Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET

Company Representatives

Nathan Mazurek - Chairman, Chief Executive Officer

Walter Michalec - Chief Financial Officer

Geo Murickan - President of Pioneer Power Mobility Business Unit

Brett Maas - IR, Hayden IR

Conference Call Participants

Amit Dayal - H.C. Wainwright

Operator

Good day, and welcome to the Pioneer Power Solutions Incorporated, Second Quarter 2022 Earnings Results Call. Today’s conference is being recorded.

At this time I would now like to turn the conference over to Brett Maas, Investor Relations of Hayden IR. Please go ahead.

Brett Maas

Thank you and welcome. The call today will be hosted by Nathan Mazurek, Chairman and Chief Executive Officer and Walter Michalec, Chief Financial Officer. And also on the call today is Geo Murickan, President of the Company's recently launched Pioneer Power Mobility Business Unit. Following this discussion there will be a Q&A session open to participants on the call. We appreciate the opportunity to review the second quarter of 2022 financial results, as well as discuss recent business highlights.

Before we get started, let me remind you this call is being recorded and webcast. During this call management will make forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary text regarding forward-looking statements contained in the earnings release issued earlier today and in the posted version of these prepared remarks, both of which apply to the content of the call.

I’d now like to just turn the call over to Nathan Mazurek, Chairman and CEO. Nathan, please go ahead.

Nathan Mazurek

Thank you, Brett. Good afternoon and thank you all for joining us today for our conference call. Market demand for our new solutions e-Bloc and E-Boost continues to grow quite rapidly. As a reminder, both of these solutions were only introduced in the second half of last year, and over the past few quarters we continue developing additional prototypes and first commercial units, expanding our internal sales team, broadening our third party sales channels and investing in marketing support. This growing market demand, including customer provided timelines and expectations have reinforced our confidence that 2022 and 2023 will be significant growth years for Pioneer.

Indeed we are today reiterating our guidance of full year revenue growth for 2022, up at least 50% over prior year levels. We are reaffirming this goal even as the revenue in this second quarter was severely impacted by customer driven delays. More specifically, in December of 2021, we announced a $12 million order for our e-Bloc distributed generation solution from a major retailer. As often happens when working with one very large customer, delivery timing can change and during the quarter approximately $3 million in systems were completed, validated and scheduled for delivery, but delayed by the customer due to site readiness issues.