The company exhibits a total lack of top-line growth, with operating expenses consistently outpacing revenue and resulting in a $521.6K operating loss in 2024Q1.
| Sales/Revenue | 0 | 53.15M | 87.17M | 140.02M | 97.31M | 130.91M | 71.03M |
| Revenue Growth % | - | -39.02% | -37.75% | 43.9% | -25.67% | 84.31% | - |
| Cost of Goods Sold | 0 | 52.28M | 83.63M | 127.27M | 89.01M | 112.33M | 63.56M |
| COGS % of Revenue | - | 98.36% | 95.95% | 90.89% | 91.47% | 85.81% | 89.48% |
| Gross Profit | 0 | 870.4K | 3.53M | 12.75M | 8.3M | 18.57M | 7.47M |
| Gross Margin % | - | 1.64% | 4.05% | 9.11% | 8.53% | 14.19% | 10.52% |
| Gross Profit Growth % | - | -75.36% | -72.3% | 53.65% | -55.31% | 148.67% | - |
| Operating Expenses | 1.67M | 2.4M | 8.8M | 6.77M | 5.36M | 3.64M | 3.24M |
| OpEx % of Revenue | - | 4.51% | 10.1% | 4.84% | 5.5% | 2.78% | 4.56% |
| Selling, General & Admin | 1.67M | 2.4M | 8.75M | 5.27M | 824.66K | 23.28K | 2.82M |
| SG&A % of Revenue | - | 4.52% | 10.03% | 3.77% | 0.85% | 0.02% | 3.96% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -5.19K | 58.94K | 1.5M | 4.53M | 3.62M | 421.3K |
| Operating Income | -1.67M | -1.53M | -5.27M | 5.98M | -824.66K | 14.93M | 4.23M |
| Operating Margin % | - | -2.88% | -6.05% | 4.27% | -0.85% | 11.41% | 5.96% |
| Operating Income Growth % | - | 70.99% | -188.15% | 825.26% | -105.52% | 252.88% | - |
| EBITDA | -1.35M | -1.37M | -5.12M | 6.25M | -321.66K | 15.51M | 4.79M |
| EBITDA Margin % | - | -2.57% | -5.87% | 4.46% | -0.33% | 11.85% | 6.74% |
| EBITDA Growth % | -89.84% | 73.3% | -181.86% | 2043.25% | -102.07% | 223.87% | - |
| D&A (Non-Cash Add-back) | 121.96K | 162.94K | 155.31K | 269.76K | 503K | 575.91K | 556.86K |
| EBIT | -1.12M | -1.53M | -5.18M | 6M | 3.14M | 15.04M | 4.52M |
| Net Interest Income | 544.35K | 15.53K | 66.1K | 77.92K | 31.08K | -5.91K | -68.26K |
| Interest Income | 544.35K | 50.58K | 66.1K | 79.21K | 38.78K | 16.63K | 6.34K |
| Interest Expense | 0 | 35.05K | 0 | 1.29K | 7.7K | 22.54K | 74.6K |
| Other Income/Expense | 541.28K | -13.68M | 94.42K | 13.02K | 1.41M | 84.27K | 217.46K |
| Pretax Income | -1.12M | -15.21M | -5.18M | 5.99M | 588.41K | 15.02M | 4.45M |
| Pretax Margin % | - | -28.62% | -5.94% | 4.28% | 0.6% | 11.47% | 6.26% |
| Income Tax | 0 | 1.73K | -358.68K | 1.38M | 688.35K | 2.46M | 721.15K |
| Effective Tax Rate % | 0% | -0.01% | 6.93% | 23.05% | 116.98% | 16.39% | 16.21% |
| Net Income | -1.12M | -15.21M | -4.83M | -733.31K | 2.43M | 12.46M | 3.7M |
| Net Margin % | - | -28.63% | -5.54% | -0.52% | 2.49% | 9.52% | 5.21% |
| Net Income Growth % | -234.61% | -215.21% | -558.23% | -130.24% | -80.53% | 236.78% | - |
| Net Income (Continuing) | -1.12M | -15.21M | -4.82M | 4.61M | 2.45M | 12.56M | 3.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 125.16K | 123.52K | 115.82K | 83.7K | 15.19K | 32.58K |
| EPS (Diluted) | -0.31 | -3.81 | -1.33 | -0.18 | 0.05 | -0.00 | 0.33 |
| EPS Growth % | -527% | -186.47% | -638.89% | -444.17% | - | -100.64% | - |
| EPS (Basic) | - | -3.81 | -1.33 | -0.18 | 0.05 | -0.00 | 0.33 |
| Diluted Shares Outstanding | 3.61M | 4M | 3.62M | 3.98M | 11.25M | 11.25M | 11.25M |
| Basic Shares Outstanding | 3.61M | 4M | 3.62M | 3.98M | 11.25M | 11.25M | 11.25M |
| Dividend Payout Ratio | - | - | - | - | 4.84% | 8.23% | - |
Structural revenue model collapse
As indicated by the lack of reported revenue data in recent quarters, PSIG's top-line trajectory appears to have stalled completely, following a period where the company struggled to maintain scale amidst a highly competitive and fragmented Hong Kong freight forwarding market environment.
The absence of revenue figures in the most recent filings suggests a potential cessation of core brokerage activities or a pivot that has yet to yield measurable volume. Investors should monitor whether this lack of disclosure reflects a strategic shift or an inability to compete with larger, asset-heavy logistics providers.
Based on the provided financial statements, PSIG's operating expenses, specifically SG&A, have consistently exceeded gross profit, resulting in persistent operating losses that reached $521.6K in 2024Q1, highlighting a lack of operational leverage within the current high-variable-cost brokerage business model.
The company's inability to scale operating income suggests that fixed overhead costs, such as office space and personnel in Hong Kong, are disproportionately high relative to its transactional revenue. This structural mismatch implies that the firm may require a significant increase in shipment volume just to reach a break-even point.
According to historical income statements, PSIG's net income has shown significant volatility, including a brief period of profitability in late 2022 that appears disconnected from the underlying trend of recurring operating losses, suggesting that non-operating items may have temporarily inflated bottom-line results.
The inconsistency between operating losses and occasional net income suggests that the company's earnings quality is low and potentially reliant on non-recurring gains. Analysts should be wary of these fluctuations, as they do not appear to reflect a sustainable improvement in the core freight forwarding business.
As reported in recent filings, PSIG's SG&A costs have remained elevated despite the lack of revenue, with quarterly expenses consistently ranging between $225K and $521K, which places significant pressure on the company's $11.1 million cash position and limits its operational flexibility.
The persistence of these fixed costs in the absence of revenue generation indicates a lack of expense discipline or an inability to right-size the organization during market downturns. This cost structure warrants further investigation into management's ability to preserve capital while the business model remains in a state of flux.
Quick answers to the most common questions about buying PSIG stock.
For fiscal year 2025, PS International Group Ltd. (PSIG) reported total revenue of $53.2M. This represents a 25.2% decline compared to $71.0M in 2020.
PS International Group Ltd. (PSIG) reported a net loss of $15.2M for the fiscal year ending 2025.
PS International Group Ltd. (PSIG) reported an operating income of $-1.5M, resulting in an operating profit margin of -2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
PS International Group Ltd. (PSIG) generated $0.9M in gross profit for the year, representing a gross profit margin of 1.6%. This demonstrates the company's core pricing power and production efficiency.