Figures published by holding company Llandarcy Park (Ospreys) Ltd showed a profit in 2014-15 of £143,498 before exceptional items and interest charges.
Ospreys chief executive Andrew Hore said: "It just shows what can be achieved and we're really proud."
The figures reflect increased revenue from ticket sales and improved funding from the Welsh Rugby Union (WRU).
National Dual Contracts - in which the WRU pays 60% of a player's wage - were introduced during 2014-15, with four Ospreys players signed in that period.
It was also the first year funding for the four Welsh regions was increased from £6.7m to £8.7m following the signing of the Rugby Services Agreement (RSA) after protracted negotiations between Pro Rugby Wales and the WRU.
The profit compares with a net loss of £123,560 in the previous financial year.
Hore added: "A lot of the changes undertaken over the last couple of years actually set us up in a very strong manner for the future, such as changing the RSA and the ability to work more into the community and this kind of thing.
"So if we can continue to grow those community links hopefully we can grow revenues in our rugby base as well."
Ospreys chairman Roger Blyth said: "These figures are the result of the efforts and hard work behind the scenes, across all departments of the organisation.
"We saw a number of new commercial partnerships launched during this period, while the new RSA came into effect, providing a new system to reward national squad contribution more fairly, something which will clearly prove beneficial to the Ospreys given our historic over-contribution to the national cause."
Blyth added there was "cautious optimism" about the future, but work remained to be done, particularly improving the domestic Pro12 to compete with the threat of powerful leagues in England and France.

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25 April 2015 Last updated at 13:34 BST
Here are some of his finer moments on BBC Radio Derby, including his Elvis impersonation.

Co-operative Energy received 136 complaints per 100,000 customers in the third quarter of the year, the Energy Ombudsman said.
This was 50% higher than any other supplier, the ombudsman's figures show.
Co-operative Energy blamed continuing problems with its new computer system for the results.
It upgraded its IT systems in March, with many customers complaining of being locked out of their online account or not receiving their bills following the switch.
"We would like to thank customers for their patience and continued support in recent months," a spokesman for the supplier said.
"We have made significant progress to resolve a number of technical issues which ultimately related to the introduction of a new IT system. We will continue to make further improvements to ensure our customers receive the high level of service they expect and deserve."
The energy ombudsman said it had received a total of 13,212 complaints about the energy sector in the third quarter of the year, slightly lower than the previous quarter's total of 13,490.  Disputed charges, inaccurate invoices and missing bills were the most common complaints.

The 23-year-old carded a final-round five-under-par 67 to finish on 11 under at the Trump National in New Jersey.
Compatriot Choi Hye-Jin was two strokes behind in second, while China's Shanshan Feng, who held a one-shot lead overnight, went round in 75 to finish tied for fourth, five strokes adrift.
A South Korean has won the US Open seven times in the past 10 years.
Park told Fox Sports: "I did not have the best first and second rounds so I wanted to believe in myself in the remaining rounds. Trusting myself definitely helped."
England's Charley Hull finished 11 strokes behind Park on level par, with Scotland's Catriona Matthew a further six shots back.
The Ospreys rugby region has posted a profit for the first time since 2007.
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Colin Bloomfield was known for his radio sports commentator but he also had a keen sense of humour.
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One of the UK's smaller energy suppliers has topped a list of the highest proportion of consumer complaints.
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South Korea's Park Sung-hyun won the US Women's Open by two shots to claim her first LPGA title in her debut season.