the first quarter will be the lightest, with more stable performance in the second, third, and fourth quarters [44] Question: Will gross margins remain at current levels? - Management indicated that gross margins may be slightly muted going forward but are confident in maintaining strong margins [57] Question: What should be expected for SG&A expenses in the coming quarters? - SG&A expenses are expected to remain around $2 million per quarter, reflecting ongoing investments in growth [59]
Pioneer Power Solutions(PPSI) - 2022 Q3 - Earnings Call Transcript
2022-11-15 02:26
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Brett Maas - Investor Relations, Hayden IR Nathan Mazurek - Chairman, Chief Executive Officer Walter Michalec - Chief Financial Officer Conference Call Participants Amit Dayal - H.C. Wainwright Operator Good day, ladies and gentlemen, and welcome to the Pioneer Power Solutions, Inc. Third Quarter 2020 Earnings Results Call. Today's conference is being recorded. At this time, I'd lik ...
Pioneer Power Solutions(PPSI) - 2022 Q3 - Quarterly Report
2022-11-14 21:17
Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation ...
Pioneer Power Solutions (PPSI) Investor Presentation - Slideshow
2022-09-16 21:21
Pioneer Power Solutions, Inc. Nasdaq: PPSI Investor Presentation September 2022 Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are based on the beliefs of m ...
Pioneer Power Solutions(PPSI) - 2022 Q2 - Earnings Call Transcript
2022-08-16 01:02
Financial Data and Key Metrics Changes - Revenues for Q2 2022 were $4.3 million, down 24% year-over-year, primarily due to approximately $3 million in expected shipments being delayed [24] - Gross profit for Q2 2022 was $81,000, approximately 2% of revenues, compared to $495,000 or approximately 9% of revenues in Q2 2021, reflecting lower revenue and reduced absorption of fixed overhead costs [25] - Net loss for Q2 2022 was $2.5 million, or a net loss per share of $0.26, compared to a net loss of $686,000 or $0.08 per share in Q2 2021 [29] Business Line Data and Key Metrics Changes - The e-Bloc solution has seen growing market demand, with a significant order of $12 million from a major retailer, although $3 million in systems were delayed due to customer site readiness issues [7][8] - E-Boost product line generated $129,000 in revenue during the quarter, with expectations for E-Boost to represent up to 10% of annual revenue in 2022 [17][19] Market Data and Key Metrics Changes - The company is positioned to benefit from trends in distributed energy generation and electric vehicle charging, with increasing interest from grocery stores, office buildings, and large enterprises [9] - The recent passage of the Inflation Reduction Act is expected to bolster incentives for electric vehicles and provide financial support for charging infrastructure, which could drive demand for the company's offerings [21][22] Company Strategy and Development Direction - The company aims for full-year revenue growth of at least 50% in 2022 compared to 2021, despite Q2 delays [7][20] - Investments in sales, marketing, and product development for e-Bloc and E-Boost solutions are intended to drive demand and support growth [27][32] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving significant growth in 2022 and 2023, despite Q2 challenges [6][20] - The company expects stronger performance in the second half of 2022, both in revenue and net income, as delayed shipments are fulfilled [20] Other Important Information - As of June 30, 2022, the company had $9.8 million in cash and expects to convert a significant portion of accounts receivable into cash before year-end [35][36] - The company is confident in its capitalization to support near-term initiatives and strategic goals [36] Q&A Session Summary Question: Timeline for the retailer customer units - Management indicated that the timeline is still impacted, but they expect to achieve revenue growth from other customers and projects [40] Question: Inventory composition at the end of Q2 - The inventory primarily consists of components ordered for the retailer project, with expectations for increased receivables to convert to cash [41] Question: Expected gross margins for future deliveries - Management expects gross margins to trend around mid-20% levels as deliveries to the service customer pick up [42] Question: Impact of the Inflation Reduction Act on the pipeline - While it is too early to determine specific impacts, management believes the Act will drive demand for charging infrastructure, benefiting the company [43] Question: Revenue cadence for Q3 versus Q4 - Management anticipates Q3 to be heavier in terms of revenue, with Q4 expected to be even stronger [44] Question: SG&A expense trends for the second half - Management hopes to maintain SG&A levels similar to Q2, without significant increases [46]
Pioneer Power Solutions(PPSI) - 2022 Q2 - Quarterly Report
2022-08-15 20:54
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 400 Kelby Street, 12th Floor Fort Lee, New Jersey (Address of principal executive offices) 07024 (Zip Code) (212) 867-0700 (Registrant's telephone number, including area code) Securities reg ...
Pioneer Power Solutions(PPSI) - 2022 Q1 - Earnings Call Presentation
2022-05-17 15:55
Pioneer Power Solutions, Inc. Nasdaq: PPSI Investor Presentation May 2022 Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are based on the beliefs of managem ...
Pioneer Power Solutions(PPSI) - 2022 Q1 - Earnings Call Transcript
2022-05-17 03:11
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q1 2022 Earnings Conference Call May 16, 2022 5:00 PM ET Company Participants Brett Maas - Hayden Investor Relations Nathan Mazurek - Chairman & Chief Executive Officer Walter Michalec - Chief Financial Officer Conference Call Participants Amit Dayal - H.C. Wainwright & Co. Operator Good day, ladies and gentlemen and welcome to the Pioneer Power Solutions 2022 First Quarter Financial Results Conference Call. [Operator Instructions] I would now like to turn the con ...
Pioneer Power Solutions(PPSI) - 2022 Q1 - Quarterly Report
2022-05-16 20:09
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended March 31, 2022 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (I.R.S. Employer Identification No.) (State or oth ...
Pioneer Power Solutions(PPSI) - 2021 Q4 - Earnings Call Transcript
2022-04-01 01:52
Financial Data and Key Metrics Changes - Revenues for Q4 2021 were $3.5 million, down 35% year-over-year from $5.4 million in Q4 2020 [30] - Total revenue for the full year 2021 was $18.3 million, a decrease of 6% compared to $19.5 million in 2020 [32] - The net loss for Q4 2021 was $1.4 million or negative $0.16 per share, compared to a net loss of $744,000 or negative $0.09 per share in Q4 2020 [31] - The full year net loss was $2.2 million or negative $0.24 per share, an improvement from a net loss of $3 million or negative $0.34 per share in 2020 [34] Business Line Data and Key Metrics Changes - The company reported a significant increase in gross profit for the full year 2021, rising 58% to $1.4 million or 8% of revenue, compared to $881,000 or 5% of revenue in 2020 [32] - Selling, general and administrative expenses for Q4 2021 were $1.5 million, representing 43% of revenues, an increase from $1.2 million in the same quarter last year [31] - The backlog more than doubled from $10.9 million at September 30 to $22.8 million as of December 31, indicating strong demand for future orders [27] Market Data and Key Metrics Changes - The company is focusing on the growing demand for distributed generation and electric vehicle (EV) markets, with a strategic shift in response to customer needs [8][9] - The E-Bloc solution received a significant order valued at approximately $12 million, marking a critical milestone in the company's market penetration [15] - E-Boost is expected to represent as much as 10% of annual revenue in 2022, with anticipated revenue doubling in 2023 [26] Company Strategy and Development Direction - The company has repositioned itself as a provider of equipment and services for distributed generation and EV markets, driven by customer demand and market trends [8][9] - The launch of the E-Boost product line aims to address the growing need for mobile EV charging solutions, with three delivery platforms designed to meet varied user requirements [19][20][22] - The company plans to leverage its first-mover advantage in the market to expand its addressable market and improve margins [28] Management's Comments on Operating Environment and Future Outlook - Management expects year-over-year revenue growth of more than 50% in 2022, driven by a strong backlog and accelerating demand for new solutions [37] - The company anticipates significant margin expansion due to the introduction of new products and improved operational efficiencies [34][37] - Management is optimistic about the future, viewing 2022 as a year of growth and transition into a recognized leader in the distributed generation and EV charging marketplace [50] Other Important Information - The company had cash, including restricted cash, of $11.7 million and zero debt as of December 31, 2021, compared to $7.6 million and $1.4 million in debt at the end of 2020 [34] - The company sold 888,500 shares of common stock under the ATM program for net proceeds of approximately $8.7 million, which will be used to advance its E-Bloc and E-Boost businesses [35] Q&A Session Summary Question: What is the outlook for gross margin improvements? - Management indicated that improvements are expected from both the T&D segment and the Critical Power segment, with volume leverage in T&D and profitable E-Boost sales in Critical Power [39][41] Question: What is the expected cadence of quarterly revenues for the year? - Management expects stronger revenue gains in the second half of the year, with noticeable improvements already in Q1 2022 [43] Question: Are there any supply chain challenges affecting delivery schedules? - Management acknowledged ongoing supply chain challenges but emphasized efforts to hold critical inventory to meet delivery schedules [45] Question: How is the E-Boost performing for customers? - Management reported no complaints from customers, indicating positive performance so far [46]