Pioneer Power Solutions(US:PPSI)2025-05-15 21:10Revenue Growth - Full year revenue for 2024 was $22.9 million, representing a 106% increase compared to $11.1 million in 2023[8] - Q4 2024 revenue reached $9.8 million, a 265% increase from $2.7 million in Q4 2023, primarily driven by increased shipments and rentals of mobile EV charging equipment[9] - Revenues for the year ended December 31, 2024, increased to $22,879 million, up from $11,116 million in 2023, representing a growth of 105%[33] Profitability - Gross profit for 2024 was $5.5 million, with a gross margin of 24%, compared to $2.2 million and a 20% gross margin in 2023[15] - Net income for 2024 was $31,855 million, a significant turnaround from a net loss of $1,898 million in 2023[33] - Basic earnings per share for 2024 was $2.97, compared to a loss of $0.19 per share in 2023[33] Operating Performance - Operating loss from continuing operations for 2024 was $(5.2) million, an improvement of approximately $1.8 million or 25% from $(7.0) million in 2023[16] - Non-GAAP operating income from continuing operations for 2024 was $1.7 million, compared to a non-GAAP operating loss of $(1.3) million in 2023, marking a year-over-year improvement of approximately $3.0 million[8] - Operating loss from continuing operations improved to $(5,248) million in 2024 from $(7,035) million in 2023[39] Cash and Assets - Cash on hand increased to $41.6 million at the end of 2024, compared to $3.6 million at the end of 2023, reflecting an increase of approximately $38.0 million[19] - Total current assets increased to $56,657 million in 2024 from $27,683 million in 2023, a growth of 104%[35] - Cash balance at the end of 2024 was $41,622 million, a substantial increase from $3,582 million at the end of 2023[37] Liabilities and Financial Obligations - Total liabilities rose to $30,522 million in 2024, up from $18,804 million in 2023, indicating increased financial obligations[35] Backlog and Future Guidance - The backlog as of December 31, 2024, was $19.8 million, up from $16.7 million a year earlier, indicating a year-over-year increase of $3.1 million[8] - The company reaffirmed its revenue guidance for 2025, expecting revenue between $27 million and $29 million[20] Research and Development - Research and development expenses for 2024 were $1,050 million, up from $885 million in 2023, indicating continued investment in innovation[39] Charging Sessions - The number of charging sessions increased to 14,500 in 2024, a 93% increase from 7,500 sessions in 2023[5] Investment Activities - The company reported a net cash provided by investing activities of $38,876 million in 2024, primarily from the sale of the PCEP business[37]