The following is a summary of the GSE Systems, Inc. (GVP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GSE Systems reported new orders valued at $14.6 million, up from $7.3 million in the previous quarter.

• Revenue for Q1 2024 was $11.3 million, a sequential increase compared to both Q4 2023 and Q1 2023.

• Gross profit margin rose to 28.5% with a significant contribution from the Engineering Services division with its excellent 33.3% gross profit.

• Net loss for Q1 2024 stands at $2 million, an improvement from the $3 million loss from the same period the previous year.

• GSE targets quarterly expenses within the range of $3.5 million to $4 million, with a strategic goal of paying back its $1.8 million debt by May 2025.

Business Progress:

• The company is making strategic shifts towards extending the operational lifetimes of existing nuclear facilities.

• The Engineering Services division secured solid order bookings worth $12.1 million despite market fluctuations.

• GSE secured a major order involving simulation support for a US government engineering laboratory and a substantial order from a nuclear services company.

• The company is preparing to work with many more SMR developers in the coming years.

• The company aims to become a leaner operation, focusing on higher margin business and long-term benefits from improving market environments.

• GSE is forging collaborations to offer an integrated suite of its technology and engineering services to clients.

• CEO Ravi Khanna envisages a future where the company's deep engineering expertise aligns with technology initiatives such as digital upgrades for power plants.

• GSE will participate in the upcoming Lytham Partners Spring 2024 Investor Conference on May 30.

More details: GSE Systems IR

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