Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q4 2023 Earnings Conference Call April 1, 2024 5:00 PM ET

Company Participants

Brett Maas - Hayden Investor Relations
Nathan Mazurek - Chairman and Chief Executive Officer
Walter Michalec - Chief Financial Officer

Conference Call Participants

Robert Brown - Lake Street Capital Markets, LLC
Amit Dayal - H. C. Wainwright & Co.
Andrew Parker - Horizon Kinetics LLC

Operator

Good afternoon, everyone. Welcome to today's Pioneer Power 2023 Fourth Quarter and Year-End Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions. [Operator Instructions] Also, today's call is being recorded and I will be standing by if anyone should need any assistance.

Now at this time, I'll turn things over to Mr. Brett Maas, Managing Partner of Hayden Investor Relations. Mr. Maas, please go ahead.

Brett Maas

Thank you and welcome. The call today will be hosted by Nathan Mazurek, Chairman and Chief Executive Officer; Walter Michalec, Chief Financial Officer; and Geo Murickan, President and CEO of Pioneer Power eMobility. Following this discussion, there'll be a Q&A session open to participants on the call. We appreciate the opportunity to review the fourth quarter and full-year 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 may make forward-looking statements. These statements are based on the current expectations and assumptions and 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, which applies to the content of the call.

I would like to now 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. Before I begin, please be aware that the financial results that we reported earlier today and will be discussed during this call are unaudited preliminary results. Pioneer is on the forefront of the energy transition in North America as evidenced by our Banner 2023. We delivered revenue growth of more than 50% and full-year positive net income.

More importantly, we are well positioned for another year of impressive organic growth and increasing net income. Our backlog surged to $46 million as of the end of 2023, a sequential increase of 36% over the prior quarter. Our innovative new products and solutions continued to gain traction in the marketplace, and highly favorable secular tailwinds are creating an environment of supercharged demand.