CSP INC /MA/

Small IT-services/high-performance-products firm near breakeven with an operating loss and heavy customer concentration.

Strengths

• Adequate liquidity — current ratio 2.36 (83rd), quick ratio 2.29

Risks

• Operating loss / near-breakeven net — operating margin -5.3%, net margin -0.2%, net income -72.1% (19th)
• Customer concentration — risk factors: both segments rely on a small number of significant customers
• Small scale, weak cash generation — FCF $1.9M (33rd)

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -0.2%)
• Customer concentration~100% of revenue from one customer/distributor — The following table details our results of operations in dollars and as a percentage of sales for the fiscal years ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Chronic dilutionShare count +22%/yr over 4y (dilution, book value/share -42%)
• Insider buyingInsider buying — 44 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$285,295, last 6mo) Form 4 ↗
• New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
• Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)