Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 9, 2026, the Company completed the acquisition of MTL Manufacturing & Equipment, Inc. (“MTL”), a company that specializes in the welding and fabrication of steel components, ranging from large Switchgear Sub Bases to Electrical Enclosure assemblies utilized in the data center industry, to various size fuel tanks used in power generation, for a total purchase price of $11.1 million. The acquisition is expected to enhance the Company’s competitive position in the data center market through vertical integration of MTL's specialized manufacturing capabilities. The integration is designed to provide improved supply chain control, reduced lead times, and access to MTL's established UL certifications. The acquisition occurred after December 31, 2025, but prior to the issuance of these financial statements. The initial accounting for the acquisition, including the allocation of purchase price to the assets acquired and liabilities assumed, is not yet complete. Accordingly, the financial statements do not reflect any adjustments related to this acquisition.

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) exceeded presidential authority and were therefore invalid. The President immediately replaced the IEEPA tariffs with tariffs under alternative statutory authority, though the scope and duration of future tariffs remain uncertain.

The Company is evaluating the impact of these developments on its supply chain costs and pricing. PSI may be entitled to refunds of IEEPA tariffs paid during 2025, though the process and timing for obtaining such refunds remain uncertain. To the extent the Company passed tariff costs through to customers, PSI may be required to reimburse customers for such amounts if the Company recovers IEEPA tariff refunds. The extent to which tariffs will be reimposed under alternative statutory authorities, and their ultimate scope and duration, cannot be determined at this time. Continued tariff uncertainty may materially affect the Company's costs, competitive position, and results of operations.