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Pioneer Power Solutions, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in consolidated revenue to $10,911,000 for the three months ended September 30, 2024, compared to $11,453,000 in the same period the previous year. The decrease is primarily attributed to a reduction in sales from the Electrical Infrastructure segment.
Cost of goods sold for the quarter was $8,845,000, up from $7,755,000 in the previous year. This increase is due to higher costs associated with the Critical Power Solutions segment.
The company reported a gross profit of $2,066,000 for the quarter, down from $3,698,000 in the previous year, with the decline attributed to lower sales in the Electrical Infrastructure segment.
Selling, general, and administrative expenses increased to $2,881,000 from $2,726,000, primarily due to higher professional fees.
Net loss for the quarter was $1,121,000, compared to net income of $1,011,000 in the previous year. The loss is attributed to decreased sales and increased operating expenses.
The company had cash of $3,080,000 as of September 30, 2024, primarily generated from the sale of common stock under the ATM Program.
On October 29, 2024, Pioneer Power Solutions completed the sale of its Pioneer Custom Electrical Products, LLC subsidiary for gross cash proceeds of $48,000,000.
The filing also details the company's liquidity, noting a working capital of $9,103,000 as of September 30, 2024.
Pioneer Power Solutions continues to focus on its Critical Power Solutions segment, which saw an increase in revenue due to higher equipment and service sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pioneer Power Solutions Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.