CSP Inc. Reports Fiscal Fourth Quarter and Full Year 2024 Results

CSP Inc. (NASDAQ: CSPI) recently released its financial results for the fiscal fourth quarter and full year ended September 30, 2024. The company, operating in the field of security and packet capture products, managed IT, and professional services and technology solutions, announced that its recurring sales have continued to rise as a percentage of total revenue. Additionally, CSP Inc. disclosed that its AZT PROTECT Market Momentum has been on the rise. As of September 30, 2024, the company maintained a solid cash position of over $30 million.

The Board of Directors declared a quarterly dividend of $0.03 per share, payable on January 15, 2025, to shareholders of record as of December 27, 2024.

In the recent fiscal year, CSP Inc. achieved several milestones and operational highlights, including:
– Signing up over 10 new customers in the fourth quarter for their cloud-based business.
– Seeing recurring revenue increase to approximately 17% of total revenue.
– Garnering strong business leads for AZT PROTECT™ through a successful partnership with Rockwell Automation.
– Securing bookings and forming a strong pipeline in the cruise line business segment for fiscal year 2025.
– Maintaining a record cash level of $30.6 million as of September 30, 2024, enabling the company to pursue near and long-term growth initiatives.

Victor Dellovo, CEO of CSP Inc., expressed contentment with the company’s performance in line with internal projections. The company’s strategic focus on higher-margin products and services facilitated the growth of recurring business, now accounting for 17% of fiscal 2024 sales compared to under 5% two years ago.

Financially, CSP Inc. disclosed that for the fiscal fourth quarter of 2024, revenue was $13.0 million compared to $15.3 million for the same period in the prior year. The company reported a net loss of $(1.7) million, or $(0.18) per diluted common share for the same quarter, significantly different from a net income of $1.4 million, or $0.15 per diluted common share in the corresponding period of the previous year.

The company’s fiscal year 2024 results indicated revenue of $55.2 million compared to $64.6 million in the prior year. Despite a decline in gross profit, CSP Inc. noted that its strategies are geared towards sustained growth and profitability.

CSPi Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will hold a conference call today at 10:00 a.m. (ET) to discuss the financial results in detail and provide a business update. Interested parties can access the live call via webcast or by phone using the provided participant access code.

CSP Inc. (NASDAQ: CSPI) operates in two main divisions: the High-Performance Product division, which focuses on cybersecurity solutions, and the Technology Solutions division, providing IT solutions and professional services.

Please note that CSP Inc. has indicated that this article may contain forward-looking statements subject to risks detailed in its filings with the Securities and Exchange Commission (SEC).

Source: CSP Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CSP’s 8K filing here.

CSP Company Profile

CSP Inc develops and markets IT integration solutions, security products, managed IT services, cloud services, purpose-built network adapters, and cluster computer systems for commercial and defense customers worldwide. It operates in two segments, Technology Solutions and High Performance Products. The Technology Solutions segment provides third-party computer hardware and software as a value-added reseller to various customers in web and infrastructure hosting, education, telecommunications, healthcare services, distribution, financial and professional services, and manufacturing industries.