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Power Solutions International Inc. (PSIX-16.40%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net sales to $475,967,000 from $458,973,000 in the previous year. The increase is attributed to higher demand in the power systems market, particularly in data centers and oil and gas sectors.
Cost of sales for the year was $335,430,000, down from $353,109,000 in the previous year, contributing to an improved gross margin of 29.5%, compared to 23.1% the previous year.
The company reported a net income of $69,279,000 for the year, up from $26,306,000 in the previous year, reflecting improved profitability.
Research and development expenses were $20,056,000, representing 4.2% of sales, consistent with the previous year.
Selling, general, and administrative expenses decreased to $37,378,000 from $40,386,000, primarily due to lower legal settlements and professional fees.
Interest expense decreased to $11,443,000 from $17,069,000, due to reduced outstanding debt and lower effective interest rates.
Net cash provided by operating activities was $62,390,000, compared to $70,512,000 in the previous year, with the decrease primarily due to changes in working capital.
As of December 31, 2024, Power Solutions had total assets of $328,182,000 and total liabilities of $262,932,000, resulting in stockholders' equity of $65,250,000.
The company identified a material uncertainty regarding its ability to continue as a going concern due to the need to refinance or extend its current debt arrangements.
Power Solutions continues to focus on strategic growth initiatives, including expanding its presence in higher-margin markets and leveraging its relationship with Weichai.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Power Solutions International Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.