CSP INC /MA/ CSPI
CSP Inc. ("CSPi" or "CSPI" or "the Company" or "we" or "our") was incorporated in 1968 and is based in Lowell, Massachusetts. To meet the diverse requirements of our commercial and defense customers worldwide, CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, cloud services, purpose built network adapters, and high-performance cluster computer systems.
CSPI operates in two segments: Technology Solutions ("TS") and High Performance Products ("HPP").
● The TS segment consists of our wholly-owned Modcomp, Inc. subsidiary, which operates in the United States and the United Kingdom.
The TS segment generates product revenues by reselling third-party computer hardware and software as a value added reseller ("VAR"). The TS segment generates service revenues by the delivery of professional services for complex IT solutions, including advanced security; unified communications and collaboration; wireless and mobility; data center solutions; and network solutions as well as managed IT services ("MSP") that primarily serve the small and mid-sized business market ("SMB").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $58.7M | $55.2M | $64.6M | $54.4M | $49.2M | $61.8M | $79.1M | $72.9M | $88.5M | $103.4M |
| Cost of revenue | $40.2M | $36.4M | $42.7M | $35.5M | $33.1M | $44.6M | $61.0M | $54.5M | $67.1M | $78.3M |
| Gross profit | $18.5M | $18.9M | $21.9M | $18.8M | $16.1M | $17.2M | $18.0M | $18.4M | $21.4M | $25.0M |
| R&D | $3.2M | $3.0M | $3.1M | $3.1M | $2.9M | $2.8M | $2.8M | $3.3M | $2.4M | $3.0M |
| SG&A | $18.4M | $17.8M | $16.9M | $15.8M | $14.6M | $15.8M | $16.1M | $16.7M | $15.7M | $18.3M |
| Total operating expenses | $21.6M | $20.7M | $20.1M | $18.9M | $17.5M | $18.6M | $18.9M | $20.0M | $18.0M | $21.2M |
| Operating income | -$3.1M | -$1.9M | $1.9M | -$40.0K | -$1.4M | -$1.4M | -$826.0K | -$1.6M | $3.4M | $3.8M |
| Interest expense | $357.0K | $235.0K | — | — | — | — | — | — | — | — |
| Pre-tax income | -$1.7M | -$419.0K | $4.7M | $1.9M | $678.0K | -$1.1M | -$442.0K | -$1.1M | $3.4M | $3.6M |
| Income tax | $1.6M | $93.0K | $469.0K | $50.0K | $444.0K | $384.0K | $71.0K | $882.0K | $1.2M | $996.0K |
| Net income | -$91.0K | -$326.0K | $5.2M | $1.9M | $699.0K | -$1.4M | -$371.0K | $14.4M | $2.5M | $2.6M |
| EPS, basic | -0.01 | -0.04 | 0.56 | 0.42 | 0.16 | -0.36 | -0.09 | 3.62 | 0.64 | 0.69 |
| EPS, diluted | -0.01 | -0.04 | 0.55 | 0.42 | 0.16 | -0.36 | -0.09 | 3.55 | 0.63 | 0.67 |
| Shares, diluted (wtd. avg.) | $9.3M | $9.0M | $8.9M | $4.3M | $4.2M | $4.0M | $3.9M | $3.9M | $3.8M | $3.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.4M | $30.6M | $25.2M | $24.0M | $20.0M | $19.3M | $18.1M | $25.1M | $10.4M | $13.1M |
| Receivables | $12.0M | $14.5M | $67.0K | — | — | — | — | $12.0M | $17.7M | $19.0M |
| Inventory | $1.4M | $2.3M | $2.5M | $4.4M | $4.0M | $5.3M | $7.8M | $7.6M | $5.6M | $5.6M |
| Total current assets | $52.3M | $54.8M | $50.4M | $59.5M | $49.0M | $41.6M | $46.5M | $48.4M | $50.3M | $41.8M |
| Property, plant and equipment | $539.0K | $429.0K | $525.0K | $647.0K | $764.0K | $1.0M | $1.3M | $847.0K | $919.0K | $1.7M |
| Other intangibles | $69.0K | $50.0K | $46.0K | $10.0K | $19.0K | $28.0K | $37.0K | $48.0K | $167.0K | $287.0K |
| Total assets | $71.2M | $69.4M | $65.9M | $75.1M | $63.0M | $53.6M | $59.4M | $55.3M | $58.9M | $48.7M |
| Accounts payable | $13.5M | $7.0M | $5.1M | $19.2M | $11.3M | $5.6M | $13.5M | $4.5M | $8.1M | $4.4M |
| Short-term debt | — | — | — | — | — | — | — | $3.2M | $3.1M | $3.2M |
| Total current liabilities | $22.2M | $18.7M | $15.7M | $30.2M | $17.8M | $13.0M | $20.0M | $14.1M | $26.0M | $17.4M |
| Total liabilities | $26.6M | $22.2M | $19.8M | $36.1M | $28.9M | $24.1M | $28.9M | $21.5M | $37.9M | $31.1M |
| Retained earnings | $27.7M | $29.8M | $31.3M | $26.8M | $25.2M | $24.5M | $27.2M | $29.9M | $17.4M | $16.6M |
| Total equity | $44.6M | $47.3M | $46.1M | $39.0M | $34.0M | $29.5M | $30.4M | $33.8M | $21.0M | $17.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3M | $4.2M | $3.9M | $2.7M | $1.9M | $244.0K | -$3.3M | $2.9M | $2.7M | $5.0M |
| Depreciation and amortisation | $237.0K | $292.0K | $343.0K | $350.0K | $379.0K | $443.0K | $405.0K | $506.0K | $365.0K | $570.0K |
| Stock-based compensation | $1.8M | $1.6M | $1.1M | $979.0K | $981.0K | $982.0K | $792.0K | $691.0K | $577.0K | $414.0K |
| Capital expenditure | $348.0K | $196.0K | $226.0K | $234.0K | $98.0K | $230.0K | $832.0K | $438.0K | $207.0K | $735.0K |
| Investing cash flow | -$428.0K | -$256.0K | -$341.0K | $20.0K | -$166.0K | -$345.0K | -$976.0K | $13.6M | -$508.0K | -$896.0K |
| Financing cash flow | -$5.0M | $1.4M | -$2.4M | $1.3M | -$954.0K | $832.0K | -$2.2M | -$1.6M | -$1.5M | -$1.4M |
| Dividends paid | $1.2M | $1.0M | $656.0K | $137.0K | $0 | $1.3M | $2.5M | $1.9M | $1.7M | $1.7M |
| Buybacks | $869.0K | $104.0K | $6.0K | $174.0K | $0 | $46.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000356037-25-000065.
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