olivLaw · US equity research
CSP Inc. CSPI
Services-Computer Integrated Systems Design · SIC 7373 · Vertical: Services-Computer Integrated Systems Design (SIC 7373)
CSP Inc. (CSPi) is an IT integrator and cybersecurity solutions provider, with a technology solutions division that resells equipment and runs managed services and a high performance products division that includes the ARIA security platform. In fiscal 2025 revenue reached 58.7 million USD, and last quarter the company reported a slight decline, amid vendor hardware delivery delays. The question now is whether the AZT PROTECT platform and multi-year cloud services contracts can offset these pressures.
At the close of 04 Nov 2026, CSP Inc. (CSPI) stock was 7.48 USD (+1.91% on the day), with market capitalisation 75.4 m USD, dividend yield 1.60%, beta 1.16, 52-week range 7.29–14.96 USD. Latest reported quarter (Q3 2026): revenue of 14.4 m USD (−6.8% YoY), net income of -846.0 k USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.6
- neutral
- Bollinger (20, 2)
- 7.24 – 7.70
- in the upper half of the band · %B 0.52 · band width 6.2%
- SMA 50 / 200
- 7.65 / 8.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.8% | −1.1% | +0.3 pp | — |
| 3 months | −7.9% | −0.5% | −7.4 pp | — |
| 6 months | −18.6% | +4.4% | −23.0 pp | — |
| Year to date | −40.2% | +12.3% | −52.5 pp | — |
| 1 year | −38.2% | +13.5% | −51.8 pp | −33.3% |
| 3 years | −27.2% | +76.4% | −103.6 pp | −15.9% |
| 5 years | +71.8% | +63.7% | +8.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.0 m | 15.7 m | 13.1 m | 15.4 m | 14.5 m | 12.0 m | 16.0 m | 14.4 m |
| Cost of revenue | 9.3 m | 11.1 m | 8.9 m | 11.0 m | 9.2 m | 7.3 m | 11.5 m | 10.1 m |
| Gross profit | 3.7 m | 4.6 m | 4.2 m | 4.5 m | 5.3 m | 4.7 m | 4.5 m | 4.3 m |
| Research & development | 793.0 k | 786.0 k | 763.0 k | 791.0 k | 910.0 k | 858.0 k | 818.0 k | 832.0 k |
| SG&A | 5.0 m | 4.1 m | 4.4 m | 4.9 m | 4.9 m | 4.0 m | 4.5 m | 5.0 m |
| Operating income | -2.0 m | -354.0 k | -994.0 k | -1.2 m | -538.0 k | -112.0 k | -851.0 k | -1.5 m |
| Depreciation & amortisation | 64.0 k | 63.0 k | 59.0 k | 65.0 k | 50.0 k | 62.0 k | 68.0 k | 36.0 k |
| Interest expense | — | 77.0 k | 77.0 k | 105.0 k | 98.0 k | 128.0 k | 167.0 k | 182.0 k |
| Pre-tax income | -1.8 m | 357.0 k | -791.0 k | -1.0 m | -212.0 k | 371.0 k | -304.0 k | -1.2 m |
| Income tax | -166.0 k | -115.0 k | -683.0 k | -751.0 k | -21.0 k | 280.0 k | -568.0 k | -366.0 k |
| Net income | -1.7 m | 472.0 k | -108.0 k | -264.0 k | -191.0 k | 91.0 k | 264.0 k | -846.0 k |
| Diluted EPS | -0.21 ≈ | 0.05 | -0.01 | -0.03 | -0.02 ≈ | 0.01 | 0.03 | -0.09 |
| Operating cash flow | -1.5 m | 1.7 m | 1.9 m ≈ | -3.3 m ≈ | 1.9 m | -2.9 m | -493.0 k ≈ | 447.0 k ≈ |
| Capex | 17.0 k | 47.0 k | 7.0 k ≈ | 66.0 k ≈ | 228.0 k | 105.0 k | 14.0 k ≈ | 0 ≈ |
| Dividends paid | 294.0 k | — | — | 297.0 k ≈ | 298.0 k | — | — | 302.0 k ≈ |
| Share repurchases | 34.0 k | — | — | 251.0 k ≈ | 234.0 k | — | — | 118.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 72.9 m | 79.1 m | 61.8 m | 49.2 m | 54.4 m | 64.6 m | 55.2 m | 58.7 m |
| Revenue YoY | −17.6% | +8.4% | −21.8% | −20.4% | +10.5% | +18.9% | −14.6% | +6.4% |
| Net income | 14.4 m | -371.0 k | -1.4 m | 699.0 k | 1.9 m | 5.2 m | -326.0 k | -91.0 k |
| Net income YoY | +476.2% | −102.6% | unavailable | unavailable | +170.2% | +175.5% | −106.3% | unavailable |
| Diluted EPS | 3.55 | -0.09 | -0.36 | 0.16 | 0.42 | 0.55 | -0.04 | -0.01 |
| Diluted EPS YoY | +463.5% | −102.5% | unavailable | unavailable | +162.5% | +31.0% | −107.3% | unavailable |
| net % | 19.8% | -0.5% | -2.3% | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% |
| Free cash flow | 2.4 m | -4.2 m | 14.0 k | 1.8 m | 2.4 m | 3.7 m | 4.0 m | 1.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 27.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 44.6 m USD
- Total assets
- 71.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.36x
- ROE
- -0.2%
- ROA
- -0.1%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 61.8 m | 49.2 m | 54.4 m | 64.6 m | 55.2 m | 58.7 m | SEC (XBRL)· 16 Dec 2025verified |
| Cost of revenue | 44.6 m | 33.1 m | 35.5 m | 42.7 m | 36.4 m | 40.2 m | SEC (XBRL)· 16 Dec 2025verified |
| Gross profit | 17.2 m | 16.1 m | 18.8 m | 21.9 m | 18.9 m | 18.5 m | SEC (XBRL)· 16 Dec 2025verified |
| Research & development | 2.8 m | 2.9 m | 3.1 m | 3.1 m | 3.0 m | 3.3 m | SEC (XBRL)· 16 Dec 2025verified |
| SG&A | 15.8 m | 14.6 m | 15.8 m | 16.9 m | 17.8 m | 18.4 m | SEC (XBRL)· 16 Dec 2025verified |
| Operating income | -1.4 m | -1.4 m | -40.0 k | 1.9 m | -1.9 m | -3.1 m | SEC (XBRL)· 16 Dec 2025verified |
| Depreciation & amortisation | 443.0 k | 379.0 k | 350.0 k | 343.0 k | 292.0 k | 237.0 k | SEC (XBRL)· 16 Dec 2025verified |
| EBITDA | -981.0 k ≈ | -983.0 k ≈ | 310.0 k ≈ | 2.2 m ≈ | -1.6 m ≈ | -2.9 m ≈ | SEC (XBRL)· 16 Dec 2025derived |
| Interest expense | — | — | — | — | 235.0 k | 357.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Pre-tax income | -1.1 m | 678.0 k | 1.9 m | 4.7 m | -419.0 k | -1.7 m | SEC (XBRL)· 16 Dec 2025verified |
| Income tax | 384.0 k | 444.0 k | 50.0 k | -469.0 k | -93.0 k | -1.6 m | SEC (XBRL)· 16 Dec 2025verified |
| Net income | -1.4 m | 699.0 k | 1.9 m | 5.2 m | -326.0 k | -91.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Diluted EPS | -0.36 | 0.16 | 0.42 | 0.55 | -0.04 | -0.01 | SEC (XBRL)· 16 Dec 2025verified |
| Weighted average diluted shares | 4.0 m | 4.2 m | 4.3 m | 8.9 m | 9.0 m | 9.3 m | SEC (XBRL)· 16 Dec 2025verified |
| Dividend per share | 0.30 | — | 0.03 | 0.07 | 0.11 | 0.12 | SEC (XBRL)· 16 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 19.3 m | 20.0 m | 24.0 m | 25.2 m | 30.6 m | 27.4 m | SEC (XBRL)· 16 Dec 2025verified |
| Receivables | — | — | — | 13.0 m | 14.5 m | 12.0 m | SEC (XBRL)· 16 Dec 2025verified |
| Inventories | 5.3 m | 4.0 m | 4.4 m | 2.5 m | 2.3 m | 1.4 m | SEC (XBRL)· 16 Dec 2025verified |
| Current assets | 41.6 m | 49.0 m | 59.5 m | 50.4 m | 54.8 m | 52.3 m | SEC (XBRL)· 16 Dec 2025verified |
| Property, plant & equipment, net | 1.0 m | 764.0 k | 647.0 k | 525.0 k | 429.0 k | 539.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Intangibles (excl. goodwill) | 28.0 k | 19.0 k | 10.0 k | 46.0 k | 50.0 k | 69.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Total assets | 53.6 m | 63.0 m | 75.1 m | 65.9 m | 69.4 m | 71.2 m | SEC (XBRL)· 16 Dec 2025verified |
| Accounts payable | 5.6 m | 11.3 m | 19.2 m | 5.1 m | 7.0 m | 13.5 m | SEC (XBRL)· 16 Dec 2025verified |
| Current liabilities | 13.0 m | 17.8 m | 30.2 m | 15.7 m | 18.7 m | 22.2 m | SEC (XBRL)· 16 Dec 2025verified |
| Total liabilities | 24.1 m | 28.9 m | 36.1 m | 19.8 m | 22.2 m | 26.6 m | SEC (XBRL)· 16 Dec 2025verified |
| Equity | 29.5 m † | 34.0 m † | 39.0 m † | 46.1 m † | 47.3 m † | 44.6 m † | SEC (XBRL)· 16 Dec 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 244.0 k | 1.9 m | 2.7 m | 3.9 m | 4.2 m | 2.3 m | SEC (XBRL)· 16 Dec 2025verified |
| Capex | 230.0 k | 98.0 k | 234.0 k | 226.0 k | 196.0 k | 348.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Free cash flow | 14.0 k ≈ | 1.8 m ≈ | 2.4 m ≈ | 3.7 m ≈ | 4.0 m ≈ | 1.9 m ≈ | SEC (XBRL)· 16 Dec 2025derived |
| Investing cash flow | -345.0 k | -166.0 k | 20.0 k | -341.0 k | -256.0 k | -428.0 k | SEC (XBRL)· 16 Dec 2025verified |
| Financing cash flow | 832.0 k | -954.0 k | 1.3 m | -2.4 m | 1.4 m | -5.0 m | SEC (XBRL)· 16 Dec 2025verified |
| Dividends paid | 1.3 m | 0 | 137.0 k | 656.0 k | 1.0 m | 1.2 m | SEC (XBRL)· 16 Dec 2025verified |
| Share repurchases | 46.0 k | 0 | 174.0 k | 6.0 k | 104.0 k | 869.0 k | SEC (XBRL)· 16 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 75.4 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 33.1% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -5.3% | 53 (vs peers) | 11% |
| FCF margin · Quality | -2.5% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 2.6% | 10 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 6.4% | 49 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 94 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 2.2% | 71 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial94/100 · 1/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality16/100 · 3/3 factors with a value
- Returns71/100 · 1/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CSP Inc (CSPI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 58.7 m USD in 2025; YoY growth 6.4%; net margin -1.2%; ROE -1.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- Shareholder yield (distributions): 2.2%
What contradicts it
- Gross margin: 33.1%
- FCF margin: -2.5%
- Revenue CAGR 3Y: 2.6%
- FCF yield: -1.9%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Integrated Systems Design (SIC 7373) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LDOSLeidos Holdings, Inc. | 16.4 bn | 12.1 | 28.2% | 8.0% | +3.1% | −30% / +26% |
| GDDYGoDaddy Inc. | 14.3 bn | 16.2 | — | 18.6% | +8.3% | −7% / +18% |
| CACICACI International Inc | 14.0 bn | 25.9 | 12.5% | 5.5% | +10.9% | +2% / +97% |
| JKHYJack Henry & Associates, Inc. | 12.6 bn | 25.7 | 24.0% | 19.8% | +7.1% | +3% / +13% |
| IONQIonQ, Inc. | 11.3 bn | — | -60.8% | -553.3% | +201.9% | −40% / +142% |
| OTEXOpen Text Corp | 6.4 bn | 10.3 | 16.2% | 12.3% | +1.5% | −21% / −34% |
| SAICScience Applications International Corporation | 6.3 bn | 17.6 | 25.7% | 5.1% | −2.9% | +75% / +28% |
| WAYWaystar Holding Corp. | 5.7 bn | 42.9 | 3.7% | 10.7% | +16.5% | −20% / unavailable |
| PSNParsons Corporation | 5.5 bn | 38.2 | 5.7% | 2.3% | −5.7% | −38% / −16% |
| KDKyndryl Holdings, Inc. | 3.7 bn | 46.2 | 7.6% | 0.6% | +0.2% | −35% / −7% |
| AGYSAgilysys, Inc. | 3.5 bn | 78.5 | 13.6% | 12.9% | +15.9% | −0% / +42% |
| NTCTNetscout Systems Inc | 2.8 bn | 23.3 | 7.5% | 13.7% | +4.5% | +42% / +90% |
| AURAurora Innovation, Inc. | 2.6 bn | — | -45.7% | -13,328.6% | unavailable | −3% / +86% |
| PONYPony AI Inc. | 2.1 bn | — | -10.3% | -148.9% | +20.0% | −65% / unavailable |
| OSPNOneSpan Inc. | 872.9 m | 13.2 | 26.8% | 27.5% | +0.0% | +94% / +136% |
| TLSTelos Corporation | 378.2 m | — | -14.9% | -8.1% | +52.2% | −12% / +23% |
| SLPSimulations Plus, Inc. | 374.2 m | 46.7 | 6.2% | 9.9% | +13.1% | unavailable / unavailable |
| SMRTSmartrent, Inc. | 310.4 m | — | -8.4% | -13.0% | −12.9% | −6% / −48% |
| ASURAsure Software, Inc. | 293.6 m | — | -1.9% | — | +24.3% | +22% / +22% |
| VEEAVeea Inc. | 281.2 m | — | — | -2,491.9% | +56.6% | −55% / −98% |
| RBBNRibbon Communications Inc. | 275.9 m | 22.5 | 5.0% | 2.3% | +1.3% | −46% / −28% |
| KDKKodiak AI, Inc. | 220.7 m | — | — | -4,259.6% | −74.6% | −82% / unavailable |
| UISUnisys Corp | 171.4 m | — | — | -21.7% | −2.9% | −12% / −51% |
| AIOSAIOS Tech Inc. | 138.9 m | — | -208.9% | -4,359.1% | −98.5% | −87% / −86% |
| MRLNMerlin, Inc. | 91.5 m | — | — | — | unavailable | −92% / unavailable |
1- and 3-year price returns: for CSPI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CSP Inc. (CSPi) is an IT integrator and cybersecurity solutions provider, with a technology solutions division that resells equipment and runs managed services and a high performance products division that includes the ARIA security platform. In fiscal 2025 revenue reached 1 58.7 million USD, and last quarter the company reported a slight decline 2, amid vendor hardware delivery delays. The question now is whether the AZT PROTECT platform and multi-year cloud services contracts can offset these pressures.
SWOT
Strengths
- The company has a solid balance sheet, with cash and equivalents of over 24 million dollars at June 30, 2026 3.
- The AZT PROTECT platform has produced a 100% customer renewal rate, suggesting good relationships with existing customers 3.
- The managed and cloud services portfolio offers recurring revenue and long-term customer relationships 1.
Weaknesses
- Dependence on the TS segment, which accounts for almost all sales, leaves the company exposed to thin margins in hardware resale 1.
- The HPP segment fell sharply in fiscal 2025 and depends on large, nonrecurring contracts 1.
- The company reported net losses last quarter and over the nine-month period, pointing to pressure on profitability 3.
Opportunities
Risks
- Customer concentrationmedium
A small number of significant customers account for a large part of revenue, and losing one could affect results 1.
- ARIA investments may not pay offhigh
The company has invested significantly in ARIA products, and returns could be delayed or smaller than expected 1.
- Competitionmedium
Larger competitors could offer more attractive pricing, which could reduce demand for the company's products 1.
- Delivery delaysmedium
Hardware shortages have lengthened delivery times, and if conversion of orders into sales slows, quarterly results could suffer 3.
- International and currency exposurelow
Activity in the United Kingdom and Europe is exposed to regulation, taxes and currency fluctuations, which could affect results 1.
Investment thesis
What would need to be true (bull case)
- If the AZT PROTECT platform keeps adding new customers and expanding existing deployments, it could become the company's main growth driver 3.
- Recently signed multi-year managed and cloud services contracts could bring more predictable recurring revenue 3.
- A substantial cash position could allow investment in growing managed services without external financing 3.
What would break the thesis
- Quarterly sales declined last quarter and the company reported a net loss, which could indicate difficulty growing profitably 2.
- The HPP segment fell sharply in fiscal 2025, and reliance on large nonrecurring licences could make revenue volatile 1.
- Much larger competitors in TS and security could limit the company's ability to gain market share 1.
What to watch
- TS sales trajectory once hardware deliveries normaliseQ4 fiscal 2026
- Number of new customers and expansions for AZT PROTECTnext quarterly report
- Conversion of the TS backlog into revenue2027
- Full fiscal 2026 annual results in the next 10-Knext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CSPi, incorporated in 1968 and based in Lowell, Massachusetts, develops and markets IT integration solutions, advanced security products, managed IT services, cloud services, network adapters and high performance computer systems 1. The company operates in two segments: Technology Solutions, which resells third-party hardware and software and provides professional and managed services mainly to small and mid-sized businesses, and High Performance Products, which includes the ARIA software-defined security platform, Myricom adapters and the legacy Multicomputer line 1. In fiscal 2025 the TS segment represented 97% of sales and HPP only 3% 1.
The company had about 123 full time equivalent employees at September 30, 2025, and no single customer accounted for 10% or more of revenue in fiscal 2025 or 2024 1. Most revenue comes from the United States, with a smaller presence in the United Kingdom 1.
The revenue model combines product sales with professional services, managed services and renewable ARIA software licences, so part of revenue is recurring, although the TS segment remains dominated by hardware resale 1.
Segments
Technology Solutions (TS)
The TS segment, operated through the Modcomp, Inc. subsidiary, generated 56,808 thousand USD of sales in fiscal 2025, up 11% from the prior year, driven by both products and services 1. The offering includes resale of HPE/Aruba, Cisco, Palo Alto Networks, Nutanix and other products, plus consulting, managed IT and cloud services 1.
High Performance Products (HPP)
The HPP segment fell to 1,922 thousand USD in fiscal 2025, after a prior year that included a large nonrecurring ARIA AZT licence 1. The ARIA platform, including ARIA AZT PROTECT, is sold directly, through partners and to MSSPs, and last quarter the company reported new customers and site expansions 3.
Market context
The IT integration market for small and mid-sized businesses is fragmented, with thousands of small resellers and large competitors, and margins are generally limited by hardware costs 1. The cybersecurity market in which ARIA operates is dominated by large vendors, but demand for solutions that reduce the cost of an in-house SOC could grow if critical infrastructure regulations expand 1.
The company describes demand for security in regulated sectors such as energy, utilities, manufacturing and healthcare as a potential driver, but sales cycles can run up to a year or more 1. Vendor hardware delivery delays extended delivery times for TS orders last quarter 3.
Trends
- Critical infrastructure regulationtailwind
Federal, state and international rules on critical infrastructure increase the need for protection in sectors such as energy and utilities, which could favour the ARIA platform 1.
- Hardware delivery delaysheadwind
Equipment shortages have extended delivery times for TS customers, and the company expects this effect to continue through the fourth quarter of fiscal 2026 and into the first half of fiscal 2027 3.
- Cloud and managed servicestailwind
Multi-year managed and cloud services contracts signed in fiscal 2026 could stabilise recurring revenue in the TS segment 3.
- Margin pressure and compliance costsmixed
Low-margin product sales to some large customers reduced TS product gross margin in fiscal 2025, and geopolitical tensions can affect exchange rates and financial markets 1.
Competitive position
In the TS segment, competition comes from other value-added resellers, from small firms to large integrators such as CDW, PC Connection, Insight, Presidio, Dimension Data and Computacenter, as well as from the hardware makers whose products it resells 1. In cybersecurity, ARIA competes with large vendors such as Palo Alto, VMware and security service providers such as Arctic Wolf 1.
Stated competitive advantages include procurement capability, product diversity, relationships with major IT OEMs and experience with SMB needs, while weaknesses include low name recognition, limited geographic coverage and pricing 1.
- CDWCDW
Large value-added reseller cited as a direct competitor in the TS segment.
- Insight EnterprisesNSIT
IT integrator and reseller named among the main competitors of the TS segment.
- Palo Alto NetworksPANW
Large cybersecurity vendor cited as a competitor of the ARIA platform.
- Arctic Wolf
Security services provider named as a cybersecurity competitor.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report09 Jun 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report16 Mar 2026Departure or appointment of officers
- Current report13 Feb 2026Shareholder vote
- Quarterly report12 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Dec 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / CSP Inc. · 16 Dec 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CSP Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CSP Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.