Category: Tech

One Stop Systems Inc. (OSS) – Solid Q1 Results but 2Q to be Impacted by COVID-19

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Friday, May 15, 2020

One Stop Systems Inc. (OSS)

Solid Q1 Results but 2Q to be Impacted by COVID-19

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q20 Results. Revenue increased 33% to a first quarter record $13.4 million, above the high end of guidance. We were at $12.5 million and consensus was $12.6 million. GAAP EPS loss was $0.07, with adjusted EPS loss of $0.04, compared to a GAAP EPS loss of $0.07 and adjusted EPS loss of $0.03 in the first quarter of 2019. We had projected a GAAP loss of $0.03 and an adjusted EPS loss of $0.01.

    Growing Opportunity Pipeline.During the quarter, OSS closed three new program wins exceeding $1 million each, of which two are new customers. And, as of yesterday, the Company had 27 large opportunities in its pipeline, including eight for PCI Express Gen 4 products and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Solid Q1 Results but 2Q to be Impacted by COVID-19

Posted on by Admin

Friday, May 15, 2020

One Stop Systems Inc. (OSS)

Solid Q1 Results but 2Q to be Impacted by COVID-19

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q20 Results. Revenue increased 33% to a first quarter record $13.4 million, above the high end of guidance. We were at $12.5 million and consensus was $12.6 million. GAAP EPS loss was $0.07, with adjusted EPS loss of $0.04, compared to a GAAP EPS loss of $0.07 and adjusted EPS loss of $0.03 in the first quarter of 2019. We had projected a GAAP loss of $0.03 and an adjusted EPS loss of $0.01.

    Growing Opportunity Pipeline.During the quarter, OSS closed three new program wins exceeding $1 million each, of which two are new customers. And, as of yesterday, the Company had 27 large opportunities in its pipeline, including eight for PCI Express Gen 4 products and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Information Services (III) – COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

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Wednesday, May 13, 2020

Information Services (III)

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    COVID to Impact Rest of 2020. The COVID pandemic is impacting ISG’s business as clients are delaying or cancelling engagements, while ISG’s own events have gone virtual. The Company is working to assist clients through these challenging times using the successful Great Recession playbook. The length of the business downturn is uncertain at this time.

    Some Current and Possible Long-term Positives. ISG is seeing greater demand for certain services such as its rapid cost takeout, its vendor compliance and risk management, and asset monetization services. The business mix will benefit from a higher portion of higher margin services. Longer term, as businesses accelerate their digital transformation it could open greater opportunities for ISG….


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

Posted on by Admin

Wednesday, May 13, 2020

Information Services (III)

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    COVID to Impact Rest of 2020. The COVID pandemic is impacting ISG’s business as clients are delaying or cancelling engagements, while ISG’s own events have gone virtual. The Company is working to assist clients through these challenging times using the successful Great Recession playbook. The length of the business downturn is uncertain at this time.

    Some Current and Possible Long-term Positives. ISG is seeing greater demand for certain services such as its rapid cost takeout, its vendor compliance and risk management, and asset monetization services. The business mix will benefit from a higher portion of higher margin services. Longer term, as businesses accelerate their digital transformation it could open greater opportunities for ISG….


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Information Services (III) – First Quarter In-Line but COVID Impacting 2Q

Posted on by Admin

Tuesday, May 12, 2020

Information Services (III)

First Quarter In-Line but COVID Impacting 2Q

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q20 Results. Revenue totaled $63.7 million, in-line with our $64 million estimate. GAAP net loss was $0.03 versus our $0.01 loss estimate with the difference mostly in higher interest expenses and a lower tax benefit than we had forecast. Adjusted EPS was $0.02 for the quarter versus our $0.04 projection. Adjusted EBITDA for the quarter was $3.5 million compared to our $4.25 million estimate.

    Solid Cash Flow in Quarter, Balance Sheet Remains a Strength. For the quarter, ISG CFFO totaled $4.6 million, compared to $1.3 million in the year ago period. ISG repurchased $3.4 million of stock in the quarter. Cash at quarter’s end was $17.5 million and the Company will benefit in this time of crisis from its recently amended credit agreement which reduces annual principal payments by 61% to $4.3 million, lowers borrowing costs, and provides access to a…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

First Quarter In-Line but COVID Impacting 2Q

Posted on by Admin

Tuesday, May 12, 2020

Information Services (III)

First Quarter In-Line but COVID Impacting 2Q

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q20 Results. Revenue totaled $63.7 million, in-line with our $64 million estimate. GAAP net loss was $0.03 versus our $0.01 loss estimate with the difference mostly in higher interest expenses and a lower tax benefit than we had forecast. Adjusted EPS was $0.02 for the quarter versus our $0.04 projection. Adjusted EBITDA for the quarter was $3.5 million compared to our $4.25 million estimate.

    Solid Cash Flow in Quarter, Balance Sheet Remains a Strength. For the quarter, ISG CFFO totaled $4.6 million, compared to $1.3 million in the year ago period. ISG repurchased $3.4 million of stock in the quarter. Cash at quarter’s end was $17.5 million and the Company will benefit in this time of crisis from its recently amended credit agreement which reduces annual principal payments by 61% to $4.3 million, lowers borrowing costs, and provides access to a…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

DLH Holdings Corp. (DLHC) – Post Call Commentary and Updated Models

Posted on by Admin

Friday, May 8, 2020


DLH Holdings Corp. (DLHC)

Post Call Commentary and Updated Models

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Strong VA Organic Growth in Quarter. VA related revenues in the quarter of $25.6 million were up 12.6% from the year earlier $22.7 million. For the first six months of fiscal 2020, pharmacy services revenues rose to $27.8 million from $26.4 million a year earlier, while logistics services revenues rose to $21.8 million from $19.1 million.

    S3 Sequential Growth. Revenue increased to $18.7 million in the quarter, up from $17.3 million in the fiscal first quarter. We believe S3 could show more growth as the unit assists its clients during the COVID crisis. Notably, in the full three quarters since its acquisition, S3 has generated $55.8 million of revenue (average of $18.6 million/qtr), nicely above original guidance that the unit would contribute approximately…


    Click here to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Post Call Commentary and Updated Models

Posted on by Admin

Friday, May 8, 2020


DLH Holdings Corp. (DLHC)

Post Call Commentary and Updated Models

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Strong VA Organic Growth in Quarter. VA related revenues in the quarter of $25.6 million were up 12.6% from the year earlier $22.7 million. For the first six months of fiscal 2020, pharmacy services revenues rose to $27.8 million from $26.4 million a year earlier, while logistics services revenues rose to $21.8 million from $19.1 million.

    S3 Sequential Growth. Revenue increased to $18.7 million in the quarter, up from $17.3 million in the fiscal first quarter. We believe S3 could show more growth as the unit assists its clients during the COVID crisis. Notably, in the full three quarters since its acquisition, S3 has generated $55.8 million of revenue (average of $18.6 million/qtr), nicely above original guidance that the unit would contribute approximately…


    Click here to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Vectrus (VEC) – Wins Position on $6.4 Billion AFCAP V contract

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Friday, May 1, 2020

Vectrus (VEC)

Wins Position on $6.4 Billion AFCAP V contract

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    AFCAP V Contract. Yesterday, Vectrus announced that it had been awarded a position on the Air Force Contract Augmentation Program, a $6.4 billion ID/IQ contract vehicle. The Company was one of eight firms selected for the position. AFCAP V provides contingency planning, deploying and training/equipping of forces, emergency and contingency construction, logistics/commodities, and services. The contract runs through May 31, 2031.

    Ongoing Support. The position on AFCAP V is a continuation of Vectrus’ position on previous AFCAP contracts. The Company was previously awarded a position in June 2015 and over time has won 13 task orders in multiple countries worth over…


    Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

One Stop Systems Inc. (OSS) – Building Out Another Revenue Stream

Posted on by Admin

Friday, May 1, 2020

One Stop Systems Inc. (OSS)

Building Out Another Revenue Stream

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Autonomous Vehicles and “AI on the Fly.” OSS continues to see success in the autonomous vehicle vertical, with orders topping $2.1 million, including a recent design-in win with a global premium auto manufacturer based in Europe. In total, OSS has shipped approximately $1.2 million of product under the AV contracts to date.

    A New Leg on the Stool.According to management, by the end of the year, the AV market could represent one of the Company’s top three or four verticals in terms of revenue, generating between $4-$5 million in revenues over the next two years. With the Company’s position in AV solidifying, it is possible revenues can see further increases if OSS’s “AI on the Fly” system elements are used in full production of…


    Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Wins Position on $6.4 Billion AFCAP V contract

Posted on by Admin

Friday, May 1, 2020

Vectrus (VEC)

Wins Position on $6.4 Billion AFCAP V contract

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    AFCAP V Contract. Yesterday, Vectrus announced that it had been awarded a position on the Air Force Contract Augmentation Program, a $6.4 billion ID/IQ contract vehicle. The Company was one of eight firms selected for the position. AFCAP V provides contingency planning, deploying and training/equipping of forces, emergency and contingency construction, logistics/commodities, and services. The contract runs through May 31, 2031.

    Ongoing Support. The position on AFCAP V is a continuation of Vectrus’ position on previous AFCAP contracts. The Company was previously awarded a position in June 2015 and over time has won 13 task orders in multiple countries worth over…


    Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Building Out Another Revenue Stream

Posted on by Admin

Friday, May 1, 2020

One Stop Systems Inc. (OSS)

Building Out Another Revenue Stream

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Autonomous Vehicles and “AI on the Fly.” OSS continues to see success in the autonomous vehicle vertical, with orders topping $2.1 million, including a recent design-in win with a global premium auto manufacturer based in Europe. In total, OSS has shipped approximately $1.2 million of product under the AV contracts to date.

    A New Leg on the Stool.According to management, by the end of the year, the AV market could represent one of the Company’s top three or four verticals in terms of revenue, generating between $4-$5 million in revenues over the next two years. With the Company’s position in AV solidifying, it is possible revenues can see further increases if OSS’s “AI on the Fly” system elements are used in full production of…


    Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – One Stop Systems Inc. (OSS) – Completes $6 Million Convertible Note Raise

Posted on by Admin

Wednesday, April 22, 2020

One Stop Systems Inc. (OSS)

Completes $6 Million Convertible Note Raise

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Raise. As expected, One Stop completed the previously announced $6 million senior secured convertible note raise. The raise provides OSS with additional flexibility in these challenging times. In addition to this raise, the Company has applied for government assistance under both the PPP and the Disaster Recovery programs.

    Terms. At initial close, OSS will issues $3 million of Notes to the buyers at a 10% OID. The notes do not bear interest, unless the Company goes into default, at which time the interest rate would be 18%. The notes have a fixed conversion price of $2.50 for the first six months, a premium above the closing price of the Company’s common stock on Monday, April 20, 2020, after which time the fixed conversion price may reset to…


    Click here to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.