Business
OSS Q3 2022 Revenue up 18% to Record $18.8 Million
ESCONDIDO, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported
About this update from One Stop Systems, Inc.
[{"type":"text","content":"ESCONDIDO, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results for the third quarter ended September 30, 2022. All quarterly and nine month comparisons are to the same year-ago periods, 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). Q3 2022 Financial Highlights Revenue increased 18% to a record $18.8 million.Operating expenses as a percentage of revenue was 26.1% versus 28.1%.Net income totaled $133,000 or $0.01 per basic and diluted share, as compared to $981,000 or $0.05 per basic and diluted share in 2021.Non-GAAP net income totaled $691,000 or $0.03 per basic and diluted share (see definition of this and other non-GAAP measures and reconciliation to GAAP, below), as compared to $1.5 million or $0.08 per basic and diluted share in 2021.Adjusted non-GAAP EBITDA totaled $955,000, as compared to $1.8 million in 2021.Cash, cash equivalents and short-term investments totaled $12.7 million on September 30, 2022. Nine Months Ended September 30, 2022, Financial Highlights Revenue increased 23% to a record $54.2 million.Gross profit increased 6% to $15.4 million.Operating expenses as a percentage of revenue improved to 26.2% compared to 28.9%.Net income totaled $1.0 million or $0.05 per diluted share, versus $2.7 million or $0.14 per diluted share for the nine months of 2021. Prior year includes $1.5 million in PPP loan forgiveness.Non-GAAP net income totaled $2.5 million or $0.12 per diluted share, as compared to $3.0 million or $0.15 per diluted share.Adjusted non-GAAP EBITDA totaled $3.5 million as compared to $4.3 million. Q3 2022 Operational Highlights Two autonomous truck customers in OSS top 10 revenue list.Six new major program wins, including five in the AI Transportable market. These wins included two in autonomous trucks, two medical designs and two mobile 5G AI applications.Rigel Supercomputer gaining acceptance at multiple primes and directly with the DOD.Formed new OSS Advisory Board comprised of retired high-ranking military officials and corporate executives with decades of experience in AI and unmanned vehicles, technology, high performance computing, cooling technology, and M&A. Management Commentary “In Q3, we achieve...