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| Statement |
|---|
| Very nice quarter |
| And revenue from the critical power segment, which manufactures our mobile high-speed electric charging solution e-Boost, was up nearly 13% to $2.8 million in the comparable period |
| Revenue of $12.4 million for the third quarter is a record, since divesting our Transformer business in 2019 |
| Higher sales, lower input costs, and a favorable product mix drove net earnings to $0.10 a share, up from a loss of $0.13 a share a year ago in the third quarter of 2022 |
| Our T&D solution segment, which manufactures E-Bloc, is delivering consistent positive operating income to the tune of $2.7 million during the third quarter of this year, an increase of $2.5 million when compared to the third quarter of last year |
| We also expect to enter 2024 with accelerating momentum and a record backlog and plan to announce more formal guidance for 2024 early in the New Year |
| Data continues to be strong |
| First, E-Bloc continues to benefit from the rapid growth of the distributed generation market |
| These long-term trends will continue to support our growth for the next three to five years with clear annual visibility |
| This significant improvement to gross profit was primarily due to the increase in sales of our E-Bloc power systems and related equipment, lower input costs, and improved productivity |
| The quarter's financial results included a doubling of revenue and strong profitability, demonstrating the value of Pioneer's products and services, as well as a reflection of the underlying strength of our target markets |
| EV charging stations are super strong |
| All this positive momentum will carry us into 2024, and more specifically, we fully expect to quadruple e-Boost revenue in 2024 |
| We expect to achieve our full-year revenue guidance as well as positive net income for the full year 2023 |
| Revenue from the T&D solution segment increased approximately 145% and revenue from the critical power segment increased approximately 14% in the comparable periods |
| Pioneer's revenue during the third quarter was a record since divesting its transformer business in August of 2019 |
| Our outdoor compact E-Bloc power solution for the distributed generation market and our e-Boost high-speed mobile electric charging suite of products continue to penetrate new markets and gain additional traction in currently served markets |
| As the revenue and backlog for e-Boost continues to grow, it is clear that e-Boost has come a long way from the truck-mounted prototype we unveiled exactly 24 months ago |
| We guided towards positive EPS for the year |
| And I think it's the best you've ever done |
| We believe our recent commercial successes, for example, the City of Fairfield, California, to support their municipal fleet of electric buses, or a Big Three automaker to support the rollout of their autonomous taxi business, foreshadows a massive energy transition market intended to be implemented over a long period of time |
| The product mix is still a beneficial, is a good product mix, something I would hope overall continues through 2024 as far as product mix |
| So theoretically at this point we could lose $0.07 and still be positive for the year, which is a great position to be in |
| All these users require mobile, powerful, rapid, non-grid connected charging solutions, and e-Boost is perfectly positioned to support these electric transitions |
| Accordingly, we are confident that we are sufficiently capitalized to address our near-term investments and cash needs |
| And that's getting traction among the fleets that they are managing or hoping to manage |
| Revenue from the T&D solution segment, which manufactures our E-Bloc power systems and related equipment, increased 156% to $9.7 million |
| Next, our second major product growth driver is e-Boost, which provides mobile high-speed electric charging |
| 29% was terrific |
| Amit Dayal The available capacity -- congrats on the strong quarter, by the way |
| Statement |
|---|
| I think you touched on the revenue side, but I believe the way the guidance is given, EPS could still be a loss for Q4 |
| car companies are making delays to their orders on the EV side because of the slow uptake supposedly |
| The result is accelerating power usage, higher power costs, and reduced reliability and supply of power |
| It's important to note that SG&A expense includes approximately $600,000 in incremental investments in sales, marketing, product development, and personnel expense for our e-Boost solution, a drag of about $0.06 per share on EPS |
| Raw demand for electricity continues to grow and the grid's ability to satisfy this growth continues to decline |
| But even, I mean, even orders that we took from the autonomous vehicle division of a certain automaker and so forth, and despite, what we read that some of those businesses are incurring bumps in the road, the opposite |
| Depends who's taking, who's not, some stuff that we move up that we constantly are in flux with certain customers, especially electrical utilities |
| So I think it should stop being a drag is what's a drag |
| And also on your capacity issues for E-Bloc |
| We're not deep enough in the quarter yet |
| And the fourth quarter is not over |
| Doesn't mean it won't happen and doesn't mean that we're immune from anything that's happening |
| It's really going to depend on the continued spend, on the e-Boost and when e-Boost stops being a drag on earnings and break even and then hopefully, be a contributor |
| We don't have any intention of being negative in the fourth quarter |
| If it doesn't work out so well, maybe it'll be a little bit below 50% |
| This is compared to a net loss per basic and diluted share of $0.47 for the first nine months of 2022 |
| Again, I'm not sure specifically |
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