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. designs, engineers and manufactures emission-certified engines and power systems for OEMs and end-user customers in power systems, industrial and transportation end markets. Company news commonly covers quarterly results, demand for power generation products used in data centers and oil and gas, manufacturing capacity, margin and supply-chain execution, and fuel-agnostic engine platforms using natural gas, propane, gasoline, diesel and biofuels.
Updates also include strategic actions such as the completed acquisition of MTL Manufacturing & Equipment Inc., industrial engine distribution and development partnerships, credit-facility changes, Nasdaq-listed common stock matters and appointments affecting legal, board and corporate-secretary functions.
Power Solutions International, Inc. (PSIX) reported Q4 2021 sales of $127 million, up 21% year-over-year, driven by transportation and industrial markets. However, gross profit fell by 49% to $9.1 million, with a gross margin shrinking to 7.6% due to increased warranty, freight, and material costs. The company recorded a net loss of $7.6 million, compared to a $3.1 million loss in Q4 2020. For 2022, PSIX anticipates at least 3% sales growth, targeting improved gross profit margins despite ongoing supply chain challenges and inflation. CEO Lance Arnett emphasized actions to enhance operations and reduce costs.
Power Solutions International (PSIX) announced the appointment of Matthew Thomas as interim CFO effective April 8, 2022, following Donald P. Klein's resignation to pursue other interests. Thomas, who has over 12 years of experience in accounting and finance, has been with the company since 2018, serving as corporate controller since May 2021. The company plans to file its Form 10-K for the fiscal year ending December 31, 2021, on March 31, 2022.
Power Solutions International (PSIX) announced an amended $130 million senior secured revolving credit agreement with Standard Chartered Bank. This agreement extends the maturity date to March 24, 2023. The previous default related to financial covenants has been waived without additional fees. The agreement mandates minimum EBITDA and interest coverage ratios. Additionally, PSIX amended two shareholder loan agreements with Weichai America, extending maturities and securing $130 million for repayment purposes. As of March 24, 2022, no borrowings were made under the First Shareholder's Loan Agreement.
Power Solutions International, Inc. (OTC Pink: PSIX) announced an international distribution agreement with Société Internationale des Moteurs Baudouin to expand its global reach in the marine and power generation sectors. Baudouin will market and sell PSI's 2.4L to 53L emissions-certified engines, emphasizing natural gas-powered options. This partnership provides wider access to European, Middle Eastern, and African markets. Notably, PSI's new 8.8L engine has achieved a power output of 200 kWe, the highest for its displacement class, enhancing the offerings available to clients.
Power Solutions International (PSIX) will present its 8.8-liter Power System engine at the Middle East Energy show from March 7 to March 9, 2022, in Dubai. This showcase highlights the company's commitment to advanced, emissions-certified engines and their collaboration with Moteurs Baudouin, a leader in diesel engines. PSI aims to expand its global reach through a recent distribution agreement with Baudouin, enhancing their market presence in various power generation segments.
XL Fleet Corp. (NYSE: XL) has appointed John Miller to its Board of Directors to enhance strategic guidance amidst rising decarbonization needs. Miller brings over 40 years of experience in transportation and manufacturing, including his tenure as CEO at Power Solutions International (OTC: PSIX). He aims to leverage his expertise to help XL Fleet support customers’ sustainability goals. The Board welcomes his operational and financial insight, especially during this transformative phase for the company.
Power Solutions International (PSIX) announces the retirement of co-founder and Executive Vice President Ken Winemaster effective December 31, 2021, after 36 years. Winemaster was instrumental in the company's strategic growth, overseeing operations, supply chain, and customer service. He co-founded PSI in 1985, transforming it from a regional distributor to an emission-certified engine manufacturer. CEO Lance Arnett praised Winemaster's contributions, emphasizing his role in enhancing operations and implementing enterprise planning systems.
Power Solutions International, Inc. (PSI) announced a new $50 million shareholder's loan agreement with Weichai America Corp. on December 10, 2021, to boost working capital. This loan is subordinated to a $130 million credit facility and will incur interest at LIBOR plus 4.5%. PSI has borrowed $25 million under this agreement as of December 16, 2021. CEO Lance Arnett expressed confidence in the company's liquidity and collaboration with Weichai. Historically, PSI has engaged in multiple loan agreements with Weichai, supporting its operational needs.
Power Solutions International (PSIX) has received non-road certification for its 8.8-liter propane engine from the EPA and CARB. This certification enables the engine's use in mobile, non-road applications, facilitating its quicker market entry. The engine features a near-zero NOx emissions level, producing 265 horsepower with 553 lb-ft of torque. It is aimed at applications like terminal tractors and other non-road vehicles, enhancing PSI's portfolio of clean power solutions.
Power Solutions International, Inc. (PSIX) reported a net loss of $7.2 million for Q3 2021, compared to a loss of $1.5 million in Q3 2020. Sales rose by 3% to $117.6 million, driven by a $10.7 million increase in the industrial sector, offset by declines in the transportation and energy markets. The gross profit decreased by $6.8 million, resulting in a gross margin of 9.6%. The company’s total debt is around $156 million with a cash balance of approximately $5 million. PSIX anticipates improved Q4 sales and gross profit despite ongoing supply chain issues and inflationary costs.