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Here are 1-3 brief analogies for One Stop Systems (OSS):

• Super Micro Computer for rugged AI and high-performance computing (HPC) solutions.
• Dell Technologies for specialized, rugged hardware powering AI and analytics at the edge.
• The modern-day Cray Research for high-performance, rugged AI systems.

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One Stop Systems (OSS) primarily sells its high-performance computing (HPC) solutions to other companies and organizations (B2B model), rather than directly to individuals. The company's products, which include GPU-accelerated servers, flash storage arrays, and network appliances, are utilized for demanding applications such as AI, machine learning, data analytics, defense, and media & entertainment.

According to One Stop Systems' public filings (e.g., their 10-K reports), no single customer has accounted for more than 10% of their revenue in recent years. Due to the nature of their business and customer agreements, OSS does not publicly disclose the names of its specific major customer companies. However, their customer base can be broadly categorized into the following types of organizations:

• Original Equipment Manufacturers (OEMs): These are companies that integrate OSS's specialized HPC and storage solutions as components into their own branded systems or products, which they then sell to end-users.
• Government and Defense Contractors/Agencies: Organizations serving the defense, aerospace, and intelligence sectors that require robust, high-performance, and often ruggedized computing solutions for mission-critical applications, including data processing, simulation, and real-time analytics.
• Enterprise and Research Organizations: Businesses and institutions across various industries (including AI, machine learning, data analytics, scientific research, and media & entertainment) that need advanced computing and storage infrastructure to power their complex workloads and data-intensive applications.

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Michael Knowles President & Chief Executive Officer

Michael Knowles was appointed President and Chief Executive Officer of One Stop Systems, Inc. on June 5, 2023. He brings over 30 years of leadership experience in global aerospace and defense markets. Prior to joining OSS, he served as the VP/GM of C5ISR Systems at Curtiss-Wright. Before that, he was the President and General Manager of Cubic Corporation's Mission and Performance Solutions, a global business unit with 2,000 employees and $700 million in revenue, where he drove significant increases in sales, margin percentage, and year-over-year growth in bookings, sales, and EBITDA. His career also includes executive leadership roles at Rockwell Collins and Lockheed Martin. Mr. Knowles is a retired Navy officer and a Naval Test Pilot School graduate. He holds an MBA from George Mason University, an MS in Aerospace Engineering from the Naval Postgraduate School, and a BS in Aerospace Engineering from the U.S. Naval Academy.

Daniel Gabel CFO, Treasurer & Secretary

Daniel Gabel was appointed CFO, Treasurer, and Secretary of One Stop Systems, effective November 11, 2024. He has over 14 years of accounting, financial, and strategic leadership experience within the defense industry. Most recently, Mr. Gabel served as the CFO of CAES' Defense System Division, which is a division of Honeywell. Before CAES, he spent more than 10 years at RTX Corporation (Raytheon) in various finance and accounting roles, including serving as CFO of SEAKR Engineering, a Raytheon subsidiary, from 2021 to 2023. Mr. Gabel earned his Master of Business Administration from Southern Methodist University and a Bachelor of Science in Business Administration from the University of Southern California.

Jim Ison Chief Product Officer

Jim Ison serves as the Chief Product Officer at One Stop Systems.

Fabrizio Sardo Vice President of Operations

Fabrizio Sardo holds the position of Vice President of Operations at One Stop Systems.

Jim Reardon Vice President of Technology

Jim Reardon is the Vice President of Technology at One Stop Systems.

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The key risks to One Stop Systems (OSS) business are:

1. Reliance on Lumpy Government Contracts and Defense Revenue Concentration: One Stop Systems has an increased concentration of revenue from the defense sector and government contracts. This exposes the company to risks associated with contract timing, Department of Defense funding cycles, and potential procurement delays, which can affect revenue outlook in the near and medium term.
2. Execution at Scale and Operational Challenges: As One Stop Systems transitions from being a niche supplier to a strategic systems partner on multimillion-dollar projects, there is a risk of encountering more complex operational issues that the company has not had to manage at this larger scale.
3. Inconsistent Margins and Achieving Consistent Profitability: Despite operational improvements and strong backlog growth, One Stop Systems has experienced inconsistent margins and has been burning cash in some quarters. The company is only just approaching break-even at the EBITDA level, indicating that sustained profitability is still a key challenge.

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The increasing trend of vertical integration and direct provision of complete, "turn-key" high-performance computing (HPC) and artificial intelligence (AI) solutions from major chip and platform developers (such as NVIDIA, Intel, and AMD).

These large players are expanding beyond core chip manufacturing to offer full-stack hardware and software platforms, including pre-configured server systems (e.g., NVIDIA's DGX systems and HGX platforms) and even cloud services. These integrated solutions are designed for optimal performance, ease of deployment, and single-vendor support.

This development poses a clear emerging threat to One Stop Systems (OSS), which specializes in designing and manufacturing custom or semi-custom high-performance computing systems that integrate components from these same chipmakers. As these major players offer increasingly comprehensive and standardized solutions directly to end-users, it can reduce the market demand for specialized third-party system integrators and hardware providers like OSS. Customers, particularly those prioritizing simplicity, single-vendor accountability, and perceived optimal performance, may increasingly opt for solutions directly from the chipmakers, potentially eroding OSS's market share and differentiation in segments where the chipmakers' integrated offerings can meet the demand.

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Expected Drivers of Future Revenue Growth for One Stop Systems (OSS)

Over the next 2-3 years, One Stop Systems (OSS) anticipates several key drivers for revenue growth, primarily centered on its high-performance edge computing solutions for artificial intelligence (AI) and machine learning (ML) applications across diverse markets.

1. Growing Demand for AI and ML Solutions at the Edge: One Stop Systems is well-positioned to capitalize on the increasing demand for rugged, enterprise-class compute solutions that enable AI, ML, and sensor processing at the edge. These solutions are crucial for demanding applications in defense, autonomous trucking and farming, commercial aerospace, and data centers. The company's products bring data center performance to harsh environments, addressing the entire AI workflow from data acquisition to deep learning.
2. Expansion in Defense Contracts and Strategic Partnerships: OSS expects significant revenue growth from new and expanded defense contracts. The company recently secured a record $6.5 million contract for high-performance servers and field-programmable gate array (FPGA) systems for mobile, tactical military environments, and has received renewals for programs like the P-8A Poseidon aircraft and Virginia Class submarines. Collaborations, such as with the U.S. Special Operations Command (USSOCOM) to develop advanced edge AI/ML solutions, further embed OSS within the Department of Defense, creating future growth opportunities in a multi-billion-dollar market. This aligns with the strategy to become an incumbent supplier on next-generation defense platforms.
3. Launch and Growth of New, Higher-Margin Products and Platforms: The introduction of new products and platforms, particularly those with higher margins, is a key growth driver. OSS plans to announce five new edge computing products for defense and commercial applications by the end of 2024 and will launch five new AI products in the first half of 2025, including the "Ponto Reef" PCIe 5.0 expansion system. New proprietary PCIe Gen5 platforms are expected to enhance average selling prices and improve margins starting in 2026.
4. Conversion of a Robust Pipeline into Multi-Year, Predictable Revenue: One Stop Systems is actively converting a substantial pipeline, exceeding $1 billion, into firm orders. Approximately 70% of this pipeline consists of platform and multi-year opportunities, which are expected to generate predictable, recurring revenue and build a strong backlog. Customer-funded development revenue, which grew by 118% in 2024 to $3.7 million, is also anticipated to lead to larger production orders after development phases.
5. Recovery and Increased Industrial Demand in the Bressner Segment: While facing some economic uncertainty in European markets in 2024, the Bressner segment, which serves as a channel for OSS products in Europe and the Middle East, is projected to see recovery and growth in 2025. The third quarter of 2025 demonstrated strong performance for Bressner, with a 31.1% year-over-year revenue increase driven by heightened industrial demand. This segment's rebound will contribute to overall consolidated revenue growth.

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Share Issuance

• One Stop Systems completed a registered direct offering around October 1, 2025, raising approximately $12.5 million in gross proceeds through the sale of 2.5 million shares of common stock at $5.00 per share.
• The proceeds from this offering are intended to fund growth strategies, support expected sales growth, and facilitate mergers and acquisitions for both domestic and international expansion.
• This offering is expected to result in approximately 12% dilution, increasing the total share count to over 24 million.

Outbound Investments

• One Stop Systems plans to use the net proceeds from its October 2025 stock offering for business acceleration, with a specific focus on mergers and acquisitions and overall expansion, both domestically and internationally.
• The company has indicated plans for a disciplined merger and acquisition strategy for 2026.