One Stop Systems, Inc. (NASDAQ: OSS)

One Stop Systems, Inc. designs, manufactures, and markets specialized rugged high-performance compute, high-speed switch fabrics, and storage systems for edge applications in artificial intelligence, machine learning, sensor processing, sensor fusion, and autonomy. The company focuses on platforms that move, such as autonomous vehicles, unmanned aerial vehicles, trucks, ships, submarines, and mobile data centers, where sensor processing and AI are integrated to support critical operations. Its products are engineered to survive challenging environments involving extreme temperatures, vibration, dust, and moisture while delivering datacenter-level performance in compact form factors.

One Stop Systems generates revenue by selling specialized hardware and software systems that combine the latest CPUs, GPUs, high-speed switch fabrics, and flash storage with embedded proprietary software. The company serves original equipment manufacturers, government agencies, military contractors, and commercial enterprises in sectors including defense, medical, industrial, aerospace, and autonomous vehicles. Revenue is driven by product sales, system integration, and long-term contracts for rugged edge computing solutions tailored to specific customer requirements in harsh operational environments.

The company operates through the following segments:

• Compute Servers: This segment includes purpose-built specialty servers such as the Rigel Edge Super Computer, Torrey Break, and Short-depth Servers (SDS) designed for high-performance AI and sensor fusion applications in space-constrained, rugged environments. These servers support high numbers of GPUs, FPGAs, and NVMe drives and feature custom BIOS and expansion-optimized architectures. The Torrey Break product is an edge supercomputing platform based on PCIe 5.0 technology, while the SDS integrates AI compute, data recording, and storage for medical and government use cases.

• GPU Compute Acceleration: This segment focuses on systems that maximize GPU effectiveness for AI training, inference, and high-performance computing workloads by connecting large numbers of GPUs over PCIe interconnects. OSS designs multi-GPU systems with up to 16 GPUs in a single chassis, leveraging partnerships with NVIDIA, AMD, and Intel for access to next-generation GPU roadmaps. These systems are used in autonomous navigation, medical imaging, robotics, and defense applications requiring massive parallel processing capabilities.

• High Density Solid-State Flash Storage: This segment delivers flash-based storage systems with capacities up to two petabytes, utilizing NVMe protocol and PCIe Gen 6.0 interfaces for high bandwidth and low latency. Products include hot-swappable canisters and proprietary Ion Accelerator™ software for storage area networking and network-attached storage configurations. The storage arrays support massive data ingestion from sensors in autonomous trucks, military aircraft, and mobile command centers, enabling rapid data transport and secure data protection for government applications.

• PCIe Expansion and Adaptors: This segment provides PCIe-over-cable adapters, expansion chassis, and backplanes that allow server I/O functions to be located in separate enclosures while maintaining full speed and low latency. OSS has been a leader in PCIe acceleration from Gen 1.0 through Gen 6.0, offering products with expansion slots from one to 64. Key technologies include CopprLink™ cable adapters for PCIe Gen 6.0 and ruggedized designs for use in wheeled and tracked land vehicles, aircraft, and submarines requiring conduction cooling and resistance to shock and vibration.

One Stop Systems occupies a specialized niche in the rugged edge high-performance computing market, differentiating itself from mainstream server and storage vendors by offering datacenter-class performance in mobile and environmentally harsh conditions. The company competes with firms such as NVIDIA, Dell/EMC, HP, IBM, and SuperMicro in providing components, but stands out through its ruggedization expertise, low-latency PCIe switch fabrics, and advanced cooling technologies. Competitors in the military and aerospace HPC space include Mercury Systems, Curtiss-Wright, Kontron, and Core Systems, which often rely on older technologies, whereas OSS leverages first-to-market innovations in GPU acceleration, flash storage, and switch fabric design to deliver superior performance in SWAP-constrained environments.

One Stop Systems serves a global customer base including multinational corporations, government agencies, military contractors, and leading technology providers. Specific customers mentioned in the filing include Raytheon, Lockheed Martin, Sierra Nevada, Boeing, NASA, GVSC, L3Harris, and various original equipment manufacturers in autonomous trucks, farming, medical, and mining equipment. The company also works with U. S. Department of Defense programs and foreign Ministries of Defense for AI sensor fusion, simulation, and data recording applications in ships, submarines, and aircraft. In 2025, the top three customers accounted for 22%, 22%, and 17% of revenue, respectively, indicating a concentrated but diversified base across defense and commercial sectors.