Pioneering Technologies – Update At Q1 2021

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Two noteworthy things happened this week, one of them impactful to our portfolio, the other a testament to the times we live in. On March 1st, Pioneering (PTEEF) issued Q1 financials after hours, and the results were unfortunately weaker than we might have hoped. Before the full digestion of these results could happen, we became aware that March 2nd was the birthday of Theodor Geisel, better known as Dr. Seuss. While this news usually doesn’t make major headlines, what did make headlines is the fact that cancel culture had finally found Dr. Seuss, and he too was made to pay the price. While this post won’t dwell on this fact, we thought that in honor of the Doc, we would go through the Pioneering results in “Seussian” fashion. It will be a shorter read, but we have no doubt it will be clear to even the youngest investor out there. Using our format of greenamber and red, we will reveal whether Pioneering is still living….or dead.

The chart may yet go lower still!

Which would seem to be a bitter pill.

If one is long on shares already,

Then perhaps it’s time that one holds steady.

For those who seek to join the fray,

Cheaper prices may be on the way.

While all of that may sound intense,

We don’t believe we’ll see 3 cents.

The balance sheet is somewhat worse.

As lingering COVID exerts its curse.

Without strong sales, cash has burned,

As the economy slowly turns.

We see that inventory has been growing,

The seeds of future sales it’s sowing.

So while the balance sheet is not a total fright,

It is a somewhat “uglier” sight.

The key here is that without debt,

Remaining cash will sustain them yet.


The income statement is plain ugly.

Or as the kids say, “that is fugly“.

With sales in a precipitous drop,

The bleeding has of yet to stop.

Not only tariffs have caused some pain,

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Disclaimer: I have no relationships with any of the companies profiled, other than normal communications with Investor Relations or Sr. Management of the companies that one would normally ...

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