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GSE Systems, Inc. (GVP) is an industry leader in advanced engineering, staffing services, and simulation software, catering primarily to the power and process industries. Headquartered in Sykesville (Baltimore), Maryland, GSE Systems leverages over four decades of expertise to enhance customer safety and performance in training, design & licensing, engineering, and operations and maintenance.
With a presence in over 50 countries and more than 1,100 global installations, GSE Systems offers comprehensive solutions through its two primary segments: Engineering and Workforce Solutions. The Engineering segment focuses on providing specialized services in the nuclear power industry, including engineering design, program compliance, simulation, and technical staffing. Meanwhile, the Workforce Solutions segment addresses staffing needs by offering skilled professionals for various projects.
In recent developments, GSE Systems has been recognized for its role in supporting clean-energy production and decarbonization initiatives. Notably, a Southeast Texas power supplier has selected GSE as a preferred engineering services provider for its two pressurized water reactor (PWR) plants. This partnership allows the utility to benefit from GSE's extensive portfolio of nuclear services, including specialized training and engineering design, to enhance project efficiency.
Financially, GSE Systems has shown resilience and strategic growth. The company reported significant progress in improving gross profit and achieving positive Adjusted EBITDA for the first time in eight quarters. The Q3 2023 gross profit was $3.7 million, or 32.1% of revenue, an increase from previous periods, driven by project efficiency in large simulator builds and upgrades.
GSE Systems continues to innovate and adapt to market demands, such as transitioning from 18- to 24-month fuel cycles for nuclear power plants. This transition reduces plant outages, enhances fuel reliability, and improves operational margins, reflecting GSE's commitment to delivering cost-effective and eco-friendly solutions.
Maintaining a strong presence in the nuclear power industry, GSE Systems has secured contracts and partnerships that showcase its expertise and reliability. The company remains focused on leveraging top talent and cutting-edge technology to help energy facilities achieve next-level performance, ensuring operational excellence and safety across its vast network of operations.
Rolls-Royce SMR has contracted GSE Solutions for $1.5 million to develop a power station simulator, advancing its Small Modular Reactor (SMR) technology. This simulator is important for validating performance and control systems, aligning with Rolls-Royce's digital-first methodology. Notably, Rolls-Royce SMR is on track to complete Step 2 of the Generic Design Assessment this summer, signifying significant progress. This step is validated by the Office for Nuclear Regulation, Environment Agency, and Natural Resources Wales, positioning Rolls-Royce SMR ahead of other European designs. The factory-built SMRs are designed to power a million homes for over 60 years, emphasizing clean energy. GSE Solutions' CEO, Ravi Khanna, highlights this collaboration as a testament to their five-decade industry presence and commitment to innovative nuclear solutions.
GSE Solutions (Nasdaq: GVP) has been awarded contracts worth over $700k by a major east-coast utility for services related to Flow Accelerated Corrosion (FAC) and Erosion programs. The contract spans from Fall 2024 to Spring 2030 and includes FAC Program Reviews, Updates, and System Susceptibility Evaluations at two locations, alongside Erosion Susceptibility Evaluation Updates. GSE has supported this client since 2017, leveraging over 100 years of combined experience in the nuclear industry. The project aims to prepare the utility's aging nuclear fleet for License Renewals, critical for compliance and environmental sustainability.
GSE Solutions (Nasdaq: GVP) will participate in the Lytham Partners Spring 2024 Investor Conference on May 30, 2024. The company will engage in a webcasted fireside chat at 2:00 p.m. ET and host one-on-one virtual meetings with investors throughout the event. The webcast can be accessed on the conference home page or directly via a provided link, and will be available for replay after the event. To schedule a meeting with GSE's management, investors can contact Lytham Partners or register online.
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.
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