CSP Inc
cspi.comWhat Do They Do?
Resells third-party IT hardware and software and provides integration, consulting, managed IT, and cloud services to small and midsize businesses and large enterprises.
10-K for FY2025, filed Dec 16, 2025The TS segment is a value-added reseller ("VAR") of third-party hardware and software technology solutions along with our advanced…View ↗
We sell third-party hardware, software, and information technology products, with a strategic focus on industry-standard servers and data…View ↗
We are an IT systems integrator and computer hardware and software VAR. We also provide technical services to achieve a value-add to our…View ↗
How Do They Make Money?
Customers buy third-party and integrated hardware, software licenses, IT consulting, and managed services. Hardware purchases are charged when shipped and software licenses when granted; consulting is billed as work is done, while managed services and maintenance are billed over contract terms.
10-K for FY2025, filed Dec 16, 2025We derive revenue from the sale of integrated hardware and software, third-party service contracts, professional services, managed…View ↗
We recognize revenue from hardware upon transfer of control, which is at a point in time typically upon shipment when title transfers.…View ↗
Professional services generally include implementation, installation, and training services. Professional services are considered a series…View ↗
Revenue generated from managed services is recognized over the term of the contract. Certain managed services contracts include financing…View ↗
Other services generally include revenue generated through our royalty, extended warranty, multicomputer repair, and maintenance contracts.…View ↗
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10-K for FY2025, filed Dec 16, 2025
FY2025 revenue by product or service ↗
$58.7M
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10-K for FY2025, filed Dec 16, 2025
$58.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Dec 16, 2025 |
64%
FY2022: 67%
|
Product, FY2025
$37.7M Sources
|
Sold outright |
|
Service
Mix
10-K for FY2025, filed Dec 16, 2025 |
36%
FY2022: 33%
|
Service, FY2025
$21M Sources
|
Mix |
Who Are Their Customers?
Businesses, government agencies, and original equipment makers buy IT systems and cybersecurity products. The TS business sells through a direct sales force; cybersecurity products are sold directly and through independent resellers and managed security service providers.
10-K for FY2025, filed Dec 16, 2025Third party products and professional services are marketed and sold through the Company’s direct sales force into a variety of vertical…View ↗
The HPP segment revenue comes from three distinct product lines: (i) a cybersecurity solution marketed as ARIA™ Software-Defined Security…View ↗
We are an IT systems integrator and computer hardware and software VAR. We also provide technical services to achieve a value-add to our…View ↗
The ARIA SDS and ADR solution is targeted at organizations that need to get additional functionality out of their current cybersecurity…View ↗
As mentioned, MSSPs require simple, yet differentiated, solutions that can be deployed across their customer bases. The detection and…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $91K in FY2025, but brought in more cash than it spent: $1.9M of free cash flow.
10-K for FY2025, filed Dec 16, 2025
−$3.1MView ↗
10-K for FY2025, filed Dec 16, 2025
−$91KView ↗
10-K for FY2025, filed Dec 16, 2025
$1.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Aug 14, 2026
−$846KView ↗
- ▲ +220% (Loss)
- vs −$264K in Q3 FY2025
10-Q for Q3 FY2026, filed Aug 14, 2026
Open tableView ↗
Growing. Revenue grew 19% in 4 years, from $49.2M in FY2021 to $58.7M in FY2025, about 5% a year.
ARIA product range
The earlier report described ARIA as a platform with hosted applications and supporting hardware; the later report describes AZT PROTECT as an additional product designed to protect critical infrastructure applications.
10-K for FY2022, filed Dec 8, 2022 10-K for FY2025, filed Dec 16, 2025The ARIA SDS solution is a software portfolio starting with an underlying platform, hosted applications that reside on top, as well as any…View ↗
In July of 2023 ARIA Zero Trust (AZT) PROTECT™ was introduced to the market. ARIA AZT PROTECT™ was designed to fill a gap in the market –…View ↗
Myricom product focus
The earlier report described Myricom adapters sold for high-bandwidth, low-latency uses; the later report says the ARC Series has reached end of life and focuses on supporting its applications on third-party intelligent cards.
10-K for FY2022, filed Dec 8, 2022 10-K for FY2025, filed Dec 16, 2025The Myricom SmartNIC adapters (“ARC Series” and Myricom Secure Intelligent Adapters or “SIA”) are optimized for and sold into markets that…View ↗
The Myricom SmartNIC adapters (“ARC Series” and Myricom Secure Intelligent Adapters or “SIA”) are optimized for and sold into markets that…View ↗
Who Do They Compete With?
Competes with CDW, PC Connection, Insight, Presidio, Dimension Data, Computacenter, Cisco Systems, IBM, HPE, EMC, HP/EDS, Cap Gemini, Palo Alto, VMware, and Arctic Wolf
10-K for FY2025, filed Dec 16, 2025Our primary competition in the TS segment is other VARs ranging from small companies that number in the thousands, to large enterprises…View ↗
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