Pioneer Power Solutions Inc. (NASDAQ: PPSI) stock gained by 27.17% at last close while the PPSI stock surged by 38.27% in the after-hours trading session. Pioneer Power Solutions is a global leader in on-site power production, distributed generation, and power infrastructure for the electric car, utility, industrial, commercial, and backup power applications.

PPSI stock’ Financial Highlights

Pioneer Power Solutions announced its financial results for the third quarter of 2021. Given below is the summary:

• The Company’s total revenue for the third quarter of 2021 was $5.7 million which is an increase of 40.3 percent from $4.1 million in the same period last year, owing principally to an increase in switchgear equipment sales.
• Pioneer’s gross profit for the third quarter of 2021 was $713,000, or 12.5 percent of revenues, relative to $739,000, or 18.2 percent of revenues, for the third quarter of 2020.
• The operating loss for the three months ending September 30, 2021, was $518,000, up 14.9 percent from $451,000 at the same time last year.
• For the third quarter of 2021, the Company had a net loss of $434,000, or $(0.05) per basic and diluted share, whereas the net gain of $1.3 million, or $0.15 per basic and diluted share, for the third quarter of 2020.
• The Company had $3.4 million in cash and $1.8 million in restricted cash on September 30, 2021, relative to $7.6 million at December 31, 2020.

Nathan Mazurek, Pioneer’s Chairman, and CEO commented that,

The efficacy of their strategic change to the multibillion-dollar EV charging and distributed generation industries is shown by the recent launch of E-Boost, their unique suite of mobile EV charging solutions, and the accelerated increase of E-Bloc sales. E-Boost addresses mainly unmet requirements for mobile charging, while E-Bloc streamlines and simplifies the installation demand for additional high-capacity charging.