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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
GSE Systems
GSE Systems (GVP) investor relations material
GSE Systems has been acquired
GSE Systems Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary14 Aug, 2024
Executive summary
Revenue for Q2 2024 was $11.7 million, down 5% year-over-year but up $0.4 million sequentially; six-month revenue was $23.0 million, down 1% year-over-year.
Net loss for Q2 2024 was $0.9 million, improved from $1.5 million loss in Q2 2023; six-month net loss was $2.8 million, improved from $4.4 million loss in 2023.
Gross profit margin increased to 31.3% in Q2 2024 from 26.0% in Q2 2023 and 28.5% in Q1 2024; six-month gross margin rose to 29.9% from 24.1%.
The company entered into a definitive merger agreement to be acquired for $4.10 per share in cash after Q2 2024.
Achieved positive adjusted EBITDA for the first half of 2024 through strong Engineering results and expense management.
Financial highlights
Engineering segment revenue grew 3% in Q2 2024 and 13% for the six months; Workforce Solutions revenue declined 28% in Q2 and 32% for the six months.
Operating income for Q2 2024 was $0.3 million, compared to a loss of $0.8 million in Q2 2023 and $1.5 million loss in Q1 2024.
Adjusted EBITDA for Q2 2024 was $0.6 million, compared to $(0.4) million in Q2 2023 and $(0.4) million in Q1 2024.
Cash, cash equivalents, and restricted cash totaled $2.7 million as of June 30, 2024.
Backlog as of June 30, 2024 was $34.7 million, down from $40.9 million at December 31, 2023.
Outlook and guidance
Management continues to focus on organic growth, cross-selling, and upselling in the nuclear and adjacent clean energy sectors.
The company is aligning operations to current industry spending levels and expects to benefit from future industry investment and government incentives.
Order flow remains respectable but timing of new projects continues to be delayed, reflecting a cautious industry recovery.
Management expects the acquisition to benefit shareholders, customers, and employees.
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Frequently asked questions
GSE Systems, Inc. provides professional and technical engineering and staffing services to the power and process industries in the United States, Asia, Europe and internationally. Our expertise includes operator training, program development, facility design, safety engineering, computer simulation and other support. The company was founded in 1971 and is headquartered in Columbia, Maryland.