Pioneer Power Solutions Declares Special Dividend and Reports Financial Results

Pioneer Power Solutions, Inc. (NASDAQ: PPSI) recently announced its financial results for the third quarter that ended on September 30, 2024. The company issued a press release on November 14, 2024, highlighting its performance and providing a business update.

In the press release, the company disclosed that it recorded revenue of $6.4 million in its Critical Power business segment, marking a substantial 130% increase compared to the same period last year. The segment also reported positive income from operations. Furthermore, the company declared a one-time special cash dividend of $1.50 per share of common stock. The dividend, totaling approximately $16.5 million based on the current number of outstanding shares, is set to be paid on January 7, 2025, to shareholders of record as of December 17, 2024. This dividend will be financed with proceeds from the sale of the company’s Electrical Infrastructure Equipment segment.

Nathan Mazurek, Chairman and CEO of Pioneer Power Solutions, expressed enthusiasm about the company’s outlook, particularly in its Critical Power and eMobility business segments. The company recently sold its Pioneer Custom Electrical Products, LLC unit, allowing it to focus exclusively on these high-growth areas.

Financial results from the third quarter of 2024 revealed that the company’s Critical Power segment experienced a significant improvement across various metrics compared to the same period in 2023. Revenue surged, gross profit increased, and there was a notable uptick in income from operations.

Looking ahead, management decided to withdraw its financial guidance for 2024 due to the recent business unit sale. However, the company expects revenue in the range of $27 to $29 million for the full year 2025, representing an approximate 25% year-over-year growth.

Pioneer Power Solutions, Inc. specializes in designing, manufacturing, integrating, and servicing electric power systems, distributed energy resources, power generation equipment, and mobile EV charging solutions. It has a strong focus on serving utility, industrial, and commercial markets.

The company also underlined the importance of forward-looking statements and notified investors about potential risks and uncertainties that could affect actual results compared to the projections outlined in the press release.

For those interested in more details, Pioneer will host an earnings conference call on Monday, November 18, 2024, at 4:30 p.m. Eastern Time to discuss its third-quarter financial performance with the investment community.

The Company advised listeners to call 1-877-407-0789 (US) or 1-201-689-8562 (international), referencing the conference ID: PIONEER for participation. Additionally, a replay of the call will be available until December 2, 2024, with access provided through a designated phone number or webcast link.

For further information, investors can visit the company’s website at www.pioneerpowersolutions.com or refer to regulatory filings with the Securities and Exchange Commission for more detailed disclosures and risk factors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Pioneer Power Solutions’s 8K filing here.

About Pioneer Power Solutions

Pioneer Power Solutions, Inc, together with its subsidiaries, design, manufacture, integrate, refurbish, distribute, sell, and service electric power systems, distributed energy resources, power generation equipment, and mobile EV charging solutions. The company operates through Electrical Infrastructure Equipment and Critical Power Solutions segments.