---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-026236"
form_type: "8-K"
ticker: null
cik: "0000944480"
company_name: "GSE SYSTEMS INC"
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-02T00:05:52.087309+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# GSE Systems Q1 revenue $11.3M (+3.8% YoY), net loss narrows to $2.0M; appoints new CEO Ravi Khanna

## Summary
- Revenue $11.3M, +3.8% YoY; gross profit margin 28.5% (22.0% Q1 2023, 25.5% Q4 2023).
- Net loss $(2.0)M ($0.63/share) vs $(3.0)M ($1.29) in Q1 2023; adjusted net loss $(1.1)M ($0.35).
- Orders $14.6M, down 24% YoY from $19.1M; backlog $37.7M at March 31, 2024.
- Ravi Khanna appointed President and CEO; Damian DeLongchamp appointed COO subsequent to quarter-end.
- Awarded $0.8M order for 24-month fuel cycle extension engineering services.

## SEC filing metadata
- accession: 0001140361-24-026236
- form_type: 8-K
- cik: 0000944480
- company_name: GSE SYSTEMS INC
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/944480/000114036124026236/0001140361-24-026236-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/944480/000114036124026236/ef20029127_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-026236
- JSON: https://secwatch.observer/filing/0001140361-24-026236.json
- Plain text: https://secwatch.observer/filing/0001140361-24-026236.txt

## Key facts
- Earnings Releases
  GSE SYSTEMS INC reported first quarter ended March 31, 2024 results: revenue $11.3 million, net income $(2.0) million, EPS $(0.63) per basic and diluted share.
  - Period: first quarter ended March 31, 2024
  - Revenue: $11.3 million
  - Net income: $(2.0) million
  - EPS: $(0.63) per basic and diluted share
  - Result: reported results
  source text: of the power industry, today announced its financial results for the first quarter (“Q1”) ended March 31, 2024. Q1 2024 Highlights • The Company reports revenue in Q1 2024 of $11.3 million, up 3.8% from $10.9 million in Q1 2023 and up 10.5% from $10.2 million in Q4 2023. • Engineering revenue reported 26% increase in Q1 2024 to $8.7 million, up from $6.9 million in
  evidence_url: https://www.sec.gov/Archives/edgar/data/944480/000114036124026236/0001140361-24-026236-index.htm

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