Business
One Stop Systems Reports Q2 2024 Results
Q2 2024 revenues of $13.2 million, sequential increase and in line with plan OSS segment orders of $7.5 million, outpacing quarterly revenue for the second
About this update from One Stop Systems, Inc.
[{"type":"text","content":"Q2 2024 revenues of $13.2 million, sequential increase and in line with plan OSS segment orders of $7.5 million, outpacing quarterly revenue for the second consecutive quarter Management expects continued sequential growth with consolidated Q3 2024 revenue of $13.3 million, and OSS segment revenue expected to increase 15% year-over-year to $6.3 million ESCONDIDO, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (\"OSS\" or the \"Company\") (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, reported results for the second quarter ended June 30, 2024. Second quarter and six-month comparisons are to the same year-ago periods unless otherwise noted. “Our second-quarter performance demonstrates the successful execution of our plan, as consolidated revenue increased sequentially to $13.2 million, OSS segment orders outpaced quarterly revenue for the second consecutive quarter, and we expanded customer-funded development revenue. The sequential increase in customer-funded development revenue is an important indicator of future growth, as this establishes OSS as an incumbent on future multiyear contracts. In addition, after backing out the contribution a former media customer had on revenue in the second quarter of 2023, revenue at our OSS segment grew by 8.3% year-over-year, another positive indicator for accelerating revenue momentum,” stated OSS President and CEO, Mike Knowles. “I am encouraged that our transformational strategies are tracking to plan. As a result, we expect continued sequential revenue growth in the third quarter, led by an expected 15% year-over-year increase in OSS segment revenue. In addition, based on our current pipeline we believe we are well positioned for continued growth in the 2024 fourth quarter,” concluded Mr. Knowles. 2024 Second-Quarter Financial Summary Consolidated revenue was $13.2 million, compared to $17.2 million. The 23.3% year-over-year reduction in revenue was primarily a result of approximately $3.2 million related to a former media customer and a $1.3 million decline in Bressner revenue associated with slower economic activity in Europe. Lower second-quarter revenue was partially offset by new customer-funded development orders, and revenue growth to new and existing customers, ...