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GSE Systems (Nasdaq: GVP) announced its Q1 2024 financial results, reporting a revenue increase to $11.3 million, a 3.8% rise from Q1 2023 and a 10.5% rise from Q4 2023. Engineering revenue rose 26% to $8.7 million from Q1 2023. Gross profit margin improved to 28.5%, up from 22.0% in Q1 2023. The backlog stands at $37.7 million. Q1 2024 saw a net loss of $2.0 million or $0.63 per share, compared to a net loss of $3.0 million or $1.29 per share in Q1 2023.
Despite the revenue and margin improvements, orders in Q1 2024 decreased by 24% year-over-year to $14.6 million. The company ended Q1 with $2.8 million in cash. Following the quarter, Ravi Khanna was appointed President and CEO, and Damian DeLongchamp as COO. Additionally, a $0.8 million order was secured for a 24-month fuel cycle extension project.
GSE Solutions (Nasdaq: GVP), a key player in advanced engineering and workforce solutions, has appointed Damian DeLongchamp as its new Chief Operating Officer (COO). Mr. DeLongchamp has been with GSE for over 7 years, most recently serving as Vice President of GSE Programs and Performance group. With over two decades of experience in the utility sector, his expertise spans nuclear, fossil, and green energy. His focus includes regulatory compliance and plant improvement processes. The company's CEO, Ravi Khanna, praised DeLongchamp's deep industry knowledge and client relationship skills. DeLongchamp aims to enhance profitability, utilization, and delivery efficiency, aligning with nuclear industry spending to spur growth.
GSE Solutions, Inc. (Nasdaq: GVP) announced the release of its financial results for the first quarter of fiscal 2024 on May 15, 2024. The company specializes in advanced engineering and workforce solutions for clean-energy production and decarbonization initiatives in the power industry.
GSE Solutions announced a management transition with Mr. Ravi Khanna appointed as President and CEO, replacing Mr. Kyle Loudermilk. Khanna brings over 20 years of experience in technical services projects and software technology solutions. Loudermilk will assist in the transition until May 31, 2024. The Board expressed confidence in Khanna's leadership abilities and acknowledged Loudermilk's contributions to the company's transformation. Khanna is optimistic about leading GSE forward and capitalizing on opportunities in the nuclear and defense sectors.