PS International Group Swings to $10.1 Million Net Loss as Warrant Charge Offsets 14.4% Revenue Rise

PS International Group reported a net loss of $10.1 million for the six months ended June 30, 2026, compared with a net loss of $0.4 million a year earlier, as revenue rose 14.4% to $26.5 million. The Hong Kong-based air freight forwarder announced the unaudited results on November 3, 2026, according to GlobeNewswire.

How the Warrant Charge Drove PS International's Loss

PS International Group, which trades on Nasdaq under the ticker PSIG, connects Asian transportation hubs with the United States and more than 140 other markets through air and ocean freight forwarding. Air freight forwarding brought in $26.3 million, or 99.1% of total revenue, in the first half of 2026, up from $22.6 million and 97.2% a year earlier.

The net loss included an $11.8 million loss from the change in fair value of warrant liabilities, partly offset by a $628,406 gain on the settlement of those liabilities. The company recorded the charge in connection with the cashless exercise of all outstanding warrants on February 3, 2026, when it issued 6,753,470 ordinary shares and derecognized warrant liabilities with a carrying amount of $34.2 million.

Gross profit fell 38.8% to $0.1 million, and the gross margin narrowed to 0.5% from 0.9%. The company attributed the margin decline to failing to pass through rising buy-side rates in a price-competitive co-load and direct-customer mix, while the Hong Kong export lane itself shrank. General and administrative expenses decreased to $1.4 million from $2.2 million.

PS International's Nasdaq Listing and Scale

PS International Group completed a business combination with AIB Acquisition Corporation and began trading on Nasdaq under the ticker PSIG on July 19, 2024, according to akta.pro company records. The company, founded in 1993, operates through two Hong Kong subsidiaries, Profit Sail Int'l Express (H.K.) Limited and Business Great Global Supply Chain Limited, and has provided logistics services covering more than 140 countries.

Nasdaq Notice and Earlier Coverage

On August 14, 2026, PS International Group received a deficiency letter from Nasdaq for failing to maintain the required minimum market value of $35 million, Seeking Alpha reported. The notice indicated that the company does not satisfy alternative continued listing standards. Also in August 2026, Defense World published a comparative analysis of PS International Group and GXO Logistics across profitability, ownership, risk, dividends, analyst recommendations, earnings and valuation metrics, and Markets Daily published a similar comparison with Cargojet.

PS International's $200 Million Shelf Registration

PS International Group filed a registration statement on Form F-3 with the SEC on August 4, 2026, and the SEC declared it effective on August 19, 2026. Under the shelf, the company may offer and sell up to $200 million in aggregate initial offering price of ordinary shares, warrants, debt securities, rights and units. As of the press release date, no securities had been offered or sold under the shelf registration statement.