Business
OSS Reports Q1 2023 Results
ESCONDIDO, Calif., May 11, 2023 (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 11, 2023 (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, 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). Q1 2023 Financial Highlights Revenue totaled $16.8 million.Gross profit flat at $5.1 million.Gross margin increased 10 basis points and sequentially by 290 basis points to 30.2%, attributable to a greater mix of AI transportable products.Net loss on a GAAP basis was $401,000 or $(0.02) per share, as compared to net income of $579,000 or $0.03 per share.Adjusted EBITDA, a non-GAAP term, totaled $529,000, as compared to $1.4 million (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Cash, cash equivalents and short-term investments totaled $12.7 million on March 31, 2023. Q1 2023 Operational Highlights Seven new major program wins, including three wins in AI Transportables. The company expects these seven wins to yield approximately $5 million in revenues this year.Received a $3 million dollar order from a prime military contractor to upgrade a radar simulation system operated by the U.S. Department of Defense Missile Defense Agency.Won a $1.3 million contract from the U.S. Army for the design, development and prototypes for a vehicle mounted 360-degree situational awareness system using OSS PCIe Gen 4 switched fabric technology and NVIDIA® Jetson AGX Orin™ system-on-modules.Low margin media revenue decreased $3 million, replaced by AI Transportable revenue.Announced pending changes to leadership and implemented internal organizational changes to better align the company with its AI Transportable strategy and growing military business. Management Commentary “In the first quarter, our consolidated revenue totaled $16.8 million, slightly above our guidance of $16.6 million,” commented OSS president and CEO, David Raun. “Excluding our legacy lower-margin media business, revenue increased 21.8% for the quarter compared to the same period last year. “OSS classic revenue, excluding the lower-margin media business, increased 17.3% for the quarter compared to the same period a year ago. OSS ...