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TSS, Inc.
TSSICIK 0001320760NasdaqNon-AcceleratedServices-Management Consulting ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$245.72M
Net Income
$15.13M
Total Assets
$184.94M
Equity
$76.64M
Shares Out
27.77M
Op. Cash Flow
$34.86M
Business
TSS, Inc. provides comprehensive lifecycle services for planning, designing, deploying, maintaining, refreshing and taking back end-user and enterprise IT systems and the mission-critical facilities that house them. It offers technology consulting, design and engineering, project management, systems integration and installation, facilities management, maintenance and strategic IT procurement services. Its key business segments include systems integration (including rack-level AI-enabled server integration), facilities management and strategic procurement services. TSS serves enterprise and IT OEM customers deploying solutions in traditional data centers, modular data centers, colocation facilities and at the network edge, often through master service agreements and partner co-selling arrangements.
Summary from filing dated 2025-04-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Procurement | 197 | 118 | 39 | — | — | |
| Facilities management | 8 | 8 | 7 | — | — | |
| System integration | 40 | 23 | 9 | — | — | |
| Total revenues | 246 | 148 | 54 | — | — | |
| Cost of revenues | 211 | 126 | 43 | — | — | |
| Cost of revenues - depreciation and amortization | 3 | 0 | 0 | — | — | |
| Total cost of revenues | 213 | 126 | 43 | 22 | 21 | |
| Gross profit | 32 | 22 | 11 | 9 | 6 | |
| Selling, general and administrative | 21 | 13 | 9 | 8 | 7 | |
| Depreciation and amortization | 1 | 608,000 | 320,000 | — | — | |
| Bank factoring fees | 4 | 3 | 2 | — | — | |
| Loss on sale or disposal of assets | 658,000 | 0 | 0 | — | — | |
| Total operating expenses | 26 | 17 | 11 | — | — | |
| Income (loss) from operations | 6 | 6 | −221,000 | 914,000 | −831,000 | |
| Interest expense | 651,000 | 0 | 355,000 | — | — | |
| Interest income | −2 | −562,000 | 0 | — | — | |
| Other expense (income) | −205,000 | 194,000 | 0 | — | — | |
| Pre-tax income | 8 | 6 | 134,000 | −17,000 | −1 | |
| Income tax expense (benefit) | −8 | 158,000 | 60,000 | 56,000 | 65,000 | |
| Net income | 15 | 6 | 74,000 | −73,000 | −1 | |
| Earnings per common share - Basic | 0.61 | 0.27 | 0 | 0 | −0.07 | |
| Earnings per common share - Diluted | 0.56 | 0.24 | 0 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 86 | 23 | 12 | 20 | 8 | |
| Contract and other receivables, net of allowance of $0.0 and $7.0 | 13 | 16 | 4 | 3 | 2 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | 3 | 851,000 | 1 | 231,000 | 573,000 | |
| Inventories, net | 16 | 18 | 2 | 862,000 | 847,000 | |
| Prepaid expenses and other current assets | 2 | 248,000 | 302,000 | 175,000 | 550,000 | |
| Total current assets | 119 | 58 | 19 | 24 | 12 | |
| Property and equipment, net | 38 | 9 | 628,000 | 587,000 | 281,000 | |
| Lease right-of-use asset | 15 | 24 | 4 | 5 | 6 | |
| Goodwill | 780,000 | 780,000 | 780,000 | 800,000 | 800,000 | |
| Deferred tax asset, net | 8 | 0 | — | — | — | |
| Other assets | 4 | 5 | 817,000 | 877,000 | 720,000 | |
| Total assets | 185 | 97 | 26 | 31 | 19 | |
| Accounts payable | 46 | 36 | 14 | 22 | 7 | |
| Accrued expenses and other current liabilities | 6 | 18 | — | — | — | |
| Deferred revenues, current | 14 | 3 | 3 | — | — | |
| Long-term debt, current | 4 | 0 | — | 0 | 2 | |
| Lease liabilities, current | 2 | 966,000 | 688,000 | 467,000 | 644,000 | |
| Total current liabilities | 73 | 57 | 18 | 24 | 12 | |
| Long-term debt, net, non-current | 14 | 8 | 0 | — | — | |
| Lease liabilities, non-current | 22 | 24 | 4 | 4 | 5 | |
| Deferred revenues, non-current | 0 | 771,000 | 0 | — | — | |
| Other non-current liabilities | 100,000 | 0 | — | — | — | |
| Total non-current liabilities | 36 | 33 | 4 | — | — | |
| Total liabilities | 108 | 89 | 22 | 28 | 17 | |
| Preferred stock, $0.0001 par value; 1,000 shares authorized; none issued | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.0001 par value; 49,000 shares authorized; 27,593 and 25,250 issued; 27,593 and 23,107 outstanding at December 31, 2025 and December 31, 2024, respectively | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | |
| Additional paid-in capital | 122 | 74 | 72 | 72 | 71 | |
| Treasury stock, at cost; no shares at December 31, 2025 and 1,849 shares at December 31, 2024 | 0 | −7 | −2 | −2 | −2 | |
| Accumulated deficit | −45 | −60 | −66 | −66 | −66 | |
| Total stockholders' equity | 77 | 7 | 4 | 3 | 2 | |
| Total liabilities and stockholders' equity | 185 | 97 | 26 | 31 | 19 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net income | 15 | 6 | 74,000 | — | — | |
| Depreciation and amortization | 4 | 608,000 | 320,000 | — | — | |
| Stock-based compensation | 4 | 1 | 581,000 | 530,000 | 469,000 | |
| Provision for inventory reserve | 398,000 | 0 | 0 | — | — | |
| Amortization of debt issuance costs | 62,000 | 0 | 0 | — | — | |
| Non-cash lease expense | 2 | 851,000 | 662,000 | — | — | |
| Contract and other receivables | 4 | −13 | −782,000 | — | — | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | −2 | 459,000 | −1 | — | — | |
| Inventories | 1 | −15 | −1 | −15,000 | −650,000 | |
| Prepaid expenses and other assets | −1 | −4 | −136,000 | 156,000 | −927,000 | |
| Deferred tax assets | −8 | 0 | 0 | — | — | |
| Right-of-use assets | 131,000 | −21 | −7,000 | — | — | |
| Accounts payable and accrued expenses | −2 | 39 | −7 | 15 | −6 | |
| Deferred revenues | 11 | 14,000 | 1 | — | — | |
| Operating lease liabilities | 6 | 20 | −457,000 | — | — | |
| Other non-current liabilities | 100,000 | 0 | 0 | — | — | |
| Net cash provided by (used in) operating activities | 35 | 15 | −8 | 15 | −10 | |
| Capital expenditures | −33 | −8 | −257,000 | 536,000 | −64,000 | |
| Net cash used in investing activities | −33 | −8 | −257,000 | −536,000 | −64,000 | |
| Proceeds from issuance of long-term debt | 16 | 8 | 0 | — | — | |
| Repayments of long-term debt | −7 | 0 | 0 | −2 | −352,000 | |
| Proceeds from exercise of stock options | 17,000 | 863,000 | 0 | — | — | |
| Proceeds from stock issuance, net of offering costs | 55 | 0 | 0 | — | — | |
| Repurchase of treasury stock | −5 | −4 | −40,000 | −134,000 | −197,000 | |
| Net cash provided by (used in) financing activities | 60 | 5 | −40,000 | −2 | −504,000 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 62 | 11 | −9 | — | — | |
| Cash paid for interest, net of amounts capitalized | 423,000 | 0 | 0 | 944,000 | 154,000 | |
| Cash paid for bank factoring fees | 4 | 3 | 2 | — | — | |
| Federal | 0 | 0 | 0 | — | — | |
| Texas | 172,000 | 79,000 | 47,000 | — | — | |
| Total cash paid for taxes | 172,000 | 79,000 | 47,000 | — | — | |
| Additions to capital expenditures financed with accounts payable | 935,000 | 0 | 0 | — | — |
Filings
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