Technology
GSE Systems Reports Second Quarter 2024 Financial Results
Published
2 years agoon
By
COLUMBIA, Md., Aug. 14, 2024 /PRNewswire/ — GSE Systems, Inc. (“GSE Solutions”, “GSE”, or “the Company”) (Nasdaq: GVP), a leader in advanced engineering and workforce solutions that support the future of clean energy production and decarbonization initiatives of the nuclear power industry, today announced financial results for the second quarter (“Q2”) ended June 30, 2024.
Q2 2024 and Recent Highlights
Improved gross profit growth driven by Engineering segment, with a 14% increase over Q1 of 2024 and Q2 of 2023.Achieved positive Adjusted EBITDA for the first half of 2024, due to continued strong performance from our Engineering segment and diligent operating expense management.Backlog at June 30, 2024, was $34.7 million, including $30.4 million of Engineering backlog, and $4.3 million of Workforce Solutions backlog.Ended Q2 with cash, cash equivalents and restricted cash of $2.7 million, including restricted cash of $1.5 million.Subsequent to Q2 end, GSE entered into definitive merger agreement to be acquired by Pelican Energy Partners.
Management Commentary
Ravi Khanna, President & Chief Executive Officer of GSE, commented, “I am pleased with the second quarter results, which showed the execution of our strategic plan of improved utilization, which resulted in improved gross profit margin and continued diligence on expense controls. This combination led the company to report positive adjusted EBITDA of $0.6 million during the quarter. While the company is operating at an efficient level, order flow in the quarter was a bit softer, which reflects that the industry continues to recover at a cautious pace. We continue to see potential order flow at a respectable level, but also are experiencing continued timing issues, as projects are consistently getting pushed to the right. Considering where we are in the current cycle, the company has entered into a definitive agreement with Pelican Energy Partners and believes it to be highly beneficial for GSE shareholders, customers and employees. I will miss communicating with shareholders as we move forward with Pelican to navigate and provide value to the nuclear power industry.”
Q2 2024 FINANCIAL RESULTS
Revenue during Q2 2024 was $11.7 million an increase of $0.4 million compared to $11.3 million in Q1 2024, and revenue was $12.4 million in Q2 2023. The sequential improvement in revenues was primarily driven by our Design & Analysis business due to additional training and consulting work for new customers, offset by a sequential decrease in Workforce Solutions. The year-over-year decrease of $0.7 million was primarily due to the Workforce Solutions segment which saw a reduction of staffing needs from major customers.
Engineering revenue was $9.3 million in Q2 2024 compared to $8.7 million in Q1 2024, and $9.0 million in Q2 2023. The increase in revenue was primarily attributable to our Design & Analysis business due to additional training & consulting work for new customers.
Workforce Solutions revenue was $2.4 million in Q2 2024 compared to $2.6 million in Q1 2024, and $3.3 million in Q2 2023. The sequential and year-over-year decreases are mainly due to the reduction in workforce requirements.
Gross profit in Q2 2024 was $3.7 million, or 31.3% of revenue. This compared to gross profit of $3.2 million, or 26.0% of revenue in Q2 2023, and $3.2 million, or 28.5% of revenue in Q1 2024. The increase in gross margin was primarily related to the Engineering segment’s revenue growth as well as the increased project efficiency which produced higher margins in the quarter.
Operating expenses in Q2 2024 were $3.4 million compared to $4.0 million in Q2 2023. Operating expenses were $4.7 million in Q1 2024. Operating expenses were lower due to an improved corporate cost structure. The Company continues to maintain tight expense controls despite inflationary pressures.
Operating income (loss) was approximately $0.3 million in Q2 2024, compared $(0.8) million in Q2 2023. Operating loss was $(1.5) million in Q1 2024.
Net loss in Q2 2024 was $(0.9) million or $(0.26) per basic and diluted share, compared to net loss of $(1.5) million or $(0.62) per basic and diluted share in Q2 2023. Net loss was $(2.0) million or $(0.63) per basic and diluted share in Q1 2024.
Adjusted net income1 totaled $0.1 million, or $0.02 per diluted share in Q2 2024, compared to adjusted net loss of $(1.3) million, or $(0.53) per diluted share, in Q2 2023. Adjusted net loss1 totaled $(1.1) million, or $(0.35) per diluted share in Q1 2024.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for Q2 2024 was approximately $(0.3) million, compared to $(0.4) million in Q2 2023. EBITDA for Q1 2024 was approximately $(1.2) million.
Adjusted EBITDA1 totaled $0.6 million in Q2 2024, compared to $(0.4) million in Q2 2023. Adjusted EBITDA1 totaled $(0.4) million in Q1 2024.
Backlog at June 30, 2024, was $34.7 million, including $30.4 million of Engineering backlog, and $4.3 million of Workforce Solutions.
1 Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of “EBITDA”, “adjusted EBITDA” and “adjusted net income”.
CONFERENCE CALL
Due to the impending transaction with Pelican, GSE Systems will not be conducting a conference call.
ABOUT GSE SOLUTIONS
Proven by more than 50 years of experience in the nuclear power industry, GSE knows what it takes to help customers deliver carbon-free electricity safely and reliably. Today, GSE Solutions leverages top talent, expertise, and technology to help energy facilities achieve next-level power plant performance. GSE’s advanced Engineering and Workforce Solutions divisions offer highly specialized training, engineering design, program compliance, simulation, and technical staffing that reduce risk and optimize plant operations. With more than 1,100 installations and hundreds of customers in over 50 countries, GSE delivers operational excellence. www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Contact
Investor Contact
Ravi Khanna
Lytham Partners
Chief Executive Officer
Adam Lowensteiner, Vice President
GSE Systems, Inc.
(646) 829-9702
(410) 970-7800
GSE SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months ended
Six Months ended
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
GSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
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)
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
EBITDA and Adjusted EBITDA Reconciliation (in thousands)
References to “EBITDA” mean net (loss) income, before considering interest expense, expense (benefit) from provision for income taxes, depreciation and amortization. References to Adjusted EBITDA excludes stock-based compensation expense and the impact of the change in fair value of derivative instruments. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP. Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other U.S. GAAP measures, are useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with U.S. GAAP. A reconciliation of non-U.S. GAAP EBITDA and Adjusted EBITDA to the most directly comparable U.S. GAAP measure in accordance with SEC Regulation G follows:
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)
Adjusted Net Income (Loss) and Adjusted EPS Reconciliation (in thousands, except per share amounts)
References to Adjusted Net Income (Loss) excludes the stock-based compensation expense, the impact of the change in fair value of derivative instruments, and amortization of intangible assets. Adjusted Net Income (Loss) and Adjusted Income (Loss) per Share (adjusted EPS) are not measures of financial performance under U.S. GAAP. Management believes Adjusted Net Income (Loss) and Adjusted Income (Loss) per Share, in addition to other U.S. GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period, such as stock-based compensation expense. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with U.S. GAAP. A reconciliation of non-U.S. GAAP Adjusted Net Income (Loss) and Adjusted Income (Loss) per common Share to U.S. GAAP net loss, the most directly comparable U.S. GAAP financial measure, is as follows:
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
(1) During the three and six months ended June 30, 2024, we reported a U.S. GAAP net loss and an adjusted net income (loss). Accordingly, there were no dilutive shares from RSUs or other dilutive instruments that are included in the adjusted net income (loss) per share calculation, as all shares were considered anti-dilutive when calculating the net loss per share. During the three and six months ended June 30, 2023 we reported a U.S. GAAP net income and an adjusted net loss. Accordingly, there were no dilutive shares from RSUs or other dilutive instruments that are included in the adjusted net loss per share calculation, as all shares were considered anti-dilutive when calculating the net loss per share.
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SOURCE GSE Systems, Inc.
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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365
Published
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May 9, 2026By
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Best Accounting Software for Medium-Sized Business UK
QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.
Growing Demand for Scalable Financial Systems in the UK Mid-Market
Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.
Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.
QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.
QuickBooks Positioned as a Scalable Financial Platform
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The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.
Financial Visibility, Automation, and Operational Control
One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.
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Integration, Compliance, and System Connectivity
QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.
Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.
By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.
Operational Impact and Long-Term Financial Structure
As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.
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Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.
The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.
As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.
To read the full review, please visit the Consumer365 website.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.
Disclaimer
Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.
General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.
Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.
SOURCE Consumer365.org
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Published
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LOS ANGELES, May 9, 2026 /PRNewswire/ —
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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT
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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.
While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.
According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.
This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.
BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.
The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.
The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.
View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html
SOURCE BitradeX Capital
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