CSP Inc. (NASDAQ: CSPI) is an IT solutions company that operates as a value-added reseller of third-party computer hardware and software and provides professional and managed IT services. The company makes money through two segments: Technology Solutions (TS), which generates revenue from hardware and software resale plus professional and managed services, and High Performance Products (HPP), which includes the ARIA cybersecurity product line generating license, support, and services revenue on a recurring basis. The TS segment, operated through its wholly-owned Modcomp, Inc. subsidiary, competes against thousands of VARs ranging from small regional firms to large enterprises including CDW, PC Connection, Insight, Presidio, Dimension Data, and Computacenter Limited. CSPI is headquartered in Lowell, Massachusetts, with TS operations centered in Boca Raton, Florida, and additional sales presence in the United Kingdom. The company reported a net loss for the fiscal year ended September 30, 2025, and maintains a $15.0 million inventory line of credit accessible to both segments as of that date.

Revenue model

TS segment: transactional product revenue from third-party hardware and software resale, plus project-based professional services fees and recurring managed services (MSP) contracts. HPP segment: recurring software license sales, renewable support packages, and supporting services for ARIA cybersecurity products.

Products and services

TS segment: third-party hardware and software resale; professional IT services including advanced security, unified communications and collaboration, wireless and mobility, data center solutions, and network solutions; managed IT services for SMBs. HPP segment: ARIA cybersecurity products including ARIA Zero Trust (AZT) PROTECT, introduced July 2023; software platform component licenses; support packages; and professional services.

Customers and end markets

TS segment serves small and mid-sized businesses (SMB) across vertical markets including automotive, defense, healthcare, education, federal government, state and local government, and maritime. HPP ARIA products target regulated industries including manufacturing, pharmaceuticals, financial services, energy production, utilities, transportation, and healthcare, driven by critical infrastructure regulations.

Value-chain role

IT systems integrator and value-added reseller (VAR) operating within OEM sales channels for major computer hardware and software manufacturers. Adds value through customized professional IT consulting, managed services delivery, and proprietary cybersecurity software layered on top of third-party infrastructure products.

Geographic exposure

Primary operations in the United States, with sales offices across the U.S. and in the United Kingdom. UK subsidiary held approximately $4.9 million in cash equivalents as of September 30, 2025. UK operations carry a defined benefit pension obligation, with a buy-in contract entered October 2024 covering approximately 8.5 million British pounds.

Competitors

CDW, PC Connection, Insight, Presidio, Dimension Data, Computacenter Limited, Cisco Systems, IBM, HPE, Dell (EMC), HP/EDS, Cap Gemini

Source: SEC 10-K, filed 2025-12-16

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