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OSS Reports Q1 2020 Revenue Up 33% to $13.4 Million
ESCONDIDO, Calif., May 14, 2020 One Stop Systems, Inc. (Nasdaq: OSS), a global leader in specialized high-performance edge computing and AI on the Fly®, reported record results for its first quarter ended March 31, 2020.
First Quarter 2020 Financial and Operational Highlights
Revenue increased 33% to a record first quarter of $13.4 million.
Gross profit improved to $3.4 million or 25.4% of revenue.
Secured design win for new mil-spec flash storage array for airborne sensor data collection, reflecting the unique capabilities of the companys award-winning flash array technology.
Introduced new OSS PCIe Gen 4 expansion system incorporating the latest NVIDIA V100S Tensor Core GPU. This system delivers data center capabilities to HPC and AI deployments at the edge. So far in 2020, the company has received more than $3.5 million in orders for its first-to-market Gen 4 products that double the performance over Gen 3.
Appointed OSS director, David Raun, as interim CEO to leverage his public company CEO experience, familiarity with the industry, the company and management team.
Launched a digital series using virtual trade show tours and webinars. This includes a successful AI on the Edge webinar with NVIDIA and Marvell hosted by OSS available for download at www.onestopsystems.com
Revenue in the first quarter of 2020 increased 33% to $13.4 million from $10.1 million in the same year-ago quarter. The increase was primarily driven by sales of custom servers to be used in media and entertainment, as well as PCIe Gen 4 products and AI on the Fly technology for autonomous driving vehicles. The companys Bressner subsidiary contributed $4.9 million or 36.8% of consolidated first quarter revenue, while CDI contributed $622,000 or 4.6%.
Gross profit in the first quarter of 2020 was $3.4 million or 25.4% of revenue, compared to $2.4 million or 24.0% of revenue in the same year-ago quarter. Gross margin for the companys core OSS business was down slightly to 28.1% in the first quarter of 2020 from 28.7% in the same year-ago quarter. Both Bressner and CDI gross margins improved, contributing 21.9% and 19.7%, respectively.
Total operating expenses increased 10.4% to $4.9 million from $4.4 million in first quarter 2019. The increase was primarily due to increased general and administrative (G&A) expense that was primarily attributable to the accrual of severance benefits, as well as increased marketing and selling expense, which was partially offset by a decrease in R&D expense.
Overall operating expenses decreased as a percentage of revenue to 36.7% in the first quarter of 2020, as compared to 44.2% in the same year-ago quarter. This expense level does not reflect the $2.5 million to $3.0
The following information was filed by One Stop Systems, Inc. (OSS) on Thursday, May 14, 2020 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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