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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | 0.24% | 4.15 | 4.15 | 4.21 | 2,434 | 14:04:38 |
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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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GSE SYSTEMS, INC.
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Date: August 14, 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 August 14, 2024 announcing the financial results for the three months ended June 30, 2024.
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• |
Improved gross profit growth driven by Engineering segment, with a 14% increase over Q1 of 2024 and Q2 of 2023.
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• |
Achieved positive Adjusted EBITDA for the first half of 2024, due to continued strong performance from our Engineering segment and diligent operating expense management.
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• |
Backlog at June 30, 2024, was $34.7 million, including $30.4 million of Engineering backlog, and $4.3 million of Workforce Solutions backlog.
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• |
Ended Q2 with cash, cash equivalents and restricted cash of $2.7 million, including restricted cash of $1.5 million.
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• |
Subsequent to Q2 end, GSE entered into definitive merger agreement to be acquired by Pelican Energy Partners.
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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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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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Six Months ended
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|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Revenue
|
$
|
11,725
|
$
|
12,387
|
$
|
23,008
|
$
|
23,260
|
||||||||
Cost of revenue
|
8,051
|
9,172
|
16,118
|
17,650
|
||||||||||||
Gross profit
|
3,674
|
3,215
|
6,890
|
5,610
|
||||||||||||
Selling, general and administrative
|
3,070
|
3,653
|
7,430
|
8,441
|
||||||||||||
Research and development
|
118
|
154
|
347
|
335
|
||||||||||||
Restructuring charges
|
64
|
-
|
64
|
-
|
||||||||||||
Depreciation
|
50
|
53
|
108
|
101
|
||||||||||||
Amortization of definite-lived intangible assets
|
83
|
131
|
182
|
292
|
||||||||||||
Total operating expenses
|
3,385
|
3,991
|
8,131
|
9,169
|
||||||||||||
Operating income (loss)
|
289
|
(776
|
)
|
(1,241
|
)
|
(3,559
|
)
|
|||||||||
Interest expense, net
|
(258
|
)
|
(767
|
)
|
(717
|
)
|
(1,053
|
)
|
||||||||
Change in fair value of derivative instruments, net
|
(736
|
)
|
171
|
(753
|
)
|
240
|
||||||||||
Other (loss) income, net
|
(47
|
)
|
(98
|
)
|
7
|
(88
|
)
|
|||||||||
Loss before income taxes
|
(752
|
)
|
(1,470
|
)
|
(2,704
|
)
|
(4,460
|
)
|
||||||||
Expense (benefit) from income taxes
|
102
|
28
|
142
|
(11
|
)
|
|||||||||||
Net loss
|
$
|
(854
|
)
|
$
|
(1,498
|
)
|
$
|
(2,846
|
)
|
$
|
(4,449
|
)
|
||||
Net (loss) income per common share - basic and diluted
|
$
|
(0.26
|
)
|
$
|
(0.62
|
)
|
$
|
(0.89
|
)
|
$
|
(1.89
|
)
|
||||
Weighted average shares outstanding - basic and diluted
|
3,258,124
|
2,418,827
|
3,203,465
|
2,356,413
|
June 30, 2024
|
December 31, 2023
|
|||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,254
|
$
|
2,250
|
||||
Restricted cash, current
|
379
|
378
|
||||||
Contract receivables, net of allowance for credit loss
|
9,391
|
10,166
|
||||||
Prepaid expenses and other current assets
|
553
|
879
|
||||||
Total current assets
|
11,577
|
13,673
|
||||||
Equipment, software and leasehold improvements, net
|
650
|
754
|
||||||
Software development costs, net
|
761
|
750
|
||||||
Goodwill
|
4,908
|
4,908
|
||||||
Intangible assets, net
|
997
|
1,179
|
||||||
Restricted cash - long term
|
1,086
|
1,083
|
||||||
Operating lease right-of-use assets, net
|
297
|
413
|
||||||
Other assets
|
45
|
45
|
||||||
Total assets
|
$
|
20,321
|
$
|
22,805
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term note
|
1,200
|
810
|
||||||
Accounts payable
|
2,388
|
3,300
|
||||||
Accrued expenses
|
1,768
|
1,053
|
||||||
Accrued legal settlements
|
529
|
1,010
|
||||||
Accrued compensation
|
2,146
|
1,086
|
||||||
Billings in excess of revenue earned
|
4,974
|
5,119
|
||||||
Accrued warranty
|
166
|
176
|
||||||
Income taxes payable
|
1,776
|
1,701
|
||||||
Derivative liabilities
|
1,861
|
1,132
|
||||||
Other current liabilities
|
358
|
956
|
||||||
Total current liabilities
|
17,166
|
16,343
|
||||||
Long-term note, less current portion
|
-
|
637
|
||||||
Operating lease liabilities, noncurrent
|
301
|
357
|
||||||
Other noncurrent liabilities
|
80 |
126
|
||||||
Total liabilities
|
17,547
|
17,463
|
||||||
Commitments and contingencies (Note 12)
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||||||||
Stockholders’ equity:
|
||||||||
Preferred stock $0.01 par value; 2,000,000 shares authorized; no shares issued and outstanding
|
-
|
-
|
||||||
Common stock $0.01 par value; 60,000,000 shares authorized, 3,466,522 and 3,194,030 shares issued, 3,306,631 and 3,034,139 shares
outstanding, respectively
|
34
|
32
|
||||||
Additional paid-in capital
|
87,253
|
86,983
|
||||||
Accumulated deficit
|
(81,554
|
)
|
(78,708
|
)
|
||||
Accumulated other comprehensive income
|
40
|
34
|
||||||
Treasury stock at cost, 159,891 shares
|
(2,999
|
)
|
(2,999
|
)
|
||||
Total stockholders’ equity
|
2,774
|
5,342
|
||||||
Total liabilities and stockholders’ equity
|
$
|
20,321
|
$
|
22,805
|
Three Months ended |
Six Months ended
|
|||||||||||||||
June 30, |
June 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net loss
|
$
|
(854
|
)
|
$
|
(1,498
|
)
|
$
|
(2,846
|
)
|
$
|
(4,449
|
)
|
||||
Interest expense, net
|
258
|
767
|
717
|
1,053
|
||||||||||||
Expense (benefit) from income taxes
|
102
|
28
|
142
|
(11
|
)
|
|||||||||||
Depreciation and amortization
|
228
|
267
|
487
|
560
|
||||||||||||
EBITDA
|
(266
|
)
|
(436
|
)
|
(1,500
|
)
|
(2,847
|
)
|
||||||||
Stock-based compensation expense
|
(274
|
)
|
246
|
20
|
531
|
|||||||||||
Change in fair value of derivative instruments, net
|
736
|
(171
|
)
|
753
|
(240
|
)
|
||||||||||
Restructuring charges
|
64
|
-
|
64
|
-
|
||||||||||||
Advisory fees
|
300
|
-
|
776
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
560
|
$
|
(361
|
)
|
$
|
113
|
$
|
(2,556
|
)
|
Three Months ended
|
Six Months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net loss
|
$
|
(854
|
)
|
$
|
(1,498
|
)
|
$
|
(2,846
|
)
|
$
|
(4,449
|
)
|
||||
Stock-based compensation expense
|
(274
|
)
|
246
|
20
|
531
|
|||||||||||
Change in fair value of derivative instruments, net
|
736
|
(171
|
)
|
753
|
(240
|
)
|
||||||||||
Restructuring charges
|
64
|
-
|
64
|
-
|
||||||||||||
Advisory fees
|
300
|
-
|
776
|
-
|
||||||||||||
Amortization of intangible assets related to acquisitions
|
83
|
131
|
182
|
292
|
||||||||||||
Adjusted net income (loss)
|
55
|
(1,292
|
)
|
(1,051
|
)
|
(3,866
|
)
|
|||||||||
Net loss per common share - diluted
|
(0.26
|
)
|
(0.62
|
)
|
(0.89
|
)
|
(1.89
|
)
|
||||||||
Add back: Effect of stock-based compensation
|
(0.08
|
)
|
0.11
|
0.01
|
0.24
|
|||||||||||
Add back: Effect of change in fair value of derivative instruments, net
|
0.22
|
(0.07
|
)
|
0.23
|
(0.11
|
)
|
||||||||||
Add back: Effect of restructuring charges
|
0.02
|
-
|
0.02
|
-
|
||||||||||||
Add back: Effect of advisory fees
|
0.09
|
-
|
0.24
|
-
|
||||||||||||
Add back: Effect of amortization of intangible assets related to acquisitions
|
0.03
|
0.05
|
0.06
|
0.12
|
||||||||||||
Adjusted net income (loss) per common share – diluted
|
$
|
0.02
|
$
|
(0.53
|
)
|
$
|
(0.33
|
)
|
$
|
(1.64
|
)
|
|||||
Weighted average shares outstanding – diluted(1)
|
3,258,124
|
2,418,827
|
3,148,806
|
2,293,389
|
Document and Entity Information |
Aug. 14, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 14, 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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