CSP Inc. Q1 revenue up 9% to $12.4M but net loss of $366K vs. prior-year profit

CSP INC /MA/

2022-Q1 EPS reported -$0.09 revenue$12,369,000

Revenue $12.4M (+9% YoY); services revenue grew 22% YoY.
Net loss $(366K) or $(0.09) diluted share vs. net income $1.2M ($0.26) in Q1 2021 which included $2.2M PPP loan gain.
Gross margin 29.2% vs. 29.7% a year ago; backlog exceeds $15M due to supply chain delays.
Stock repurchase program reactivated on Dec 29, 2021 for up to 194K shares; no purchases in Q1.
Cash and equivalents $19.3M as of Dec 31, 2021; management believes sufficient for growth strategy.

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