Power Solutions Intl Q3 2024 10-Q Filed

TL;DR

**PSI filed its Q3 2024 10-Q. Financials and operations detailed.**

AI Summary

Power Solutions International, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the engines and turbines sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Power Solutions International, Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the industrial sector which can be subject to economic fluctuations.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20241107 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• POWER SOLUTIONS INTERNATIONAL, INC. (company) — Filer
• 201 MITTEL DRIVE, WOOD DALE, IL 60191 (location) — Business and Mail Address
• 330963637 (identifier) — IRS Number
• 001-35944 (identifier) — SEC File 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-20240930.htm (10-Q) — 1297KB
• 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-20240930_g1.jpg (GRAPHIC) — 21KB
• 0001137091-24-000027.txt ( ) — 7312KB
• psix-20240930.xsd (EX-101.SCH) — 46KB
• psix-20240930_cal.xml (EX-101.CAL) — 97KB
• psix-20240930_def.xml (EX-101.DEF) — 201KB
• psix-20240930_lab.xml (EX-101.LAB) — 524KB
• psix-20240930_pre.xml (EX-101.PRE) — 398KB
• psix-20240930_htm.xml (XML) — 1169KB

– 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 September 30, 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity (Deficit) for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 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 27

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk 36

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures 37

Item 4. Controls and Procedures 37

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 38

Item 1. Legal Proceedings 38

Risk Factors 38

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities 38

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures 38

Item 4. Mine Safety Disclosures 38

Other Information 38

Item 5. Other Information 38

Exhibits 39

Item 6. Exhibits 39 Signatures 39

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q for the three months ended September 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

– 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 September 30, 2024 (unaudited) As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 40,456 $ 22,758 Restricted cash 3,217 3,836 Accounts receivable, net of allowances of $ 3,890 and $ 5,975 as of September 30, 2024 and December 31, 2023, respectively; (from related parties $ 550 and $ 777 as of September 30, 2024 and December 31, 2023, respectively) 77,493 66,979 Income tax receivable 666 550 Inventories, net 104,889 84,947 Prepaid expenses 15,786 8,518 Contract assets 20,006 15,554 Other current assets 2,655 2,240 Total current assets 265,168 205,382 Property, plant and equipment, net 14,100 14,928 Right-of-use assets, net 24,319 27,145 Intangible assets, net 2,819 3,914 Goodwill 29,835 29,835 Other noncurrent assets 2,894 3,099 TOTAL ASSETS $ 339,135 $ 284,303 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable (to related parties $ 24,192 and $ 24,496 as of September 30, 2024 and December 31, 2023, respectively) $ 76,615 $ 67,355 Current maturities of long-term debt 74 139 Revolving line of credit 100,000 50,000 Finance lease liability, current 78 76 Operating lease liability, current 4,373 3,912 Other short-term financing (from related parties $ 35,000 and $ 94,820 as of September 30, 2024 and December 31, 2023, respectively) 35,000 94,820 Other accrued liabilities (to related parties $ 1,829 and $ 1,833 as of September 30, 2024 and December 31, 2023, respectively) 43,080 31,999 Total current liabilities 259,220 248,301 Deferred income taxes 1,640 1,478 Long-term debt, net of current maturities 51 90 Finance lease liability, long-term 35 94 Operating lease liability, long-term 21,845 25,070 Noncurrent contract liabilities 1,949 2,401 Other noncurrent liabilities 12,289 10,786 TOTAL LIABILITIES $ 297,029 $ 288,220 Commi

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View this 10-Q filing on SEC EDGAR