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Power Solutions International Inc (PSIX) delivers innovative emission-certified power systems for industrial applications worldwide. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments, technological advancements, and market positioning.
Access official press releases, financial announcements, and strategic partnership updates in one centralized location. Our curated collection covers critical areas including new product launches, regulatory compliance achievements, OEM collaborations, and operational milestones. Track PSIX's leadership in developing engines for natural gas, propane, and alternative fuel applications across power generation and transportation sectors.
Stay informed about the company's engineering innovations through updates on custom turnkey solutions, emission certification progress, and industrial power system deployments. This resource enables stakeholders to monitor PSIX's responses to evolving environmental standards and energy market demands.
Bookmark this page for convenient access to verified information directly impacting PSIX's market performance and strategic direction. Regular updates ensure you maintain current awareness of this technical leader's role in powering critical industrial operations globally.
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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