This is a clear earnings miss with guidance withdrawal — expect significant downside pressure at the open. The sequential revenue flat guide for Q2 and lack of full-year visibility suggest the operational headwinds (Wisconsin ramp costs, oil & gas weakness) are persisting. Monitor for any analyst downgrades and watch for the next 10-Q filing for further margin detail. The prior quarter's strong beat (EPS $0.70 vs $0.52) set a high bar that this quarter dramatically reversed.
Price Chart
Executive Summary
PSIX reported Q1 2026 results with a significant miss vs consensus: EPS of $0.32 missed the $0.52 estimate by 38.5%, and revenue of $128.6M missed the $160.8M estimate by 20.0%. Net sales declined 5% YoY, net income fell 62%, and gross margin compressed from 29.7% to 22.9% due to soft oil & gas demand, shipment timing, and elevated Wisconsin ramp-up costs. The company withdrew formal full-year guidance, only guiding Q2 revenue to be roughly flat sequentially, signaling ongoing uncertainty.
Key Financial Metrics
Key Facts
- Q1 2026 EPS of $0.32 missed consensus of $0.52 by 38.5%
- Q1 2026 revenue of $128.6M missed consensus of $160.8M by 20.0%
- Net sales declined 5% YoY to $128.6M from $135.4M
- Net income fell 62% YoY to $7.3M from $19.1M
- Gross margin contracted 680 bps YoY to 22.9% from 29.7%
- Operating income declined 54% YoY to $11.4M from $24.6M
- Company withdrew formal full-year 2026 guidance, citing order timing variability
- Q2 2026 revenue expected to be roughly flat sequentially vs Q1 2026
- Power systems end market sales declined $10.2M YoY due to oil & gas softness and data center shipment timing
- Total debt increased to $103.4M from $96.8M at year-end 2025
Financial Impact
EPS miss of $0.20 (38.5%) and revenue miss of $32.2M (20.0%) represent a significant negative surprise. Net income declined $11.8M YoY.
Risk Factors
- Continued gross margin compression from Wisconsin capacity ramp-up costs
- Further oil & gas demand deterioration weighing on power systems revenue
- Elevated debt levels ($103.4M) with uncertain cash flow generation
- Lack of formal guidance reduces investor visibility and may increase volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033474 |
| Document: psix-20260511.htm | 0001628280-26-033474 |
| Document: 0001628280-26-033474-index-headers.html | 0001628280-26-033474 |
| Document: 0001628280-26-033474-index.html | 0001628280-26-033474 |
| Document: 0001628280-26-033474.txt | 0001628280-26-033474 |
| 8-K Data (Synthetic) | 0001628280-26-033474 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $45.97 $51.63 | ▼ −12.31% | ▼ −10.40% | $47.84 (−4.07%) |
Sep 30, 2026 27d ago | 8-K | $45.97 $51.63 | ▲ +12.31% | ▲ +10.40% | $47.84 (+4.07%) |
Jul 27, 2026 13w ago | 8-K | $27.90 $28.78 | ▲ +3.15% | ▲ +0.89% | $47.84 (+71.47%) |
Jul 13, 2026 15w ago | Press Release | $32.18 $30.25 | ▼ −6.00% | ▼ −5.21% | $47.84 (+48.66%) |
Jun 11, 2026 19w ago | Institutional Cluster | $40.58 $38.92 | ▼ −4.09% | ▼ −4.52% | $47.84 (+17.89%) |
Jun 9, 2026 19w ago | DEFA14A | $39.14 $39.44 | ▲ +0.77% | ▼ −1.65% | $47.84 (+22.23%) |
May 11, 2026 24w ago | 8-K | $38.00 $38.93 | ▼ −2.45% | ▼ −2.37% | $47.84 (−25.89%) |
Apr 30, 2026 25w ago | 10-K/A | $73.27 $74.49 | ▲ +1.67% | ▼ −0.06% | $47.84 (−34.71%) |
Apr 29, 2026 25w ago | Press Release | $66.96 $69.09 | ▲ +3.18% | ▲ +0.07% | $47.84 (−28.55%) |
Mar 2, 2026 34w ago | Press Release | $60.91 $52.56 | ▼ −13.71% | ▼ −13.23% | $47.84 (−21.46%) |
US Market Status
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