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 technology is expected to allow a higher
concentration of Rigel systems to exist in compact edge
environments. Rigel, the most compact supercomputer available in
the market, is gaining acceptance by multiple military prime
contractors and directly by the Department of Defense.
Management Commentary
“2023 was overall a strong year for OSS, with revenue up 16.8%
to a record $72.4 million,” commented OSS president and CEO, David
Raun. “The increased sales and continued controls on spending drove
adjusted EBITDA for the year to a record $5.2 million.
“Gross margin for the year was lower than normal due to strong
sales of lower margin products combined with a temporary delay in
sales to our largest military customer during a recertification
period. Going forward, we expect our low margin media and
entertainment business to be increasingly replaced by higher margin
military sales.
“Earlier in 2022, we announced partnerships with three key
autonomous truck companies for our Centauri and SDS product lines.
This resulted in two of these companies rising to our top 10
customer list for the year. Other major wins included the
deployment of our storage products in the vehicles of one of the
nation’s largest cellular carriers.
“In parallel to these faster-to-market industrial applications,
our primary pursuit has been AI Transportable opportunities within
the military theatre. The Army, Navy, Marine Corps and Air Force
are all deploying autonomous vehicles or AI capabilities. We have
been advised that being equipped with the absolute highest
performance compute and storage systems that assure technical and
analytical superiority is a top priority for the Pentagon, which we
believe creates new opportunities and strong tailwinds for OSS.
“We started 2022 with just a few significant military customers,
but we are now engaged with eight of the top 10 largest military
prime contractors in the U.S. These expanded engagements have led
to multiple prime contractor bids to the DoD using our products.
During this process we have also worked directly with several
branches of the military. This has provided us more visibility into
their programs and has helped us develop relationships with key
decision makers. In several cases, we secured the enviable position
of having influence on product specifications for RFQs.
“Looking ahead, we see 2023 as being a transitional year for OSS
as we eliminate lower margin sales and strengthen our higher margin
AI Transportable business and deliver more military proof points.
In addition to military, we are expecting growth in our commercial
industrials business, including deployments for autonomous trucks,
cellular carrier trucks, agricultural equipment, and autonomous
baggage handling equipment. However, we expect that military AI
Transportables will be the growth leader, where we project an
increase of more than 40% in 2023 based on current engagements and
a robust sales pipeline.
“Given this transition, we anticipate that overall 2023 revenue
will be consistent with 2022, but we expect to see a multiple-point
improvement in gross margins driving higher margin dollars. The
modeling of our sales and opportunity pipeline following this
transitional period indicates growth in the 25%-30% range starting
in 2024.”
Outlook
For the first quarter of 2023, OSS expects revenue of
approximately $16.6 million.
Q4 2022 Financial Summary
Consolidated revenue in Q4 was up 2.7% to $18.2 million. During
the quarter, media and entertainment customer sales fell short of
projections, resulting in approximately $1 million less revenue
than anticipated. This customer is projected to represent less than
10% of OSS consolidated revenue in 2023.
Core OSS revenue decreased 1.8% to $11.3 million for the
quarter, representing 62% of total quarterly revenue. Excluding the
lower margin media and entertainment business, core OSS revenue
increased 16.8% for the quarter. Revenue from OSS Europe increased
10.8% to $6.9 million, which represented 38% of total quarterly
revenue.
Overall gross profit in the fourth quarter decreased $58,000 to
$5.0 million. A fourth quarter increase in the allowance for
realization of inventory associated with the company’s transition
to higher margin edge AI Transportable military products resulted
in overall gross margin of 27.3%, compared to 28.3% in the same
year-ago quarter. However, the company realized improved margins of
over 30% as it began to ship a greater mix of AI Transportable
products.
The gross margin for the core OSS business decreased 1.8
percentage points to 31.4% due to the recognition of additional
allowances for inventory realization. OSS Europe’s gross margin
percentage improved 1.1 percentage points to 20.5% compared to
19.4%.
Overall, quarterly operating expenses decreased 9.4% to $4.6
million, with operating expenses as a percentage of revenue
decreasing to 25.3% compared to 28.7%. This decrease in operating
expenses was primarily due to decreases of $138,000 in general and
administrative expenses, $239,000 in marketing and selling expenses
and $105,000 in R&D expense.
Income from operations increased $424,000 to $353,000 compared
to a loss from operations of $71,000 in the fourth quarter of
2021.
Net loss on a GAAP basis was $3.3 million or $(0.16) per share,
increasing from a net loss of $386,000 or $(0.02) per share in the
same year-ago period. The loss in the fourth quarter of 2022
included the write-down of the net deferred tax assets of $3.9
million attributable to allowances for the company’s ability to
benefit from cumulative tax losses and R&D tax credits.
On a non-GAAP basis, inclusive of the aforementioned write-down,
the net loss was $2.7 million or $(0.14) per share for the quarter,
down from non-GAAP net income of $71,000 or $0.00 per share in the
same year-ago quarter.
Adjusted EBITDA, a non-GAAP metric, was $1.6 million or 8.9% of
quarterly revenue, an increase from $996,000 in the same year-ago
quarter.
Full Year 2022 Financial Summary
Revenue increased 16.8% to a record $72.4 million in 2022. This
increase was primarily due to the growth in sales of AI
Transportables and autonomous applications, as well as media and
entertainment products.
Core OSS business increased 12.5%, contributing $43.3 million of
revenue, with OSS Europe increasing 24.0% and contributing $29.1
million of revenue.
OSS aggregate gross profit improved $758,000 to $20.4 million.
Overall gross margin was 28.2% of revenue in 2022, compared to
31.7% in 2021. The lower gross margin was primarily attributable to
four factors: A higher proportion of lower margin media and
entertainment sales; deferment of approximately $3.3 million of
higher margin sales of data storage equipment; an increase in the
allowance for realization of inventory; and an increase in the
proportion of revenue derived from OSS Europe that operates at
margins of approximately 22%.
Gross margin for the core OSS business decreased to 32.7%, as
compared to 36.9% in 2021. OSS Europe’s gross margin decreased to
21.5% due to higher transportation and material costs and as
compared to 23.1% in 2021.
Operating expenses increased 5.2% to $18.8 million. This
increase is primarily due to an increase of $605,000 in marketing
and selling expenses resulting from additional marketing, trade
shows and travel, and an increase in R&D expenses of $711,000
for the development of new standard products for the AI
Transportables market. These increases were partially offset by a
decrease of $379,000 in general and administrative expenses.
Operating expense as a percentage of revenue improved to 26.0%
compared to 28.9% in 2021.
Income from operations decreased $179,000 to $1.6 million due to
reduced gross margins, with income before taxes decreasing $744,000
compared to the prior year.
After giving effect to the prior year one-time PPP loan and
interest forgiveness, on a proforma basis there was a
year-over-year increase of $770,000 in income before taxes.
Net loss on a GAAP basis was $2.2 million or $(0.11) per basic
and diluted share, which included the write-down of the net
deferred tax assets of $3.9 million attributable to allowances for
the company’s ability to benefit from cumulative tax losses and
R&D tax credits. This compared to net income of $2.3 million or
$0.12 per diluted share in 2021, which included a one-time benefit
of $1.5 million or $0.08 per diluted share due to forgiveness of
the company’s PPP loan and related interest.
Non-GAAP net loss totaled $175,000 or $(0.01) per basic and
diluted share, which included the write-down for deferred tax
assets, as compared to non-GAAP net income of $3.1 million or $0.16
per diluted share in 2021.
Adjusted EBITDA, a non-GAAP measure, totaled $5.2 million or
7.1% of revenue compared to $4.9 million or 7.9% of revenue in
2021.
For 2021, both non-GAAP net income and adjusted EBITDA exclude
the PPP loan and interest forgiveness.
As of December 31, 2022, cash and cash equivalents totaled $3.1
million with short-term investments of $10.1 million for a combined
total of $13.2 million. This represents an increase of $0.5 million
compared to cash and cash equivalents and short-term investments as
of September 30, 2022.
Conference Call
OSS management will hold a conference call to discuss its
results for the fourth quarter and full year ended December 31,
2022, later today, followed by a question-and-answer period.
Date: Thursday, March 23, 2023Time: 5:00 p.m. Eastern time (2:00
p.m. Pacific time)Toll-free dial-in number:
1-888-886-7786International dial-in number:
1-416-764-8658Conference ID: 02692756Webcast: 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 April 6, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 02692756
About One Stop Systems
One Stop Systems, Inc. (Nasdaq: OSS) is a global leader in AI
Transportable solutions for the demanding ‘edge.’ It designs and
manufactures the highest performance compute and storage products
that enable rugged AI and autonomous capabilities without
compromise. These hardware and software platforms bring the latest
data center performance to the harsh and challenging applications,
whether they are on land, sea or in the air.
OSS products include ruggedized servers, compute accelerators,
flash storage arrays, and storage acceleration software. These
specialized compact products are used across multiple industries
and applications, including autonomous trucking and farming, as
well as aircraft, drones, ships and vehicles within the defense
industry.
OSS solutions address the entire AI workflow, from high-speed
data acquisition to deep learning, training and large-scale
inference, and have delivered many industry firsts for industrial
OEM and government customers.
As the fastest growing segment of the multi-billion-dollar edge
computing market, AI Transportables require—and OSS delivers—the
highest level of performance in the most challenging environments
without compromise.
OSS products are available directly or through global
distributors. For more information, go to www.onestopsystems.com.
You can also follow OSS on Twitter, YouTube, and LinkedIn.
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
expense, 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 our industry, as other companies in its industry may
calculate non-GAAP financial results differently, particularly
related to non-recurring and 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 MonthsEnded December
31, |
|
For the Year Ended December
31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net
(loss) income |
|
$ |
(3,263,644 |
) |
|
$ |
(386,243 |
) |
|
$ |
(2,229,055 |
) |
|
$ |
2,332,773 |
|
Depreciation and amortization |
|
|
265,252 |
|
|
|
308,870 |
|
|
|
1,050,299 |
|
|
|
1,480,608 |
|
Stock-based compensation expense |
|
|
533,487 |
|
|
|
392,227 |
|
|
|
1,991,117 |
|
|
|
1,695,105 |
|
Interest income |
|
|
(84,832 |
) |
|
|
(85,179 |
) |
|
|
(237,751 |
) |
|
|
(244,382 |
) |
Interest expense |
|
|
28,681 |
|
|
|
79,811 |
|
|
|
162,391 |
|
|
|
527,139 |
|
PPP loan and interest forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,514,354 |
) |
Provision for income taxes |
|
|
4,136,643 |
|
|
|
310,180 |
|
|
|
4,423,597 |
|
|
|
605,675 |
|
Adjusted EBITDA |
|
$ |
1,615,587 |
|
|
$ |
619,666 |
|
|
$ |
5,160,598 |
|
|
$ |
4,882,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, and 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 Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net (loss) income |
|
$ |
(3,263,644 |
) |
|
$ |
(386,243 |
) |
|
$ |
(2,229,055 |
) |
|
$ |
2,332,773 |
|
Amortization of intangibles |
|
|
15,807 |
|
|
|
65,171 |
|
|
|
63,231 |
|
|
|
556,842 |
|
Stock-based compensation expense |
|
|
533,487 |
|
|
|
392,227 |
|
|
|
1,991,117 |
|
|
|
1,695,105 |
|
PPP loan and interest forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,514,354 |
) |
Non-GAAP net (loss)
income |
|
$ |
(2,714,350 |
) |
|
$ |
71,155 |
|
|
$ |
(174,707 |
) |
|
$ |
3,070,366 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss) income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.14 |
) |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
Diluted |
|
$ |
(0.14 |
) |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
0.16 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
20,059,269 |
|
|
|
18,707,006 |
|
|
|
19,730,698 |
|
|
|
18,305,878 |
|
Diluted |
|
|
20,059,269 |
|
|
|
18,707,006 |
|
|
|
19,730,698 |
|
|
|
19,503,737 |
|
|
|
|
|
|
|
|
|
|
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 Both or Grant
StudeCMA Investor RelationsTel (949) 432-7557 Email contact
ONE STOP SYSTEMS, INC. (OSS)
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,112,196 |
|
|
$ |
5,101,174 |
|
Short-term investments |
|
|
10,123,535 |
|
|
|
14,535,750 |
|
Accounts receivable, net |
|
|
11,327,244 |
|
|
|
5,089,804 |
|
Inventories, net |
|
|
20,775,366 |
|
|
|
12,277,873 |
|
Prepaid expenses and other current assets |
|
|
502,156 |
|
|
|
580,651 |
|
Total current assets |
|
|
45,840,497 |
|
|
|
37,585,252 |
|
Property
and equipment, net |
|
|
2,570,124 |
|
|
|
3,091,415 |
|
Operating lease right-of use assets |
|
|
731,043 |
|
|
|
- |
|
Deposits
and other |
|
|
60,243 |
|
|
|
46,845 |
|
Deferred
tax assets, net |
|
|
- |
|
|
|
3,641,032 |
|
Goodwill |
|
|
7,120,510 |
|
|
|
7,120,510 |
|
Intangible assets, net |
|
|
42,154 |
|
|
|
105,385 |
|
Total Assets |
|
$ |
56,364,571 |
|
|
$ |
51,590,439 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,592,713 |
|
|
$ |
2,059,059 |
|
Accrued expenses and other liabilities |
|
|
3,013,869 |
|
|
|
3,846,488 |
|
Current portion of operating lease obligation |
|
|
536,588 |
|
|
|
- |
|
Current portion of notes payable |
|
|
2,952,447 |
|
|
|
1,137,651 |
|
Current portion of senior secured convertible note, net of debt
discounts of $0 and $2,384 |
|
|
- |
|
|
|
2,588,525 |
|
Total current liabilities |
|
|
11,095,617 |
|
|
|
9,631,723 |
|
Long-term debt, net of current
portion |
|
|
409,294 |
|
|
|
- |
|
Deferred tax liability,
net |
|
|
138,662 |
|
|
|
- |
|
Operating lease obligation,
net of current portion |
|
|
397,249 |
|
|
|
- |
|
Total liabilities |
|
|
12,040,822 |
|
|
|
9,631,723 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Common stock, $.0001 par value; 50,000,000 shares authorized;
20,084,528 and 18,772,214 shares issued and outstanding,
respectively |
|
|
2,008 |
|
|
|
1,877 |
|
Additional paid-in capital |
|
|
45,513,807 |
|
|
|
41,232,441 |
|
Accumulated other comprehensive income |
|
|
510,485 |
|
|
|
153,361 |
|
Accumulated (deficit) earnings |
|
|
(1,702,551 |
) |
|
|
571,037 |
|
Total stockholders’ equity |
|
|
44,323,749 |
|
|
|
41,958,716 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
56,364,571 |
|
|
$ |
51,590,439 |
|
|
|
|
|
|
|
|
|
|
ONE STOP SYSTEMS, INC. (OSS)
UNAUDITED CONSOLIDATED STATEMENTS OF
INCOME
|
|
For the Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
18,249,481 |
|
|
$ |
17,777,050 |
|
|
$ |
72,421,345 |
|
|
$ |
61,982,104 |
|
Cost
of revenue |
|
|
13,270,713 |
|
|
|
12,739,992 |
|
|
|
52,023,736 |
|
|
|
42,342,815 |
|
Gross margin |
|
|
4,978,768 |
|
|
|
5,037,058 |
|
|
|
20,397,609 |
|
|
|
19,639,289 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,793,232 |
|
|
|
1,931,440 |
|
|
|
7,279,401 |
|
|
|
7,658,418 |
|
Marketing and selling |
|
|
1,745,085 |
|
|
|
1,983,900 |
|
|
|
6,806,306 |
|
|
|
6,201,228 |
|
Research and development |
|
|
1,087,554 |
|
|
|
1,192,651 |
|
|
|
4,743,574 |
|
|
|
4,032,616 |
|
Total operating expenses |
|
|
4,625,871 |
|
|
|
5,107,991 |
|
|
|
18,829,281 |
|
|
|
17,892,262 |
|
Income (loss) from operations |
|
|
352,897 |
|
|
|
(70,933 |
) |
|
|
1,568,328 |
|
|
|
1,747,027 |
|
Other
income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
84,832 |
|
|
|
85,179 |
|
|
|
237,751 |
|
|
|
244,382 |
|
Interest expense |
|
|
(28,681 |
) |
|
|
(79,811 |
) |
|
|
(162,391 |
) |
|
|
(527,139 |
) |
Gain on forgiveness of Paycheck Protection Program (PPP) loan and
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,514,354 |
|
Other expense, net |
|
|
463,951 |
|
|
|
(10,498 |
) |
|
|
550,854 |
|
|
|
(40,176 |
) |
Total other income (expense), net |
|
|
520,102 |
|
|
|
(5,130 |
) |
|
|
626,214 |
|
|
|
1,191,421 |
|
Income (loss) before income taxes |
|
|
872,999 |
|
|
|
(76,063 |
) |
|
|
2,194,542 |
|
|
|
2,938,448 |
|
Provision (benefit) for income taxes |
|
|
4,136,643 |
|
|
|
310,180 |
|
|
|
4,423,597 |
|
|
|
605,675 |
|
Net (loss) income |
|
$ |
(3,263,644 |
) |
|
$ |
(386,243 |
) |
|
$ |
(2,229,055 |
) |
|
$ |
2,332,773 |
|
|
|
|
|
|
|
|
|
|
Net
(loss) income per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.16 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.13 |
|
Diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
20,059,269 |
|
|
|
18,707,006 |
|
|
|
19,730,698 |
|
|
|
18,305,878 |
|
Diluted |
|
|
20,059,269 |
|
|
|
18,707,006 |
|
|
|
19,730,698 |
|
|
|
19,503,737 |
|
|
|
|
|
|
|
|
|
|
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