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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.
GSE Systems (GVP) reported its Q4 and FY 2022 financial results, highlighting a 12% increase in new orders to $11.4 million compared to Q3 2022, driven by a 127% rise in Workforce Solutions orders. Q4 2022 revenue decreased by 9% to $10.8 million year-over-year, and FY 2022 revenue was $47.7 million, down 13.5% from 2021. The company closed Q4 with $32.9 million in backlog and $4.4 million in cash. Management expressed optimism for improved industry spending moving forward, aided by a renewed $28.3 million contract. Operating loss reduced to $(1.1) million in Q4 2022, with a net loss of $(1.5) million.
GSE Solutions (NASDAQ: GVP) will release its financial results for the fourth quarter and fiscal year 2022 on March 30, 2023, after market close. A conference call will follow at 4:30 p.m. ET for management to discuss these results. The call can be accessed at (833) 974-2453 or (412) 317-5784, and via a live webcast on the company's Investor Relations page. A replay will be available for seven days post-call. With over 50 years of nuclear industry experience, GSE Solutions continues to support clean-energy initiatives.
GSE Solutions (Nasdaq: GVP) has been awarded a contract to upgrade the OL1 and OL2 training simulators at the Olkiluoto Nuclear Power Plant in Finland. This project, set to be completed by August 2025, includes replacing the existing reactor thermohydraulic model with GSE's latest RELAP 5-HD solution and upgrading the plant containment building model. GSE's simulators are recognized for enhancing training scenarios, promoting safety, and optimizing operations in nuclear power. With over 50 years of expertise, GSE Solutions aims to support the clean-energy initiatives crucial for the power industry.
GSE Solutions (Nasdaq: GVP) has appointed Raymond A. Hruby as its new Vice President of Sales to drive growth in the nuclear power sector. With over 40 years of experience in nuclear power engineering and operations, Hruby will lead the sales and customer success teams. CEO Kyle Loudermilk lauded Hruby's extensive background in project management and his industry contacts, which could significantly impact the company's business. GSE Solutions specializes in advanced engineering and workforce solutions for clean energy and decarbonization efforts in the power industry, supporting over 1,100 installations worldwide.
GSE Solutions (GVP), a leader in engineering and workforce solutions, announced receiving an $800K contract to assist a US-based utility with a 24-month fuel cycle operation project. This project, aimed at improving fuel reliability and operational efficiency, involves a partnership with a nuclear fuels supplier. The shift to longer fuel cycles is expected to reduce plant outages while enhancing cost savings. GSE will manage various complex engineering programs such as the Inservice Inspection and Reactor Vessel Internals Inspection Programs. GSE President Kyle Loudermilk emphasized their expertise in supporting the transition to these new operational standards.
GSE Solutions (Nasdaq: GVP) has announced a contract with NuScale Power (NYSE: SMR) to create a Hydrogen Plant Model for NuScale's VOYGRTM small modular reactor simulator. This collaboration will enhance the existing control room simulator to assess the feasibility of connecting hydrogen production to SMR power plants. The model is expected to be completed by March 2024, supporting decarbonization efforts through clean hydrogen production. GSE aims to leverage its advanced simulation technology to improve energy production efficiency and safety.
GSE Solutions (Nasdaq: GVP) is set to participate in the Lytham Partners Investor Select Conference on January 31, 2023. The event will be conducted virtually, with the management team engaging in one-on-one meetings and a webcast presentation scheduled for 9:00am ET. Investors can access the webcast on GSE's official website or via a designated link. GSE Solutions specializes in advanced engineering and workforce solutions aimed at decarbonizing the power industry, drawing on over 50 years of experience. This participation underscores GSE's commitment to supporting clean-energy initiatives.
GSE Solutions (GVP), a leader in advanced engineering and workforce solutions for clean-energy production, has secured a significant contract to expand support services for U.S. Government engineering laboratories aiding the U.S. Navy. Awarded in January 2023, the initial value is $5.47 million effective February 1, 2023, with potential growth to $28.3 million over five years if options are exercised. GSE will provide simulation engineers and test specialists as a subcontractor. This win extends GSE's 21-year collaboration with these labs, reinforcing their commitment to enhancing training systems for the Navy.
GSE Solutions (Nasdaq: GVP) announced the implementation of new TSM Enterprise modules by a major southern utility customer to enhance plant performance and operational efficiency. This extension of services builds on a previous successful deployment of a Data Validation and Reconciliation solution in 2021, aimed at optimizing operations in the customer's nuclear reactor fleet. GSE's TSM Enterprise software, known for generating significant cost savings and improving efficiency, plays a crucial role in supporting the utility's net-zero goals.
GSE Solutions (GVP) announced its collaboration with NuScale Power to develop a Hydrogen Plant Model for the VOYGRTM small modular reactor simulator. Utilizing GSE's JProTM Dynamic Simulation Software, GSE will provide integration and testing support for hydrogen production. This partnership aims to assess the technical and economic feasibility of connecting a hydrogen facility to the SMR. GSE's decade-long relationship with NuScale has previously resulted in successful projects in clean energy technology.
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