Successful Sale of PSEP Business
Pioneer Power sold its PSEP business unit for $50 million, receiving $48 million in cash and a 6% equity stake in Mill Point's Voltaris platform.
Third Quarter Revenue Growth
The Critical Power business segment achieved a 130% year-over-year revenue increase, reaching $6.4 million.
Positive Operating Income
The Critical Power segment generated positive operating income of $211,000 compared to a loss of $621,000 in the previous year.
E-BOOST Platform Success
The E-BOOST platform has grown significantly, with $20 million projected revenue for 2024 and a backlog increase of approximately 45% compared to year-end 2023.
Strategic Partnership with SparkCharge
Pioneer Power announced a collaboration with SparkCharge to integrate mobile battery energy storage systems, enhancing the mobile EV charging market.
Revenue Guidance for 2025
Pioneer Power provided revenue guidance of $27 million to $29 million for 2025, with a focus on the E-BOOST product line.
Strong Balance Sheet
The company has zero debt and a strong cash position, enabling funding of growth plans.