Detailed financial statements for CSP Inc. (CSPI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
CSP Inc. is a global technology company specializing in the development and distribution of a diverse array of information technology offerings. These include integrated IT solutions, advanced security products, comprehensive managed IT services, specialized network adapters, and high-performance cluster computing systems, serving both commercial enterprises and defense sectors worldwide.
Analysis Summary
CSP Inc. reported revenue of $58.7M in the most recent fiscal year, growing at a 5-year CAGR of -1.0%.
Trailing-twelve-month margins: gross margin 33.1%, operating margin -5.3%, net margin -1.2%. Free cash flow grew at 166.8% CAGR over 5 years.
At the current price of $7.68, CSPI has negative trailing earnings (P/E not meaningful) and an ROE of -1.53%. Market capitalisation stands at $77M.
Balance sheet quality for CSPI: current ratio of 2.4, net cash position of $24.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $103.4M | $111.5M | $72.9M | $79.1M | $61.8M | $49.2M | $54.4M | $64.6M | $55.2M | $58.7M |
| Cost of Revenue | $78.3M | $86.0M | $54.5M | $61.0M | $44.6M | $33.1M | $35.5M | $42.7M | $36.4M | $40.2M |
| Gross Profit | $25.0M | $25.5M | $18.4M | $18.0M | $17.2M | $16.1M | $18.8M | $21.9M | $18.9M | $18.5M |
| Research & Development | $3.0M | $2.4M | $3.3M | $2.8M | $2.8M | $2.9M | $3.1M | $3.1M | $3.0M | $3.2M |
| Selling, General & Admin | $18.3M | $19.4M | $16.7M | $16.1M | $15.8M | $14.6M | $15.8M | $16.9M | $17.8M | $18.4M |
| Operating Expenses | $21.2M | $21.7M | $20.0M | $18.9M | $18.6M | $17.5M | $18.9M | $20.1M | $20.7M | $21.6M |
| Operating Income | $3.8M | $3.8M | -$1.6M | -$826000 | -$1.4M | -$1.4M | -$40000 | $1.9M | -$1.9M | -$3.1M |
| EBITDA | $4.4M | $3.9M | -$396000 | $73000 | $271000 | $2.1M | $3.2M | $5.9M | $610000 | -$602000 |
| Interest Expense | $87000 | $73000 | $85000 | $99000 | $228000 | $350000 | $360000 | $262000 | $235000 | $357000 |
| Pre-tax Income | $3.6M | $3.8M | -$1.1M | -$442000 | -$1.1M | $678000 | $1.9M | $4.7M | -$419000 | -$1.7M |
| Income Tax | $996000 | $1.3M | $882000 | -$71000 | $384000 | $444000 | $50000 | -$469000 | -$93000 | -$1.6M |
| Net Income | $2.6M | $2.5M | $14.4M | -$371000 | -$1.4M | $699000 | $1.9M | $5.2M | -$326000 | -$91000 |
| EPS | $0.69 | $0.64 | $3.78 | $-0.09 | $-0.36 | $0.06 | $0.21 | $0.56 | $-0.04 | $-0.01 |
| EPS (Diluted) | $0.67 | $0.63 | $3.70 | $-0.09 | $-0.35 | $0.06 | $0.21 | $0.55 | $-0.04 | $-0.01 |
| Shares Outstanding (Diluted) | $3.7M | $3.8M | $3.9M | $4.1M | $4.1M | $4.2M | $8.6M | $8.9M | $9.0M | $9.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $14.5M | $12.0M | $16.0M | $14.4M |
| Gross Profit | $5.3M | $4.7M | $4.5M | $4.3M |
| Operating Income | -$538000 | -$112000 | -$851000 | -$1.5M |
| EBITDA | $39000 | $664000 | $35000 | -$1.5M |
| Net Income | -$191000 | $91000 | $264000 | -$846000 |
| EPS | $-0.02 | $0.01 | $0.03 | $-0.09 |
| EPS (Diluted) | $-0.02 | $0.01 | $0.03 | $-0.09 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $13.1M | $13.9M | $25.1M | $18.1M | $19.3M | $20.0M | $24.0M | $25.2M | $30.6M | $27.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $68000 | $17000 | 0 | 0 | 0 |
| Receivables | $19.6M | $18.4M | $13.4M | $16.1M | $14.7M | $18.7M | $23.0M | $20.1M | $18.9M | $20.9M |
| Inventory | $6.1M | $6.0M | $7.6M | $7.8M | $5.3M | $4.0M | $4.4M | $2.5M | $2.3M | $1.4M |
| Total Current Assets | $41.8M | $51.7M | $48.4M | $46.5M | $41.6M | $49.0M | $59.5M | $50.4M | $54.8M | $52.3M |
| Property, Plant & Equipment | $1.7M | $1.5M | $847000 | $1.3M | $3.1M | $2.1M | $1.8M | $1.5M | $918000 | $2.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $287000 | $167000 | $48000 | $37000 | $28000 | $19000 | $10000 | $46000 | $50000 | $69000 |
| Total Assets | $48.7M | $58.9M | $55.3M | $59.4M | $53.6M | $63.0M | $75.1M | $65.9M | $69.4M | $71.2M |
| Accounts Payable | $7.5M | $8.1M | $4.5M | $13.5M | $5.6M | $11.3M | $19.2M | $6.7M | $9.3M | $16.6M |
| Short-term Debt | 0 | $3.1M | $3.2M | $2.8M | $3.2M | $1.7M | $3.6M | $2.0M | $4.2M | $903000 |
| Total Current Liabilities | $30.8M | $37.8M | $14.1M | $20.0M | $13.0M | $17.8M | $30.2M | $15.7M | $18.7M | $22.2M |
| Long-term Debt | 0 | 0 | 0 | $684000 | $2.5M | $876000 | $449000 | 0 | 0 | 0 |
| Total Liabilities | $31.1M | $37.9M | $21.5M | $28.9M | $24.1M | $28.9M | $36.1M | $19.8M | $22.2M | $26.6M |
| Retained Earnings | $16.6M | $17.4M | $29.9M | $27.2M | $24.5M | $25.2M | $26.8M | $31.3M | $29.8M | $27.7M |
| Total Equity | $17.7M | $21.0M | $33.8M | $30.4M | $29.5M | $34.0M | $39.0M | $46.1M | $47.3M | $44.6M |
| Total Debt | 0 | $3.1M | $3.2M | $3.5M | $8.0M | $4.0M | $5.2M | $2.9M | $4.7M | $2.6M |
| Net Debt | -$13.1M | -$10.8M | -$21.9M | -$14.6M | -$11.2M | -$16.0M | -$18.8M | -$22.3M | -$25.9M | -$24.8M |
| Working Capital | $11.0M | $13.9M | $34.4M | $26.5M | $28.6M | $31.2M | $29.3M | $34.7M | $36.2M | $30.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $27.4M | $24.9M | $23.1M | $24.7M |
| Total Assets | $71.2M | $69.2M | $70.3M | $70.8M |
| Total Liabilities | $26.6M | $24.3M | $25.3M | $26.5M |
| Total Equity | $44.6M | $44.8M | $45.0M | $44.3M |
| Total Debt | $2.6M | $2.7M | $2.1M | $3.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $2.6M | $2.5M | -$2.4M | -$371000 | -$1.4M | $699000 | $1.9M | $5.2M | -$326000 | -$91000 |
| Depreciation & Amortization | $699000 | $673000 | $625000 | $416000 | $452000 | $388000 | $935000 | $931000 | $794000 | $702000 |
| Stock-based Compensation | $414000 | $577000 | $691000 | $792000 | $982000 | $981000 | $979000 | $1.1M | $1.6M | $1.8M |
| Change in Working Capital | $883000 | -$1.6M | -$832000 | -$4.2M | -$1.6M | -$263000 | $1.7M | -$1.8M | $1.9M | $1.7M |
| Operating Cash Flow | $5.0M | $2.7M | $3.0M | -$3.3M | $244000 | $1.9M | $2.7M | $3.9M | $4.2M | $2.3M |
| Capital Expenditure | -$735000 | -$358000 | -$438000 | -$832000 | -$230000 | -$98000 | -$234000 | -$277000 | -$196000 | -$374000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $2000 | $2000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$280000 | -$46000 | 0 | -$174000 | -$6000 | -$104000 | -$869000 |
| Dividends Paid | -$1.7M | -$1.7M | -$1.9M | -$2.5M | -$1.3M | 0 | -$137000 | -$656000 | -$1.0M | -$1.2M |
| Free Cash Flow | $4.3M | $2.3M | $2.6M | -$4.2M | $14000 | $1.8M | $2.4M | $3.6M | $4.0M | $1.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $1.9M | -$2.9M | -$493000 | $447000 |
| Capital Expenditure | -$254000 | -$105000 | -$14000 | 0 |
| Free Cash Flow | $1.6M | -$3.0M | -$507000 | $447000 |
| Dividends Paid | -$298000 | 0 | -$599000 | -$302000 |
| Stock-based Compensation | $411000 | $463000 | $390000 | $532000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +7.9% | -34.6% | +8.4% | -21.8% | -20.4% | +10.5% | +18.9% | -14.6% | +6.4% |
| Net Income Growth (YoY) | | -3.8% | +476.2% | -102.6% | -289.8% | +148.3% | +170.2% | +175.5% | -106.3% | +72.1% |
| EPS Growth (YoY) | | -7.2% | +490.6% | -102.5% | -288.3% | +115.8% | +270.4% | +166.7% | -106.4% | +72.9% |
| Shares Change (YoY) | | +2.2% | +2.2% | +5.2% | -0.1% | +2.7% | +103.4% | +4.5% | +1.1% | +2.8% |
| FCF Growth (YoY) | | -46.1% | +12.1% | -261.3% | +100.3% | +12792.9% | +35.2% | +48.7% | +10.7% | -52.9% |
| Gross Margin | 24.2% | 22.9% | 25.2% | 22.8% | 27.8% | 32.8% | 34.6% | 33.9% | 34.1% | 31.5% |
| Operating Margin | 3.7% | 3.4% | -2.2% | -1.0% | -2.3% | -2.8% | -0.1% | 2.9% | -3.4% | -5.3% |
| EBITDA Margin | 4.2% | 3.5% | -0.5% | 0.1% | 0.4% | 4.2% | 5.9% | 9.2% | 1.1% | -1.0% |
| Net Margin | 2.5% | 2.2% | 19.8% | -0.5% | -2.3% | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% |
| FCF Margin | 4.1% | 2.1% | 3.5% | -5.3% | 0.0% | 3.7% | 4.5% | 5.6% | 7.3% | 3.2% |
| Effective Tax Rate | 27.7% | 33.9% | -79.7% | 16.1% | -36.2% | 65.5% | 2.6% | -9.9% | 22.2% | 94.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.14 | $0.60 | $0.66 | $-1.01 | $0.00 | $0.43 | $0.29 | $0.41 | $0.44 | $0.20 |
| Dividends Per Share | $0.45 | $0.45 | $0.49 | $0.60 | $0.31 | $0.00 | $0.02 | $0.07 | $0.11 | $0.13 |
| Shares Outstanding (Basic) | $3.6M | $3.7M | $3.8M | $4.0M | $4.1M | $4.1M | $8.5M | $8.8M | $9.0M | $9.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -1.53% |
| Return on Invested Capital | -2.90% |
| Return on Assets | -0.96% |
| Gross Margin | 33.08% |
| Operating Margin | -5.35% |
| Net Margin | -1.20% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 2.40 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 4.16 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 7.42 | 8.64 | 1.77 | -72.38 | -12.00 | 78.66 | 17.14 | 15.62 | -359.83 | -1178.57 |
| P/B | 1.05 | 0.98 | 0.76 | 0.88 | 0.59 | 0.54 | 0.79 | 1.66 | 2.48 | 2.41 |
| P/S | 0.18 | 0.18 | 0.35 | 0.34 | 0.28 | 0.37 | 0.56 | 1.19 | 2.13 | 1.83 |
| Gross Margin | 24.2% | 22.9% | 25.2% | 22.8% | 27.8% | 32.8% | 34.6% | 33.9% | 34.1% | 31.5% |
| Operating Margin | 3.7% | 3.4% | -2.2% | -1.0% | -2.3% | -2.8% | -0.1% | 2.9% | -3.4% | -5.3% |
| Net Margin | 2.5% | 2.2% | 19.8% | -0.5% | -2.3% | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% |