$PSIX

POWER SOLUTIONS INTERNATIONAL, INC.

CIK:0001137091|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales (to related parties $10 and $402 for the three months ended June 30, 2026 and 2025, respectively, $19 and $865 for the six months ended June 30, 2026 and 2025, respectively)	$ 152,544	$ 191,907	$ 281,136	$ 327,353
Cost of sales (derived from related party net sales $3 and $271 for the three months ended June 30, 2026 and 2025, respectively, and $8 and $587 for the six months ended June 30, 2026 and 2025, respectively)	111,176	137,824	210,344	232,976
Gross profit	41,368	54,083	70,792	94,377
Operating expenses:
Research and development expenses	5,051	4,615	9,856	8,859
Selling, general and administrative expenses	12,117	16,680	25,095	27,789
Amortization of intangible assets	280	306	529	613
Total operating expenses	17,448	21,601	35,480	37,261
Operating income	23,920	32,482	35,312	57,116
Other expense (income), net:
Interest expense (from related parties of $0 and $219 for the three months ended June 30, 2026 and 2025, respectively, and $0 and $634 for the six months ended June 30, 2026 and 2025, respectively)	1,570	1,700	3,315	3,466
Other expense (income)	(122)	(295)	(208)	(295)
Total other expense, net	1,448	1,405	3,107	3,171
Income before income taxes	22,472	31,077	32,205	53,945
Income tax expense (benefit)	5,611	(20,135)	8,044	(16,349)
Net income	$ 16,861	$ 51,212	$ 24,161	$ 70,294
Weighted-average common shares outstanding:
Basic (in shares)	23,050	23,009	23,048	23,007
Diluted (in shares)	23,072	23,067	23,067	23,064
Earnings per common share:
Basic (in dollars per share)	$ 0.73	$ 2.23	$ 1.05	$ 3.06
Diluted (in dollars per share)	$ 0.73	$ 2.22	$ 1.05	$ 3.05

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 24,161	$ 70,294
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	529	613
Depreciation	2,844	2,000
Noncash lease expense	3,336	2,974
Stock-based compensation expense	854	307
Amortization of financing fees	302	331
Deferred income taxes	3,805	(26,925)
Provision (credit) for losses in accounts receivable	767	(57)
Increase in allowance for inventory obsolescence, net	984	75
Other adjustments, net	159	56
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	12,594	(13,081)
Inventories	3,992	(49,527)
Prepaid expenses	641	2,177
Contract assets	3,459	290
Other assets	(285)	3,208
Accounts payable	(49)	31,007
Tariff refund liability	22,687	0
Income taxes receivable	3,564	986
Accrued expenses and other current liabilities	(4,528)	5,965
Other noncurrent liabilities	(4,092)	(5,219)
Net cash provided by operating activities	75,724	25,474
Cash flows from investing activities
Capital expenditures	(2,736)	(5,439)
Proceeds from disposal of assets	0	11
Business acquisition	(11,911)	0
Net cash used in investing activities	(14,647)	(5,428)
Cash from financing activities
Repayment of long-term debt and lease liabilities	(30,938)	(219)
Repayment of short-term financings	0	(25,000)
Repurchases to settle tax withholding obligations for stock-based compensation awards	(556)	(200)
Other financing activities, net	(8)	0
Net cash used in financing activities	(31,502)	(25,419)
Net increase (decrease) in cash, cash equivalents, and restricted cash	29,575	(5,373)
Cash, cash equivalents, and restricted cash at beginning of the period	44,948	58,491
Cash, cash equivalents, and restricted cash at end of the period	74,523	53,118
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets
Cash and cash equivalents	70,062	49,459
Restricted cash	4,461	3,659
Total cash, cash equivalents, and restricted cash	$ 74,523	$ 53,118

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 70,062	$ 41,250
Restricted cash	4,461	3,698
Accounts receivable, net of allowances of $1,734 and $967 as of June 30, 2026 and December 31, 2025, respectively; (from related parties $200 and $415 as of June 30, 2026 and December 31, 2025, respectively)	80,180	90,446
Income tax receivable	2,879	6,442
Inventories, net	127,582	127,363
Prepaid expenses	3,859	4,500
Contract assets	12,507	15,965
Other current assets	1,004	1,256
Total current assets	302,534	290,920
Property, plant and equipment, net	31,908	23,014
Operating lease right-of-use assets, net	59,267	52,911
Intangible assets, net	1,327	1,236
Goodwill	34,921	29,835
Deferred tax assets	9,517	13,322
Customs-related deposits	13,424	12,893
Other noncurrent assets	419	614
TOTAL ASSETS	453,317	424,745
Current liabilities:
Accounts payable (to related parties $8,700 and $4,126 as of June 30, 2026 and December 31, 2025, respectively)	49,508	48,196
Tariff refund liability	22,687	0
Current maturities of long-term debt	935	28
Finance lease liability, current	397	355
Operating lease liability, current	7,561	6,346
Other short-term financing	250	0
Other accrued liabilities (to related parties $53 and $60 as of June 30, 2026 and December 31, 2025, respectively)	36,247	37,353
Total current liabilities	117,585	92,278
Long-term debt, net of current maturities	4,848	10
Revolving line of credit, long-term	65,000	95,000
Finance lease liability, long-term	1,219	1,224
Operating lease liability, long-term	53,676	49,397
Noncurrent contract liabilities	1,649	1,699
Other noncurrent liabilities	6,272	6,528
TOTAL LIABILITIES	250,249	246,136
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Common stock – $0.001 par value; 50,000 shares authorized; 23,117 shares issued; 23,050 and 23,041 shares outstanding at June 30, 2026 and December 31, 2025, respectively	23	23
Additional paid-in capital	158,308	157,602
Retained earnings	46,637	22,476
Treasury stock, at cost, 67 and 76 shares at June 30, 2026 and December 31, 2025, respectively	(1,900)	(1,492)
TOTAL STOCKHOLDERS’ EQUITY	203,068	178,609
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 453,317	$ 424,745