TSS, Inc. TSSI
TSS, Inc. ("TSS", the "Company", "we", "us" or "our") provides a comprehensive suite of services for the integration of complex Artificial Intelligence (AI) technologies, planning, design, deployment, maintenance and refresh of end-user and enterprise systems, including the mission-critical facilities in which they are housed. We provide a single source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. Our services consist of technology consulting, design and engineering, project management, systems integration, systems installation, facilities management and IT procurement services. Beginning in 2024, our systems integration services have been enhanced to include integration of AI enabled data center server racks. TSS was incorporated in Delaware in December 2004. In the second quarter of 2025 we relocated our corporate offices and primary integration facility from Round Rock, Texas to Georgetown, Texas and continued to operate a secondary integration facility in our Round Rock facility for approximately one additional quarter before all operations were migrated to our new facility in Georgetown.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $245.7M | $148.1M | $54.4M | $30.6M | $27.4M | $45.1M | $32.8M | $22.3M | $18.3M | $27.4M |
| Cost of revenue | $213.3M | $125.8M | $43.4M | $21.7M | $21.0M | $38.3M | $26.2M | $13.9M | — | — |
| Gross profit | $32.4M | $22.4M | $11.0M | $9.0M | $6.4M | $6.8M | $6.6M | $8.5M | $7.7M | $7.2M |
| SG&A | $20.6M | $13.2M | $8.9M | $7.7M | $6.7M | $6.7M | $5.7M | $6.4M | $6.5M | $8.1M |
| Total operating expenses | $26.1M | $16.6M | $11.2M | — | — | — | — | — | — | — |
| Operating income | $6.3M | $5.8M | -$221.0K | $914.0K | -$831.0K | -$400.0K | $480.0K | $2.9M | $1.1M | -$633.0K |
| Interest expense | — | $2.7M | $2.0M | $931.0K | $430.0K | $367.0K | $313.0K | $403.0K | $328.0K | $365.0K |
| Pre-tax income | $7.5M | $6.1M | $134.0K | -$17.0K | -$1.2M | $129.0K | $167.0K | $2.5M | $775.0K | -$1.0M |
| Income tax | $7.6M | $158.0K | $60.0K | $56.0K | $65.0K | $50.0K | $41.0K | $26.0K | $9.0K | $19.0K |
| Net income | $15.1M | $6.0M | $74.0K | -$73.0K | -$1.3M | $79.0K | $126.0K | $2.4M | $766.0K | -$1.0M |
| EPS, basic | 0.61 | 0.27 | 0.00 | 0.00 | -0.07 | 0.00 | 0.01 | 0.16 | 0.05 | -0.07 |
| EPS, diluted | 0.56 | 0.24 | 0.00 | 0.00 | -0.07 | 0.00 | 0.01 | 0.13 | 0.05 | -0.07 |
| Shares, diluted (wtd. avg.) | $27.2M | $25.1M | $22.0M | $20.1M | $18.4M | $21.0M | $20.9M | $18.7M | $16.5M | $15.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $85.5M | $23.2M | $11.8M | $20.4M | $8.0M | $19.0M | $8.7M | $6.2M | $2.3M | $2.2M |
| Receivables | $12.5M | $16.2M | $3.5M | $2.7M | $1.8M | $915.0K | $3.9M | $727.0K | $990.0K | $2.4M |
| Inventory | $16.0M | $17.7M | $2.3M | $862.0K | $847.0K | $197.0K | $1.4M | $108.0K | $134.0K | $59.0K |
| Total current assets | $118.6M | $58.2M | $19.3M | $24.4M | $11.8M | $21.0M | $14.2M | $7.4M | $3.7M | $5.4M |
| Property, plant and equipment | $38.1M | $8.6M | $628.0K | $587.0K | $281.0K | $662.0K | $705.0K | $390.0K | $418.0K | $544.0K |
| Goodwill | $780.0K | $780.0K | $780.0K | $780.0K | $780.0K | $780.0K | $780.0K | $780.0K | $1.9M | $1.9M |
| Other intangibles | — | — | $0 | $35.0K | $126.0K | $217.0K | $307.0K | $398.0K | $561.0K | $704.0K |
| Total assets | $184.9M | $96.6M | $25.6M | $31.4M | $19.3M | $23.8M | $17.6M | $9.1M | $6.7M | $8.6M |
| Accounts payable | $46.4M | $35.8M | $12.4M | $20.0M | $5.5M | $12.6M | $7.9M | $944.0K | $1.4M | $3.7M |
| Short-term debt | $4.0M | $0 | — | $0 | $2.0M | $0 | — | — | — | $246.0K |
| Total current liabilities | $72.6M | $56.9M | $18.4M | $24.2M | $12.1M | $18.1M | $11.6M | $4.6M | $5.3M | $9.1M |
| Long-term debt | $14.0M | $8.2M | $0 | $0 | $0 | $2.2M | $2.0M | $1.8M | $1.7M | $825.0K |
| Total liabilities | $108.3M | $89.4M | $22.1M | $28.5M | $17.1M | $20.6M | $14.7M | $6.6M | $7.0M | $10.0M |
| Retained earnings | -$45.2M | -$60.3M | -$66.3M | -$66.4M | -$66.3M | -$65.0M | -$65.1M | -$65.2M | -$67.7M | -$68.4M |
| Total equity | $76.6M | $7.1M | $3.5M | $2.9M | $2.2M | $3.2M | $2.9M | $2.5M | -$305.0K | -$1.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $34.9M | $15.3M | -$8.3M | $14.7M | -$10.5M | $10.0M | $3.0M | $1.9M | -$45.0K | $2.2M |
| Depreciation and amortisation | $3.8M | $608.0K | $320.0K | $383.0K | $536.0K | $529.0K | $370.0K | $385.0K | $481.0K | $602.0K |
| Stock-based compensation | $4.0M | $1.2M | $581.0K | $530.0K | $469.0K | $392.0K | $358.0K | $241.0K | $68.0K | $193.0K |
| Capital expenditure | $32.7M | $8.5M | $257.0K | $536.0K | $64.0K | $396.0K | $594.0K | $242.0K | $212.0K | $290.0K |
| Investing cash flow | -$32.7M | -$8.5M | -$257.0K | -$536.0K | -$64.0K | -$396.0K | -$419.0K | $1.9M | $102.0K | $502.0K |
| Financing cash flow | $60.2M | $4.6M | -$40.0K | -$1.8M | -$504.0K | $733.0K | -$96.0K | $108.0K | $59.0K | -$1.7M |
| Buybacks | $4.9M | $4.5M | $40.0K | $134.0K | $197.0K | $174.0K | $158.0K | $6.0K | $4.0K | $1.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016374.
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