Press Release

 

 

OSS Reports First Quarter 2018 Results: Revenue up 12% to $7.1 Million; Reiterates 2018 Guidance

Escondido, CA – May 8, 2018

– OSS (NASDAQ: OSS), a leading provider of high performance computing systems, reported results for the quarter ended March 31, 2018 and reiterates its guidance for 2018.

 

Financial Highlights

 

Revenue increased 12% to $7.1 million, a record for a first quarter.

 

$1.9 million of product shipped to ongoing video display server customer.

 

$1.5 million of product shipped under a multi-year military flash array program.

 

Non-GAAP basic and diluted EPS was $(0.04).

 

Raised $19.5 million from the company’s IPO and commenced trading on the Nasdaq Capital Market.

Operational Highlights

 

Introduced new flash storage array based on Ion Accelerator 5.0 release. This new product line provides flexible storage capacity while maintaining the high-bandwidth and low-latency pedigree of Ion Accelerator arrays deployed in hundreds of global installations.

 

Introduced GPUltima-CI composable infrastructure systems, which facilitate rapid reconfiguration of GPU compute and storage resources in mixed workload datacenters.

 

Shipped first-production units of new GPU compute accelerator with eight NVIDIA SXM-2 Volta GPUs. This product represents the first SXM-2-based GPU expansion system on the market today.

 

Won new OEM design-in for medical imaging system and shipped first custom servers.

 

Received proof-of-concept order for compute accelerator to be used in a military surveillance aircraft.

Q1 2018 Financial Summary
Revenue increased 12.4% to $7.1 million from $6.3 million in the first quarter of 2017. The increase was primarily driven by organic growth of $459,000 or 7.3 percentage points of the 12.4% increase. The acquisition of the Ion business in July 2017 added $204,000 or 3.2 percentage points of the increase. SkyScale, launched in April 2017, contributed $121,000 or 1.9 percentage points of the increase.

 

Gross margin decreased to 31.1% of revenue, as compared to 32.5% in the year-ago quarter. The decrease in gross margin was primarily attributed to an increase in inventory reserves. Exclusive of the inventory reserve adjustment, gross margin was approximately 35.0% in the first quarter of 2018.

 

Operating expenses increased to $2.9 million or 41% of revenue as compared to $1.9 million or 30% of revenue in first quarter of 2017. G&A expense increased primarily due to increased third-party service costs associated with being a public company. SkyScale contributed $158,000 of the overall increase in G&A, of which $90,000 was attributed to a reserve for bad debt. Marketing and selling expense primarily increased due to increases in third-party commissions and employee related costs. R&D increased primarily due to inclusion of the Ion software development team costs of $300,000.

 

1


The following information was filed by One Stop Systems, Inc. (OSS) on Tuesday, May 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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