# CSP Inc. (CSPI)

> Source: Nexqual · https://nexqual.com/CSPI · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, CSP Inc. (CSPI), nexqual.com/CSPI" · informational, not investment advice.

**Price:** USD 7.32 (-2.52% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 7.51 · day 7.31–7.4 · 52w 7.11–15 · market cap $73.8M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $56.9M, net income -$682K (-1.2% margin), free cash flow -$1.4M (SEC filings).
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $175K; 0 by opportunistic insiders, 3 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y -45.0% vs S&P 500 +13.4%; 5Y +79.5% vs S&P 500 +76.9%.
- Next earnings: 2026-08-14, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $49.2M | $54.4M | $64.6M | $55.2M | $58.7M | $56.9M |
| Gross profit | $16.1M | $18.8M | $21.9M | $18.9M | $18.5M | — |
| Operating income | -$1.4M | -$40K | $1.9M | -$1.9M | -$3.1M | -$3.0M |
| Net income | $699K | $1.9M | $5.2M | -$326K | -$91K | -$682K |
| EPS (diluted) | $0.08 | $0.21 | $0.55 | -$0.04 | -$0.01 | — |
| Free cash flow | $1.8M | $2.4M | $3.7M | $4.0M | $1.9M | -$1.4M |
| Gross margin | 32.8% | 34.6% | 33.9% | 34.1% | 31.5% | — |
| Operating margin | -2.8% | -0.1% | 2.9% | -3.4% | -5.3% | -5.3% |
| Net margin | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% | -1.2% |
| Revenue growth | -20.4% | +10.5% | +18.9% | -14.6% | +6.4% | — |
| Cash + short-term investments | $20.0M | $24.0M | — | — | $27.4M | — |
| Total debt | $876K | $449K | $0K | — | — | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.3x · P/B 1.7x · FCF yield -1.91% · Earnings yield -0.92%
P/E at fiscal year-ends: Sep 2023 15.0x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $175K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11…2026-09-15 | Nerges Joseph R |  | 4,600 | $36K | 7.84 | Routine (bought in Feb & Mar & May & Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-08…2026-06-10 | Nerges Joseph R |  | 3,370 | $29K | 8.57 | Routine (bought in Feb & Mar & May & Jun each year 2023–2025) |
| 2026-05-15 | Folger Anthony | Director | 2,500 | $23K | 9.36 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12…2026-05-13 | Azeri Ismail | Director | 2,500 | $23K | 9.38 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-13 | Nerges Joseph R |  | 4,248 | $39K | 9.23 | Routine (bought in Feb & Mar & May & Jun each year 2023–2025) |
| 2026-05-12 | Webber Stephen J. | Director | 2,500 | $24K | 9.48 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -45.0% | +79.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -45.1% | +12.4% |
| Volatility (annualized) | 49.7% | 62.8% |
| Max drawdown | -50.8% (Dec 2025→Aug 2026) | -73.2% (Feb 2024→Oct 2026) |

## Peers (Information Technology Services)
CHRN (ChronoScale Holdings Corporatio) USD 14.77 -4.46% · PONY (Pony AI Inc.) USD 5.14 +2.39% · CSQR (Csquare, Inc.) USD 14.93 +0.20% · DXC (DXC Technology Company) USD 16.09 +0.06% · PENG (Penguin Solutions, Inc.) USD 53.41 +2.89% · KD (Kyndryl Holdings, Inc.) USD 14.76 -2.89%

## More
Full page: https://nexqual.com/CSPI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CSPI's own 10-K filed 2025-12-16 (https://www.sec.gov/Archives/edgar/data/356037/000035603725000065/cspi-20250930x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | IBM (IBM) | "In addition, we compete directly with many of the companies that manufacture the third-party products we sell, including Cisco Systems, IBM, HPE, EMC (now part of Dell) and others." |
| Competitor | Cisco (CSCO) | "In addition, we compete directly with many of the companies that manufacture the third-party products we sell, including Cisco Systems, IBM, HPE, EMC (now part of Dell) and others." |
| Competitor | Hewlett Packard Enterprise (HPE) | "In addition, we compete directly with many of the companies that manufacture the third-party products we sell, including Cisco Systems, IBM, HPE, EMC (now part of Dell) and others." |
| Competitor | Dell Technologies (DELL) | "In addition, we compete directly with many of the companies that manufacture the third-party products we sell, including Cisco Systems, IBM, HPE, EMC (now part of Dell) and others." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Technology Solutions | $14.0M | 97.1% | -7.2% | $136,000 | 1.0% |
| High Performance Products | $423,000 | 2.9% | +10.2% | -$1.7M | -396.7% |
| Total revenue | $14.4M | 100% | — | -$1.5M | -10.7% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $9.9M | 69.1% | -2.0% |
| Service | $4.5M | 30.9% | -15.9% |
| Total revenue | $14.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $13.7M | 95.1% | +16.4% |
| Americas Excluding United States | $644,000 | 4.5% | -81.7% |
| Europe | $41,000 | 0.3% | -70.7% |
| Asia Pacific | $19,000 | 0.1% | -17.4% |
| Total revenue | $14.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 6%, 0% of revenue from unnamed direct customers (10-Q, filed 2026-08-14).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2016-09-30) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |