PS International Group Ltd.
PSIG · Arrangement of Transportation of Freight & Cargo · EDGAR filings ↗
Grade
D44Hong Kong air-freight forwarder hit by a tariff-driven volume collapse, posting large losses and negative equity.
Strengths
- Holds ~$13.9M cash with ~10 quarters of runway and minimal operating-cash burn
- Long operating history (since 1993) in freight forwarding
Risks
- Revenue fell 39% with a $15.2M net loss (net margin -28.6%) driven by warrant/private-placement losses and razor-thin 1.9% gross margin
- Negative book equity, current ratio 0.79 (6th pct), and heavy U.S.-export/tariff and PRC-related concentration
Notable findings
- Negative equityNegative book equity (debt/equity -0.72)
- Net lossNet loss (net margin -28.6%)
- Cash burnNegative free cash flow (-5.6M)
- Weak liquidityCurrent ratio 0.79 (<1)
- Customer concentration~100% of revenue from one customer/distributor — 9% and 99
- Revenue declineRevenue -39.0% YoY
Key metrics
Gross margin
1.9%
Operating margin
-2.9%
Net margin
-28.6%
Return on equity
404.1%
Return on assets
-44.1%
Revenue growth (QoQ)
-39.0%
Debt / equity
-0.7×
Current ratio
0.8×
Free cash flow
-$6M
Tangible book value
-$4M
Cash & investments
$14M
Cash runway
10q
Stock comp / revenue
1.5%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001213900-26-050440 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001213900-25-037427 ↗ |
| 20-F | 2024-07-24 | 2024-07-18 | 0001013762-24-000712 ↗ |