TSS Inc. (OTC:TSSI) Releases Q1 Earnings: Here Are Key Details

TSS Inc. TSSI is a company that offers a range of services to its clients. The company is a one-stop shop for a range of services. It offers mission-critical planning, system integration, design, maintenance, deployment, and evolution of data center facilities as well as information infrastructure.

The company is known for providing a range of end-to-end solutions that are not only customizable but also created by leading experts in different fields. It is one of the more interesting companies in the technology space at this point in time, and it could be worthwhile for industries to keep track of the developments around TSS.

On May 15, TSS was in focus after it announced its financial results for the first fiscal quarter of the year that ended on March 31, 2023. The company managed to bring in revenues to the tune of $6.6 million, which worked out to be an improvement on the revenues of $5.2 million in the prior-year period.

The reseller revenues generated during the quarter came in at $1.7 million, which remained unchanged from the reseller revenues in the prior-year quarter. In the first quarter, the gross margins stood at 26%, but that was lower than the gross margins of 32% in the corresponding quarter in 2022. The operating loss in the quarter widened considerably to $665,000 from $173,000 in the prior-year quarter.

TSS suffered a net loss of $786,000, which worked out to $0.04 a share, and that was considerably higher than the net loss of $308,000 in the prior-year quarter. The net loss per share in the prior-year quarter had been $0.02. The adjusted EBITDA for the quarter came in at $438,000, as opposed to the adjusted EBITDA of only $43,000 in the first quarter of 2022.

The costs that had been incurred for management transition after adjusting for EBITDA stood at $180,000 for the first quarter. Darryll E. Dewan, the company’s Chief Executive Officer, noted that TSS had made ‘tremendous progress’ during the first quarter on a number of strategic priorities.

On May 15, the company was back in focus after it announced that it had appointed a new Senior Vice President of Sales for the Modular and Edge Solutions business in the form of Jim Olivier. He is going to be responsible for all the revenue targets for the particular business. Dewan noted at the time that Olivier brought considerable and proven experience in delivering profitable businesses and growth.

Additionally, it was noted that he had also displayed significant leadership qualities in the fields of software and managed services. He went on to add that he was confident that Olivier was going to be a major asset in the company’s quest to follow its strategic plans. Olivier is a veteran of the industry and boasts experience spanning more than three decades. He has led enterprise and managed services sales entities during the course of his career with considerable success.

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