The following is a summary of the One Stop Systems, Inc. (OSS) Q1 2024 Earnings Call Transcript:
Financial Performance:
OSS reported Q1 2024 revenue of $12.7 million, a 24.6% decline YOY due to customer delays and transition away from a former media customer.
Gross profit for the quarter was at 29.4%, slightly down from 30.2% in Q1 2023 due to under absorbed production capability.
OSS reported a GAAP net loss of $1.3 million, or $0.06 per share.
Adjusted EBITDA showed a loss of 456,000 compared to a positive EBITDA of 633,000 in Q1 2023.
Business Progress:
The company made significant progress in transitioning its business towards defense and commercial markets, away from legacy media and niche enterprise customers.
A new strategic plan has been presented to the board, with OSS set to reveal its growth strategies soon.
Positive feedback has been received from customer engineers on OSS's products and engineering capabilities.
The company reported an expanded five-year unfactored pipeline to over $1 billion with new multi-year sales prospects.
A new order was received for a rugged liquid cooling system for a commercial autonomous truck deployment.
OSS continues to pursue relationships that deliver multi-year contracts and annual recurring revenue.
The company expects Q2 2024 revenue to be around $13 million, with expected growth throughout the year.
More details: One Stop Systems IR
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