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 (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.
Power Solutions International (PSIX) announced participation in the Advanced Clean Transportation (ACT) Expo held from August 31 to September 1, 2021, in Long Beach, CA. The company will showcase an 8.8-liter LPG engine and fuel system developed in collaboration with Hexagon Agility.
Under a recent development agreement, Hexagon Agility will exclusively supply LPG fuel systems for PSI's engines targeting medium-duty vehicle manufacturers. The expo highlights advancements in sustainable transportation technologies, attracting leading OEMs and suppliers.
Power Solutions International (PSI) has announced a partnership with Hexagon Agility to enhance their capabilities in developing low-emission vehicle solutions. This master development and collaboration agreement focuses on integrating PSI's engine manufacturing expertise with Hexagon Agility's CNG and LPG fuel systems for medium-duty vehicles. The partnership aims to respond to the growing demand for clean energy solutions driven by stringent greenhouse gas regulations. Both companies will collaborate on developing and supplying engines and fuel systems while also offering support for service and parts in the field.
Power Solutions International (PSIX) reported a 20% increase in Q2 2021 sales to $111.5 million, driven by growth in transportation and industrial markets, despite a $5 million dip in energy sales. Gross profit rose to $9.4 million with an improved gross margin of 11.8%. However, the company recorded a net loss of $15.6 million, a slight improvement from last year. Total debt stands at $131 million, with covenant breaches noted for its credit agreement. PSI anticipates further 20% sales growth in 2021, attributing expected boosts from energy and industrial markets in the latter half.
Power Solutions International, Inc. (PSIX) announced a new loan agreement with its majority stockholder, Weichai America Corp., providing up to $25 million in credit. The loan, dated July 14, 2021, will incur interest at LIBOR + 4.50% and matures on May 20, 2022. As of July 15, 2021, PSIX has borrowed $15 million under this agreement. The CEO expressed appreciation for Weichai's support to enhance liquidity and operational needs, while the chairman emphasized the strategic partnership's importance.