Monday, May 15, 2023
One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q23 Results. Revenue of $16.8 million, slightly above guidance and our $16.2 million estimate but down 1.6% y-o-y. As expected, the Disguise business continues to run off. Higher operating expenses, including some one-time items, drove a net loss of $400,512, or a loss of $0.02/sh in the quarter, compared to net income of $579,234, or EPS of $0.03/sh per share last year. We had forecast net income of $31,200, or breakeven on a per share basis. Adjusted EPS was $0.00 compared to $0.05 last year.
Activity Remains High. OSS added seven new program wins during the first quarter. These wins should yield about $5 million of revenue in 2023. The Company also added three new pending major programs during the quarter. The pipeline of pending major programs at the end of the first quarter totaled 34, with 18 of these involving AI transportable applications in the U.S., Asia Pacific, and Europe.
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