GSE Systems reports strong order flow in Q1

GSE Systems announced stronger order flow for the Q1 of approximately $19M. This compared to new orders of $11.4M in the Q4 of FY22 and $11.1M in the Q1 of FY22. Kyle J. Loudermilk, President and CEO, stated "The company had a very solid Q1 for booking new orders. We expect new orders to be around $19M for the quarter, which puts the company is a strong position, especially when compared to levels achieved in 2022. The figure does include the renewing of a sizable, long-term agreement with two US Government engineering laboratories, but even backing that out, new order flow was higher on a year over year and sequential basis. While the industry is still a bit tepid in placing orders, these orders in the first quarter put us in a solid position for the remainder of the year. We continue to forge forward and expect to use these orders as a springboard in winning future business. We look forward to sharing more details when we report Q1 results."