Fri, Jul 26, 9:01 PM (43 days ago)
Pioneer Power Solutions, Inc. filed an amended Form 10-K for the fiscal year ended December 31, 2023, including restatements for the fiscal year ended December 31, 2022, and interim periods in 2022 and 2023. The restatement was due to errors in revenue and cost recognition for customer contracts with performance obligations satisfied over time. The restatement led to a decrease in previously reported revenues and an increase in cost of goods sold, impacting net income and other financial metrics. Key financial highlights for 2023 include: - Revenue: $41,493 (up 60.3% YoY) - Net Loss: $1,898 (improvement from a $5,419 loss in 2022) - Operating Expenses: $11,004 (up 27.4% YoY) - Earnings per Share: $(0.19) vs. $(0.56) in 2022 - Revenue Backlog: $45,165 (up 18.0% YoY) The company identified material weaknesses in internal controls related to revenue recognition and cost accounting, which it is working to remediate. Future outlook includes continued focus on internal growth, product development, and addressing supply chain disruptions.