Pioneer Power Solutions Files Q1 2024 10-Q

TL;DR

Pioneer Power Solutions filed their Q1 2024 10-Q. Check financials.

AI Summary

Pioneer Power Solutions, Inc. filed a 10-Q for the period ending March 31, 2024. The company, previously known as Sierra Concepts, Inc., is involved in the manufacturing of power distribution and specialty transformers. The filing details financial information and operational updates for the first quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Pioneer Power Solutions, Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, Pioneer Power Solutions faces inherent market and operational risks that are detailed within the 10-Q.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240910 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PIONEER POWER SOLUTIONS, INC. (company) — Filer of the 10-Q
• SIERRA CONCEPTS, INC. (company) — Former name of Pioneer Power Solutions, Inc.
• 20240331 (date) — End of the reporting period
• 20240910 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share PPSI Nasdaq Capital Mark

Filing Documents

• form10-q.htm (10-Q) — 623KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-035661.txt ( ) — 3449KB
• ppsi-20240331.xsd (EX-101.SCH) — 26KB
• ppsi-20240331_cal.xml (EX-101.CAL) — 45KB
• ppsi-20240331_def.xml (EX-101.DEF) — 86KB
• ppsi-20240331_lab.xml (EX-101.LAB) — 238KB
• ppsi-20240331_pre.xml (EX-101.PRE) — 189KB
• form10-q_htm.xml (XML) — 410KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Unaudited Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 1 Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 23

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS PIONEER POWER SOLUTIONS, INC. Consolidated (In thousands, except for share and per share amounts) (Unaudited) 2024 2023 (Restated) Three Months Ended March 31, 2024 2023 (As Restated) Revenues $ 8,590 $ 9,555 Cost of goods sold 6,862 6,722 Gross profit 1,728 2,833 Operating expenses Selling, general and administrative 2,623 2,158 Research and development 211 - Total operating expenses 2,834 2,158 (Loss) income from operations ( 1,106 ) 675 Interest income ( 31 ) ( 54 ) Other income, net ( 40 ) ( 13 ) (Loss) income before income taxes ( 1,035 ) 742 Income tax expense - - Net (loss) income $ ( 1,035 ) $ 742 (Loss) income per share: Basic $ ( 0.10 ) $ 0.07 Diluted $ ( 0.10 ) $ 0.07 Weighted average common shares outstanding: Basic 10,112,310 9,769,545 Diluted 10,112,310 9,769,565 The accompanying notes are an integral part of these consolidated financial statements. 1 PIONEER POWER SOLUTIONS, INC. Consolidated Balance Sheets (In thousands, except for share amounts) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets Cash $ 6,227 $ 3,582 Accounts receivable, net of allowance for credit losses of $ 146 and $ 97 as of March 31, 2024 and December 31, 2023, respectively 11,195 9,010 Inventories 9,590 7,579 Prepaid expenses and other current assets 7,302 7,512 Total current assets 34,314 27,683 Property and equipment, net 3,990 3,899 Operating lease right-of-use assets 581 760 Financing lease right-of-use assets 340 403 Deferred financing costs 6 195 Other assets 75 82 Total assets $ 39,306 $ 33,022 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 12,317 $ 12,609 Current portion of operating lease liabilities 443 582 Current portion of financing lease liabilit

View Full Filing

View this 10-Q filing on SEC EDGAR