Private company

GSE SYSTEMS INC

American prepackaged software services company, incorporated in Delaware. Summary from the record

Last updated Oct 19, 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”).3 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 margin4
-15.1%Operating margin5
-19.4%Net margin4
-5.6%Revenue growth, 20234
-163.3%Return on equity4
0.12×Debt to equity4
$1.4MFree cash flow4

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.4 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.4

Financial statements

Revenue6789104$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 profit6789104$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 income67891045-$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 income6789104-$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$70.9M6$92.2M7$83.0M8$57.6M9$55.2M10$47.7M4$45.0M4
Cost of revenue$52.3M12$69.1M7$62.7M8$42.8M9$43.3M10$35.8M4$33.1M4
Gross profit$18.5M6$23.1M7$20.3M8$14.8M9$11.9M10$11.9M4$11.9M4
Research and development$1.4M6$899.0K7$710.0K8$686.0K9$626.0K10$611.0K4$572.0K4
Selling, general and admin$15.5M6$17.5M7$16.2M8$15.8M9$14.9M10$17.0M4$16.1M4
Operating expenses$17.8M10$26.3M4$18.7M4
Operating income$229.0K6$1.4M7-$7.4M8-$9.5M9-$6.0M10-$14.4M4-$6.8M5
Income before tax$10.8M10-$15.3M4-$8.7M4
Income tax-$6.2M6$1.1M7$5.7M8$355.0K9$163.0K10$51.0K4$22.0K4
Net income$6.6M6-$354.0K7-$12.1M8-$10.5M9$10.6M10-$15.3M4-$8.7M4
Earnings per share$0.346-$0.027-$0.607-$0.529$0.5110-$7.184-$3.514
Earnings per share (diluted)$0.336-$0.027-$0.608-$0.529$0.5110-$7.184-$3.514
Shares (weighted, basic)20.8M shares102.1M shares42.5M shares4
Shares (weighted, diluted)20.8M shares102.1M shares42.5M shares4

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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)

Timeline

  1. Jul 2, 2024New chief executive Ravi Khanna becomes CEO13
  2. Aug 6, 2015New chief executive Kyle Justin Loudermilk becomes CEO14
  3. Nov 1, 2010New chief executive James Anthony Eberle becomes CEO15

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.

Sources

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