Welcome to our dedicated page for Power Solutions Intl news (Ticker: PSIX), a resource for investors and traders seeking the latest updates and insights on Power Solutions Intl stock.
Power Solutions International, Inc. (PSI) (Nasdaq: PSIX) generates a steady stream of company news as it designs, engineers and manufactures advanced, emission-certified engines and power systems for power, industrial and transportation applications. This news page aggregates coverage of PSI’s announcements so investors and industry followers can review developments affecting the business and its stock.
Readers can expect frequent earnings and financial results updates, where PSI reports quarterly and annual net sales, gross profit, net income and margin trends. These releases often explain performance by end market, highlighting growth in power systems products that support data centers and oil and gas, as well as changes in industrial and transportation demand. Management commentary in these reports also discusses operational efficiency, supply chain conditions, tariffs, and other factors influencing results.
The PSIX news flow also includes capital markets and financing milestones, such as the company’s uplisting to the Nasdaq Stock Market, index inclusions in benchmarks like the Russell 3000®, Russell 2000®, Russell Microcap® and MSCI US Small Cap Index, and amendments to its revolving credit agreement that expand borrowing capacity and extend maturities.
In addition, PSI issues news on strategic and operational initiatives, including cooperative agreements to broaden engine offerings, partnerships to add diesel and multi-fuel solutions, and efforts to increase manufacturing capacity for data center-related products. Governance and leadership updates, such as board changes and executive appointments, are also disclosed through press releases and corresponding SEC filings.
By following this PSIX news page, users can review a consolidated record of PSI’s financial performance, strategic priorities, financing arrangements and corporate governance updates, all of which contribute to understanding the company’s position in the motor and generator manufacturing and power systems markets.
Power Solutions International (PSIX) reported strong Q3 2024 financial results with net income of $17.3 million, up 122% year-over-year. Net sales increased 9% to $125.8 million, driven by higher power systems sales, particularly in the data center sector. Gross margin improved to 28.9%, up 4.8 percentage points from Q3 2023. The company completed refinancing with a new $120 million credit facility and secured a $105 million shareholder loan agreement with Weichai. Stockholders' equity turned positive at $42.1 million, up from a deficit of $3.9 million in December 2023. For 2024, PSI expects net sales to increase approximately 3% versus 2023.
Power Solutions International (OTC Pink: PSIX) announced its products will be showcased at TCI Expo 2024, taking place November 7-9 at the Baltimore Convention Center. Multiple equipment manufacturers will display PSI-powered machinery, including:
- Dyna Products: Woodchipper featuring PSI's 8.8-liter industrial engine
- Morbark: 30kw lithium-ion all electric power unit and BVR 10 Model woodchipper with 2.4-liter gasoline engine
- Bandit: 12XC woodchipper with 2.4-liter gasoline engine and 12XP with 4.3-liter gasoline engine
Power Solutions International (PSI) (OTC Pink: PSIX) has announced its participation in The Battery Show, taking place from October 7 to 10, 2024, at Huntington Place in Detroit, Michigan. PSI, a global leader in advanced, emission-certified engines and power systems, will showcase its innovative New Energy product line, featuring lithium-ion battery and power products designed for heavy industrial and other equipment applications.
Robert Shailes, PSI's Director of New Business Development, emphasized the show's importance in engaging with industry professionals and demonstrating their latest advancements in lithium-ion battery technology. The company's presence at the event underscores its commitment to developing sustainable power solutions for industrial sectors, aligning with the growing demand for environmentally responsible practices.
Power Solutions International (PSI) has secured a new $120 million credit agreement with Standard Chartered Bank and two other lenders, expiring on August 30, 2025. The company made an initial draw of $100 million to repay existing debts. PSI also entered a new $105 million shareholder's loan agreement with Weichai America Corp., expiring August 31, 2025.
The new credit agreement offers a lower interest rate of SOFR plus 2.00% per annum, while the shareholder's loan incurs interest at SOFR plus 4.05% per annum. These agreements are subject to customary covenants and secured by company assets. The refinancing aims to improve PSI's financial flexibility and reduce interest expenses.
Power Solutions International (OTC Pink: PSIX) reported record second quarter 2024 financial results. Key highlights include:
- Net income of $21.5 million, up 236% year-over-year
- Gross margin of 31.8%, a 9.7% increase
- Earnings per share of $0.94, up $0.66
- Debt decreased by $5.0 million
- Shareholder equity increased to $24.8 million
Sales decreased 9% to $110.6 million due to lower industrial and transportation sales, offset by growth in power systems. The company is optimistic about future growth, particularly in the Data Center market, and expects a 3% sales increase in 2024 versus 2023.
Power Solutions International (PSI) has extended its $25 million shareholder loan agreement with Weichai America Corp., its majority stockholder, until May 20, 2025. The loan bears interest at the Secured Overnight Financing Rate (SOFR) plus 4.05% per annum, with a minimum rate of 4.05% if SOFR is negative. The loan is fully drawn and is subordinated to PSI’s existing $50 million senior secured revolving credit facility with Standard Chartered Bank. Additionally, PSI has other outstanding loans with Weichai, including $50 million and $30 million agreements, with current borrowings of $50 million and $19.8 million, respectively.
Power Solutions International (PSIX) reported a strong first quarter in 2024 with net income increasing by 91%, EPS at $0.31, and gross margin at 27.0%. Sales decreased by 18% due to lower sales in the industrial and transportation markets, partially offset by higher sales in the power systems market. Despite challenges, the company achieved profitability, restored positive shareholder equity, and paid down debt. The outlook for 2024 includes a 3% sales increase driven by growth in the power systems market.
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