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Share Name | Share Symbol | Market | Type |
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GSE Systems Incorporated | NASDAQ:GVP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.28% | 3.59 | 1.83 | 5.21 | 3.65 | 3.18 | 3.60 | 24,496 | 21:30:00 |
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(State of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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(Address of principal executive offices and zip code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d - 2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e - 4 (c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition
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Item 9.01 |
Financial Statements and Exhibits
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99.1
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Press release of GSE Systems, Inc., dated May 15, 2024, announcing its financial results for the three months ended March 31, 2024.
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GSE SYSTEMS, INC.
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Date: May 15, 2024
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/s/ Emmett Pepe
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Emmett Pepe
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Senior Vice President and Chief Financial Officer
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Exhibit No.
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Description
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Press release of GSE Systems, Inc. dated May 15, 2024 announcing the financial results for the three months ended March 31, 2024.
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• |
The Company reports revenue in Q1 2024 of $11.3 million, up 3.8% from $10.9 million in Q1 2023 and up 10.5% from $10.2 million in Q4 2023.
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• |
Engineering revenue reported 26% increase in Q1 2024 to $8.7 million, up from $6.9 million in Q1 2023.
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• |
Stronger Gross Profit Margin of 28.5% in Q1 2024, up from 22.0% in Q1 2023 and up from 25.5% in Q4 2023.
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• |
Backlog at March 31, 2024, was $37.7 million, including $32.3 million of Engineering backlog, and $5.4 million of Workforce Solutions backlog.
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Ended Q1 with cash, cash equivalents and restricted cash of $2.8 million, including restricted cash of $1.5 million.
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Management transition - Ravi Khanna appointed President and CEO and Damian DeLongchamp appointed Chief Operating Officer.
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• |
Awarded $0.8 million order for engineering services for a 24-month fuel cycle extension.
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Company Contact
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Investor Contact
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Ravi Khanna
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Lytham Partners
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President and Chief Executive Officer
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Adam Lowensteiner, Vice President
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GSE Systems, Inc.
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(646) 829-9702
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(410) 970-7800
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gvp@lythampartners.com
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Three Months ended
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||||||||
March 31,
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||||||||
2024
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2023
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|||||||
(unaudited)
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(unaudited)
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|||||||
Revenue
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$
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11,283
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$
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10,873
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||||
Cost of revenue
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8,067
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8,478
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Gross profit
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3,216
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2,395
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||||||
Operating expenses:
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||||||||
Selling, general and administrative
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4,360
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4,788
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||||||
Research and development
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229
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181
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||||||
Depreciation
|
58
|
48
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||||||
Amortization of intangible assets
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99
|
161
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||||||
Total operating expenses
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4,746
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5,178
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Operating loss
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(1,530
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)
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(2,783
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)
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Other income and expenses, net
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||||||||
Interest expense, net
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(459
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)
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(286
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)
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||||
Change in fair value of derivative instruments, net
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(17
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)
|
69
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|||||
Other income, net
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54
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10
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||||||
Loss before income taxes
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(1,952
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)
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(2,990
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)
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Provision for (benefit from) income taxes
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40
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(39
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)
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Net loss
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$
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(1,992
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)
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$
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(2,951
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)
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Net loss per common share - basic and diluted
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$
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(0.63
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)
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$
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(1.29
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)
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Weighted average shares outstanding used to compute net loss per share - basic and diluted
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3,148,806
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2,293,389
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March 31, 2024
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December 31, 2023
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|||||||
(unaudited)
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||||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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1,360
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$
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2,250
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Restricted cash, current
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379
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378
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Contract receivables, net of allowance for credit loss
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9,178
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10,166
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Prepaid expenses and other current assets
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792
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879
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Total current assets
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11,709
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13,673
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Equipment, software and leasehold improvements, net
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700
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754
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Software development costs, net
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697
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750
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||||||
Goodwill
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4,908
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4,908
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||||||
Intangible assets, net
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1,080
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1,179
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Restricted cash - long term
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1,084
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1,083
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Operating lease right-of-use assets, net
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364
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413
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Other assets
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45
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45
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Total assets
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$
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20,587
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$
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22,805
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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Current portion of long-term note
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$
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1,054
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$
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810
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Accounts payable
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2,181
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3,300
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Accrued expenses
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1,487
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1,053
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Accrued legal settlements
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774
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1,010
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Accrued compensation
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1,721
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1,086
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Billings in excess of revenue earned
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5,181
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5,119
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Accrued warranty
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181
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176
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||||||
Income taxes payable
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1,710
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1,701
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Derivative liabilities
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1,153
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1,132
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||||||
Other current liabilities
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643
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956
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||||||
Total current liabilities
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16,085
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16,343
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||||||
Long-term note, less current portion
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277
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637
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||||||
Operating lease liabilities, noncurrent
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322
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357
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Other noncurrent liabilities
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67
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126
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Total liabilities
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16,751
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17,463
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||||||
Stockholders’ equity:
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||||||||
Preferred stock $0.01 par value; 2,000,000 shares authorized; no shares issued and outstanding
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-
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-
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Common stock $0.01 par value; 60,000,000 shares authorized, 3,399,723 and 3,194,030 shares issued, 3,239,832 and 3,034,139 shares
outstanding, respectively
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34
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32
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||||||
Additional paid-in capital
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87,440
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86,983
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||||||
Accumulated deficit
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(80,700
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)
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(78,708
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)
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Accumulated other comprehensive income
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61
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34
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||||||
Treasury stock at cost, 159,891 shares
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(2,999
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)
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(2,999
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)
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Total stockholders’ equity
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3,836
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5,342
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||||||
Total liabilities and stockholders’ equity
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$
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20,587
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$
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22,805
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Three Months ended
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||||||||
March 31,
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||||||||
2023
|
2022
|
|||||||
(unaudited)
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(unaudited)
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|||||||
Net loss
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$
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(1,992
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)
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$
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(2,951
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)
|
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Interest expense, net
|
459
|
286
|
||||||
Expense (benefit) from income taxes
|
40
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(39
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)
|
|||||
Depreciation and amortization
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259
|
294
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||||||
EBITDA
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(1,234
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)
|
(2,410
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)
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Stock-based compensation expense
|
294
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285
|
||||||
Advisory fees
|
476
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-
|
||||||
Change in fair value of derivative instruments, net
|
17
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(69
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)
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|||||
Adjusted EBITDA
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$
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(447
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)
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$
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(2,194
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)
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Three Months ended
|
||||||||
March 31,
|
||||||||
2024
|
2023
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net loss
|
$
|
(1,992
|
)
|
$
|
(2,951
|
)
|
||
Stock-based compensation expense
|
294
|
285
|
||||||
Advisory fees
|
476
|
-
|
||||||
Change in fair value of derivative instruments, net
|
17
|
(69
|
)
|
|||||
Amortization of intangible assets related to acquisitions
|
99
|
161
|
||||||
Adjusted net loss
|
$
|
(1,106
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)
|
$
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(2,574
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)
|
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Loss per share - diluted
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$
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(0.63
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)
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$
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(1.29
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)
|
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Add back: Effect of stock-based compensation expense
|
0.09
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0.13
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||||||
Add back: Effect of advisory fees
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0.15
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-
|
||||||
Add back: Effect of change in fair value of derivative instruments, net
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0.01
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(0.03
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)
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|||||
Add back: Effect of amortization of intangible assets related to acquisitions
|
0.03
|
0.07
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||||||
Adjusted loss per common share - Diluted
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$
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(0.35
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)
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$
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(1.12
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)
|
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Weighted average shares outstanding – Diluted(a)
|
3,148,806
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2,293,389
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Document and Entity Information |
May 15, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 15, 2024 |
Entity File Number | 001-14785 |
Entity Registrant Name | GSE SYSTEMS INC |
Entity Central Index Key | 0000944480 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 52-1868008 |
Entity Address, Address Line One | 6940 Columbia Gateway Dr., Suite 470 |
Entity Address, City or Town | Columbia |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 21046 |
City Area Code | 410 |
Local Phone Number | 970-7800 |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Trading Symbol | GVP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year GSE Systems Chart |
1 Month GSE Systems Chart |
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