Pioneer Power Solutions Files Q2 2024 10-Q

TL;DR

Pioneer Power Solutions dropped its Q2 10-Q. Check financials for 2024 vs 2023.

AI Summary

Pioneer Power Solutions, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, comparing them to the same periods in 2023. Key financial data and balance sheet information as of June 30, 2024, and December 31, 2023, were disclosed.

Why It Matters

This filing provides investors with the latest financial performance and position of Pioneer Power Solutions, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal significant risks or opportunities, requiring careful analysis.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20241008 — Filing Date (Date the report was submitted)

Key Players & Entities

• PIONEER POWER SOLUTIONS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20241008 (date) — Filed as of Date
• 400 KELBY STREET, 12TH FLOOR (address) — Business Address
• FORT LEE (location) — Business City
• NJ (state) — Business State
• 07024 (zip_code) — Business Zip
• 212-867-0700 (phone_number) — Business Phone

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) — 965KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-040481.txt ( ) — 4030KB
• ppsi-20240630.xsd (EX-101.SCH) — 26KB
• ppsi-20240630_cal.xml (EX-101.CAL) — 45KB
• ppsi-20240630_def.xml (EX-101.DEF) — 86KB
• ppsi-20240630_lab.xml (EX-101.LAB) — 239KB
• ppsi-20240630_pre.xml (EX-101.PRE) — 190KB
• form10-q_htm.xml (XML) — 544KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024, and 2023 1 Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024, and 2023 3 Unaudited Consolidated Statement of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 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 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 26 i 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 (As Restated) 2024 2023 (As Restated) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 (As Restated) 2024 2023 (As Restated) Revenues $ 6,340 $ 12,282 $ 14,930 $ 21,838 Cost of goods sold 5,687 8,404 12,549 15,127 Gross profit 653 3,878 2,381 6,711 Operating expenses Selling, general and administrative 2,715 3,089 5,338 5,246 Research and development 238 - 449 - Total operating expenses 2,953 3,089 5,787 5,246 (Loss) income from operations ( 2,300 ) 789 ( 3,406 ) 1,465 Interest income ( 17 ) ( 79 ) ( 48 ) ( 132 ) Other expense (income), net - 20 ( 40 ) 7 (Loss) income before income taxes ( 2,283 ) 848 ( 3,318 ) 1,590 Income tax expense - - - - Net (loss) income $ ( 2,283 ) $ 848 $ ( 3,318 ) $ 1,590 (Loss) income per share: Basic $ ( 0.21 ) $ 0.09 $ ( 0.32 ) $ 0.16 Diluted $ ( 0.21 ) $ 0.08 $ ( 0.32 ) $ 0.15 Weighted average common shares outstanding: Basic 10,920,125 9,908,434 10,518,659 9,838,989 Diluted 10,920,125 10,746,601 10,518,659 10,677,156 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) June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets Cash $ 6,512 $ 3,582 Accounts receivable, net of allowance for credit losses of $ 150 and $ 97 as of June 30, 2024 and December 31, 2023, respectively 5,900 9,010 Inventories 12,657 7,579 Prepaid expenses and other current assets 7,946 7,512 Total current assets 33,015 27,683 Property and equipment, net 4,226 3,899 Operating lease right-of-use assets 399

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View this 10-Q filing on SEC EDGAR