CSP INC /MA/

Listed Company

CSPICIK 0000356037NasdaqNon-AcceleratedSmaller ReportingServices-Computer Integrated Systems DesignMassachusettsFY ends Sep 30

Period

FY 2025

Revenue

$58.73M

Net Income

$-91.0K

Total Assets

$71.16M

Equity

$44.55M

Shares Out

9.91M

Op. Cash Flow

$2.27M

Business

CSP INC /MA/ provides IT integration solutions and cybersecurity and high-performance computing products to commercial and defense customers. It offers IT integration and managed services, cloud services, purpose-built network adapters, high-performance cluster systems, and the ARIA software-defined security suite (including ARIA SDS, ADR, and AZT PROTECT) along with related licenses, support and professional services. The company operates two segments: Technology Solutions (VAR, professional services, managed and cloud services) and High Performance Products (ARIA cybersecurity, Myricom adapters, Multicomputer DSP products). CSPi sells primarily through a direct sales force and channel partners in the U.S. and U.K., serving diverse verticals including defense, healthcare, manufacturing, energy, and finance.

Summary from filing dated 2025-12-16

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total sales	59	55	65	54	49
Total cost of sales	40	36	43	36	33
Gross profit	19	19	22	19	16
Research and development	3	3	3	3	3
Selling, general and administrative	18	18	17	16	15
Total operating expenses	22	21	20	19	18
Operating loss	−3	−2	2	−40,000	−1
Foreign exchange gain (loss)	33,000	−438,000	−581,000	2	−488,000
Interest expense	−357,000	−235,000	—	—	—
Interest income	2	2	1	650,000	575,000
Other income, net	−82,000	79,000	112,000	−3,000	107,000
Total other income, net	1	1	3	2	2
Loss before income taxes	−2	−419,000	5	2	678,000
Income tax benefit	−2	−93,000	−469,000	50,000	444,000
Net loss	−91,000	−326,000	5	2	699,000
Net loss attributable to common shareholders	−91,000	−326,000	5	2	666,000
Net loss per common share - basic (in dollars per share)	−0.01	−0.04	0.56	0.42	0.16
Weighted average common shares outstanding - basic (in shares)	9	9	9	4	4
Net loss per common share - diluted (in dollars per share)	−0.01	−0.04	0.55	0.42	0.16
Weighted average common shares outstanding - diluted (in shares)	9	9	9	4	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	27	31	25	24	20
Accounts receivable, net of allowances of $122 and $147	12	14	—	—	—
Financing receivables, net of allowances of $34 and $12	9	4	7	9	—
Inventories	1	2	3	4	4
Other current assets	3	3	2	7	5
Total current assets	52	55	50	59	49
Property, equipment and improvements, net	539,000	429,000	525,000	647,000	764,000
Operating lease right-of-use assets, net	2	489,000	966,000	1	1
Intangibles, net	69,000	50,000	46,000	10,000	19,000
Financing receivables due after one year, net of allowances of $66 and $25	6	3	4	—	—
Deferred income taxes, net	5	3	2	0	—
Cash surrender value of life insurance	6	6	5	5	4
Pension benefits assets	42,000	2	2	1	0
Other assets	177,000	173,000	119,000	111,000	68,000
Total assets	71	69	66	75	63
Accounts payable and accrued expenses	20	12	11	22	14
Line of credit	903,000	4	2	3	941,000
Deferred revenue and contract liabilities	2	2	2	4	2
Pension and retirement plans	77,000	76,000	98,000	110,000	308,000
Income taxes payable	192,000	182,000	914,000	0	—
Total current liabilities	22	19	16	30	18
Pension and retirement plans	1	1	1	1	4
Operating lease liabilities - noncurrent portion	1	117,000	482,000	623,000	821,000
Income taxes payable	165,000	447,000	513,000	462,000	524,000
Other noncurrent liabilities	2	2	2	3	5
Total liabilities	27	22	20	36	29
Common stock, $.01 par value per share; authorized, 20,000 shares; issued and outstanding 9,906 and 9,776 shares, respectively	99,000	98,000	94,000	46,000	45,000
Additional paid-in capital	25	23	21	19	18
Retained earnings	28	30	15,000	27	25
Accumulated other comprehensive loss	−8	−5	−6	−7	−9
Total shareholders' equity	45	47	46	39	34
Total liabilities and shareholders' equity	71	69	66	75	63

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net income	−91,000	−326,000	5	2	699,000
Depreciation	237,000	292,000	343,000	350,000	379,000
Amortization of intangibles	7,000	6,000	15,000	9,000	9,000
Loss on disposal of fixed assets, net	1,000	1,000	4,000	0	—
Provision (benefit) for credit losses - financing receivables	63,000	−45,000	0	—	—
Provision for credit losses - accounts receivable	25,000	114,000	26,000	−50,000	52,000
Provision for obsolete inventory	182,000	354,000	274,000	130,000	36,000
Amortization of lease right-of-use assets	458,000	496,000	573,000	576,000	648,000
Stock-based compensation expense on restricted stock awards	2	2	1	1	1
Deferred income taxes	−2	−387,000	−2	0	1
Increase in cash surrender value of life insurance	−202,000	−180,000	−130,000	−1	−176,000
Accounts receivable	2	−2	1	—	—
Financing receivables	−8	4	5	—	—
Inventories	669,000	−95,000	2	−517,000	1
Other assets	570,000	−681,000	4	−2	−2
Accounts payable and accrued expenses	7	1	−12	9	6
Operating lease liabilities	−450,000	−485,000	−190,000	−330,000	−661,000
Deferred revenue and contract liabilities	−668,000	273,000	−2	2	946,000
Pension and retirement plans liabilities	−557,000	27,000	−391,000	−167,000	−301,000
Income taxes payable	−272,000	−798,000	967,000	−62,000	−65,000
Other noncurrent liabilities	95,000	−238,000	−1	−2	5
Net cash provided by operating activities	2	4	4	3	2
Life insurance premiums paid	−54,000	−50,000	−64,000	−70,000	−70,000
Additions of intangible assets	−26,000	−10,000	−51,000	0	—
Purchases of property, equipment and improvements	−348,000	−196,000	−226,000	−234,000	−98,000
Net cash used in investing activities	−428,000	−256,000	−341,000	20,000	−166,000
Dividends paid	−1	−1	−656,000	−137,000	0
Net repayments under line-of-credit agreement	−3	3	−2	2	−631,000
Repayments on note payable	0	−427,000	−406,000	−736,000	−332,000
Repurchases of common stock	−869,000	−104,000	−6,000	−174,000	0
Proceeds from issuance of shares under equity compensation plans	286,000	274,000	280,000	239,000	283,000
Net cash used in financing activities	−5	1	−2	1	−954,000
Effects of exchange rate on cash, net	29,000	32,000	70,000	−48,000	−40,000
Net (decrease) increase in Cash and cash equivalents	−3	5	1	4	743,000
Cash paid for income taxes	−446,000	−2	246,000	−233,000	114,000
Cash paid for interest	−137,000	−206,000	313,000	184,000	189,000
Obtaining a right-of-use asset in exchange for a lease liability	2	19,000	392,000	352,000	0
Customer financing for inventory sold (see Note 5 Financing receivables, net for details)	14	5	6	1	16
Vendor financing for inventory purchased (see Note 8 Accounts payable and accrued expenses, and Other noncurrent liabilities for details)	5	3	2	0	—

Filings

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