Business
One Stop Systems Reports Q2 2020 Revenue of $11.6 Million with First Half 2020 of $25.0 Million
ESCONDIDO, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a global leader in specialized high-performance edge computing,
About this update from One Stop Systems, Inc.
[{"type":"text","content":"ESCONDIDO, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a global leader in specialized high-performance edge computing, reported results for second quarter and first half ended June 30, 2020.\n Financial Highlights Q2 2020 revenue totaled $11.6 million, down 22% from prior year.First half revenue totaled $25.0 million, flat with prior year.Implemented $2.5 to $3.0 million annual expense reduction and reorganization.Operating expenses in Q2 decreased 42% to $3.7 million compared to prior year.For the first half, operating expenses decreased 20% to $8.6 million compared to prior year.Loss from operations in Q2 improved by $575,000 from a loss of $980,000 compared to prior year.For the first half, loss from operations decreased $1.1 million from $3.0 million compared to prior year.Non-GAAP net income in Q2 totaled $248,000 or $0.01 per diluted share, compared to $530,000 or $0.04 per basic and diluted share in the same year-ago period.Non-GAAP net loss for the first half of 2020 totaled $466,000 or $(0.03) per basic and diluted share, compared to income of $106,000 or $0.01 per basic and diluted share in the same year-ago period.Raised net $2.4 million in a convertible debt offering and received a Paycheck Protection Plan loan of $1.5 million. Current cash on hand at July 31, 2020 totals $3.8 million. Q2 2020 Operational Highlights Appointed industry technology veteran, David Raun, as the company’s new president and CEO.Appointed three new independent board members, with the board now comprised of four males and three females.Introduced the world’s first PCIe Gen 4 expansion system that fully supports NVIDIA new A100 Tensor Core GPUs, which can boost computing performance up to 20X over the previous generation.Announced $3.5 million in production orders for recently introduced OSS Gen 4 PCIe products from multiple OEM customers for delivery in 2020.Continued to ship OSS’ AI on the Fly™ products into next-generation autonomous vehicles with $1.8 million shipped to date.Hosted new digital series using virtual trade show tours and webinars, including an AI on the Edge webinar with NVIDIA and Marvell, and an International Supercomputing 2020 virtual booth tour available to view at www.onestopsystems.com. Financial SummaryRevenue in the second quarter of 2020 was $11.6 million from $14.9 million in the...