Power Solutions Intl Inc Stock Price, News & Analysis

Power Solutions International, Inc. (OTC Pink: PSIX) has appointed Dino Xykis as its permanent Chief Executive Officer, effective April 24, 2023. Xykis has served as the Interim CEO since June 2022 and will also retain his role as Chief Technical Officer, a position he has held since March 2021. James Zhang, Chairman of the Board, commended Xykis for his leadership and significant contributions to improving the Company’s performance over the past eleven months. Xykis expressed gratitude to stakeholders and a commitment to continue the Company’s growth momentum established in 2022. With over 30 years of engineering experience, including key roles at Cummins and Generac, Xykis aims to leverage his expertise to drive Power Solutions International forward in the emission-certified engine and power systems industry.

Power Solutions International, Inc. (PSIX) announced Q4 and full-year 2022 financial results, revealing sales of $137 million for Q4, an 8% increase year-over-year. The rise was led by strong performance in industrial and power systems markets, offset by a decline in transportation. Gross profit surged by 204% to $19.8 million, improving gross margin to 21.5%. Net income for Q4 reached $9.3 million ($0.40/share), a turnaround from a loss of $7.6 million the previous year. For 2023, PSIX projects a 3% sales increase, driven by power systems, but acknowledged ongoing supply chain uncertainties. Total debt stood at $211 million with cash reserves of $24.3 million.

Power Solutions International, Inc. (PSIX) announced an amendment to its $130 million senior secured revolving credit agreement with Standard Chartered Bank, extending the maturity to March 22, 2024. The new agreement is fully drawn and requires minimum consolidated EBITDA and Interest Coverage Ratio for Q2 and Q3 2023. Additionally, PSIX amended two shareholder loan agreements with its majority owner, Weichai America Corp., which now mature in 2024. The company currently has $4.8 million drawn from one of these loans and intends to extend two other loans maturing later in 2023. Management expresses gratitude for the support received from both Standard Chartered and Weichai.

Power Solutions International (PSI) is showcasing its new line of Power System engines at POWERGEN International from February 21 to 23, 2023, at the Orange County Convention Center in Orlando, Florida.

On display are various engine models including 2.4-, 4.3-, and 8.8-liter gas engines and 20-, 53-, and 65-liter diesel engines. PSI's products cater to power generation applications, offering displacements ranging from 0.97- to 65 liters with power outputs between 15 kWe to 3,000 kWe.

PSI is recognized for designing emission-certified engines and delivering customized solutions across energy, industrial, and transportation markets.

Power Solutions International (PSIX) recently announced a collaboration with Allen Engineering to showcase their new 2.4-liter dual-fuel engine at the World of Concrete 2023. This engine, providing 63.2 to 67.1 hp and 123.9 to 125.2 ft.-lbs. of torque, powers the HDX615 riding concrete trowel. PSI boasts over 250,000 engines currently in the field, known for reliability and cost-effectiveness. Their products cater to various markets including industrial and transportation, utilizing a diverse fuel strategy.

Power Solutions International, Inc. (PSIX) has amended its $50 million shareholder’s loan agreement with Weichai America Corp. to extend the loan maturity to November 30, 2023. The loan is fully drawn and subordinated to a $130 million senior secured revolving credit facility with Standard Chartered Bank. Borrowing under the loan incurs interest at the Secured Overnight Financing Rate (SOFR) plus 4.65% per annum. CEO Dino Xykis expressed gratitude for Weichai's support, emphasizing their ongoing collaboration.

Power Solutions International (PSIX) reported third quarter 2022 results with a net income of $3.2 million, an improvement over a $7.2 million loss in the prior year. Adjusted net income rose to $4.2 million versus a loss of $4.8 million last year. Sales increased by 6% to $124.9 million, driven by growth in power systems and industrial markets, despite a $22.5 million decline in transportation sales. Gross profit increased by 113%, reaching $12.8 million, with a gross margin of 19.3%. The company anticipates sales growth of at least 3% for the full year.

Power Solutions International, Inc. (PSIX) announced the appointment of Xun (Kenneth) Li as its new chief financial officer, effective August 29, 2022. Li succeeds Matthew Thomas, who served as interim CFO since April 2022. Li brings over 20 years of finance experience, having held CFO roles at ND Paper and various positions at Caterpillar and Ford. Dino Xykis, interim CEO, expressed confidence in Li's strategic abilities to further the company's objectives. Thomas will continue as corporate controller. The company specializes in emission-certified engines and power systems.