Business
OSS Q1 2022 Revenue up 28% to Record $17.1 Million, Net Income of $579,000 or $0.03 per share
ESCONDIDO, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results
About this update from One Stop Systems, Inc.
[{"type":"text","content":"ESCONDIDO, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results for the first quarter ended March 31, 2022. 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). Q1 2022 Financial Highlights Record revenue $17.1 million, up 28%.Gross profit increased 16% to $5.1 million.Operating expenses up 8%.GAAP net income totaled $579,000 or $0.03 per share versus $41,000 in the same year-ago quarter.Non-GAAP net income increased to $978,000 or $0.05 per share as compared to $643,000 in the same year-ago quarter (see definition of this and other non-GAAP measures and reconciliation to GAAP, below).Adjusted non-GAAP EBITDA increased to $1.4 million compared to $1.1 million in the same year-ago quarter.Cash, cash equivalents and short-term investments totaled of $15.8 million on March 31, 2022. Q1 2022 Operational Highlights Six new major program wins, including four in autonomous trucking, further validating the AI Transportable strategy.Now shipping to three autonomous truck leaders, in proposal phase with two more and in early discussions with three others.Developed Centauri Storage Accelerator for the AI Transportable market, currently deployed in the autonomous truck portion of the market. Management Commentary “In the first quarter, OSS continued to make strong financial and operational progress across the board,” commented OSS president and CEO, David Raun. “Revenue grew 28% over the same year-ago quarter, setting a record for a first quarter of $17.1 million. For the second year in a row, we minimized the Q4 to Q1 seasonality to about 4% as compared to 30% plus drops in prior years. “This strong quarter over quarter growth included a record first quarter for our top customer in the media and entertainment space as their large gathering business, impacted significantly by COVID, starts to layer back in on top of their newer virtual product success. Their revenues are now greater than the pre-COVID environment, with an expectation that we will see continued growth throughout the year. “Bressner, our European subsidiary, also performed exceptionally well with revenue growth of 37%. This help...