[6-K] Planet Image International Limited Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Air Lease Corp. (AL) Q2-25 10-Q highlights

• Revenue climbed 9.7% YoY to $731.7 m as the owned fleet expanded to 495 aircraft and ancillary income improved.
• Net income surged to $385.2 m and diluted EPS to $3.33, propelled by a $344.0 m insurance recovery related to Russian-detained aircraft; YTD recoveries reach $675.9 m.
• Fleet metrics remain strong: NBV $29.1 bn, average age 4.8 yrs, lease term 7.2 yrs, utilisation 100%.
• Orderbook totals 241 aircraft with $14.1 bn obligations through 2031; 58% already placed, yet both Airbus and Boeing warn of further delivery delays.
• Balance sheet/liquidity: cash $454.8 m plus $7.5 bn undrawn revolver give $7.9 bn liquidity; debt $20.5 bn (76.7% fixed, 97.4% unsecured) at 4.28% blended cost.
• Operating cash flow reached $862 m; quarterly common dividend held at $0.22.
• Key watch-points: rising interest expense (+9% YoY), sizeable cap-ex pipeline, potential tariff impacts and supply-chain delays.

Positive

• $344 m insurance recovery turns prior Russian asset write-off into net gain, boosting equity and cash.
• Revenue up 9.7% YoY on fleet expansion and ancillary income growth.
• Available liquidity $7.9 bn after revolver upsizing to $8.4 bn; strong funding runway.
• Fleet utilisation 100% and average age 4.8 yrs support stable lease cash flows.
• Debt 97.4% unsecured, giving flexibility and unencumbered asset pool.

Negative

• Net income largely one-off; core profitability less impressive without Russian settlement credit.
• Interest expense +9% YoY and likely to climb with higher SOFR and commercial paper usage.
• $14.1 bn capex commitments amid Airbus/Boeing delays increase execution and financing risk.
• Trade-tariff uncertainty could affect future cross-border deliveries and lessee demand.
• Composite funding cost 4.28% up from 4.14%, pressuring future margins.

Insights

Financial Analyst

TL;DR – One-off insurance gains drive record profit, but core lease economics stay healthy.

The $344 m Russian settlement transforms headline earnings, lifting ROE and retaining capital for growth while boosting book equity by 9%. Even stripping the gain, pre-tax profit improved on fleet growth and disciplined SG&A. Liquidity is ample at $7.9 bn, the revolver extension to 2029 de-risks funding, and debt remains predominantly unsecured, preserving collateral flexibility. Management placed 100% of deliveries through 2026, mitigating placement risk. Guidance on orderbook delays suggests capex can be staggered, easing near-term cash burn. Overall, valuation catalysts emerge from elevated EPS, stronger balance sheet and continued dividend growth.

Risk Analyst

TL;DR – Earnings quality mixed; leverage and supply-chain issues temper upside.

The profit spike is non-recurring; sustainable earnings must absorb a 4.28% funding cost and $14 bn of future aircraft payments. Interest expense already rose 9% YoY and will increase as SOFR resets and commercial paper scales. Orderbook delays introduce cancellation exposure and potential lessee walk-aways, while new U.S. trade tariffs create uncertainty for cross-border deliveries. Leverage at 2.5× NBV/debt is high for a rising-rate cycle, though largely fixed-rate. Any stall in aircraft sales could pressure cash generation. Impact: neutral—solid liquidity offsets macro and execution risks.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 001-41928

Planet Image International Limited

No. 756 Guangfu Road

Hi-tech Development Zone

Xinyu City, Jiangxi Province

People’s Republic of China

+86 0790-7138216

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒        Form 40-F ☐

Amended and Restated Letter of Guarantee

As previously disclosed in the current report on Form 6-K filed by Planet Image International Limited, a Cayman Islands exempted company (the “Company”), with the U.S. Securities and Exchange Commission (the “SEC”), in connection with the proposed entry into loan agreements with Industrial and Commercial Bank of China (the “Bank”) by Jiangxi Yibo E-Tech Co., Ltd. (“Jiangxi Yibo”), an indirect wholly-owned subsidiary of the Company, for an aggregate amount of RMB100 million (approximately US$13.95 million), the Company executed a letter of guarantee in favor of the Bank, providing a joint liability guarantee for the obligations of Jiangxi Yibo under each loan until such time as Jiangxi Yibo pays off 100% of the principal and interests under each loan (the “Letter of Guarantee”).

On August 1, 2025, the Company executed an amended and restated a letter of guarantee (the “Amended and Restated Letter of Guarantee”), extending the term of the guarantee to December 31, 2028, and reducing the aggregate guaranteed borrowing amount to RMB60 million (approximately US$8.39 million).

The foregoing description of the Amended and Restated Letter of Guarantee is qualified in its entirety by reference to the full text of the Amended and Restated Letter of Guarantee, copies of which is filed as Exhibit 1.1 to this Current Report on Form 6-K and incorporated herein by reference.

This current report on Form 6-K is being incorporated by reference into the registration statement on Form F-3 of the Company (File No. 333-287740), declared effective by the SEC on July 3, 2025.

Exhibit Index

Exhibit Number		Exhibit
1.1		English Translation of Amended and Restated Letter of Guarantee by Planet Image International Limited to Industrial and Commercial Bank of China, dated August 1, 2025

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Planet Image International Limited
Date: August 4, 2025	By:	/s/ Shaofang Weng
	Name:	Shaofang Weng
	Title:	Chief Executive Officer

2

FAQ

What was Air Lease (AL) diluted EPS for Q2 2025?

Diluted EPS rose to $3.33, up from $0.81 in Q2 2024, largely due to insurance recoveries.

How much did AL recover from Russian-detained aircraft?

Year-to-date cash settlements total $675.9 million, exceeding the original $791 million write-off when combined with 2023 recoveries.

What is Air Lease’s orderbook exposure?

AL has 241 aircraft on order with purchase commitments of $14.1 billion through 2031; 58% are already placed with lessees.

What is the company’s current liquidity position?

As of June 30 2025, AL held $454.8 m cash and $7.5 bn of undrawn revolver capacity, for total liquidity of $7.9 bn.

How has Air Lease’s interest expense trended?

Q2 2025 interest expense rose to $222.3 m, up from $203.3 m a year ago, reflecting higher rates and debt balances.

What dividend did Air Lease declare?

The board approved a $0.22 per-share quarterly cash dividend on Class A common stock, payable Oct 8 2025.