One Stop Systems, Inc. (NASDAQ:OSS) Q2 2024 Results Conference Call August 8, 2024 5:00 PM ET

Company Participants

Mike Knowles - Chief Executive Officer
John Morrison - Chief Financial Officer

Conference Call Participants

Tony Felling - Lake Street Capital
Brian Kinstlinger - AGP

Operator

Good day, and. welcome to the One Stop Systems second quarter 2024 Conference Call and Webcast. At this time, all participants are in a listen-only mode. Later you will have opportunity to ask questions. During the question-and-answer session. As a reminder, this conference is being recorded.

As part of the discussion today, the representatives of OSS will be making certain forward-looking statements regarding the company's future financial and operating results as well as their business plans, objectives and expectations. These statements are based on the company's current beliefs and expectations. And should not be regarded as a representation of OSS, that any of these plans or expectations will be achieved.

Please be advised that these forward-looking statements are covered under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. And that OSS desires to avail itself to the protections of the safe harbor for these statements.

Please also be advised that the actual results could differ materially from those stated or implied by the forward-looking statements due to certain risks and uncertainties including those described in the company's most recent annual report from Form 10-K, subsequent quarterly reports on Form 10-Q and the recent press releases. These three is reports and the future filings that OSS will be making with the SEC. OSS disclaims any duty to update or revise its forward-looking statements except as required by the applicable law.

It is now my pleasure to turn the conference over to OSS President and CEO, Mr. Mike Knowles. Please go ahead, sir.

Mike Knowles

Thank you, John. Good afternoon, everyone, and thank you for joining today's call. I'm pleased with the progress we made during the 2024, second quarter as we continue transitioning our business to pursue emerging opportunities within large and growing defense and commercial markets. Second quarter performance was aligned with our plan as we continue to pursue opportunities in AI, machine learning and edge computing.

Highlights for the 2024 second quarter include: Positive segment orders; which have outpaced quarterly revenue in three of the last four quarters; sequential revenue growth of 4.3%, expanded customer development revenue; and year-over-year OSS segment revenue growth of 8.3% as adjusted to exclude revenue attributable to a former media customer.