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One Stop Systems Inc. (OSS+6.73%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in total revenue to $54,694,358 from $60,896,797 in the previous year. This decline is attributed to a reduction in sales to a former media and entertainment customer.
Cost of revenue increased to $46,976,051 from $42,942,175, primarily due to inventory obsolescence and increased labor costs on a customer-funded development contract.
The company reported a gross profit of $7,718,307, down from $17,954,622 in the previous year, with the decline attributed to inventory adjustments and contract losses.
Operating expenses totaled $21,075,120, including general and administrative expenses of $8,971,909 and marketing and selling expenses of $8,005,982.
Net loss for the year was $13,634,333, compared to a net loss of $6,716,176 in the prior year.
Cash and cash equivalents increased to $6,794,093, with net cash used in operating activities amounting to $108,098.
The company experienced delays in customer orders due to funding and program delays, impacting revenue.
One Stop Systems continues to focus on expanding its business in military and defense markets, with an emphasis on AI compute capabilities.
The filing also notes the impact of geopolitical instability and economic uncertainty on operations, including increased pricing and supply chain challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the One Stop Systems Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.