Business
OSS Reports Q3 2021 Revenue up 23%, Income of $1 million
ESCONDIDO, Calif., Nov. 10, 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., Nov. 10, 2021 (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, 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 on November 11th to discuss the results (see dial-in information below). Q3 2021 Financial Highlights Revenue totaled $16.0 million, up 23% versus the same year-ago quarter and up 7% sequentially.GAAP net income totaled $981,000 or $0.05 per share, up from $858,000 or $0.05 per share.Non-GAAP net income was $1.5 million or $0.08 per share versus $1.2 million or $0.07 per share (see definition of this and other non-GAAP measures and reconciliation to GAAP, below).Adjusted EBITDA was $1.8 million, up $245,000 from $1.6 million, reaching 11% of total revenue.Cash, cash equivalents and short-term investments totaled $18.5 million. First Nine Months 2021 Financial Highlights Record revenue of $44.2 million, up 16%.Gross margin up 2.4 percentage points to 33.0%.GAAP net income increased $3.0 million to $2.7 million or $0.14 per diluted share.Non-GAAP net income was $3.0 million or $0.15 per diluted share, up $2.2 million.Adjusted EBITDA was $4.3 million, up $3.6 million. Q3 2021 Operational Highlights Awarded a major program win for a military AI Transportable application that enables high-speed sensor data acquisition.Closed a major program win with a market leading printer company for a Gen 4 PCI Express expansion interconnect that enables high-performance 3D printer control. Management Commentary “This quarter exceeded our expectations, with record revenue for a third quarter at $16.0 million, up 23% over the same year-ago quarter and up 7% sequentially,” commented OSS president and CEO, David Raun. “These strong results reflect exceptional performance by our European-based Bressner business, as well as strengthening revenue from our large media and entertainment customer as their new virtual products continue to gain traction. “Like most companies, we have been facing supply challenges, but we have been able to manage the impact during this unusual period by working closely with our customers and suppliers and carefully making strategic purchases. Given the positive progress on our...