国际电力解决方案 2024年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 POWER SOLUTIONS INTERNATIONAL, INC.(Exact Name of Registrant as Specified in its Charter) Delaware33-0963637(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)201 Mittel Drive,Wood Dale,IL60191(Address of Principal Executive Offices)(Zip Code)(630)350-9400(Registrant’s Telephone Number, Including Area Code)Securities Registered Pursuant to Section 12(b) of the Act:Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which RegisteredCommon Stock, par value $0.001 per sharePSIXNasdaq Stock MarketSecurities Registered Pursuant to Section 12(g) of the Act:__________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes¨No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 and Section15(d) of the Act. Nox Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.YesxNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes xNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Largeacceleratedfiler¨Non-accelerated filerx AcceleratedfilerSmallerreportingcompanyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES¨NOx Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.¨ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.¨ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).¨ The aggregate market value of 7,770,288 shares of Common Stock held by non-affiliates of the registrant as of December 31,2024 was $49.5million based on the last reported sale price on the over-the-counter (“OTC”) market on June 30, 2024 (although thetotal market capitalization of the registrant as of such date was approximately $145.8 million). Shares of the registrant’s CommonStock held by each executive officer and director and by each person who holds 10% or more of the outstanding Common Stock havebeen excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusivedetermination for other purposes. As of March 17 2025, there were23,007,894outstanding shares of the Common Stock of the registrant. DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates information by reference to the registrant’s definitive proxy statement (the “2025 proxy statement”), to befiled with the United States Securities and Exchange Commission (the “SEC”) within 120 days after the fiscal year ended December31, 2024. TABLE OF CONTENTS PART IForward-Looking StatementsItem 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety DisclosuresPART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6.ReservedItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.Quantitative and Qualitative Disclosures about Market RiskItem 8.Financial Statements and Supplementary DataItem 9.Changes in and Disagreements with Accountants on Accoun