One Stop Systems, Inc. (Nasdaq: OSS), a leader in specialized
high-performance edge computing, reported results for the fourth
quarter and full year ended December 31, 2020.
Q4 Financial Highlights
- Revenue in the fourth quarter of 2020 totaled $13.9 million, up
7% from Q3 2020, and lower by 24% versus the same year-ago quarter
due to COVID-19-related issues.
- Operating expenses in the fourth quarter of 2020 decreased 9%
from the year-ago quarter to $4.3 million.
- Net income on a GAAP basis totaled $244,000 or $0.01 per
share.
- Cash and cash equivalents totaled $6.3 million on December 31,
2020, up from $5.5 million on September 30, 2020. Earlier this
month the company raised net proceeds of approximately $9.3 million
via a registered direct offering, resulting in current cash of
about $19 million.
Full Year 2020 Financial Highlights
- Revenue totaled $51.9 million.
- Operating expenses decreased 16% to $16.9 million. This
reduction in operating expenses by more than $3.3 million includes
the prior year’s charge of $1.7 million for goodwill impairment
which was recorded in Q2 2019. On a proforma basis, after
eliminating the effect of the prior year impairment charge,
operating expenses were reduced by $1.6 million.
- Loss from operations decreased to $424,000 compared to a loss
of $779,000 in the prior year. After giving effect to the goodwill
impairment charge described above, loss from operations increased
$1.3 million.
- Net loss on a GAAP basis for the full year of 2020 totaled
$6,500 or $(0.00) per basic and diluted share, as compared to a net
loss of $0.9 million or $(0.06) per basic and diluted share.
- Non-GAAP net income for the full year of 2020 totaled $1.4
million or $0.08 per share, compared to non-GAAP net income of $2.3
million or $0.14 per diluted share.
2020 Operational Highlights
- New program wins continued at a strong pace despite the
pandemic. For 2020, the company won 16 new $1 million-plus
programs, with 10 representing new customers.
- The new program wins in 2019 and 2020 yielded $18 million of
revenue for 2020, with $12 million generated by new customers. This
diversification has reduced OSS’ dependency on its top two
customers, which represented 25% of the company’s total business in
2020 compared to 41% in 2019.
- Awarded fourth major program win by the company’s second
largest customer, a large military prime contractor.
- Company’s first-to-market PCI Express Gen 4 products generated
more than $6.0 million in revenue. Applications included autonomous
vehicles, military, and instrumentation.
- Appointed technology industry veteran, David Raun, as
president and CEO. (Q2)
- Added three new independent board members while supporting
gender and ethnic diversity. (Q3)
- Completed reorganization with focus on long-term strategic
vision, stronger margins, and enhancing shareholder value. This
included the implementation of an expense reduction program.
Savings from this effort are estimated to be $2.5 million on an
annual basis. (Q2)
2020 Product and Technology Highlights
- Introduced PCI Express Gen 4 compute accelerator incorporating
the NVIDIA V100S Tensor Core GPU, thereby delivering data center
capabilities to HPC and AI deployments at the edge. (Q1)
- First-to-market with NVIDIA’s latest A100 Tensor Core GPU in an
OSS upgraded compute accelerator, boosting performance by 20x over
the previous generation. (Q2)
- Introduced a new 4U Pro PCI Express Gen 4 expansion platform
for edge, AI Transportables™ applications. (Q4)
Q4 Financial Summary
Revenue in the fourth quarter of 2020 totaled $13.9 million, up
7.4% from $13.0 million in the previous quarter. The sequential
improvement in the fourth quarter of 2020 was due to increased
sales to the company’s two largest accounts and new customers.
On a quarterly year over year basis, revenue was lower by 24.4%
compared to $18.4 million in the same year-ago quarter. The
decrease compared to the year-ago quarter was primarily due to
pandemic driven reductions.
Gross profit was $4.8 million or 34.5% of revenue, which
decreased by one percentage point from 35.5% in Q4 2019. The
decrease was attributed to $4.5 million less in revenue in Q4 2020
and a higher mix of Bressner sales in Q4 2019.
Operating expenses decreased 9.2% to $4.3 million compared to
$4.7 million in the same year-ago quarter. Operating expenses as a
percentage of revenue increased to 30.9% in the fourth quarter of
2020 versus 25.7% in the year-ago quarter. The increase was
primarily attributable to lower revenue.
Net income on a GAAP basis totaled $244,000 or $0.01 per basic
and diluted share compared to a net income of $1.1 million or $0.06
per diluted share in the year-ago period.
Non-GAAP net income totaled $636,000 or $0.04 per share, as
compared to $1.3 million or $0.07 per diluted share in the same
year-ago period.
Adjusted EBITDA, a non-GAAP term, totaled $1.1 million as
compared to $2.4 million in the same year-ago period.
Cash and cash equivalents totaled $6.3 million as of December
31, 2020, as compared to $5.5 million at September 30, 2020.
Current cash on hand totals approximately $19 million after a
registered direct offering for net proceeds of approximately $9.3
million completed earlier this month. The company believes its cash
position and other available funds provides sufficient liquidity to
meet its cash requirements for working capital and paying down
debt, while also supporting the company’s growth and strategic
initiatives.
Full Year 2020 Financial Summary
For the full year of 2020, revenue was $51.9 million, a decrease
of 11% from $58.3 million in the same year-ago period. The decrease
was primarily due to the impact of COVID-19.
Gross profit was $16.4 million or 31.7% of revenue, compared to
$19.4 million or 33.3% of revenue in 2019.
Operating expenses decreased 16.5% to $16.9 million from $20.2
million in 2019. Operating expenses as a percentage of revenue
improved to 32.5% versus 34.6% in the year-ago period. The decrease
in operating expense is largely attributable to the company’s
expense reduction program, less the goodwill impairment charge of
$1.7 million in the prior year.
Net loss on a GAAP basis totaled $6,500 or $(0.00) per share, as
compared to a loss of $900,000 or $(0.06) per share in 2019.
Non-GAAP net income totaled $1.4 million or $0.08 per share, as
compared to non-GAAP net income of $2.3 million or $0.14 per
diluted share in the full year of 2019.
Adjusted EBITDA, a non-GAAP term, was $1.8 million, as compared
to $3.2 million in 2019.
Management Commentary
"In 2020 we seized the opportunity to take several
transformative steps and have laid the cornerstones for a stronger
foundation on which to build our future growth,” commented OSS
president and CEO, David Raun. “These steps included new senior
leadership and corporate reorganization, reduced spending, three
new independent board members, which also added to our board
diversity, and we directed more focus on our long-term strategic
vision to increase shareholder value over time.
“Regarding our financials, we are pleased to announce that we
were able to exceed our Q4 2020 revenue outlook by about $900,000.
This was a direct result of our continued efforts to drive existing
OEM business and our success in expanding our customer base,
offsetting some of the downside from the pandemic.
“We see early indications of improvements with customers
impacted by COVID. While we anticipate the impact will continue for
some time in 2021, our energies are focused on a return to normalcy
and the opportunities inherent in that improved environment.
“As previously stated, the pandemic impacted our top-line
revenue growth in 2020 with several of our key customers. We
identified about $14 million in lost or delayed revenue compared to
our annual plan due to COVID-related matters.
“More than half of the lost or delayed revenue in 2020 was from
our largest customer in the media and entertainment industry.
During the fourth quarter we saw an encouraging rebound by this
customer, as their 3D virtual product line continues to develop
traction in the market.
“Their product premiered last year on American Idol as the
virtual performance stage in a Katy Perry music video. We expect
their virtual platform to drive increased sales in the current and
future quarters. The eventual return of live events should
contribute additional revenue from their core products in the
second half of the year.
“Earlier this month, we announced a direct offering which
further fortified our cash position. In addition to the offering,
we achieved significant cash gains through a combination of lower
expenses, increased efficiency, and improvements in working
capital. The result is that we currently have a cash position of
approximately $19 million. This gives us the ability to invest in
key strategic initiatives that should fuel future growth.
“During the fourth quarter of 2020, we closed four additional
major OEM opportunities, including two industrial, one
instrumentation and one autonomous driving project. For 2020, the
program wins totaled 16, which matched 2019 without the pandemic.
As a reminder, we define program wins as those expected to yield $1
million or more of revenue within four years. Our 32 program wins
over the past two years contributed $18 million to 2020 revenue,
including $12 million from new customers supporting our
diversification initiatives.
“We have defined and started implementation of a multi-year
strategic plan to enhance our product road map, market position and
value proposition for target industries and customers. After
confidential discussions with customers, much research, trend
analysis, review of core strengths and our current business, we
have identified a focus segment within the fast-growing edge
computing space.
“Our strategic focus is on a quickly developing segment of edge
computing. We call it AI Transportables. This includes anything
that is not in a fixed location but requires the very latest in
high-performance computing for AI where responsive action needs to
be taken immediately at the very edge.
“The challenges associated with these AI Transportables is where
OSS core capabilities and expertise is strongest, and we believe
will offer the greatest growth opportunities. We look forward to
sharing additional details on our quarterly conference call later
today and in future communications.
“While there remains uncertainty around when we will finally
conquer the pandemic and return to business as usual, we believe
the worst is now behind us. We see signs of improvement, and OSS
has become foundationally stronger to execute its strategic plan
and create increasing value for our shareholders.”
OutlookFor the first quarter of 2021, OSS
expects revenue of approximately $13 million.
Conference CallOSS management will hold a
conference call to discuss its fourth quarter and full year 2020
results later today, followed by a question-and-answer period.
Date: Thursday, March 25, 2021Time: 5:00 p.m. Eastern time (2:00
p.m. Pacific time)Toll-free dial-in number:
1-800-437-2398International dial-in number:
1-786-204-3966Conference ID: 1791479
The conference call will be webcast live and available for
replay here as well as via a link in the Investors section of the
company’s website at ir.onestopsystems.com. OSS regularly uses its
website to disclose material and non-material information to
investors, customers, employees and others interested in the
company.
Please call the conference telephone number five minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 8:00 p.m. Eastern
time on the same day through April 8, 2021.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 1791479
About One Stop Systems One Stop Systems, Inc.
(OSS) designs and manufactures innovative specialized
high-performance edge computing modules and systems, including
customized servers, compute accelerators, expansion systems, flash
storage arrays and Ion Accelerator storage software. These products
are used for deep learning, AI, defense, finance, and entertainment
applications, and empower scientists, engineers, creators and other
professionals to push the boundaries of their industries.
OSS utilizes the power of PCI Express, the latest GPU
accelerators and NVMe storage to build award-winning systems,
including many industry firsts, for OEMs and government customers.
The company enables AI on the Fly® by bringing AI datacenter
performance to ‘the edge’ and 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.
Non-GAAP Financial MeasuresManagement believes
that the use of adjusted earnings before interest, taxes,
depreciation and amortization, or adjusted EBITDA, is helpful for
an investor to assess the performance of the company. The company
defines adjusted EBITDA as income (loss) attributable to common
stockholders before interest, taxes, depreciation, amortization,
acquisition expense, impairment of long-lived assets, financing
costs, fair value adjustments from purchase accounting, stock-based
compensation expense and expenses related to discontinued
operations.
Adjusted EBITDA is not a measurement of financial performance
under generally accepted accounting principles in the United
States, or GAAP. Because of varying available valuation
methodologies, subjective assumptions and the variety of equity
instruments that can impact a company’s non-cash operating
expenses, management believes that providing a non-GAAP financial
measure that excludes non-cash and non-recurring expenses allows
for meaningful comparisons between the company’s core business
operating results and those of other companies, as well as
providing the company with an important tool for financial and
operational decision making and for evaluating its own core
business operating results over different periods of time.
The company’s adjusted EBITDA measure may not provide
information that is directly comparable to that provided by other
companies in its industry, as other companies in the company’s
industry may calculate non-GAAP financial results differently,
particularly related to non-recurring and unusual items. The
company’s adjusted EBITDA is not a measurement of financial
performance under GAAP, and should not be considered as an
alternative to operating income or as an indication of operating
performance or any other measure of performance derived in
accordance with GAAP. Management does not consider adjusted EBITDA
to be a substitute for, or superior to, the information provided by
GAAP financial results.
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net loss attributable to common stockholders |
|
$ |
243,860 |
|
|
$ |
1,094,126 |
|
|
$ |
(6,544 |
) |
|
$ |
(900,337 |
) |
Depreciation and amortization |
|
|
397,770 |
|
|
|
415,104 |
|
|
|
1,606,532 |
|
|
|
1,655,288 |
|
Amortization of deferred gain |
|
|
- |
|
|
|
(12,359 |
) |
|
|
(53,838 |
) |
|
|
(28,555 |
) |
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,697,394 |
|
Stock-based compensation expense |
|
|
220,959 |
|
|
|
159,329 |
|
|
|
724,378 |
|
|
|
649,469 |
|
Interest income |
|
|
(150,468 |
) |
|
|
(25,266 |
) |
|
|
(418,379 |
) |
|
|
(151,113 |
) |
Interest expense |
|
|
157,599 |
|
|
|
54,097 |
|
|
|
550,774 |
|
|
|
165,560 |
|
Costs resulting from dissolution of SkyScale |
|
|
- |
|
|
|
(146,150 |
) |
|
|
- |
|
|
|
(146,150 |
) |
Acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,075 |
|
(Benefit) provision for income taxes |
|
|
247,312 |
|
|
|
832,142 |
|
|
|
(603,744 |
) |
|
|
237,252 |
|
Adjusted EBITDA |
|
$ |
1,117,032 |
|
|
$ |
2,371,023 |
|
|
$ |
1,799,179 |
|
|
$ |
3,182,883 |
|
|
|
|
|
|
|
|
|
|
Adjusted EPS excludes the impact of certain items and,
therefore, has not been calculated in accordance with GAAP.
Management believes that exclusion of certain selected items
assists in providing a more complete understanding of the company’s
underlying results and trends and allows for comparability with its
peer company index and industry. Management uses this measure along
with the corresponding GAAP financial measures to manage the
company’s business and to evaluate its performance compared to
prior periods and the marketplace. The Company defines non-GAAP
(loss) income attributable to common stockholders as (loss) or
income before amortization, stock-based compensation, expenses
related to discontinued operations, and acquisition costs. Adjusted
EPS expresses adjusted (loss) income on a per share basis using
weighted average diluted shares outstanding.
Adjusted EPS is a non-GAAP financial measure and should not be
considered in isolation or as a substitute for financial
information provided in accordance with GAAP. These non-GAAP
financial measures may not be computed in the same manner as
similarly titled measures used by other companies. Management
expects to continue to incur expenses similar to the adjusted
income from continuing operations and adjusted EPS financial
adjustments described above, and investors should not infer from
our presentation of these non-GAAP financial measures that these
costs are unusual, infrequent or non-recurring.
The following table reconciles net loss attributable to common
stockholders and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net loss attributable to common stockholders |
|
$ |
243,860 |
|
|
$ |
1,094,126 |
|
|
$ |
(6,544 |
) |
|
$ |
(900,337 |
) |
Amortization of intangibles |
|
|
170,985 |
|
|
|
174,525 |
|
|
|
683,935 |
|
|
|
984,065 |
|
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,697,394 |
|
Stock-based compensation expense |
|
|
220,959 |
|
|
|
159,329 |
|
|
|
724,378 |
|
|
|
649,469 |
|
Cost resulting from dissolution of SkyScale |
|
|
- |
|
|
|
(146,150 |
) |
|
|
- |
|
|
|
(146,150 |
) |
Acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,075 |
|
Non-GAAP net income attributable to common stockholders |
|
$ |
635,804 |
|
|
$ |
1,281,830 |
|
|
$ |
1,401,769 |
|
|
$ |
2,288,516 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.15 |
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.07 |
|
|
$ |
0.08 |
|
|
$ |
0.14 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
16,639,514 |
|
|
|
16,107,786 |
|
|
|
16,512,203 |
|
|
|
15,148,613 |
|
Diluted |
|
|
17,143,126 |
|
|
|
17,117,800 |
|
|
|
16,752,434 |
|
|
|
16,158,627 |
|
|
|
|
|
|
|
|
|
|
Forward-Looking StatementsOne Stop Systems
cautions you that statements in this press release that are not a
description of historical facts are forward-looking statements.
These statements are based on the company's current beliefs and
expectations. The inclusion of forward-looking statements should
not be regarded as a representation by One Stop Systems or its
partners that any of our plans or expectations will be achieved,
including but not limited to, to our management’s expectations for
revenue growth generated by new products and design wins. Actual
results may differ from those set forth in this press release due
to the risk and uncertainties inherent in our business, including
risks described in our prior press releases and in our filings with
the Securities and Exchange Commission (SEC), including under the
heading "Risk Factors" in our Annual Report on Form 10-K and any
subsequent filings with the SEC. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and we undertake no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement, which
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Media Contact: Katie RiveraOne Stop Systems,
Inc. Tel (760) 745-9883Email contact
Investor Relations:Ronald Both or Grant
StudeCMATel (949) 432-7557 Email contact
ONE STOP SYSTEMS, INC. (OSS)
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,316,921 |
|
|
$ |
5,185,321 |
|
Accounts receivable, net |
|
|
7,458,383 |
|
|
|
11,667,157 |
|
Inventories, net |
|
|
9,647,504 |
|
|
|
7,369,356 |
|
Prepaid expenses and other current assets |
|
|
655,708 |
|
|
|
453,938 |
|
Total current assets |
|
|
24,078,516 |
|
|
|
24,675,772 |
|
Property and equipment,
net |
|
|
3,487,178 |
|
|
|
3,568,564 |
|
Deposits and other |
|
|
81,709 |
|
|
|
47,146 |
|
Deferred tax assets, net |
|
|
3,698,593 |
|
|
|
3,019,823 |
|
Goodwill |
|
|
7,120,510 |
|
|
|
7,120,510 |
|
Intangible assets, net |
|
|
662,257 |
|
|
|
1,346,192 |
|
|
|
$ |
39,128,763 |
|
|
$ |
39,778,007 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
976,420 |
|
|
$ |
4,115,977 |
|
Accrued expenses and other liabilities |
|
|
3,481,444 |
|
|
|
4,607,432 |
|
Current portion of notes payable, net of debt discount of $2,047
and $7,019, respectively |
|
|
1,365,204 |
|
|
|
1,377,751 |
|
Current portion of related-party notes payable, net of debt
discount of $6,726 and $23,060, respectively |
|
|
199,943 |
|
|
|
561,441 |
|
Senior secured convertible note, net of discounts of $256,242 |
|
|
1,789,212 |
|
|
|
- |
|
Total current liabilities |
|
|
7,812,223 |
|
|
|
10,662,601 |
|
Notes payable, net of current
portion and debt discount of $0 and $2,047, respectively |
|
|
- |
|
|
|
149,301 |
|
Related-party notes payable,
net of current portion and debt discount of $0 and $6,726,
respectively |
|
|
- |
|
|
|
199,943 |
|
Senior secured convertible
note, net of discounts of $14,107 |
|
|
531,347 |
|
|
|
- |
|
Paycheck protection plan note
payable |
|
|
1,499,360 |
|
|
|
- |
|
Total liabilities |
|
|
9,842,930 |
|
|
|
11,011,845 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $.0001 par value; 50,000,000 shares authorized;
16,684,424 and 16,121,747 shares issued and outstanding,
respectively |
|
|
1,668 |
|
|
|
1,612 |
|
Additional paid-in capital |
|
|
30,758,354 |
|
|
|
30,537,015 |
|
Noncontrolling interest |
|
|
- |
|
|
|
500 |
|
Accumulated other comprehensive income (loss) |
|
|
287,547 |
|
|
|
(17,773 |
) |
Accumulated deficit |
|
|
(1,761,736 |
) |
|
|
(1,755,192 |
) |
Total stockholders’ equity |
|
|
29,285,833 |
|
|
|
28,766,162 |
|
|
|
$ |
39,128,763 |
|
|
$ |
39,778,007 |
|
ONE STOP SYSTEMS, INC. (OSS)
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
For the Three Months Ended December 31, |
|
For the Year Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenue |
|
$ |
13,934,365 |
|
|
$ |
18,424,920 |
|
|
$ |
51,895,388 |
|
|
$ |
58,308,019 |
|
Cost of revenue |
|
|
9,122,247 |
|
|
|
11,877,357 |
|
|
|
35,460,774 |
|
|
|
38,905,756 |
|
Gross margin |
|
|
4,812,118 |
|
|
|
6,547,563 |
|
|
|
16,434,614 |
|
|
|
19,402,263 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,209,436 |
|
|
|
2,033,551 |
|
|
|
8,418,358 |
|
|
|
8,501,572 |
|
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,697,394 |
|
Marketing and selling |
|
|
982,945 |
|
|
|
1,379,861 |
|
|
|
4,120,778 |
|
|
|
5,138,762 |
|
Research and development |
|
|
1,106,420 |
|
|
|
1,320,039 |
|
|
|
4,319,759 |
|
|
|
4,843,554 |
|
Total operating expenses |
|
|
4,298,801 |
|
|
|
4,733,451 |
|
|
|
16,858,895 |
|
|
|
20,181,282 |
|
Income (loss) from operations |
|
|
513,317 |
|
|
|
1,814,112 |
|
|
|
(424,281 |
) |
|
|
(779,019 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
Interest income |
|
|
150,468 |
|
|
|
|
|
418,379 |
|
|
|
Interest expense |
|
|
(157,599 |
) |
|
|
(54,096 |
) |
|
|
(550,774 |
) |
|
|
(165,560 |
) |
Other (expense) income, net |
|
|
(15,014 |
) |
|
|
166,252 |
|
|
|
(53,612 |
) |
|
|
281,494 |
|
Total other (expense) income, net |
|
|
(22,145 |
) |
|
|
112,156 |
|
|
|
(186,007 |
) |
|
|
115,934 |
|
Income (loss) before income taxes |
|
|
491,172 |
|
|
|
1,926,268 |
|
|
|
(610,288 |
) |
|
|
(663,085 |
) |
Provision (benefit) for income taxes |
|
|
247,312 |
|
|
|
832,142 |
|
|
|
(603,744 |
) |
|
|
237,252 |
|
Net income (loss) |
|
$ |
243,860 |
|
|
$ |
1,094,126 |
|
|
$ |
(6,544 |
) |
|
$ |
(900,337 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.07 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.06 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
16,639,514 |
|
|
|
16,107,786 |
|
|
|
16,512,203 |
|
|
|
15,148,613 |
|
Diluted |
|
|
17,143,126 |
|
|
|
17,117,800 |
|
|
|
16,512,203 |
|
|
|
15,148,613 |
|
|
|
|
|
|
|
|
|
|
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