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

• It's like Dell for high-performance edge computing.

• Think of them as building the specialized systems that bring Nvidia's powerful GPUs to the 'edge'.

• They are like a ruggedized HP or Dell, but for specialized industrial, governmental, and military computing at the edge.

• Custom Servers: Tailored computing servers designed for specific high-performance computing needs.
• Data Acquisition Platforms: Systems built to collect and process data from various sources, often for real-time analysis at the edge.
• Compute Accelerators: Hardware components, often leveraging GPUs, to significantly speed up complex computational tasks.
• Solid-State Storage Arrays: High-performance storage systems utilizing solid-state flash technology for rapid data access and reliability.
• PCIe Expansion Products: Devices that extend the connectivity and capabilities of a system by adding more PCIe slots or specialized cards.
• System I/O Expansion Systems: Solutions that enhance a computer's input/output capabilities for increased connectivity and peripheral support.
• Edge Optimized Industrial and Panel PCs: Specialized computers designed to operate reliably in harsh industrial environments and edge computing deployments.
• Ruggedized Mobile Tablets and Handhelds: Durable portable devices built to withstand challenging environmental conditions for field or mobile operations.

One Stop Systems (OSS) sells its products primarily to other companies and organizations, rather than individuals.

Based on the provided background information, specific names of major customer companies are not listed. However, the company describes its customer base by category:

• Multinational companies
• Governmental agencies
• Military contractors
• Technology providers

Mike Knowles President and Chief Executive Officer

Mike Knowles was appointed President and CEO of One Stop Systems on June 5, 2023. He brings over 30 years of leadership experience in global aerospace and defense markets. Prior to joining OSS, he held executive leadership positions at prominent defense contractors including Cubic Corporation, Rockwell Collins, Lockheed Martin, and Curtiss-Wright Defense Solutions. Notably, as President and General Manager of Cubic Corporation's Mission and Performance Solutions business, he managed a global business unit of 2,000 employees with revenues of $700 million. Knowles is a retired Navy officer and a graduate of the U.S. Naval Test Pilot School. He holds a Bachelor of Science in Aerospace Engineering from the U.S. Naval Academy, a Master of Science in Aerospace Engineering from the Naval Postgraduate School, and an MBA from George Mason University.

Daniel Gabel Chief Financial Officer

Daniel Gabel was appointed Chief Financial Officer, Treasurer, and Secretary of One Stop Systems, effective November 11, 2024. He possesses over 14 years of accounting, financial, and strategic leadership experience within the defense industry. Before his role at OSS, Gabel served as CFO of CAES' Defense System Division, a division of Honeywell. He also spent more than 10 years at RTX Corporation (Raytheon), where his roles included serving as CFO of SEAKR Engineering, a Raytheon subsidiary, from 2021 to 2023. Gabel earned an MBA from Southern Methodist University and a Bachelor of Science in Business Administration from the University of Southern California.

Steve Cooper Co-founder and Director

Steve Cooper co-founded One Stop Systems in 1998. He served as the company's chief executive officer, president, and chairman of the board of directors since its inception. While no longer CEO, he currently serves as a Director. Cooper has over 39 years of experience in leading high-technology, high-growth businesses. His career began with roles in sales, marketing, and technology at Intel and RadiSys. He is credited with authoring and publishing more than 30 articles and technical conference papers. He holds a Bachelor of Science in electrical engineering from the University of California at Santa Barbara.

Key Business Risks for One Stop Systems (OSS)

1. Customer Concentration: One Stop Systems derives a significant portion of its revenue from a limited number of large OEM customers, with over 50% of revenue coming from a handful of these clients. This concentration, particularly in the defense sector with programs like the P-8A Poseidon aircraft, makes the company's financial results vulnerable to delayed or lumpy orders, as well as changes in these key customer relationships or specific contract timings.
2. Profitability Pressure and Financial Challenges: The company has faced ongoing profitability pressures, characterized by negative operating margins and a deficit in free cash flow. One Stop Systems has also reported financial setbacks including contract loss charges, inventory write-downs, and a notable decline in gross margins. If these financial challenges persist, OSS may need to raise equity, which could result in dilution for existing shareholders.
3. Execution Risk in Scaling Operations: As One Stop Systems transitions from being a niche supplier to a strategic systems partner on multi-million dollar projects, especially within the defense sector, it faces execution risks related to operating at a larger scale. This shift may introduce more complex operational issues and challenges in managing major programs that the company has not previously navigated at this magnitude.

The increasing vertical integration and expansion of major cloud providers (e.g., AWS, Microsoft Azure, Google Cloud) into the edge computing hardware space with their proprietary, integrated edge platforms (e.g., AWS Outposts, Azure Stack Edge, Google Distributed Cloud Edge). These platforms offer tightly coupled hardware and software solutions, often leveraging existing cloud infrastructure and services, which could marginalize independent hardware manufacturers like OSS by providing a more unified, managed, and potentially more attractive solution for customers already embedded in those cloud ecosystems.

One Stop Systems (OSS) operates in several high-growth addressable markets for its main products and services, primarily focusing on high-performance computing (HPC) for edge deployments, ruggedized computing solutions, and advanced storage technologies.

Addressable Markets:

• Edge Computing / High-Performance Edge Computing: The global edge computing market was estimated at USD 23.65 billion in 2024 and is projected to reach USD 327.79 billion by 2033, growing at a compound annual growth rate (CAGR) of 33.0% from 2025 to 2033. Another estimate values the global edge computing market at USD 18.64 billion in 2025, projected to grow to USD 267.42 billion by 2034, exhibiting a CAGR of 34.10% during the forecast period. North America held the largest share of the global edge computing market, accounting for over 38% in 2024. The U.S. alone accounted for USD 7 billion of the North American edge computing market in 2025. Separately, the global High-Performance Computing (HPC) market was estimated at approximately USD 57.00 billion in 2024 and is projected to reach USD 87.31 billion by 2030, with a CAGR of 7.2% from 2025 to 2030.
• Ruggedized Mobile Tablets and Handhelds: The global rugged handheld device market was valued at USD 4.3 billion in 2023 and is projected to reach USD 6.7 billion by 2032, with a CAGR of 5.2% from 2024 to 2032. More specifically for rugged tablets, the global market size was valued at USD 1.197 billion in 2025 and is projected to reach USD 1.9514 billion by 2034, exhibiting a CAGR of 5.42% from 2026 to 2034. North America is a significant contributor to this market, estimated to account for 42.7% of the global market's growth during the forecast period, and held a 33.5% market share for rugged tablets in 2025.
• Solid-State Storage Arrays (Solid State Drives - SSDs): The global solid state drive (SSD) market size accounted for USD 55.73 billion in 2025 and is anticipated to reach approximately USD 266.68 billion by 2035, expanding at a CAGR of 18.52% from 2026 to 2035. Another report projects the solid-state array market to grow from USD 16.5 billion in 2025 to USD 66.6 billion by 2035, at a CAGR of 15.0%. North America led the global SSD market with the highest market share of 31% in 2025.
• Compute Accelerators (including GPU-based systems and AI Accelerators): The global data center accelerator market was valued at USD 22.78 billion in 2024. This market is projected to grow from USD 29.38 billion in 2025 to USD 178.43 billion by 2032, exhibiting a CAGR of 29.39%. Furthermore, the global data center accelerator market is projected to reach USD 382 billion by 2029. The hardware segment of the global hardware acceleration market was valued at USD 6.3 billion in 2024 and is poised to grow from USD 9.29 billion in 2025 to USD 208.19 billion by 2033, growing at a CAGR of 47.5%. North America held the largest share of over 37% in the global data center accelerator market in 2024.

Here are 3-5 expected drivers of future revenue growth for One Stop Systems (OSS) over the next 2-3 years:

1. Growing Demand for High-Performance AI/ML Edge Computing Solutions: One Stop Systems is well-positioned to capitalize on the accelerating adoption of artificial intelligence (AI), machine learning (ML), autonomy, and sensor fusion at the edge. The global edge computing market is projected for significant growth as enterprises increasingly require low-latency AI outside traditional data centers, a core area of OSS's expertise in rugged, enterprise-class compute solutions.
2. Increased Military and Defense Contracts: The company anticipates continued growth from the defense sector, driven by increasing military spending and specific multi-year contracts. Recent developments include significant bookings from the U.S. Army and U.S. Navy, a new U.S. Navy P-8A Poseidon program contract, and partnerships with defense prime customers for custom server products and data storage products.
3. Expansion into Diverse Commercial Markets: Beyond defense, OSS is experiencing growth in various commercial applications. This includes the ramp-up of a medical OEM breast-scanner program, new shipments to medical device customers, and applications in autonomous maritime systems and industrial end markets. The company's solutions are designed to meet specialized requirements for devices deployed in diverse environmental conditions at the edge.
4. Launch and Growth of New High-Performance Computing Products: Product innovation, such as the introduction of new PCIe Gen 5 GPU expansion platforms like "Panto," is expected to drive future revenue. These new platforms are designed to address the expanding composable infrastructure market and provide advanced solutions for commercial data centers and other demanding applications.
5. Growth in Customer-Funded Development Revenue: One Stop Systems has seen a substantial increase in customer-funded development revenue, highlighting its deepening relationships with clients. This growth in development projects in both military and commercial applications is a strong indicator of establishing new revenue streams that can lead to larger production orders and sustained future growth.

Share Issuance

• One Stop Systems completed a registered direct offering in October 2025, selling 2,500,000 shares of common stock at $5.00 per share.
• This offering resulted in gross proceeds of approximately $12.5 million before deducting commissions and expenses.
• The net proceeds are intended to advance growth strategy, support expected growing sales within the core OSS segment, and accelerate business through mergers and acquisitions and overall expansion.

Outbound Investments

• In December 2025, One Stop Systems sold all assets and operations of its Bressner Technology GmbH subsidiary to Hiper Euro GMBH for $22.4 million.
• OSS had originally acquired Bressner in October 2018 for approximately $5.6 million.
• The divestiture was a strategic move to sharpen the company's focus on its core artificial intelligence (AI), machine learning (ML), and rugged edge compute markets, and to reinvest capital into higher-growth areas.

Capital Expenditures

• One Stop Systems reported capital expenditures of approximately -$531,838 in the last 12 months (as of March 2026, covering most of 2025).
• The company's capital allocation strategy includes a focus on disciplined mergers and acquisitions in 2026, supported by recent cash raises to bolster working capital.
• The primary focus for capital reinvestment is on higher-growth segments such as deployable AI, real-time sensor processing, and rugged edge systems for mission-critical defense and commercial environments.