Pioneer Power Solutions, Inc. (PPSI), a company that manufactures, sells, and services specialty electrical transmission, distribution, and on-site power generation equipment, has declined 20.19% in aftermarket trading session and consequently is trading at $8.3 at the time of the writing. The decline could be attributed to the profit-taking factor as PPSI stock saw a skyrocketing increase of 220% on Monday and closed the day at $10.4. The surge came after the company announced the launch of its smart charging solutions.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Why PPSI Surged?
On Monday, PPSI announced the launch of its E-Boost© portfolio of mobile Electric Vehicle (EV) charging solutions for a full range of applications. Initially, the company’s E-boost portfolio I comprised of three main products. They include E-boost GOAT, E-boost Mobile, and E-boost Pod. The company said that it is expecting the rapidly growing demand for high capacity mobile charging. The launch of the new offerings advances the company’s strategic shifts toward the growing opportunity in EVC.
Upcoming Financial Results for Q3
On 1st November, PPSI announced that the management of the company would host a conference call on Tuesday, November 16, 2021, to discuss the company’s third-quarter 2021 financial results with the investor community. The management would also discuss the financial outlook for the upcoming quarters.
Q2 2021 Financial Results
On 13th August, PPSI released the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company generated total revenue of $5.62 million against $5.08 million for the same period of 2020. The gross profit for the period was $0.49 million against the gross loss of $0.29 million for the same period of 2020. The total operating expenses for the period were $1.24 million against $0.88 million for the same period of 2020. The company suffered a net loss of $0.68 million (or $0.08 per share) during the quarter against $0.66 million (or $0.08 per share) for the same period of 2020.
Future Outlook for PPSI
During the last three months, PPSI stock has increased more than 120%, the prime reason being the proclivity toward innovation by the company. Analysts suggest that the company is in a good position to build upon this success and bring further improvement in its stature. Hence, potential investors should keep a close eye on the upcoming performance of PPSI stock.