One Stop Systems, Inc. - OSS STOCK NEWS

One Stop Systems (OSS) reported Q2 2020 revenue of $11.6 million, a 22% decline from last year, while first half revenue remained flat at $25 million. Operating expenses reduced by 42% to $3.7 million in Q2. The net loss for Q2 was $12,000, an improvement from a $1.6 million loss a year ago. OSS raised $2.4 million in convertible debt and received a $1.5 million Paycheck Protection Plan loan. The company introduced a new PCIe Gen 4 expansion system and secured $3.5 million in orders. Looking ahead, OSS estimates a minimum revenue of $11.8 million for Q3.

One Stop Systems, Inc. (Nasdaq: OSS) was featured in Noble Capital Markets’ C-Suite Interview Series with CEO David Raun discussing key topics such as the company's unique product portfolio, market growth, and recent transformational changes. The interview also addressed the COVID-19 impact on operations and highlighted plans to enhance the company’s value proposition and near-term growth opportunities. The full interview and a research report on OSS can be found on Channelchek.

One Stop Systems (Nasdaq: OSS) will hold a conference call on August 6, 2020, at 5:00 p.m. Eastern time, to discuss its second-quarter financial results for the period ending June 30, 2020. Prior to the call, a press release will be issued detailing these results. The call will include a question-and-answer session following the management presentation. Participants can join via toll-free and international dial-in numbers. A replay will be available after 8:00 p.m. Eastern time on the same day through August 20, 2020.

On June 25, 2020, One Stop Systems (Nasdaq: OSS) appointed David Raun as president and CEO, transitioning from his role as interim CEO since February 2020. With over 24 years in senior management, Raun has a proven track record of driving revenue and operational improvements at technology companies, including ASSIA and PLX Technology. Under his leadership, OSS aims to enhance market position and profitability through strategic reorganization and new product launches, leveraging recent project wins and expanded working capital.

One Stop Systems, Inc. (Nasdaq: OSS) launched the world's first PCIe Gen 4 expansion system, enabling support for NVIDIA A100 Tensor Core GPUs, with up to 20X performance increase compared to previous generations. The OSS 4UV system allows developers to connect up to eight A100 GPUs, enhancing performance for AI training and other compute-intensive applications, achieving peak computing of 19.9 PetaOPS. The system includes two PCIe x16 Gen 4 slots for advanced NICs and is available for order directly from OSS sales.

One Stop Systems (Nasdaq: OSS) has secured over $1.0 million in prototype orders for a military airborne AI threat detection system from a U.S. Navy prime contractor. Orders exceeding $676,000 have already shipped, with an additional $350,000 engineering work order in progress. The new AI on the Fly® system is designed for P3 and P8-A aircraft, utilizing advanced AI algorithms for real-time threat detection. This project highlights OSS's leadership in edge AI technology, particularly with its first-to-market PCIe Gen 4 system, promising enhanced performance in military applications.

On June 9, 2020, One Stop Systems (Nasdaq: OSS) announced the appointment of three new independent board members, effective July 1. These members, Sita M. Lowman, Gioia Messinger, and Greg W. Matz, bring extensive experience in finance, marketing, and innovation. The board will now consist of seven members, six of whom are independent. Chairman Kenneth Potashner emphasized that these additions complement the company's leadership amid recent organizational changes, aimed at establishing a solid foundation for growth in the high-performance edge computing market.

On May 20, 2020, One Stop Systems, Inc. (OSS) held its 2020 Annual Meeting of Stockholders but lacked a quorum due to mailing delays caused by the COVID-19 pandemic. Consequently, the meeting was adjourned to June 3, 2020, at 11:00 a.m. Pacific Time. Stockholders are encouraged to vote via the Internet, telephone, or mail. The proxy statement, essential for voting decisions, was filed on May 1, 2020, and is available online. OSS focuses on specialized high-performance computing products for various industries, empowering advancements in technology and AI.

One Stop Systems reported a record revenue of $13.4 million for Q1 2020, up 33% from Q1 2019. Gross profit also increased to $3.4 million, representing 25.4% of revenue. The company secured significant design wins and introduced advanced products, including a new PCIe Gen 4 expansion system. Operating expenses increased to $4.9 million, mainly due to G&A expenses. Despite a GAAP net loss of $1.1 million, cash on hand improved to $5 million post-financing. The company projects a minimum revenue of $10 million for Q2 2020.