Business
OSS Reports Record Revenue up 17% to $72.4 Million and Adjusted EBITDA up 6% to $5.2 Million
ESCONDIDO, Calif., March 23, 2023 (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., March 23, 2023 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results for the fourth quarter and full year ended December 31, 2022. All quarterly and full year 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). Q4 2022 Financial Highlights Revenue increased 2.7% to $18.2 million.Gross profit flat at $5.0 million.Operating expenses improved as a percentage of revenue from 28.7% to 25.3%.Net loss totaled $3.3 million or $(0.16) per basic and diluted share, as compared to a loss of $386,000 or $(0.02) per basic and diluted share in 2021. The net loss in the fourth quarter of 2022 included a $3.9 million allowance for a write-down of net deferred tax assets attributable to the company’s ability to benefit from cumulative tax losses and R&D tax credits.Adjusted EBITDA, a non-GAAP term, totaled $1.6 million, as compared to $620,000 (see definition of this and other non-GAAP measures and their reconciliation to GAAP, below).Cash, cash equivalents and short-term investments totaled $13.2 million on December 31, 2022. 2022 Financial Highlights Revenue increased 16.8% to a record $72.4 million.Gross profit increased 3.9% to $20.4 million.Operating expenses as a percentage of revenue improved from 28.9% to 26.0%.Net loss totaled $2.2 million or $(0.11) per basic and diluted share, as compared to net income of $2.3 million or $0.12 per diluted share in 2021. The net loss in 2022 included a $3.9 million write-down of net deferred tax assets.Adjusted EBITDA up 6% to a record $5.2 million. Q4 2022 Operational Highlights Three new major program wins across three market segments: military, commercial aerospace, and autonomous commercial vehicles. Brought total new major program wins for full year to 19, including 13 for AI Transportables.Received a sole source, five-year contract extension to continue providing ruggedized transportable flash storage arrays and related supplies to a prime contractor for the U.S. Navy. Total value of products shipped to-date under the contract exceeds $30 million.Introduced a two-phase liquid immersion-cooled configuration of the OSS Rigel Edge Supercomputer. This disruptive techn...