- Pioneer Power announced the launch of EV charging options like truck-mounted E-Boost GOAT generator and stationary E-Boost Pod that can charge two vehicles.
- The New Jersey-based company is a global leader in on-site power production, distribution, and application in a range of sectors from EV plants to utility.
- Pioneer CEO Nathan Mazurek said the recent offerings would be the key levers for the company’s continued growth.
Electrical equipment company Pioneer Power Solutions Inc (PPSI) stock jumped more than 47% in the premarket session on Tuesday as its rally continued for the second consecutive day.
The stock was up 47.43% to US$11.249 at 9:16 am ET. On the previous day, the stock closed at over 20% higher at US$7.63. The PPSI stock has been trading higher over the past week.
The Fort Lee, New Jersey-based company is a global leader in on-site power production, distribution, and application in a range of sectors from EV plants to utility.
Most recently, Pioneer Power announced the launch of EV charging options, including a truck-mounted E-Boost GOAT generator and stationary E-Boost Pod that can charge two vehicles.
The company said these options would help reduce range anxiety that some owners endure.
The stock has since been gaining huge traction, with a daily average trading volume of about 10 million shares. The company gained over 123% last month alone.
Some analysts, however, said its short interest might have ballooned to 1.6 million shares in mid-November. The short interest makes up a significant portion of the float.
Pioneer CEO Nathan Mazurek said the E-Boost’s launch marks the company’s strategic shift to the multi-billion-dollar EV charging and power generation market. He added that these offerings would be the key levers for the company’s continued growth.
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Pioneer’s Q3 Revenue
In the third quarter of fiscal 2021, its total revenue was US$5.7 million, up 40.3% from US$4.1 million a year ago, mainly due to increased sales of its switchgear equipment.
Its switchgear product line sales, such as automatic transfer switches and medium voltage switchgear, rose by 98.8% to US$1.5 million YoY three months ended September 30, 2021.
The company reported a net loss of US$434,000, or US$(0.05) per diluted share, against a net income of US$1.3 million, or US$0.15 per basic and diluted share a year ago.
Its 52-week highest was US$12.44, and the lowest was US$3.09.
The New Jersey-headquartered company has a market cap of around US$89.7 million.