OSS - One Stop Systems CEO and Chairman Issue Letter to Shareholders | Benzinga
ESCONDIDO, Calif., April 15, 2024 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. ("OSS" or the "Company") (NASDAQ:OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, today issued a shareholder letter, which reviews the successes championed in 2023 and outlines expectations for a transformative 2024.
Dear Fellow Shareholders,
We are excited about the opportunity ahead of us and the positive momentum underway at OSS. Since my appointment as President and CEO in June 2023, I am proud of the progress the OSS team has made advancing our growth strategies, optimizing our business processes, and building a strong team and Board of Directors. As a result of these investments, we believe we have developed a robust infrastructure that is well positioned to take advantage of growing demand for the Company's rugged enterprise class compute solutions.
Throughout 2023 we made strategic investments in our leadership team and Board to align OSS with the long-term opportunities we are pursuing. In addition to my appointment, Robert Kalebaugh joined OSS as Vice President of Sales and Business Development. Robert brings over 35 years of defense and commercial experience to OSS and has quickly built a strong sales platform and culture. In addition, we have recently added new program management personnel, and a highly experienced business development executive to further our sales reach across U.S. and international defense and commercial markets. As the tenure of our sales team grows, we are focused on converting our strong pipeline into orders throughout 2024 and beyond.
We also added several new Board members as part of a multi-year strategy to reprofile our Board of Directors. Vice Admiral (Ret) Michael Dumont, USN, Mitch Herbets and Joseph Manko all joined our Board in 2023. Mike, Mitch, and Joe are proven leaders, bringing defense, technology, governance, and capital markets experience to OSS. I am pleased with the support, leadership, and guidance they have already brought to the Board and the OSS team. I also want to use this opportunity to say thank you to David Raun, our prior CEO, for his guidance and leadership during this transition.
Throughout the year the OSS leadership team was able to effectively manage the business as we transitioned away from $13.7 million of low-margin legacy media revenue. In fact, backing out this impact revenue in 2023 increased year-over-year by 4%. I am pleased to report that despite this impact to overall sales, we maintained positive adjusted EBITDA in 2023 reflecting our shift to higher margin revenue opportunities, our focus on controlling costs, and the compelling financial model we have created. In addition, during 2023 we implemented process improvements to drive efficiencies, and successfully achieved our Department of Defense facility clearance paving the way for OSS to execute classified work. Our Bressner team delivered on its 2023 financial objectives while expanding ...