Press release
TSS, Inc. Reports First Quarter 2023 Results
ROUND ROCK, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results
About this update from Tss, Inc.
[{"type":"text","content":"ROUND ROCK, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its first quarter ended March 31, 2023. First Quarter Highlights (unaudited): First quarter 2023 revenue of $6.6 million compared with $5.2 million in the first quarter of 2022. Reseller revenues were $1.7 million in the first quarter of 2023 compared to $1.7 million in the first quarter of 2022.Gross margin of 26% in the first quarter of 2023 compared with 32% in the first quarter of 2022.Operating loss of $665,000 in the first quarter of 2023 compared to an operating loss of $173,000 in the first quarter of 2022.Net loss of $786,000 or $0.04 per share in the first quarter of 2023 compared to a net loss of $308,000 or $0.02 per share in the first quarter of 2022.Adjusted EBITDA loss of $438,000 in the first quarter of 2023 compared with Adjusted EBITDA of $43,000 in the first quarter of 2022.Costs related to management transition included in first quarter 2023 adjusted EBITDA totaled $180,000. “We made tremendous progress during the first quarter on tactical and strategic priorities to align our cost structure and operations, strengthen our management team and position TSS for future growth. Our first quarter financial results were heavily impacted by two large reseller transactions we expected to close in the first quarter and now expect to close in the second quarter,” said Darryll E. Dewan, President and CEO of TSS. “Operationally, during the quarter we raised prices and took action to remediate high labor costs in our systems integration business, positioning it for significantly improved second quarter profitability. Our leadership team has been strengthened with key additions in both operations and business development. We expect to return to bottom line profitability in the second quarter and remain optimistic our 2023 results will show growth in revenue and adjusted EBITDA compared to 2022. Our balance sheet remains strong with sufficient working capital liquidity.” Dewan continued, “During a time of change at TSS, we are focusing on our value proposition to customers and long-term growth opportunities. We see significant market opportunities for high-value IT integration, deployment and maintenance services.” Quarterly Conference Call Details The Company has sch...