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CSP Inc. (CSPI+0.56%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $15.7 million from $15.4 million in the same quarter the previous year. The increase is attributed to a rise in sales within the Technology Solutions segment.
Cost of sales for the quarter was $11.1 million, representing 71% of sales, compared to 73% in the same quarter of the previous year.
The company reported a gross profit of $4.6 million for the quarter, compared to $4.1 million in the previous year.
Selling, general, and administrative expenses increased to $4.1 million from $3.7 million, primarily due to increased commissions and stock compensation expenses.
Net income for the quarter was $472,000, up from a net loss of $73,000 in the previous year. The improvement was due to an increase in other income and a tax benefit.
Cash provided by operating activities was $1.7 million, while cash used in investing and financing activities was $47,000 and $1.6 million, respectively.
CSP Inc. had a working capital of $52.2 million as of December 31, 2024. The company maintains a line of credit with a capacity of up to $15.0 million.
The filing also details various financial agreements and notes changes in internal controls over financial reporting, including the identification of material weaknesses related to corporate credit cards and income taxes.
CSP Inc. continues to focus on its Technology Solutions and High Performance Products segments, with a noted increase in service sales within the Technology Solutions segment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CSP Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.