Business
OSS Reports Q2 2021 Revenue up 28% to $14.9 Million, Delivering Income of $1.7 Million or $0.09 per Share
ESCONDIDO, Calif., Aug. 12, 2021 (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., Aug. 12, 2021 (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, 2021. 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 2021 Financial Highlights Revenue totaled $14.9 million, up 12% sequentially and up 28% versus the same year-ago quarter.Gross margin was 31.2%, up 2.6 percentage points.GAAP net income totaled $1.7 million or $0.09 per diluted share versus a net loss of $12,000 or $(0.00) per diluted share in the year-ago quarter. GAAP net income includes forgiveness of PPP loan of approximately $1.5 million.Non-GAAP net income was $812,000 or $0.04 per basic and diluted share, versus $248,000 or $0.01 per diluted share in the same year-ago quarter. Non-GAAP net income excludes $1.5 million of PPP loan forgiveness (see definition of this and other non-GAAP measures and reconciliation to GAAP, below).Adjusted EBITDA was $1.4 million, up $1.3 million and reaching more than 9% of total revenue. Adjusted EBITDA excludes $1.5 million of PPP loan forgiveness.Cash, cash equivalents and short-term investments totaled $18.5 million on June 30, 2021. First Half 2021 Financial Highlights Revenue totaled a record $28.2 million, up 13%.Gross margin was 32.2%, up 5.3 percentage points.GAAP net income totaled $1.7 million or $0.09 per share, up by $2.8 million. GAAP net income includes forgiveness of PPP loan of approximately $1.5 million.Non-GAAP net income was $1.5 million or $0.08 per basic and diluted share, up by $1.9 million. Non-GAAP net income excludes $1.5 million of PPP loan forgiveness.Adjusted EBITDA was $2.5 million, up by $3.3 million. Adjusted EBITDA excludes $1.5 million of PPP loan forgiveness. Q2 2021 Operational Highlights Secured three major design wins, which included two AI on the Fly® applications, a transportable edge flash storage solution, an autonomous vehicle training system, and a high-performance computing medical controller system. Total major wins for the first half of the year totaled six wins. In addition to the confirmed wins, the company has 17 major pending opportunities.Operating expenses as a percentage of reven...