Pioneer Power Solutions, Inc.

Greetings and welcome to Pioneers 2023 third quarter financial results. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brett Moss, from Hayden IR. Thank you, Mr. Moss. You may begin.

Thank you and welcome. The call today is being hosted by Nathan Mazurick, Chairman and Chief Executive Officer, and Walter Michalak, Chief Financial Officer. Following this discussion, there will be a formal Q&A session over the participants on the call. We appreciate the opportunity to review the third quarter financial results and discuss recent business highlights. Before we get started, let me remind you this call is being recorded in webcast. During the call, management may make forward-looking statements. These statements will be 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 issue earlier today, which applies to the content of the call. I would like to now turn the call over to Nathan Mazurick, Chairman and CEO. Nathan, please go ahead.

Thank you, Brad. Good morning, and thank you all for joining us today. We also have Gio Maricken, president of Pioneer's eMobility business, essentially our eBoost business, on the call as well. The quarter's financial results included a doubling of revenue and strong profitability, demonstrating the value of Pioneer's products and services, as well as a reflection of the underlying strength of our target markets. Revenue of 12.4 million for the third quarter is a record since divesting our transformer business in 2019. Higher sales, lower input costs, and a favorable product mix drove net earnings to 10 cents a share, up from a loss of 13 cents a share a year ago in the third quarter of 2022. We expect to achieve our full year revenue guidance as well as positive net income for the full year 2023. We also expect to enter 2024 with accelerating momentum and a record backlog and plan to announce more formal guidance for 2024 early in the new year. Our outdoor compact e-block power solution for the distributed generation market and our e-boost high-speed mobile electric charging suite of products continue to penetrate new markets, and gain additional traction in currently served markets. First, E-block continues to benefit from the rapid growth of the distributed generation market. Raw demand for electricity continues to grow, and the grid's ability to satisfy this growth continues to decline. The result is accelerating power usage, higher power costs, and reduced reliability in supply of power. The e-block product platform at its core integrates an automatic transfer switch, circuit protection scheme, and programmable controls into a compact outdoor unit. This allows the user to protect and control two or more sources of power concurrently, potentially even in parallel, located in one unitized piece of equipment. This limits the user's installation cost avoids expensive and disruptive indoor upgrades, and directs them to one point of responsibility for the seamless flow of power. To date, Pioneer has provided e-block solutions to a multitude of Fortune 500 companies across verticals such as retail, data centers, electric vehicle charging station, automotive, and aerospace. In addition, Pioneer has provided dozens of eBlock units to electric and water utilities as they supplement their operations with alternative sources of power. These long-term trends will continue to support our growth for the next three to five years with clear annual visibility. Next, our second major product growth driver is eBoost, which provides mobile high-speed electric charging. We deliver this mobility via truck, skid, trailer, or pod-type physical platform. To date, we have provided units ranging from 30 kilowatts to 400 kilowatts with up to four power dispensers per unit. We believe our recent commercial successes, for example, the City of Fairfield, California, to support their municipal fleet of electric buses, or a Big Three automaker to support the rollout of their autonomous taxi business foreshadows a massive energy transition market intended to be implemented over a long period of time. In addition, customers who ordered single units early on in our commercialization have already placed follow-on orders. Additionally, the market for e-boost keeps expanding. Municipalities are electrifying street sweepers, garbage trucks, police and fire vehicles, airlines are going electric, transitioning their ground service equipment to all electric, and mining and construction companies are demanding electric options for the equipment they use as well. All these users require mobile, powerful, rapid, non-grid connected charging solutions, and eBoost is perfectly positioned to support these electric transitions. Year to date, eBoost has charged over 12,000 vehicles and provided more than 200 megawatts of charging to electric vehicles. Additionally, at a major East Coast airport authority, they have been charging on average three electric buses slash cars a day for the last nine months. As the revenue and backlog for eBoost continues to grow, It is clear that eBoost has come a long way from the truck-mounted prototype we unveiled exactly 24 months ago. eBoost is no longer a concept, but rather a proven solution for a growing need. All this positive momentum will carry us into 2024, and more specifically, we fully expect to quadruple eBoost revenue in 2024. With that, let me turn the call over to Walter, our CFO, to discuss our financial results.