secwatch.observer — SEC 8-K summary
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Issuer:     GSE SYSTEMS INC (—)
CIK:        0000944480
Form:       8-K
Filed at:   2024-04-01T23:59:59+00:00
Accession:  0001140361-24-016903
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/0001140361-24-016903-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944480/000114036124016903/ef20025606_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-016903

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