Thank you. I'm Nathan Mazurek, CEO of Pioneer Power Solutions, and we're going to get a chance to, some of your familiar faces, familiar with the story. We're going to get a chance to be a little bit more intimate with the business than we normally would. Oh, there we go. Okay. What's the business today? As some of you might be familiar, we sold our switchgear business almost a year ago, October of 2024, for $50 million. Retained a 6% stake in that business as well. Today, we're completely focused on our eBoost power business, which essentially, although it's morphing as well, is mobile charging systems that we develop, proprietary systems that we develop, charging with its own power source, high-capacity charging, mostly for electric trucks and buses, although that's changing as well.
As well as we're probably doing more what we call pure power type applications where there is no charging involved, but the user needs a bespoke mobile charging array that others don't or are not willing to put the time and effort into. Here are some of the units that we delivered last year and through the first half of this year. This is the Los Angeles Department of Transportation. This is for their intra-city buses. These are some of the electric buses that they have. These are two of our units that are there, propane-driven, 400 kilowatt, both of them 400 kilowatt type engines. They bought these from us. We also sold them an array of chargers with plastic raceway and so forth so that they could get this up and running for their buses without doing any civil work at all.
This is operating at four different depots for the Los Angeles Department of Transportation, and they are extremely happy with it. Bottom picture is the largest order that we delivered completed at the end of June. This was for the first half of 2025. That's the Los Angeles Unified School District. 25 of these units, 250 kilowatt propane engine-driven units with eight chargers hanging off the trailer. They have taken delivery of 200, I think it's Bluebird buses, electric buses, and are expected to take delivery of 600 more over the next couple of years. That's what the offering looks like. That's how we started it. We unveiled the first prototype in November of 2021 when it was a truck-based unit. That was the first, that's the second one from the left. That was the first and last truck-based unit that we ever did.
I would say at this point, 90% of the units are involved with the trailer. If it's not a trailer, then it's a skid, but we have not done any other truck-based units since then. First mover advantage, you know, we are synonymous with this kind of solution. eBoost is what fleets and municipalities and other users and dealers and everybody in this industry talks about. There are other solutions. Again, 90% of them are using some sort of a battery-only type solution that's good in very limited applications. It's a very expensive solution. It's also a solution that needs to be recharged all the time. The battery doesn't generate its own power. It needs to be recharged. Utilization is quite low.
It does have a place, although for the most part, the users that we're dealing with want a lot of power density, a lot of mobility, a lot of optionality for the price, for the money that they're paying. Super clean capital structure, one class of stock, very few warrants, all employee management type warrants, but that's very little. About 11 million shares outstanding, zero bank debt, $18 million in cash as of June 2025. It's a little bit higher now as we collected on some receivables from the first half, primarily from the Los Angeles Unified School District. Back in 2021, we did about a $1 million dividend. We did quite a large dividend paid out in January of this year, $16.7 million in proceeds to the shareholders, $1.50 a share. eBoost, that's the business right now.
That's what we call it, even when it doesn't have charging associated with it. It's mobile power solutions. You want to add charging to it. That's how we started it. That's been successful, and we've been building on that success with what we call pure power type applications. What's the opportunity? The current customer base, people like, if you're here, the Port Authority of New York and New Jersey is a customer, is a gift that keeps giving, mostly for the airports, mostly to high-capacity charge. There are shuttle buses and transit buses that they themselves run and operate, moving employees. Soon for customers, soon to push into the ports as well, as the Port Authority of New York and New Jersey is extremely committed or very much committed to a 100% zero emission electrified future for themselves. The big, where are the purchase orders for me?
You know, who's issuing purchase orders? The purchase orders today for us are mostly some form of government, state, local, municipality, or their tentacles, fire department, sanitation department, those that have made commitments to whether it's electric sanitation vehicles or fire rescue type vehicles or other pieces of equipment that have gone electric and they need high-speed DC fast charging on a mobile basis. It's transit buses, it's school buses, it's city and other state municipalities like California, Washington, Colorado that have made that they've crossed the Rubicon. They are committed to a 100% electric future. On the private side or the non-governmental side, the two big right now, the two big, you know, alpha markets for us are the large package delivery companies. That's, you know, we're all familiar with them. It's the Amazons, it's the FedExs. It's not UP, it's not the United States Postal Service anymore.
That's changed, that canceled everything. Walmart and people like that. Something that I did not see a few months ago has become extremely hot for us right now, and that's the robotaxi market. As Waymo continues to expand and as they try now to increase their own margins and their utilization rates, fast charging and the ability to charge the vehicles as quickly as possible in all kinds of places increases the utilization rate that they have on the vehicles. You know, the vehicle makes no money for them while it's charging. Its availability every hour is paramount. Any questions before? Okay. This is just kind of, if you go back in all the press releases, that's kind of the highlight. VinFast was the first, the Vietnamese electric vehicle manufacturer, passenger vehicle manufacturer, was one of the first to, you know, whatever we can go through their use cases.
It's not that important. They've become a good customer. They're one of the few customers we have that are using it for passenger vehicles, rare for us. Normally, a passenger vehicle doesn't really require or merit these kinds of fast charging. In VinFast's case, they are delivering in a container ship 3,000 vehicles at a time to either the port of Los Angeles or to the port of San Francisco. No matter what they've tried, the vehicles come dead completely when they've tried all kinds of things at a great cost to themselves. In each port, they have two of our units that they lease from us, and they fast charge these vehicles, and then they actually have young men and women that drive them to the point of sale. The next one was really to a large utility.
The next was announced by name, that was the city of Fairfield, California. The next was, I don't know who that was. The $5 million order was the Los Angeles Department of Transportation, second from the bottom, that was the Los Angeles Unified School District. Of course, we reached out last year to some of the companies that do charging as a service. I'm not sure if you're familiar with that segment of the business or not. I'm happy to talk more about it. The largest is a company called SparkCharge based in Boston, and they have also become the gift that keeps giving. It's every few months taking several units from us as they continue to press their advantage in that market. I'm not going to bore you with, you know, everybody's got different statistics that they're doing.
I mean, they're pushing towards, right now, the business continues to grow, especially on the truck and bus side. The incentives for school buses ran out by law or are running out the end of this month. That's been a huge flurry of school bus purchases, and we expect that to translate after they get themselves together a little bit with how they're going to charge it and be a large driver for us in 2026. Backlog, we announced that, overall we announced that we announce it every quarter, $18 million at the end of June, a little lower. I think it was $23 million before as we relieved a lot of the backlog with the Los Angeles Unified School District order. Just a quick comparison, what's been happening with the business, apples to apples, the entire fiscal year 2023, $11.1 million. 2024 is $22.9 million.
We've guided between $27 million and $29 million this year, and we've reiterated that guidance. Gross profit, some of it to do with sales, some of it to do is that we kind of have slowed down a little bit. The need to, as we're slowing down even more, the tremendous amount of marketing and sales expense we spent at the beginning of the launch of eBoost when we basically made this market up and needed to increase awareness as much as possible. From an operating basis without corporate, that's been the real dramatic story as we've been able to hold on to the margins that we expect to receive on an operating basis, you know, $1.7 million in 2024. Strong cash position, $18 million. Working capital, $23.9 million. You know, as we've said, $0 bank debt right now. We're funding the growth ourselves at this point.
If we continue to do more long-term leases, whether they be with the package delivery type companies or others, you know, we're going to have to decide if we're going to start borrowing money to continue to finance the leasing. Returning to cash to shareholders, I've touched on that. You know, when we sold the Transformer business way back, we dividend out about $1 million in the aggregate December 2024. We announced the cash dividend of $1.50 a share, paid it out on January 7th, I think. That's kind of been our, that's kind of been our MO. You know, I've been at the electrical industry for a very, very long time. Our CFO has been with us now in the finance department for over 10 years and CFO for the last few years.
The gentleman I personally recruited to be the father of the eBoost mobile charging system, Geo Murickan, has done an unbelievable job. He eats, breathes, dies for eBoost all the time. Without that, we would not have been able to go from zero to where we are today. I'll just make a couple of other comments and then open up the questions. Service is a significant portion of the business for us. The more units we sell, the more service revenue we've been getting. We've been trying now to be a little bit more judicious and careful about the service revenue. At first, I was kind of like a little bit pickish about it. I didn't want to let, you know, I wanted as much as possible. We learned over time with eBoost, some of it is better left alone.
Too difficult for us to service certain customers, especially whatever certain customers have a different, everybody's different, like people are all different and they make it a little bit difficult to make money. It's best that they use local service providers. For the most case, we've been able to take on a lot of that service. That's what's going on. Again, the big movers for us are going to be the private packagers, you know, the Amazons, FedEx. I'm not going to, you know, say which ones, but those are the ones. Robotaxi is very strong for us, and at least in 2026, we expect the school bus depot business to continue to be strong. Any questions? I think we have some more pictures. There we got some more.
Good macro drivers eventually, zero credit issues we're dealing with, with either government or typically a very strong bus dealer who, I don't know, they have more money than some governments. Solid cash, zero bank debt. There are just some of the ones that we've sent, that we've put out on the road, all different types, again, with all kinds of different customers. A lot of them are one-offs, but I would say that what really drives the business is the trailer-based business, the ability to do something mobile, the ability now we're seeing on the power side, the ability to run different units in parallel for that particular user. Any questions? Please.
How do you go with market scale as you get towards your?
Yeah. The goal with the sale of equipment is that the goal is always 40%. Right? At the beginning, we never achieved it ever, not even close. We're getting closer and closer. Any decrease on the sale of equipment of 40% is typically our own fault. It's an execution miss. On service, it's a little less than that. It's probably 30%-ish.
Service is 75% recurring?
It's both. Everybody's different. I mean, I can't, some people do a one to three-year type agreement. Some do whatever. Some want to split, do this, but the repairs, that, whatever. Everybody's got a different, everybody's a genius. Yeah.
Just add on that, what's the recurring interest rate?
Of the equipment? Yeah, of the equipment, it's tough. It's tough. You know, you have some customers where when you say recurring, meaning if you did two units, let's say hypothetically to Amazon that they're testing, you know, there's a huge possibility for much, much more. If you do something with Waymo, there's a possibility for much more. If you do something with.
These things last for like 20 years?
They last for too long. Yeah. There's very little degradation. As long as they maintain it, which is also, everybody's different. If it's a municipality, usually they're great about maintaining it. If it's VinFast, then they're out of their minds crazy. They run it 24 hours a day and they don't care. They'll blow it up. So what? You know.
Stop me if I've got any strong ones. I'm just trying to understand it. This was his big deficit at the moment of EV increase usage, but there was a great grid infrastructure. That seems to be where the client's filling a fantastic gap with sort of more of a bit of a temporary solution. You have to launch support, the iteration of the permanent solutions. For example, a new office in your business park, and you haven't somehow put in a mega gas station for a big underground. It's to say, do you have future visions of taking the model to more permanent solutions?
Right. 100%. That's really, that's almost all on the power side. We don't make a charger. When we provide the chargers, we're buying the chargers. The user there can buy chargers too. By the law, I don't care. We're really, really charger agnostic. It's really supplementing their power. Instead of being mobile, many installations, even in the future, either they don't want to be reliant on 100% grid connectivity or it's not possible. Meaning today, Southern California Edison or Arizona Public Service will tell them, I cannot. I cannot. You're short by X megawatts a year. That's the way it works. Yes, that's, and when I say we're pushing more into pure power, that's what it is. In the case of the robotaxi users, that really is what they don't need your charger.
They need power because they're in locations, which I can't speak to their siting, but they're sucking so much all the time that no utility is ready to give it to them. Not all of it.