Power Solutions International 10-Q Filed

TL;DR

**PSI 10-Q is IN! Q2 2024 financials are live. Check it out.**

AI Summary

Power Solutions International, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Key financial data and disclosures relevant to investors are presented in this quarterly report.

Why It Matters

This filing provides investors with an update on Power Solutions International's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — Quarterly reports like this 10-Q can reveal significant financial shifts, operational challenges, or strategic changes that impact a company's risk profile.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240812 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• POWER SOLUTIONS INTERNATIONAL, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240812 (date) — Filing date
• 630-350-9400 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $0.001 — g) of the Act: Common Stock, par value $0.001 per share Indicate by check mark whet

Filing Documents

• psix-20240630.htm (10-Q) — 1253KB
• exhibit311-ceocertificatio.htm (EX-31.1) — 10KB
• exhibit312-cfocertificatio.htm (EX-31.2) — 10KB
• exhibit321-ceocertificatio.htm (EX-32.1) — 7KB
• exhibit322-cfocertificatio.htm (EX-32.2) — 6KB
• psix-20240630_g1.jpg (GRAPHIC) — 21KB
• 0001137091-24-000020.txt ( ) — 7028KB
• psix-20240630.xsd (EX-101.SCH) — 45KB
• psix-20240630_cal.xml (EX-101.CAL) — 91KB
• psix-20240630_def.xml (EX-101.DEF) — 184KB
• psix-20240630_lab.xml (EX-101.LAB) — 502KB
• psix-20240630_pre.xml (EX-101.PRE) — 374KB
• psix-20240630_htm.xml (XML) — 1133KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Forward-Looking Statements 3

Forward-Looking Statements 3

Financial Statements 4

Item 1. Financial Statements 4 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk 34

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures 35

Item 4. Controls and Procedures 35

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 36

Item 1. Legal Proceedings 36

Risk Factors 36

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds 36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities 36

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures 36

Item 4. Mine Safety Disclosures 36

Other Information 36

Item 5. Other Information 36

Exhibits 37

Item 6. Exhibits 37 Signatures 37

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q for the three months ended June 30, 2024, (the "Quarterly Report") that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may involve risks and uncertainties. These statements often include words such as "anticipate," "believe," "budgeted," "contemplate," "estimate," "expect," "forecast," "guidance," "may," "outlook," "plan," "projection," "should," "target," "will," "would" or similar expressions, but these words are not the exclusive means for identifying such statements. These forward-looking statements include statements regarding Power Solutions International, Inc.'s, a Delaware corporation ("Power Solutions," "PSI" or the "Company"), projected sales, potential profitability and liquidity, strategic initiatives, future business strategies, warranty mitigation efforts and market opportunities, improvements in its business, improvement of product margins, and product market conditions and trends. These statements are not guarantees of performance or results, and they involve risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect the Company's results of operations and liquidity and could cause actual results, performance or achievements to differ materially from those expressed in, or implied by, the Company's forward-looking statements. The Company cautions that the risks, uncertainties and other factors that could cause its actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, without limitation, the factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and from

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values) As of June 30, 2024 (unaudited) As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 28,801 $ 22,758 Restricted cash 3,191 3,836 Accounts receivable, net of allowances of $ 5,367 and $ 5,975 as of June 30, 2024 and December 31, 2023, respectively; (from related parties $ 818 and $ 777 as of June 30, 2024 and December 31, 2023, respectively) 64,260 66,979 Income tax receivable 293 550 Inventories, net 93,446 84,947 Prepaid expenses and other current assets 41,613 26,312 Total current assets 231,604 205,382 Property, plant and equipment, net 14,625 14,928 Right-of-use assets, net 25,343 27,145 Intangible assets, net 3,184 3,914 Goodwill 29,835 29,835 Other noncurrent assets 2,971 3,099 TOTAL ASSETS $ 307,562 $ 284,303 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable (to related parties $ 25,500 and $ 24,496 as of June 30, 2024 and December 31, 2023, respectively) $ 66,945 $ 67,355 Current maturities of long-term debt 96 139 Revolving line of credit 40,000 50,000 Finance lease liability, current 77 76 Operating lease liability, current 4,246 3,912 Other short-term financing (from related parties $ 94,820 as of both June 30, 2024 and December 31, 2023) 94,820 94,820 Other accrued liabilities (to related parties $ 2,216 and $ 1,833 as of June 30, 2024 and December 31, 2023, respectively) 37,659 31,999 Total current liabilities 243,843 248,301 Deferred income taxes 1,586 1,478 Long-term debt, net of current maturities 64 90 Finance lease liability, long-term 55 94 Operating lease liability, long-term 23,004 25,070 Noncurrent contract liabilities 2,042 2,401 Other noncurrent liabilities 12,203 10,786 TOTAL LIABILITIES $ 282,797 $ 288,220 Commitments and Contingencies (Note 10) STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock – $ 0.00

View Full Filing

View this 10-Q filing on SEC EDGAR