PSIX earnings analysis
What we found in PSIX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Power Solutions International, Inc. (PSIX) reported a decline in revenue to $128.6 million for Q1 2026, down 5% from $135.4 million in the prior year. The decreased sales were attributed mainly to a drop in the power systems end market, with net income falling by 62% compared to the prior year, resulting in an EPS of $0.32, a significant decrease of 61%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue was $128.6 million, down 5% from $135.4 million in Q1 2025.
- Significant Drop in Net Income
- Net income dropped to $7.3 million in Q1 2026 from $19.1 million in Q1 2025, a 62% decline.
- Lower Gross Margin
- Gross margin decreased to 22.9% in Q1 2026 from 29.7% in the same period last year.
- Increased Operating Cash Flow
- Net cash provided by operating activities increased to $19.1 million in Q1 2026 from $8.8 million in Q1 2025.
- Decrease in Capital Expenditures
- Capital expenditures were $1.9 million in Q1 2026, down from $3.4 million in Q1 2025, a 44% decrease.
- Improved Cash Position
- Cash increased by $4.6 million in Q1 2026 compared to a decrease of $4.8 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Softness in Oil and Gas Market
- Sales in the power systems end market declined by $10.2 million due to ongoing weakness in the oil and gas sector.
- Geopolitical and Economic Uncertainty
- Potential adverse impacts from economic uncertainties, particularly related to geopolitical factors.
- High Operating Expenses
- Research and development expenses increased by 13% to $4.8 million, pressuring margins amid reduced sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.32
- Gross margin
- 22.9%
- Operating margin
- 8.8%
- Segment
- Power Systems
- Segment
- Industrial
- Segment
- Transportation
What they said about what is next.
Management expects Q2 2026 revenue to be consistent with Q1 2026 levels, anticipating stronger growth in second-half 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- Power Solutions International, Inc. (PSIX) reported significant revenue growth in 2025, achieving $191 million in Q4 2025, a 51.8% increase year-over-year. Despite these gains, the company faced challenges with…
- 10-K · March 2, 2026
- Power Solutions (PSIX) positions itself as a fuel‑agnostic, engineering‑led supplier of engines and packaged power systems, targeting growth in heavy‑duty engines, data center backup, microgrids and aftermarket parts.…
- 10-Q · November 6, 2025
- Power Solutions (PSIX) delivered a strong Q3 with revenue of $203.829 million (up from $125.842 million a year ago) and diluted EPS of $1.20 (vs $0.75 prior year), both beating consensus. Margins compressed (gross…
- 10-K · March 24, 2025
- Power Solutions International, Inc. reported mixed earnings results for the fiscal year ended December 31, 2024, achieving significant revenue growth and solidifying its strategic direction in clean energy solutions.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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