---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-016903"
form_type: "8-K"
ticker: null
cik: "0000944480"
company_name: "GSE SYSTEMS INC"
filed_at: "2024-04-01T23:59:59+00:00"
generated_at: "2026-06-04T05:09:35.340219+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# GSE Systems reports Q4 revenue down 6% YoY to $10.2M; FY23 net loss $8.7M, backlog $34.5M

## Summary
- Q4 2023 revenue $10.2M (down 6% YoY); net loss $2.3M or $0.82 per share vs loss $1.5M or $0.68 in Q4 2022.
- Full-year 2023 revenue $45.0M (down 5.6% from $47.7M); net loss $8.7M ($3.51 per share) improved vs $15.3M ($7.18) in 2022.
- Adjusted EBITDA improved to -$2.0M in FY23 from -$3.5M in FY22; Q4 adjusted EBITDA -$0.1M vs -$0.4M.
- Engineering new orders surged 70.9% to $37.6M; total new orders $47.3M, up 19.5%. Backlog $34.5M at year-end.
- Post-year-end: $6.3M contract renewal (10.7% increase) and $0.9M first year of $4.3M four-year agreement.

## SEC filing metadata
- accession: 0001140361-24-016903
- form_type: 8-K
- cik: 0000944480
- company_name: GSE SYSTEMS INC
- filed_at: 2024-04-01T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/0001140361-24-016903-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/ef20025606_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-016903
- JSON: https://secwatch.observer/filing/0001140361-24-016903.json
- Plain text: https://secwatch.observer/filing/0001140361-24-016903.txt

## Key facts
- Earnings Releases
  GSE SYSTEMS INC reported fiscal year ended December 31, 2023 results: revenue $45.0 million.
  - Period: fiscal year ended December 31, 2023
  - Revenue: $45.0 million
  - Result: reported results
  source text: Revenue in 2023 was $45.0 million a decrease of 5.6% compared to $47.7 million in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/0001140361-24-016903-index.htm
- Earnings Releases
  GSE SYSTEMS INC reported fourth quarter ended December 31, 2023 results: revenue $10.2 million, net income $(2.3) million, EPS $(0.82) per basic and diluted share.
  - Period: fourth quarter ended December 31, 2023
  - Revenue: $10.2 million
  - Net income: $(2.3) million
  - EPS: $(0.82) per basic and diluted share
  - Result: reported results
  source text: corporate debt, while maintaining our cash position which improved in the quarter as a result of the cost saving measures.” Q4 2023 FINANCIAL RESULTS Revenue during Q4 2023 was $10.2 million, a decrease of 12.0% compared to revenue of $11.6 million in Q3 2023, and a decrease of 6.0% revenue from $10.8 million in Q4 2022. The year-over-year decrease of $0.6 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/0001140361-24-016903-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.