PSIX · CIK 0001137091
What Power Solutions International, Inc. told the SEC could break it.
Power Solutions International's disclosures circle two concentrations. The first is its entanglement with Weichai, which beneficially owns 46.0% of the company while also acting as a supplier ($39.8 million of inventory purchased in 2025) and customer, and whose Collaboration Agreement was up for renewal in March 2026 with no formal extension signed as of filing — a deep related-party dependence layered with governance and conflict risk. The second is its China-weighted supply chain: a majority of its supplier facilities sit outside the U.S., and that China sourcing has already been disrupted by Uyghur Forced Labor Prevention Act import bans — which suspended certain forklift imports from late 2023 into the third quarter of 2024 — on top of U.S. tariffs and overlapping EPA, CARB, China and EU emissions rules. It also notes that its largest customer was 20% of net sales in 2025.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- largest customer = 20% of consolidated net sales in 2025 (identity rotates over time)high
Power Solutions International's largest customer represented 20% of consolidated net sales in 2025; while the identity of the largest customer changes from time to time with market conditions and customer inventory, this single-customer concentration means the loss of, or reduced demand from, a top customer would materially affect net sales. (Customer not named in the filing, so recorded as concentration risk.)
“The Company's largest customer represented 20% of consolidated net sales in 2025.”
SEC filing →As of 2026
Other disclosures
- Weichai related-party concentration — 46% beneficial owner, supplier and customer; Collaboration Agreement up for renewal (not yet extended)medium
Weichai is deeply intertwined with PSIX — it beneficially owns 46.0% of common stock, is a supplier (PSIX purchased $39.8M of inventory from it in 2025), a customer ($1.3M of sales), and a collaboration partner whose Collaboration Agreement was up for renewal in March 2026 with no formal extension executed as of filing; this related-party concentration creates governance/conflict risk and dependence on continuing the Weichai relationship.
“The Company received a renewal notice from Weichai and is in the process of negotiating the renewal of the Collaboration Agreement; however, no formal extension has been executed as of the date of this filing.”
SEC filing →As of 2026
Regulatory & policy
- UFLPA import bans delaying China-sourced goods; U.S. tariffs (China/Mexico/Canada); EPA/CARB/China MEE/EU emissions certificationmedium
PSIX faces multi-front regulation — the Uyghur Forced Labor Prevention Act (UFLPA) has delayed and at times suspended its China-sourced imports (forklift products suspended 2023 into Q3 2024), U.S. tariffs on imports from China/Mexico/Canada raise costs, and its emission-certified engines must meet EPA, California CARB, China MEE and EU regulatory standards; changes in any of these could disrupt supply or demand.
“In July 2023, the Company began experiencing delays in the imports of raw materials directly related to the UFLPA. Near the end of 2023, the importing of certain forklift products was suspended because of the intensified enforcement and expansion of the UFLPA and continued through the third quarter of 2024.”
SEC filing →As of 2026
Supplier concentration
- large complex global supply chain with a majority of supplier facilities outside the U.S. (including China)low
PSIX relies on a large, complex global supply chain in which a majority of its supplier facilities are located outside the U.S. (including China), to source engines, components and materials; this geographic supplier concentration makes its operations dependent on global/regional economic conditions and vulnerable to supply-chain interruptions, raw-material shortages and trade barriers.
“the Company's global supply chain is large and complex, and a majority of the Company's supplier facilities, are located outside the U.S.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Weichai Power Co., Ltd.
“The Company purchased $39.8 million and $21.5 million of inventory from Weichai during 2025 and 2024, respectively.”
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