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One Stop Systems Reports Q2 2023 Results
Company to Hold a Conference Call Today at 5:00 p.m. Eastern Time ESCONDIDO, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a
About this update from One Stop Systems, Inc.
[{"type":"text","content":"Company to Hold a Conference Call Today at 5:00 p.m. Eastern Time\nESCONDIDO, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results for the second quarter ended June 30, 2023. All quarterly comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call at 5:00 p.m. Eastern time today to discuss the results (see dial-in information below). Q2 2023 Financial Highlights Revenue totaled $17.2 million, up 2.3% sequentially.OSS Europe revenue increased 17.7% to $8.9 million compared to the same year-ago quarter, with OSS Classic revenue declining 22.8% to $8.3 million primarily due to the anticipated winding down of the company’s legacy media and entertainment business as it transitions to higher margin AI Transportables, loss of revenue due to exit of an autonomous trucking customer and delay in the receipt of military orders.Gross margin was 27.9%, compared to 28.4% in the same year-ago quarter.Net loss on a GAAP basis totaled $2.4 million or $(0.12) per share, as compared to net income of $323,000, or $0.02 per share, in the same year-ago quarter. The loss included a goodwill impairment charge of $2.7 million and $1.3 million received from the federal employee retention credit program.Non-GAAP net loss was $84,000 or $(0.00) per share, versus non-GAAP net income of $871,000 or $0.04 per share in the same year-ago quarter.Adjusted EBITDA, a non-GAAP term, totaled $487,000, compared to $1.2 million in the same year-ago quarter (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Cash, cash equivalents and short-term investments totaled $15.4 million on June 30, 2023, as compared to $12.7 million on March 31, 2023. First Half 2023 Financial Highlights Revenue totaled $34.0 million, with OSS Europe revenue up 21.5% to $17.1 million, partially offsetting a decrease in OSS Classic revenue of 20.6% to $16.9 million.Gross margin was 29.0% compared to 29.2% in the first half of 2022.Net loss on a GAAP basis totaled $2.8 million or $(0.14) per diluted share, compared to net income of $0.9 million or $0.04 per diluted share in the first half of 2022.Non-GAAP net income totaled $6,000 or $0.00 per diluted share, as compared to $1.8 million or $0.09 per diluted share ...