CSPI

MKT CAP:$97M

CSP Inc.

Market Cap

$97M

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$9.28-$2.66 (-22.28%)

Apr 20, 2026

Company Details

CSP Inc. develops and markets IT integration solutions, security products, managed IT services, purpose built network adapters, and cluster computer systems for commercial and defense customers worldwide. It operates in two segments, Techno...

CEO

Victor J. Dellovo

IPO Date

Jan 29, 1982

Website

www.cspi.com

Key Metrics TTM

Revenue

$55M

-0.8% YoY

Net Income

-$472.0K

EPS (Diluted)

-$0.05

Free Cash Flow

-$3M

Revenue / Share

$5.84

Gross Margin

33.9%

Operating Margin

-5.2%

Net Margin

-0.9%

FCF Margin

-5.1%

P/S

1.8x

P/E

—

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 12, 2026

$12M-23.2%EPS $0.01

FY 2025

Dec 16, 2025

$59M+6.4%EPS -$0.01

Q4 2025

Dec 16, 2025

$14M+11.0%EPS -$0.02

Q3 2025

Aug 14, 2025

$15M+17.9%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$12M	$4M	-$24.0K
Q3 22	$13M	$5M	$19.0K
Q4 22	$17M	$6M	$361.0K
Q1 23	$18M	$6M	$1M
Q2 23	$13M	$5M	$237.0K
Q3 23	$18M	$6M	$575.0K
Q4 23	$15M	$5M	-$306.0K
Q1 24	$15M	$4M	-$343.0K
Q2 24	$14M	$6M	$1M
Q3 24	$13M	$5M	-$720.0K
Q4 24	$13M	$4M	-$2M
Q1 25	$16M	$5M	-$354.0K
Q2 25	$13M	$4M	-$994.0K
Q3 25	$15M	$4M	-$1M
Q4 25	$14M	$5M	-$538.0K
Q1 26	$12M	$5M	-$112.0K

Valuation

Quarter	P/S	P/E
Q2 22	2.0x	527.0x
Q3 22	2.0x	75.5x
Q4 22	1.8x	51.6x
Q1 23	1.6x	30.3x
Q2 23	1.6x	28.8x
Q3 23	1.5x	18.7x
Q4 23	1.5x	18.7x
Q1 24	1.6x	23.4x
Q2 24	1.6x	17.9x
Q3 24	1.7x	35.6x
Q4 24	1.8x	—
Q1 25	1.8x	445.2x
Q2 25	1.8x	—
Q3 25	1.7x	—
Q4 25	1.7x	—
Q1 26	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$2M	$1M
Q3 22	-$1M	-$1M
Q4 22	$2M	$2M
Q1 23	-$4M	-$4M
Q2 23	-$298.0K	-$435.0K
Q3 23	-$422.0K	-$456.0K
Q4 23	$9M	$9M
Q1 24	$2M	$2M
Q2 24	$2M	$2M
Q3 24	$2M	$2M
Q4 24	-$2M	-$2M
Q1 25	$2M	$2M
Q2 25	$2M	$2M
Q3 25	-$3M	-$3M
Q4 25	$2M	$2M
Q1 26	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q2 22	$58.0K
Q3 22	$28.0K
Q4 22	$11.0K
Q1 23	$95.0K
Q2 23	$137.0K
Q3 23	$34.0K
Q4 23	$11.0K
Q1 24	$126.0K
Q2 24	$14.0K
Q3 24	$45.0K
Q4 24	$21.0K
Q1 25	$47.0K
Q2 25	$7.0K
Q3 25	$66.0K
Q4 25	$254.0K
Q1 26	$105.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-15.0%	-15.5%
Q3 22	-2.9%	-5.5%
Q4 22	+66.7%	+57.6%
Q1 23	+48.3%	+33.0%
Q2 23	+10.8%	+8.6%
Q3 23	+32.9%	+28.8%
Q4 23	-8.1%	-4.2%
Q1 24	-16.2%	-7.4%
Q2 24	+3.3%	-4.3%
Q3 24	-26.0%	-19.3%
Q4 24	-15.0%	-3.6%
Q1 25	+1.9%	+1.9%
Q2 25	-4.1%	+13.4%
Q3 25	+17.9%	+20.6%
Q4 25	+11.0%	-0.5%
Q1 26	-23.2%	-24.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$247.0K	2.1%
Q3 22	$254.0K	1.9%
Q4 22	$253.0K	1.5%
Q1 23	$259.0K	1.4%
Q2 23	$280.0K	2.1%
Q3 23	$293.0K	1.7%
Q4 23	$295.0K	1.9%
Q1 24	$296.0K	1.9%
Q2 24	$409.0K	3.0%
Q3 24	$429.0K	3.3%
Q4 24	$445.0K	3.4%
Q1 25	$507.0K	3.2%
Q2 25	$448.0K	3.4%
Q3 25	$403.0K	2.6%
Q4 25	$411.0K	2.8%
Q1 26	$463.0K	3.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$717.0K	$4M
Q3 22	$884.0K	$4M
Q4 22	$856.0K	$5M
Q1 23	$836.0K	$4M
Q2 23	$858.0K	$4M
Q3 23	$741.0K	$5M
Q4 23	$705.0K	$5M
Q1 24	$700.0K	$4M
Q2 24	$726.0K	$5M
Q3 24	$737.0K	$5M
Q4 24	$793.0K	$5M
Q1 25	$786.0K	$4M
Q2 25	$763.0K	$4M
Q3 25	$791.0K	$5M
Q4 25	$910.0K	$5M
Q1 26	$858.0K	$4M

Revenue Segments

Quarter	Systems Segment	Technology Solutions Segment	Product	Service
Q2 22	$1M	$11M	—	—
Q2 25	—	—	$9M	$5M
Q3 25	—	—	$10M	$5M
Q1 26	—	—	$7M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$20M	$40.0K	$20M
Q3 22	$21M	$25.0K	$21M
Q4 22	$24M	$0	$24M
Q1 23	$20M	$0	$20M
Q2 23	$13M	$4M	$17M
Q3 23	$14M	$2M	$16M
Q4 23	$25M	$0	$25M
Q1 24	$26M	$0	$26M
Q2 24	$27M	$0	$27M
Q3 24	$29M	$0	$29M
Q4 24	$31M	$0	$31M
Q1 25	$31M	$0	$31M
Q2 25	$29M	$0	$29M
Q3 25	$26M	$0	$26M
Q4 25	$27M	$0	$27M
Q1 26	$25M	$0	$25M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	4M	+2.0%	+3.1%
Q3 22	4M	-0.0%	+2.5%
Q4 22	4M	+0.3%	+1.9%
Q1 23	9M	+101.5%	+106.1%
Q2 23	9M	+3.1%	+108.3%
Q3 23	9M	+1.2%	+110.9%
Q4 23	9M	-1.2%	+107.8%
Q1 24	9M	-0.7%	+2.4%
Q2 24	9M	+6.7%	+6.0%
Q3 24	9M	-3.6%	+0.9%
Q4 24	9M	+0.1%	+2.2%
Q1 25	10M	+5.5%	+8.5%
Q2 25	9M	-2.9%	-1.2%
Q3 25	9M	+0.2%	+2.8%
Q4 25	9M	-0.0%	+2.6%
Q1 26	9M	+0.9%	-1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$107.0K	112
Q3 22	$119.0K	112
Q4 22	$142.6K	117
Q1 23	$156.8K	117
Q2 23	$113.4K	117
Q3 23	$151.4K	117
Q4 23	$136.8K	112
Q1 24	$137.3K	112
Q2 24	$122.4K	112
Q3 24	$117.0K	112
Q4 24	$117.4K	111
Q1 25	$141.2K	111
Q2 25	$118.4K	111
Q3 25	$139.2K	111
Q4 25	$117.6K	123
Q1 26	$97.9K	123

Revenue / Employee