Pioneer Power Q4 Prelim. Revenue Soars, Stock Up

(RTTNews) - Pioneer Power Solutions, Inc. (PPSI), Wednesday announced preliminary financial results for the fourth quarter and fiscal year 2024.

The company expects quarterly revenue to grow 265 percent, to $9.8 million from last year's $2.7 million.

Meanwhile, the company sees revenue of $22.9 million for the fiscal year 2024, compared to $11.1 million in the previous year.

Nathan Mazurek, Chairman and CEO of Pioneer, commented, "I am pleased to report that our preliminary unaudited financial results exceeded our 2024 revenue guidance for our Critical Power segment, delivering outsized revenue growth coupled with accelerating operating profits."

Currently, Pioneer Power's stock is trading at $4.05, up 7.71 percent on the Nasdaq.