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OSS Reports Q1 2021 Results; Improves Adjusted EBITDA by $2 Million on Expanded Gross Margins
ESCONDIDO, Calif., May 13, 2021 One Stop Systems, Inc. (Nasdaq: OSS), a leader in AI Transportable solutions on the edge, reported results for the first quarter ended March 31, 2021. All quarterly comparisons are to the same year-ago period. The company will hold a conference call at 5:00 p.m. Eastern time today to discuss the results (see dial-in information below.)
Revenue totaled $13.3 million, matching previous record.
Gross margin was 33.3%, up 790 basis points.
Operating expenses decreased 15.3% to $4.2 million.
GAAP net income totaled $41,000 or $0.00 per share, up $1.1 million.
Non-GAAP net income was $643,000, up $1.4 million (see definition of this and other non-GAAP measures and reconciliation to GAAP, below).
Adjusted EBITDA was $1.1 million, up $2.0 million.
Cash and cash equivalents totaled $19.6 million at March 31, 2021, up from $6.3 million at December 31, 2020. During the quarter, raised net proceeds of approximately $9.2 million with a registered direct offering.
New program wins continued at a strong pace with three new $1 million-plus programs, including two representing new customers.
Secured first production orders for a ruggedized-edge, transportable system from a self-driving truck technology company that utilizes level 4 driving automation.
Received fourth program win with a major military prime contractor which involves building an AI system consisting of a cluster of three OSS custom GPU-accelerated rugged servers.
Introduced ExpressBox 4400 (EB4400) which was designed to support challenging AI Transportable applications such as autonomous trucks. It can expand a host processor system with up to four of the latest PCI Express Gen 4 datacenter-class GPUs.
Revenue in the first quarter of 2021 totaled $13.3 million as compared to the record Q1 of $13.4 million in the same year-ago quarter. Although the higher margin OSS core business improved, it was offset by a modest decrease in Bressner revenue.
Gross profit was $4.4 million or 33.3% of revenue, up from $3.4 million or 25.4% of revenue in Q1 2020. The significant improvement in quarterly margin was attributed to a higher mix of government business of $2 million, with this revenue primarily generated by three of the companys 2020 design wins, including Datacenter in the Sky, Data Storage Units and 4U Pro.
The following information was filed by One Stop Systems, Inc. (OSS) on Thursday, May 13, 2021 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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