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Private company

GSE SYSTEMS INC

GSE SYSTEMS INC is an American prepackaged software services company, incorporated in Delaware.1 It is headquartered in Columbia, Maryland.1

Last updated Oct 21, 2026.

Overview

  • IndustryServices-Prepackaged Software1
  • HeadquartersColumbia, Maryland1
  • Incorporated inDE2
  • Business address6940 Columbia Gateway Drive, Suite 470, Columbia, Md 21046-33082
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Analysis primarily works under master service agreements as the Engineer of Choice (“EOC”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

26.5%Gross margin5
-15.1%Operating margin6
-19.4%Net margin5
-5.6%Revenue growth, 20235
-163.3%Return on equity5
0.12×Debt to equity5
$1.4MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue66¢$33.1M
  • Research and development1¢$572.0K
  • Selling, general and admin32¢$16.1M
  • Income tax0¢$22.0K

Out of $45.0M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending11¢$168.0K
  • Kept or used elsewhere89¢$1.4M

Out of $1.6M of cash from operations.5

Financial statements

Revenue78910115$45.0M in 2023−36% since 2017
0$25.0M$50.0M$75.0M$100.0M2017: $70.9M$70.9M20172018: $92.2M$92.2M2018+30%2019: $83.0M$83.0M2019−10%2020: $57.6M$57.6M2020−31%2021: $55.2M$55.2M2021−4%2022: $47.7M$47.7M2022−13%2023: $45.0M$45.0M2023−6%
Gross profit78910115$11.9M in 2023−36% since 2017
0$10.0M$20.0M$30.0M2017: $18.5M$18.5M20172018: $23.1M$23.1M2018+25%2019: $20.3M$20.3M2019−12%2020: $14.8M$14.8M2020−27%2021: $11.9M$11.9M2021−20%2022: $11.9M$11.9M2022+0%2023: $11.9M$11.9M2023+0%
Operating income789101156-$6.8M in 2023
-$15.0M-$10.0M-$5.0M0$5.0M2017: $229.0K$229.0K20172018: $1.4M$1.4M2018+497%2019: -$7.4M-$7.4M20192020: -$9.5M-$9.5M2020+29%2021: -$6.0M-$6.0M2021−37%2022: -$14.4M-$14.4M2022+141%2023: -$6.8M-$6.8M2023−53%
Net income78910115-$8.7M in 2023
-$20.0M-$10.0M0$10.0M$20.0M2017: $6.6M$6.6M20172018: -$354.0K-$354.0K20182019: -$12.1M-$12.1M2019+3314%2020: -$10.5M-$10.5M2020−13%2021: $10.6M$10.6M20212022: -$15.3M-$15.3M20222023: -$8.7M-$8.7M2023−43%
Fiscal year2017201820192020202120222023
Revenue$70.9M7$92.2M8$83.0M9$57.6M10$55.2M11$47.7M5$45.0M5
Cost of revenue$52.3M13$69.1M8$62.7M9$42.8M10$43.3M11$35.8M5$33.1M5
Gross profit$18.5M7$23.1M8$20.3M9$14.8M10$11.9M11$11.9M5$11.9M5
Research and development$1.4M7$899.0K8$710.0K9$686.0K10$626.0K11$611.0K5$572.0K5
Selling, general and admin$15.5M7$17.5M8$16.2M9$15.8M10$14.9M11$17.0M5$16.1M5
Operating expenses$17.8M11$26.3M5$18.7M5
Operating income$229.0K7$1.4M8-$7.4M9-$9.5M10-$6.0M11-$14.4M5-$6.8M6
Income before tax$10.8M11-$15.3M5-$8.7M5
Income tax-$6.2M7$1.1M8$5.7M9$355.0K10$163.0K11$51.0K5$22.0K5
Net income$6.6M7-$354.0K8-$12.1M9-$10.5M10$10.6M11-$15.3M5-$8.7M5
Earnings per share$0.347-$0.028-$0.608-$0.5210$0.5111-$7.185-$3.515
Earnings per share (diluted)$0.337-$0.028-$0.609-$0.5210$0.5111-$7.185-$3.515
Shares (weighted, basic)20.8M shares112.1M shares52.5M shares5
Shares (weighted, diluted)20.8M shares112.1M shares52.5M shares5

Compare GSE SYSTEMS INC with another company

Corporate structure

GSE SYSTEMS INC sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GSE SYSTEMS INC

  • GSE SYSTEMS INC Columbia, Maryland
    • GSE Systems Slovakia s.r.o Subsidiary · Slovakia

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GSE SYSTEMS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$6.3M5 Dec 31, 2023$6.2M5 Dec 31, 2022+2.7%
Accumulated depreciation$5.6M5 Dec 31, 2023$5.4M5 Dec 31, 2022+3.4%
Property and equipment, net$754.0K5 Dec 31, 2023$772.0K5 Dec 31, 2022−2.3%
Operating-lease assets (leased space)$413.0K5 Dec 31, 2023$506.0K5 Dec 31, 2022−18.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.2M5 Dec 31, 2023$2.8M5 Dec 31, 2022−19.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$4.9M5 Dec 31, 2023$6.3M5 Dec 31, 2022−22.1%
Intangible assets, net (excluding goodwill)$1.2M5 Dec 31, 2023$1.7M5 Dec 31, 2022−30.1%
Finite-lived intangibles, gross$12.0M5 Dec 31, 2023$12.4M5 Dec 31, 2022−3.7%
Accumulated amortization$10.8M5 Dec 31, 2023$10.3M5 Dec 31, 2022+4.9%
Finite-lived intangibles, net$1.2M5 Dec 31, 2023$1.7M5 Dec 31, 2022−30.1%

Leadership

Who has led GSE SYSTEMS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James Anthony Eberle2010–2012
  2. Kyle Justin Loudermilk2015–2024
  3. Ravi Khanna2024

Chair

  1. Jerome I. Feldman2008–2011

President

  1. Chin-Our Jerry Jen2006–2012
  2. Gill R. Grady2006–2007
  3. Donald Horn2021–2023
  4. Kyle Justin Loudermilk2023–2024
  5. Ravi Khanna2024

Chief financial officer

  1. Jeffery G. Hough2006–2016
  2. Emmett Anthony Pepe2016–2024

Chief operating officer

  1. Chin-Our Jerry Jen2007–2012
  2. James Anthony Eberle2010
  3. Steven Leo Freel2013
  4. Christopher D. Sorrells2015–2019
2010201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • GSE Systems Slovakia s.r.o Slovakia3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Nov 1, 20248-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights54
  2. Oct 29, 20248-K Shareholder vote; Other events55
  3. Oct 25, 20248-K Other events56
  4. Oct 23, 20248-K Other events57
  5. Oct 22, 20248-K Regulation FD disclosure58
  6. Oct 21, 20248-K Entered a material agreement; Other events59
  7. Oct 18, 20248-K Other events60
  8. Oct 16, 20248-K Other events61
  9. Oct 8, 20248-K Other events62
  10. Aug 14, 20248-K Results of operations63
  11. Aug 8, 20248-K Entered a material agreement; Ended a material agreement; New debt or obligation64
  12. Jul 26, 20248-K Executive or director change65
  13. Jul 2, 2024New chief executive Ravi Khanna becomes CEO14
  14. Aug 6, 2015New chief executive Kyle Justin Loudermilk becomes CEO15
  15. Nov 1, 2010New chief executive James Anthony Eberle becomes CEO16

Calendar

When it reported results

  1. Aug 14, 2024Reported quarterly or annual results63
  2. May 15, 2024Reported quarterly or annual results66
  3. Apr 1, 2024Reported quarterly or annual results67
  4. Nov 14, 2023Reported quarterly or annual results68
  5. Aug 14, 2023Reported quarterly or annual results69
  6. May 15, 2023Reported quarterly or annual results70
  7. Apr 25, 2023Reported quarterly or annual results71
  8. Mar 30, 2023Reported quarterly or annual results72

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

228 filings to the SEC since October 2021: 5 annual reports, 9 quarterly reports, 48 major events, 105 insider forms, 13 large holders, 48 other. The latest 20:

  1. Feb 14, 2025SCHEDULE 13G/A EDGAR
  2. Nov 14, 2024SC 13G/A EDGAR
  3. Nov 13, 2024EFFECT EDGAR
  4. Nov 13, 2024EFFECT EDGAR
  5. Nov 13, 202415-12G EDGAR
  6. Nov 8, 2024POS AM EDGAR
  7. Nov 8, 2024POS AM EDGAR
  8. Nov 8, 2024S-8 POS EDGAR
  9. Nov 8, 2024S-8 POS EDGAR
  10. Nov 8, 2024S-8 POS EDGAR
  11. Nov 8, 2024S-8 POS EDGAR
  12. Nov 8, 2024S-8 POS EDGAR
  13. Nov 1, 202425-NSE EDGAR
  14. Nov 1, 20248-K EDGAR
  15. Oct 29, 20248-K EDGAR
  16. Oct 25, 2024DEFA14A EDGAR
  17. Oct 25, 20248-K EDGAR
  18. Oct 23, 2024DEFA14A DEFA 14A EDGAR
  19. Oct 23, 20248-K EDGAR
  20. Oct 22, 2024DEFA14A DEFA 14A EDGAR

The 228 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 9 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 17, 2023NGP Energy Technology Partners II, L.P.10% ownerSale740,747$0.72$533.3KForm 4
Dec 14, 2022O'Connor KathrynDirectorBuy15,000$0.72$10.8KForm 4
Nov 23, 2022Loudermilk Kyle JustinPresident & CEOBuy20,000$0.62$12.4KForm 4
Nov 22, 2022Loudermilk Kyle JustinPresident & CEOBuy20,000$0.58$11.6KForm 4
Nov 21, 2022Loudermilk Kyle JustinPresident & CEOBuy20,000$0.59$11.8KForm 4
Nov 18, 2022Loudermilk Kyle JustinPresident & CEOBuy20,000$0.63$12.6KForm 4
Sep 14, 2022Pugh Daniel WarrenChief Legal and Risk OfficerBuy5,000$1.05$5.2KForm 4
May 26, 2022Loudermilk Kyle JustinPresident & CEOBuy4,887$1.30$6.4KForm 4
May 25, 2022Loudermilk Kyle JustinPresident & CEOBuy113$1.27$144Form 4
May 24, 2022Loudermilk Kyle JustinPresident & CEOBuy15,000$1.29$19.4KForm 4
Nov 19, 2021Loudermilk Kyle JustinPresident & CEOSale20,852$1.39$29.0KForm 4
Nov 18, 2021Loudermilk Kyle JustinPresident & CEOSale61,087$1.48$90.2KForm 4
Nov 17, 2021Loudermilk Kyle JustinPresident & CEOSale18,061$1.57$28.3KForm 4
Nov 16, 2021Loudermilk Kyle JustinPresident & CEOSale50,000$1.57$78.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$10.0M 2020–2020
Money received by yearMoney received by year, 2020–2020: $10.0M in all. PPP loans $10.0M.$0$2.5M$5M$7.5M$10M2020 · PPP loans: $10.0M2020
Figures by year
YearPPP loansTotal
2020$10.0M$10.0M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA80. Matched to this company by name and state.

  1. Apr 15, 2020$10.0M PPP loan (first draw) from Citizens Bank, National Association80To GSE SYSTEMS, INC., Sykesville MD; $10.1M forgiven Aug 2, 2021

SEC filer profile

How GSE SYSTEMS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGSE SYSTEMS INC1
  • CIK0000944480
  • Employer ID (EIN)52-18680081
  • Filer statusNon-accelerated filer<br>smaller reporting company1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address6940 Columbia Gateway Drive, Suite 470, Columbia, MD 21046-33081
  • Phone41097078741
  • Shares outstanding3,471,677 as of Aug 9, 20246
  • Public float$8.9M as of Jun 30, 202381
  • On EDGAR sinceFeb 14, 19961
  • Filings1,306 in all: 4 (516), 8-K (257), SC 13G/A (96), 10-Q (86), SC 13G (41), 3 (35), 10-K (28), DEF 14A (28)1
    All 57 form types

    DEFA14A (21), CORRESP (16), 4/A (14), UPLOAD (14), 8-K/A (11), S-3 (11), 10-K/A (10), 5 (9), EFFECT (9), SC 13D (9), SC 13D/A (9), S-3/A (8), NT 10-K (6), 10-Q/A (5), NT 10-Q (5), S-8 (5), S-8 POS (5), DEFR14A (4), POS AM (4), REGDEX (4), 8-A12B (3), PRE 14A (3), 144 (2), 3/A (2), 424B3 (2), 424B5 (2), DEFM14A (2), RW (2), S-2/A (2), 10-C (1), 15-12G (1), 25 (1), 25-NSE (1), 424B4 (1), 5/A (1), 8-A12G (1), AW (1), CERT (1), CT ORDER (1), DEF 14C (1), DEFS14A (1), DEL AM (1), PRE 14C (1), PREM14A (1), PRER14A (1), PRES14A (1), S-1 (1), S-1/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Apr 2, 2024
    Quarterly report (10-Q) Aug 14, 2024
    Proxy statement (DEF 14A) May 24, 2024
    Latest 8-K (8-K) Nov 1, 2024

Sources

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