Business
OSS Reports Q4 2020 Revenue up 7% over Q3 to $13.9 Million, Net Income of $244,000 or $0.01 per Share
ESCONDIDO, Calif., March 25, 2021 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in specialized high-performance edge computing, reported
About this update from One Stop Systems, Inc.
[{"type":"text","content":"ESCONDIDO, Calif., March 25, 2021 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in specialized high-performance edge computing, reported results for the fourth quarter and full year ended December 31, 2020. Q4 Financial Highlights Revenue in the fourth quarter of 2020 totaled $13.9 million, up 7% from Q3 2020, and lower by 24% versus the same year-ago quarter due to COVID-19-related issues. Operating expenses in the fourth quarter of 2020 decreased 9% from the year-ago quarter to $4.3 million. Net income on a GAAP basis totaled $244,000 or $0.01 per share. Cash and cash equivalents totaled $6.3 million on December 31, 2020, up from $5.5 million on September 30, 2020. Earlier this month the company raised net proceeds of approximately $9.3 million via a registered direct offering, resulting in current cash of about $19 million. Full Year 2020 Financial Highlights Revenue totaled $51.9 million. Operating expenses decreased 16% to $16.9 million. This reduction in operating expenses by more than $3.3 million includes the prior year’s charge of $1.7 million for goodwill impairment which was recorded in Q2 2019. On a proforma basis, after eliminating the effect of the prior year impairment charge, operating expenses were reduced by $1.6 million. Loss from operations decreased to $424,000 compared to a loss of $779,000 in the prior year. After giving effect to the goodwill impairment charge described above, loss from operations increased $1.3 million. Net loss on a GAAP basis for the full year of 2020 totaled $6,500 or $(0.00) per basic and diluted share, as compared to a net loss of $0.9 million or $(0.06) per basic and diluted share. Non-GAAP net income for the full year of 2020 totaled $1.4 million or $0.08 per share, compared to non-GAAP net income of $2.3 million or $0.14 per diluted share. 2020 Operational Highlights New program wins continued at a strong pace despite the pandemic. For 2020, the company won 16 new $1 million-plus programs, with 10 representing new customers. The new program wins in 2019 and 2020 yielded $18 million of revenue for 2020, with $12 million generated by new customers. This diversification has reduced OSS’ dependency on its top two customers, which represented 25% of the company’s total business in 2020 compared to 41% in 2019. Awarded fourth major program win by the company’s seco...