The Company also announced that management is reaffirming guidance for the full year 2024 of $52 to $54 million in revenue, which represents year-over-year growth of approximately 30%, and $0.31 to $0.34 in EPS.

Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, commented, "The ever growing market demand for our E-Bloc and e-Boost power solutions reinforces our confidence for delivering both strong growth and significantly improved profitability for 2024. As of the end of the first quarter, we had an order backlog of $45.9 million, most of which is to be delivered over the next 12 months, and we have a growing number of new business opportunities that we believe will further boost our backlog number in the coming months. Importantly, the expected timing of the delivery of customer orders indicates the second half of 2024 sales will be significantly higher than the first half of the year."

The Company expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2024, with the SEC in the coming weeks and host a conference call with the investment community shortly after filing.