Pioneer Power Reports Strong Q4 and Full-Year 2024 Financial Results with Robust Growth and Strategic Business Realignment
Pioneer Power Solutions, Inc., a leading innovator in the design, manufacturing, and integration of distributed energy resources, power generation equipment, and mobile electric vehicle (EV) charging solutions, has announced its audited financial results for the fourth quarter and full fiscal year ended December 31, 2024. These results follow the Company’s preliminary earnings release on February 19, 2025, and include significant income contributions from discontinued operations associated with the strategic divestiture of its Electrical Infrastructure segment.
The Company closed the sale of its Electrical Infrastructure business to Mill Point Capital on October 29, 2024, in a transaction valued at $50 million in cash and equity. This divestiture marks a transformative step for Pioneer Power as it repositions itself to focus more intensively on high-growth areas, particularly mobile EV charging and distributed energy solutions.
Business Developments and Strategic Milestones
Pioneer Power continued to build momentum in its core areas throughout 2024, reporting several notable business highlights:
- Divestiture for Growth: The Company successfully completed the sale of its Electrical Infrastructure segment, monetizing a legacy asset and unlocking significant shareholder value.
- Strategic Customer Retention: Pioneer renewed and extended a multi-year service agreement with a major U.S. retailer, enhancing the Company’s recurring revenue profile. This contract, valued at approximately $6 million over three years, highlights Pioneer’s strong customer retention and the ongoing demand for its on-site power services.
- New Municipal Contracts: In a step toward expanding its footprint in urban EV infrastructure, Pioneer received a $1.3 million order from the City of Portland, Oregon, via Graybar Electric Company, Inc. The order includes multiple e-Boost© Mobile units and underscores growing municipal demand for flexible EV charging.
- Innovative Grid Solutions: Pioneer was selected by a Fortune 100 e-commerce company to lead a pilot program addressing the “grid gap” challenge. As fleet electrification expands, this pilot aims to overcome the limitations of fixed grid power at EV depot sites using mobile charging innovation.
- Surging Utilization: Charging sessions across Pioneer’s e-Boost units nearly doubled, rising from 7,500 in 2023 to 14,500 in 2024—a 93% year-over-year increase that signals rapidly growing adoption.
Fourth Quarter 2024 Financial Performance
Pioneer’s fourth quarter results reflect significant revenue growth, improved profitability, and strong performance across its continuing operations:
- Revenue for Q4 2024 reached $9.8 million, representing a 265% increase from $2.7 million in the same quarter of 2023. This surge was primarily driven by increased shipments and rentals of the Company’s flagship e-Boost mobile EV charging products.
- Gross Profit rose to $2.8 million, with a gross margin of 29%, up from $0.6 million and a 23% margin in the year-ago period. This improvement underscores the operational leverage and favorable product mix derived from the Company’s focus on high-margin mobile energy solutions.
- Operating Loss from Continuing Operations narrowed significantly to $(1.1) million from $(1.9) million in Q4 2023, a year-over-year improvement of $0.8 million, driven by sales growth and improved operational efficiency.
- Non-GAAP Operating Income from continuing operations was $1.6 million, excluding corporate overhead, R&D expenses, and non-recurring professional fees. This compares to $0.1 million in the prior-year period—a $1.5 million improvement reflecting enhanced profitability in core segments.
- Net Income for the quarter totaled $36.3 million, driven by $35.5 million in income from discontinued operations following the sale of the Electrical Infrastructure business. This compares to a net loss of ($4.5) million in Q4 2023.
Full-Year 2024 Financial Summary
The Company’s full-year results reflect a period of strategic transformation and robust growth:
- Annual Revenue reached $22.9 million, more than doubling from $11.1 million in 2023, largely due to strong growth in e-Boost sales and rentals.
- Gross Profit increased to $5.5 million for the year, with a gross margin of 24%, compared to $2.2 million and a 20% margin in 2023. The margin expansion reflects operational scale and favorable pricing in the mobile EV segment.
- Operating Loss from Continuing Operations improved to $(5.2) million, compared to $(7.0) million in the prior year—an improvement of $1.8 million or 25%.
- Non-GAAP Operating Income from continuing operations turned positive at $1.7 million, a major improvement from a loss of ($1.3) million in 2023.
- Net Income for the year was $31.9 million, inclusive of $35.2 million in income from discontinued operations. This compares to a net loss of ($1.9) million in 2023, which included $4.4 million in income from discontinued operations.
- Cash Position was significantly strengthened, with $41.6 million in cash on hand as of December 31, 2024, compared to $3.6 million at the end of 2023. This $38.0 million increase in liquidity positions the Company well for continued growth.
- Backlog grew to $19.8 million at year-end, compared to $16.7 million a year earlier, reflecting sustained demand for the Company’s offerings.
- On January 7, 2025, Pioneer issued a one-time special dividend totaling $16.7 million, demonstrating its commitment to returning value to shareholders.
Detailed Segment Analysis
Revenue and Gross Profit Growth
The Company’s growth in revenue was propelled by increased demand for its mobile EV charging solutions. Pioneer’s e-Boost units, which provide rapid deployment EV charging with minimal infrastructure requirements, are gaining traction with municipalities, fleet operators, and private enterprises seeking scalable, clean energy solutions.
The resulting growth in high-margin product sales significantly enhanced the Company’s gross profit and margin performance both quarterly and annually. Gross margins climbed from 20% to 24% year-over-year, with Q4 margins reaching 29%.
Operating Performance
Although the Company reported operating losses from continuing operations in both Q4 and the full year, these losses were markedly reduced compared to 2023. Excluding non-operational expenses, Pioneer achieved positive non-GAAP operating income in both the fourth quarter and full year, indicating the underlying profitability of its core business lines.
Additionally, stock-based compensation, a non-cash expense, totaled $1.1 million for the year, down from $1.5 million in 2023. This reduction further contributed to improved bottom-line results from continuing operations.
Income from Discontinued Operations
The single most significant factor contributing to Pioneer’s 2024 net income was the gain from the sale of its Electrical Infrastructure segment. The $50 million transaction resulted in $35.2 million in reported income from discontinued operations for the year, propelling the Company to record-high net income of $31.9 million.
This strategic divestiture not only improved Pioneer’s financial standing but also allowed the Company to sharpen its focus on its high-growth, clean energy core.
With a dramatically improved balance sheet, growing backlog, and increased demand for mobile EV infrastructure, Pioneer Power enters 2025 with strong momentum. The successful divestiture of a legacy segment, continued innovation in grid-independent power solutions, and expanding customer base—including major municipalities and Fortune 100 companies—position the Company for scalable and sustainable growth.
CEO and executive commentary on the earnings call emphasized a forward-looking strategy built on clean mobility, decentralized energy, and responsive service models for a rapidly electrifying world. As the grid faces mounting pressure from surging electrification, especially in transportation and logistics, Pioneer Power aims to be at the forefront of mobile and flexible energy delivery.
