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CSP Inc. ("CSPi" or "CSPI" or "the Company" or "we" or "our") was incorporated in 1968 and is based in Lowell, Massachusetts. To meet the diverse requirements of our commercial and defense customers worldwide, CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, cloud services, purpose built network adapters, and high-performanc…
The business is unprofitable at the operating level (-5.30% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 6.2%, steady but not accelerating. Free cash flow declined 52% despite revenue growth, conversion is weakening.
Free cash flow declined 52% versus the prior year, cash generation momentum has weakened. ROIC dropped from -3.10% to -5.23%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$58M
▲ +6.2% YoY
Net Income (TTM)
-$100K
▲ +72.1% YoY
Op. Margin
-4.71%
▼ -1.9pp YoY
ROIC
-4.62%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -52.2% YoY
Op. Cash Flow (TTM)
-$5M
▼ -46.2% YoY
Net Debt
-$22M
Net Cash Position
Cash & Equiv.
$23M
5Y CAGR: -1.0%
5Y CAGR: +167.6%
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