PS International Group Ltd. reported a sharp 39% revenue drop to $53.2 million in 2025, with gross margins compressing to under 2%, reflecting ongoing volume declines largely tied to U.S. tariffs on Chinese imports. The company’s freight forwarding business, focused primarily on air cargo export services to the U.S., shows exposure to geopolitical trade tensions and intense competition. Despite longstanding relationships with freight forwarders, PSIG’s narrow customer concentration and financial liquidity pressures raise questions on its path to profitable growth.