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P POWELL ' PRESS RELEASE FOR IMMEDIATE RELEASE Contacts : Michael W. Metcalf , CFO Powell Industries , Inc. 713-947-4422 Robert Winters or Ryan Coleman Alpha IR Group POWL@alpha-ir.com 312-445-2870 Exhibit 99.1 POWELL INDUSTRIES ANNOUNCES FISCAL 2021 THIRD QUARTER RESULTS HOUSTON - August 3 , 2021 - Powell Industries , Inc. ( NASDAQ : POWL ) , a leading supplier of custom - engineered solutions for the management , control and distribution of electrical energy , today announced results for the fiscal 2021 third quarter ended June 30 , 2021 . Fiscal Third Quarter Key Highlights : • Revenues totaled $ 116 million ; • Backlog as of June 30 , 2021 totaled $ 426 million ; • Net Loss was $ 2.0 million , or a $ 0.17 loss per diluted share ; • Cash and short - term investments as of June 30 , 2021 totaled $ 129 million . Brett A. Cope , Powell's Chairman and Chief Executive Officer , stated , “ Our consolidated revenues for the fiscal third quarter were largely in - line with both the prior quarter and comparable period in the prior year , while gross profit improved sequentially by 40 basis points . We are encouraged by the $ 103 million of new orders that we saw in the quarter , and while aggregate activity remains tempered , we are cautiously optimistic that we are beginning to see signs of stabilization in some of our key Industrial end markets . Commercial activity across our Traction and Utility customers remains solid , as revenue in the two segments grew 52 % and 57 % , respectively . Operationally , this quarter was very similar to the prior quarter while we work closely with our customers as they continue to evaluate schedules and project plans . We 1