Pioneer Power Solutions(US:PPSI)2024-04-01 20:10Revenue Performance - Revenue for 2023 was $40.8 million, a 51.1% increase from $27.0 million in 2022[4]. - The company expects revenue of $52 to $54 million for 2024, indicating approximately 30% year-over-year growth, with EPS guidance of $0.31 to $0.34[15]. - Revenue from the Electrical Infrastructure segment increased by 71% in 2023, while revenue from the Critical Power Solutions segment increased by 16%[11]. - Consolidated revenue for Q4 2023 was $7.7 million, a 19% decrease from $9.5 million in Q4 2022, primarily due to order timing shifts[7]. Profitability - Gross profit reached $10.4 million, with a gross margin of 25.5%, compared to $4.6 million and 17.1% in 2022, representing a 125% increase in gross profit and an 840 basis point increase in margin[4]. - Gross profit for Q4 2023 was $1.8 million, or 22.7% of revenue, down from $2.8 million, or 29% of revenue in Q4 2022[8]. - Net income for 2023 was $138,000, or $0.01 per share, compared to a net loss of $3.6 million, or $(0.37) per share in 2022, an improvement of $3.7 million[4]. Backlog and Deliveries - Total backlog increased to $45.9 million as of December 31, 2023, up 36% sequentially from $33.6 million as of September 30, 2023[4]. - The company delivered $9 million of E-Bloc products to a major automaker and $6 million to three California water districts in 2023[6]. Tax and Losses - The company had $14.6 million of federal net operating loss carryforwards as of December 31, 2023[4].