4:00 PM ET 3/28/24 | GlobeNewswire
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TSS, Inc. Reports Fourth Quarter And Fiscal 2023 Results
ROUND ROCK, Texas, March 28, 2024 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center services company that integrates high-performance computing infrastructure and software, reported results for its fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter Highlights (unaudited):
-- Fourth quarter 2023 revenue of $24.4 million compared with $10.9 million
in the fourth quarter of 2022. Procurement revenues were $20.8 million in
the fourth quarter of 2023 compared to $7.6 million in the fourth quarter
of 2022.
-- Operating income of $725,000 in the fourth quarter of 2023 compared to an
operating loss of $723,000 in the fourth quarter of 2022.
-- Net income of $335,000 or $0.02 per share in the fourth quarter of 2023
compared to a net loss of $1,141,000 or $(0.05) per share in the fourth
quarter of 2022.
-- Adjusted EBITDA of $923,000 in the fourth quarter of 2023 compared with
Adjusted EBITDA loss of $491,000 in the fourth quarter of 2022.
Year-to-date Highlights:
-- 2023 revenue of $54.4 million compared with $30.6 million in 2022.
Procurement revenues were $38.5 million in 2023 compared to $13.2 million
in 2022.
-- Operating income of $1,750,000 in 2023 compared to operating income of
$914,000 in 2022.
-- Net income of $74,000 or $0.00 per share in 2023 compared to a net loss
of $73,000 or $(0.00) per share in 2022.
-- Adjusted EBITDA of $2,651,000 in 2023 compared with Adjusted EBITDA of
$1,662,000 in 2022.
Darryll Dewan, CEO of TSS, commented, "2023 was a transformational year for TSS. We continued to produce strong financial results during the fourth quarter and for fiscal year 2023. We grew revenues 78% in 2023 and increased our operating income by 91% compared to 2022, while making operational and go-to-market investments in the business. Operationally, we have reorganized our integration business, investing in both the team and technology to be able to credibly demonstrate to our largest OEM partners that we can scale to serve growing demand. We selectively optimized the personnel in our integration facility, we added a Chief People Officer and direct sales personnel, and we kicked off a relationship with a PR firm to improve our branding, messaging, and web experience. New service offerings have been identified that are extensions of our core capabilities. As a result of our operational improvements and investments in growth and this vibrant technology environment, we will continue to drive improved financial results in 2024 and beyond."
Dewan continued, "As generative AI, cybersecurity and other advanced computing technologies drive data center demand, TSS is uniquely positioned to capitalize on these trends with our leading-edge system integration and deployment capabilities." Dewan continued, "The data center market is evolving. Central data centers continue to struggle to meet demand, and new models are emerging, such as edge computing. The flexibility and speed of our integration business, paired with deployment capabilities of our modular business, make for a unique "one stop shop" for our OEM partners who want to offer customized solutions and white glove service. TSS is in a great position to benefit from this next phase of data center expansion."
Quarterly Conference Call Details
