One Stop Systems, Inc. (NASDAQ:OSS) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET
Company Participants
Mike Knowles - President & Chief Executive Officer
John Morrison - Chief Financial Officer
Conference Call Participants
Max Michaelis - Lake Street Capital Markets, LLC
Joe Gomes - Noble Capital
Operator
Good day everyone, and welcome to today's One Stop Systems 2024, Quarter One Conference Call and Webcast. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session.
[Operator instructions]. Please note this call is being recorded. I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to President and CEO Mr. Mike Knowles. Please go ahead, Sir.
Mike Knowles
Thank you Jennifer. Good afternoon everyone, and thank you for joining today's call. Since I joined the company as CEO, almost a year ago, we have focused on transitioning our business away from legacy media and niche enterprise customers to pursue emerging opportunities within large and growing defense and commercial markets.
As early adopters of applications that will utilize artificial intelligence or AI, machine learning or ML and sensor processing at the edge, we believe defense and commercial markets support significant opportunities for the company's market leading rugged enterprise class compute products.
I've also had the opportunity to engage with current and prospective customers and continually hear positive feedback on the value of OSS's products as well as our engineering and support capabilities. I continue to believe our existing products and future road map align extremely well with the growing market trends and technology adoption with strong product offerings. Our efforts over the past twelve months have focused on building a team of proven sales, business development and program management associates.
This first phase of our transformation created the necessary infrastructure to identify new opportunities and rebuild our sales pipeline to serve new defense and commercial applications and customers. I'm extremely pleased with the progress we have made throughout my first year at OSS as we have assembled a strong sales organization, expanded our five year unfactored pipeline to over $1 billion, and entered new multi-year and large scale platform based sales opportunities with new and existing customers.
In addition, approximately 70% of our current pipeline is comprised of platform opportunities, which we believe will help contribute predictable multi-year revenue and backlog to OSS. We have also pursued a second phase of our transformation aimed at creating a growth focused, multiyear strategic plan. Our new strategic plan was presented to our board of directors in early May and we are now incorporating their feedback. Once our plan is finalized in the next month or two, we plan on including the growth strategies we are pursuing to achieve our five year financial targets.