One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable
solutions on the edge, reported results for the third quarter ended
September 30, 2022. All quarterly and nine month 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).
Q3 2022 Financial Highlights
- Revenue increased 18% to a record
$18.8 million.
- Operating expenses as a percentage
of revenue was 26.1% versus 28.1%.
- Net income totaled $133,000 or $0.01
per basic and diluted share, as compared to $981,000 or $0.05 per
basic and diluted share in 2021.
- Non-GAAP net income totaled $691,000
or $0.03 per basic and diluted share (see definition of this and
other non-GAAP measures and reconciliation to GAAP, below), as
compared to $1.5 million or $0.08 per basic and diluted share in
2021.
- Adjusted non-GAAP EBITDA totaled
$955,000, as compared to $1.8 million in 2021.
- Cash, cash equivalents and
short-term investments totaled $12.7 million on September 30,
2022.
Nine Months Ended September 30, 2022, Financial
Highlights
- Revenue increased 23% to a record
$54.2 million.
- Gross profit increased 6% to $15.4
million.
- Operating expenses as a percentage
of revenue improved to 26.2% compared to 28.9%.
- Net income totaled $1.0 million or
$0.05 per diluted share, versus $2.7 million or $0.14 per diluted
share for the nine months of 2021. Prior year includes $1.5 million
in PPP loan forgiveness.
- Non-GAAP net income totaled $2.5
million or $0.12 per diluted share, as compared to $3.0 million or
$0.15 per diluted share.
- Adjusted non-GAAP EBITDA totaled
$3.5 million as compared to $4.3 million.
Q3 2022 Operational Highlights
- Two autonomous truck customers in
OSS top 10 revenue list.
- Six new major program wins,
including five in the AI Transportable market. These wins included
two in autonomous trucks, two medical designs and two mobile 5G AI
applications.
- Rigel Supercomputer gaining
acceptance at multiple primes and directly with the DOD.
- Formed new OSS Advisory Board
comprised of retired high-ranking military officials and corporate
executives with decades of experience in AI and unmanned vehicles,
technology, high performance computing, cooling technology, and
M&A.
Management Commentary
“In Q3, we achieved another record quarter at $18.8 million in
revenue,” stated OSS president and CEO, David Raun. “Our strong
performance in the quarter was primarily attributable to the
continued strength in our European unit, Bressner, increased
business in the media and entertainment space, as well as solid
growth on the commercial side of our AI Transportable business.
“We ended the first nine months of 2022 with 16 new program
wins, and 11 of them were for AI Transportables. Shipments to
customers in the autonomous trucking space was the key contributor
to our AI Transportable growth in Q3. Currently, two of our truck
customers now rank in our top 10 customer list.
“Our pipeline of sales activity continues to grow in the
autonomous trucking space, where we had two new wins with Embark
Trucks announced last month. These two wins include one for our
Centauri rugged PCIe storage expansion system, which has now been
adopted by two autonomous trucking customers, and another for our
latest autonomous truck SDS rugged server.“During the past quarter,
we invested considerable time focused on the compute and storage
needs of the autonomous trucks in production. Although there is
some commonality between the various market leaders on the road map
to production, they continue to search for the ideal solution. To
this end, we have been developing and sharing a proposed production
road map that we believe provides a superior, cost-effective path.
We believe we are uniquely well-positioned to deliver solutions
that can leverage our innovative PCIe, NVLink®, ruggedization and
cooling technologies for use in this space.
“Two of the wins during the quarter included a mobile 5G AI
application which deploys an OSS SDS rugged server in trucks and
vans for a cellular network market leader. These vehicles can
gather and characterize data in real-time in the field, then
transport the data back to the hub where it is uploaded to the
cloud for assimilation with larger datasets. This major program is
expected to roll out in over 100 cities nationwide.
“Our pipeline of potential major programs or pending wins has
now expanded to 30, with 18 of these involving AI Transportable
applications. We believe the combination of building our sales
pipeline, strong activity with the higher margin military market
and the other opportunities we are currently pursuing, should
backfill potential revenue downside in our lower margin media and
entertainment business that may be impacted by a technology
transition to a lower cost, commodity type equipment and
cloud-based solution as early as the second half of 2023. “We are
building relationships with several new prime contractors as well
as working in parallel directly with the Department of Defense. We
expect these relationships to generate more revenue and with less
seasonality, as well as to significantly improve our margins and
profitability over time.
“Key to our military business strategy was the introduction of
our flagship platform for the military that we call Rigel. As
acknowledged by multiple key customers and partners, Rigel is
currently the fastest, most compact supercomputer available. The
growing interest in Rigel and related design activity confirms that
this powerful system can transform the use of real-time AI for the
most demanding vehicle, maritime and aerospace edge applications
throughout the military.“As an example, we are working directly
with the Army to fund an OSS solution targeted for land vehicles
requiring high performance compute in compact form factors. We are
also engaged with multiple primes and the DOD directly on a major
compute upgrade that would add significant capabilities for a large
airframe drone. With another prime, we are being proposed in
multiple aircraft programs, including one similar to the multiple
million-dollar contract we have enjoyed with the Navy for many
years. We also recently learned that our inflight supercomputer was
part of a successful key test fight where all the objectives were
accomplished. We are looking forward to providing further updates
as these opportunities and programs advance.
“We are looking forward to attending the Supercomputing 22
conference being held in Dallas next week. It is the world’s
largest international conference for high-performance computing. We
will be showcasing our AI Transportable products, including a
demonstration of a disruptive additional capability of Rigel. We
expect more information to follow in a press release next
week.
“Looking ahead, we believe that we are well on track for a
record fourth quarter and year. We also expect improved margins
with the resumption of our military product shipments that were
delayed in Q3 due to a version change. Given our expectation of
$19.2 million in revenue for the current fourth quarter, we expect
to close the year up more than 18% to a record $73.4 million in
revenue.”
Outlook
For the fourth quarter of 2022, OSS expects revenue of
approximately $19.2 million, which represent 5% sequential growth
and 8% growth over the same year-ago quarter, and would result in
record annual revenue of approximately $73.4 million.
Q3 2022 Financial Summary
Revenue in the third quarter of 2022, was up 18% to $18.8
million, compared to $16.0 million in the same year-ago
quarter.
Core OSS revenue increased 15% to $10.7 million, representing
57% of total quarterly revenue. This was largely due to the growth
of AI Transportables, including autonomous trucks, as well as the
company’s media and entertainment business. Revenue from Bressner,
OSS’ European subsidiary, increased 21% to $8.1 million, which
represented 43% of total quarterly revenue. Bressner’s increase was
attributable to increased market share, made possible by strong
sales efforts, customer expansion and strategic inventory buys.
Gross profit in the third quarter decreased $439,000 to $5.1
million. Overall, gross margin was 27.0% compared to 34.5% from the
same year-ago quarter. The aggregate 7.5 percentage point decrease
from the prior year quarter was primarily due to strong lower
margin revenue from Bressner and the company’s media and
entertainment business, as well as a temporary decrease in the
company’s higher margin military business. The company had a
deferral of military customer shipments during the third quarter
due to a transition to a new storage product version; however,
these products are now being shipped.
The gross margin for the core OSS business decreased 10.3
percentage points from the same year ago quarter to 30.7%. The
decrease was attributable to the concentration of lower margin
product sales to the company’s media and entertainment customer and
the delayed shipment of military storage products.
For the fourth quarter of 2022, the company expects a return to
a higher mix of military storage business to improve its overall
gross margin, both sequentially and as compared to the fourth
quarter of 2021.
Bressner’s gross margin percentage decreased 3.4 percentage
points to 22.2% compared to 25.6% in the same year-ago quarter. The
decrease was primarily due to increased material and transportation
costs as well as increased sales of a lower margin product
line.
Overall quarterly operating expenses increased 9% to $4.9
million, while operating expenses as a percentage of revenue
decreased to 26.1% compared to 28.1% in the same year-ago quarter.
This increase in operating expense was primarily due to the
company’s investments in pursuing the AI Transportable market,
resulting in increases of $294,000 in marketing and selling
expenses and $160,000 in R&D expense. These increases were
partially offset by a decrease of $31,000 in general and
administrative expenses.
Income from operations decreased $863,000 to $163,000 compared
to $1.0 million in the third quarter of 2021.
Net income totaled $133,000 or $0.01 per diluted share,
decreasing from net income of $981,000 or $0.05 per diluted share
in the same year-ago period.
Non-GAAP net income was $691,000 or $0.03 per diluted share for
the quarter, down from $1.5 million or $0.08 per diluted share in
the same year-ago period.
Adjusted EBITDA, a non-GAAP metric, was $955,000 or 5.1% of
quarterly revenue as compared to $1.8 million or 11.3% of quarterly
revenue in the same year-ago quarter.
Nine Months ended September 30, 2022, Financial
SummaryFor the first nine months of 2022, revenue
increased 23% to $54.2 million, from $44.2 million during the first
nine months of 2021. The increase was due primarily to an increase
in shipments of product to the company’s media and entertainment
customer.
Core OSS business increased 18.5%, contributing $32.0 million of
revenue, and Bressner increased 29%, contributing $22.2 million of
revenue.
OSS aggregate gross profit improved $817,000 to $15.4 million.
Overall gross margin was 28.5% of revenue in the first nine months
of 2022, compared to 33.0% of revenue in the first nine months of
2021.
Gross margin for the core OSS business decreased to 33.1%, as
compared to 38.5% in the first nine months of 2021. The decrease is
largely due to a temporary reduction in military revenue and the
revenue increases from the company’s lower margin business.
Bressner's gross margin decreased to 21.8% due to higher
transportation and material costs, as compared to 24.4% a year ago.
Total operating expenses increased 11% to $14.2 million. This
increase is primarily due to an increase of $844,000 in marketing
and selling expenses resulting from additional marketing, trade
shows and travel, and an increase of $816,000 in R&D expense
for the development of new standard products for the AI
Transportables market. The increases were partially offset by a
decrease of $241,000 in general and administrative expenses.
Operating expense as a percentage of revenue decreased to 26.2%
compared to 28.9% a year ago.
Income from operations decreased $603,000 to $1.2 million
compared to $1.8 million in the first nine months of 2021.
Net income was $1.0 million or $0.05 per diluted share, compared
to $2.7 million or $0.14 per diluted share, which included a
one-time benefit of $1.5 million or $0.08 per share due to
forgiveness of our PPP loan and related interest. After giving
effect to this one-time benefit, on a proforma basis there was a
year-over-year decrease of $170,000 in net income.
Non-GAAP net income totaled $2.5 million or $0.12 per diluted
share as compared to $3.0 million or $0.15 per diluted share in the
same year-ago period.
Adjusted EBITDA, a non-GAAP measure, totaled $3.5 million or
6.5% of revenue compared to $4.3 million or 9.6% of revenue in the
first nine months of 2021.
Both non-GAAP net income and adjusted EBITDA exclude the PPP
loan and interest forgiveness.
On September 30, 2022, cash and cash equivalents totaled $3.2
million with short-term investments of $9.5 million for a combined
total of $12.7 million. This compares to $14.4 million on June 30,
2022.
Conference Call
OSS management will hold a conference call to discuss its third
quarter 2022 results later today, followed by a question-and-answer
period.
Date: Thursday, November 10, 2022Time: 5:00 p.m. Eastern time
(2:00 p.m. Pacific time)Toll-free dial-in number:
1-866-575-6539International dial-in number:
1-786-789-4776Conference ID: 4614790Webcast: here (live and
replay)
The webcast will include a slide presentation viewable via the
webcast link above.
Approximately two hours after the Q&A session, an archived
version of the webcast will be available in the Investors section
of the company’s website at onestopsystems.com. OSS regularly uses
its website to disclose material and non-material information to
investors, customers, employees and others interested in the
company.
Please call the conference telephone number five minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 8:00 p.m. Eastern
time on the same day through November 24, 2022.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 4614790 About
One Stop SystemsOne Stop Systems, Inc. (OSS) designs and
manufactures innovative AI Transportable edge computing modules and
systems, including ruggedized servers, compute accelerators,
expansion systems, flash storage arrays, and Ion Accelerator™ SAN,
NAS and data recording software for AI workflows. These products
are used for AI data set capture, training, and large-scale
inference in the defense, oil and gas, mining, autonomous vehicles
and rugged entertainment applications. OSS utilizes
the power of PCI Express, the latest GPU accelerators and NVMe
storage to build award-winning systems, including many industry
firsts, for industrial OEMs and government customers. The company
enables AI on the Fly® by bringing AI datacenter performance to
‘the edge’, especially on mobile platforms, and by addressing the
entire AI workflow, from high-speed data acquisition to deep
learning, training and inference. OSS products are available
directly or through global distributors. For more information, go
to www.onestopsystems.com.
Non-GAAP Financial Measures
The company believes that the use of adjusted earnings before
interest, taxes, depreciation and amortization, or adjusted EBITDA,
is helpful for an investor to assess the performance of the
company. The company defines adjusted EBITDA as income (loss)
before interest, taxes, depreciation, amortization, acquisition
expenses, impairment of long-lived assets, financing costs, fair
value adjustments from purchase accounting, stock-based
compensation expense and expenses related to discontinued
operations.
Adjusted EBITDA is not a measurement of financial performance
under generally accepted accounting principles in the United
States, or GAAP. Because of varying available valuation
methodologies, subjective assumptions and the variety of equity
instruments that can impact a company’s non-cash operating
expenses, the company believes that providing a non-GAAP financial
measure that excludes non-cash and non-recurring expenses allows
for meaningful comparisons between its core business operating
results and those of other companies, as well as providing the
company with an important tool for financial and operational
decision making and for evaluating its own core business operating
results over different periods of time.
The company’s adjusted EBITDA measure may not provide
information that is directly comparable to that provided by other
companies in the company’s industry, as other companies in its
industry may calculate non-GAAP financial results differently,
particularly related to non-recurring, unusual items. The company’s
adjusted EBITDA is not a measurement of financial performance under
GAAP and should not be considered as an alternative to operating
income or as an indication of operating performance or any other
measure of performance derived in accordance with GAAP. The company
does not consider adjusted EBITDA to be a substitute for, or
superior to, the information provided by GAAP financial
results.
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Nine Months EndedSeptember
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
132,533 |
|
|
$ |
980,696 |
|
|
$ |
1,034,589 |
|
|
$ |
2,719,016 |
|
Depreciation and amortization |
|
|
260,827 |
|
|
|
396,164 |
|
|
|
785,047 |
|
|
|
1,171,736 |
|
Stock-based compensation expense |
|
|
542,166 |
|
|
|
399,148 |
|
|
|
1,457,630 |
|
|
|
1,302,878 |
|
Interest expense |
|
|
30,044 |
|
|
|
128,315 |
|
|
|
133,710 |
|
|
|
447,328 |
|
Interest income |
|
|
(46,407 |
) |
|
|
(92,105 |
) |
|
|
(152,919 |
) |
|
|
(159,203 |
) |
PPP loan and interest forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,514,354 |
) |
Provision (benefit) for income taxes |
|
|
36,156 |
|
|
|
(320 |
) |
|
|
286,954 |
|
|
|
295,495 |
|
Adjusted EBITDA |
|
$ |
955,319 |
|
|
$ |
1,811,898 |
|
|
$ |
3,545,011 |
|
|
$ |
4,262,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS excludes the impact of certain items, and
therefore, has not been calculated in accordance with GAAP. The
company believes that exclusion of certain selected items assists
in providing a more complete understanding of the company’s
underlying results and trends and allows for comparability with its
peer company index and industry. The company uses this measure
along with the corresponding GAAP financial measures to manage its
business and to evaluate its performance compared to prior periods
and the marketplace. The company defines non-GAAP income (loss) as
income or (loss) before amortization, stock-based compensation,
expenses related to discontinued operations, impairment of
long-lived assets and non-recurring acquisition costs. Adjusted EPS
expresses adjusted income (loss) on a per share basis using
weighted average diluted shares outstanding.
Adjusted EPS is a non-GAAP financial measure and should not be
considered in isolation or as a substitute for financial
information provided in accordance with GAAP. These non-GAAP
financial measures may not be computed in the same manner as
similarly titled measures used by other companies. The company
expects to continue to incur expenses similar to the adjusted
income from continuing operations and adjusted EPS financial
adjustments described above, and investors should not infer from
the company’s presentation of these non-GAAP financial measures
that these costs are unusual, infrequent or non-recurring.
The following table reconciles non-GAAP net income and basic and
diluted earnings per share:
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Nine Months EndedSeptember
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
132,533 |
|
|
$ |
980,696 |
|
|
$ |
1,034,589 |
|
|
$ |
2,719,016 |
|
Amortization of intangibles |
|
|
15,808 |
|
|
|
163,900 |
|
|
|
47,424 |
|
|
|
491,700 |
|
Stock-based compensation expense |
|
|
542,166 |
|
|
|
399,148 |
|
|
|
1,457,630 |
|
|
|
1,302,878 |
|
PPP loan and interest forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,514,354 |
) |
Non-GAAP net income |
|
$ |
690,507 |
|
|
$ |
1,543,744 |
|
|
$ |
2,539,643 |
|
|
$ |
2,999,240 |
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.03 |
|
|
$ |
0.08 |
|
|
$ |
0.13 |
|
|
$ |
0.17 |
|
Diluted |
|
$ |
0.03 |
|
|
$ |
0.08 |
|
|
$ |
0.12 |
|
|
$ |
0.15 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,019,625 |
|
|
|
18,636,337 |
|
|
|
19,619,971 |
|
|
|
18,170,700 |
|
Diluted |
|
|
21,138,957 |
|
|
|
19,963,270 |
|
|
|
20,582,116 |
|
|
|
19,466,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward-Looking StatementsOne Stop Systems
cautions you that statements in this press release that are not a
description of historical facts are forward-looking statements.
These statements are based on the company's current beliefs and
expectations. The inclusion of forward-looking statements should
not be regarded as a representation by One Stop Systems or its
partners that any of our plans or expectations will be achieved,
including but not limited to, to our management’s expectations for
major program wins, revenue growth generated by new and existing
products, future changes to our business objectives, and other
future financial projections. Actual results may differ from those
set forth in this press release due to the risk and uncertainties
inherent in our business, including risks described in our prior
press releases and in our filings with the Securities and Exchange
Commission (SEC), including under the heading "Risk Factors" in our
Annual Report on Form 10-K and any subsequent filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and the company undertakes no obligation to revise or update this
press release to reflect events or circumstances after the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.Media Contacts: Katie RiveraOne Stop
Systems, Inc. Tel (760) 745-9883Email contact
Tim RandallCMA Media RelationsTel (949) 432-7572Email
Contact
Investor Relations:Ronald BothCMA Investor
RelationsTel (949) 432-7557 Email contact
ONE STOP SYSTEMS, INC. (OSS)
CONSOLIDATED BALANCE SHEETS
|
|
Unaudited |
|
|
Audited |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,180,175 |
|
|
$ |
5,101,174 |
|
Short-term investments |
|
|
9,543,000 |
|
|
|
14,535,750 |
|
Accounts receivable, net |
|
|
11,390,316 |
|
|
|
5,089,804 |
|
Inventories, net |
|
|
20,094,813 |
|
|
|
12,277,873 |
|
Prepaid expenses and other current assets |
|
|
1,025,828 |
|
|
|
580,651 |
|
Total current assets |
|
|
45,234,132 |
|
|
|
37,585,252 |
|
Property and equipment, net |
|
|
2,587,071 |
|
|
|
3,091,415 |
|
Operating lease right-of-use
assets |
|
|
818,281 |
|
|
|
- |
|
Deposits and other |
|
|
38,093 |
|
|
|
46,845 |
|
Deferred tax assets, net |
|
|
3,778,217 |
|
|
|
3,641,032 |
|
Goodwill |
|
|
7,120,510 |
|
|
|
7,120,510 |
|
Intangible assets, net |
|
|
57,961 |
|
|
|
105,385 |
|
Total Assets |
|
$ |
59,634,265 |
|
|
$ |
51,590,439 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,061,415 |
|
|
$ |
2,059,059 |
|
Accrued expenses and other liabilities |
|
|
3,940,633 |
|
|
|
3,846,488 |
|
Current portion of operating lease obligation |
|
|
536,104 |
|
|
|
- |
|
Current portion of notes payable |
|
|
2,687,901 |
|
|
|
1,137,651 |
|
Current portion of senior secured convertible note, net of debt
discountsof $0 and $2,384, respectively |
|
|
- |
|
|
|
2,588,525 |
|
Total current liabilities |
|
|
12,226,053 |
|
|
|
9,631,723 |
|
Long-term debt, net of current
portion |
|
|
558,502 |
|
|
|
- |
|
Operating lease obligation,
net of current portion |
|
|
504,104 |
|
|
|
- |
|
Total liabilities |
|
|
13,288,659 |
|
|
|
9,631,723 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value; 50,000,000 shares
authorized;20,024,086 and 18,772,214 shares issued and outstanding,
respectively |
|
|
2,002 |
|
|
|
1,877 |
|
Additional paid-in capital |
|
|
45,053,422 |
|
|
|
41,232,441 |
|
Accumulated other comprehensive (loss) income |
|
|
(270,911 |
) |
|
|
153,361 |
|
Accumulated earnings |
|
|
1,561,093 |
|
|
|
571,037 |
|
Total stockholders’ equity |
|
|
46,345,606 |
|
|
|
41,958,716 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
59,634,265 |
|
|
$ |
51,590,439 |
|
ONE STOP SYSTEMS, INC. (OSS)
UNAUDITED CONSOLIDATED STATEMENTS OF
INCOME
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
18,815,844 |
|
|
$ |
15,984,293 |
|
|
$ |
54,171,864 |
|
|
$ |
44,205,054 |
|
Cost of revenue |
|
|
13,737,976 |
|
|
|
10,467,590 |
|
|
|
38,753,023 |
|
|
|
29,602,823 |
|
Gross profit |
|
|
5,077,868 |
|
|
|
5,516,703 |
|
|
|
15,418,841 |
|
|
|
14,602,231 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,890,036 |
|
|
|
1,920,574 |
|
|
|
5,486,169 |
|
|
|
5,726,978 |
|
Marketing and selling |
|
|
1,864,588 |
|
|
|
1,570,135 |
|
|
|
5,061,221 |
|
|
|
4,217,328 |
|
Research and development |
|
|
1,159,868 |
|
|
|
999,715 |
|
|
|
3,656,020 |
|
|
|
2,839,965 |
|
Total operating expenses |
|
|
4,914,492 |
|
|
|
4,490,424 |
|
|
|
14,203,410 |
|
|
|
12,784,271 |
|
Income from operations |
|
|
163,376 |
|
|
|
1,026,279 |
|
|
|
1,215,431 |
|
|
|
1,817,960 |
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
46,407 |
|
|
|
92,105 |
|
|
|
152,919 |
|
|
|
159,203 |
|
Interest expense |
|
|
(30,044 |
) |
|
|
(128,315 |
) |
|
|
(133,710 |
) |
|
|
(447,328 |
) |
Other income (expense), net |
|
|
(11,050 |
) |
|
|
(9,693 |
) |
|
|
86,903 |
|
|
|
1,484,676 |
|
Total other income (expense), net |
|
|
5,313 |
|
|
|
(45,903 |
) |
|
|
106,112 |
|
|
|
1,196,551 |
|
Income before income
taxes |
|
|
168,689 |
|
|
|
980,376 |
|
|
|
1,321,543 |
|
|
|
3,014,511 |
|
Provision (benefit) for income
taxes |
|
|
36,156 |
|
|
|
(320 |
) |
|
|
286,954 |
|
|
|
295,495 |
|
Net income |
|
$ |
132,533 |
|
|
$ |
980,696 |
|
|
$ |
1,034,589 |
|
|
$ |
2,719,016 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.15 |
|
Diluted |
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
sharesoutstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,019,625 |
|
|
|
18,636,337 |
|
|
|
19,619,971 |
|
|
|
18,170,700 |
|
Diluted |
|
|
21,138,957 |
|
|
|
19,963,270 |
|
|
|
20,582,116 |
|
|
|
19,466,023 |
|
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