OSS CEO letter: 4% revenue growth excluding $13.7M legacy revenue; positive adjusted EBITDA in 2023

ONE STOP SYSTEMS, INC.

CEO Mike Knowles (appointed June 2023) highlights transition away from $13.7M low-margin legacy media revenue; ex that, revenue grew 4% YoY.
Maintained positive adjusted EBITDA in 2023 despite revenue shift; achieved DoD facility clearance for classified work.
New 5-year agreement with FLYHT for commercial aerospace data recorder; new relationship with Andretti Racing and Zapata AI.
Expanded defense programs including Army 360 Situational Awareness and Navy P-8; added multiple new U.S. defense and intel customers.
Board adds Vice Admiral (Ret) Michael Dumont, Mitch Herbets, Joseph Manko in 2023; multi-year strategic growth plan being updated.

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