GVP - GSE Systems Non-GAAP EPS of -$0.05 revenue of $12.38M
2023-08-15 10:00:29 ET
- GSE Systems press release ( NASDAQ: GVP ): Q2 Non-GAAP EPS of -$0.05.
- Revenue of $12.38M (-2.8% Y/Y).
- Gross profit in Q2 2023 was $3.2 million, or 26.0% of revenue. This compared to gross profit of $3.2 million, or 24.9% of revenue in Q2 2022, and $2.4 million, or 22.0% of revenue in Q1 2023. The increase in gross margin was primarily related to an increase in larger simulator build and upgrade projects awarded this year.
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Operating expenses in Q2 2023 were $4.0 million compared to $4.9 million in Q2 2022. Operating expenses were $5.2 million in Q1 2023. Operating expenses were lower due to an improved corporate cost structure. The Company continues to maintain tight expense controls despite inflationary pressures.
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Operating loss was approximately $(0.8) million in Q2 2023, compared $(1.7) million in Q2 2022. Operating loss was $(2.8) million in Q1 2023.
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Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q2 2023 was approximately $(0.4) million, compared to $(0.7) million in Q2 2022. EBITDA for Q1 2023 was approximately $(2.4) million.
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Adjusted EBITDA totaled $(0.4) million in Q2 2023, compared to $(0.7) million in Q2 2022. Adjusted EBITDA 1 totaled $(2.2) million in Q1 2023.
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Backlog at June 30, 2023, was $34.4 million, including $26.9 million of Performance Improvement Solutions backlog, and $7.5 million of Workforce Solutions.
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GSE Systems Non-GAAP EPS of -$0.05, revenue of $12.38M