---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-22-027256"
form_type: "8-K"
ticker: "TSSI"
cik: "0001320760"
company_name: "TSS, Inc."
filed_at: "2022-11-14T23:59:59+00:00"
generated_at: "2026-06-21T19:41:56.087925+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# TSS appoints new CEO Darryll Dewan; Q3 revenue up 76% to $8.1M, net income $0.03/share

## Summary
- Q3 2022 revenue $8.1M vs $4.6M YoY; operating income $871K vs $228K.
- Net income $605K ($0.03 per share) vs $123K ($0.01) in Q3 2021.
- YTD revenue $19.7M vs $12.8M; net income $1.068M vs loss $1.032M.
- Darryll Dewan appointed President/CEO effective Nov 14, succeeding Anthony Angelini.
- New CEO gets base salary $385K, option for 1.25M shares at $0.62; Angelini gets $385K severance.

## SEC filing metadata
- accession: 0001437749-22-027256
- form_type: 8-K
- ticker: TSSI
- cik: 0001320760
- company_name: TSS, Inc.
- filed_at: 2022-11-14T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/tssi20221114_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-22-027256
- JSON: https://secwatch.observer/filing/0001437749-22-027256.json
- Plain text: https://secwatch.observer/filing/0001437749-22-027256.txt

## Key facts
- Earnings Releases
  TSS, Inc. reported the third quarter ended September 30, 2022 results: revenue $8.1 million, net income $605,000, EPS $0.03 per share.
  - Period: the third quarter ended September 30, 2022
  - Revenue: $8.1 million
  - Net income: $605,000
  - EPS: $0.03 per share
  - Result: reported results
  source text: and technology services company, reported results for its third quarter ended September 30, 2022. Third Quarter Highlights (unaudited): ● Third quarter 2022 revenue of $8.1 million compared with $4.6 million in the third quarter of 2021. ● Gross margin of 34% in the third quarter of 2022 compared with 42% in the third quarter of 2021. ● Operating income of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- Earnings Releases
  TSS, Inc. reported the nine months ended September 30, 2022 results: revenue $19.7 million, net income $1,068,000, EPS $0.05 per share.
  - Period: the nine months ended September 30, 2022
  - Revenue: $19.7 million
  - Net income: $1,068,000
  - EPS: $0.05 per share
  - Result: reported results
  source text: of $1,043,000 in the third quarter of 2022 compared with Adjusted EBITDA income of $476,000 in the third quarter of 2021. Year-to-date Highlights (unaudited): ● 2022 revenue of $19.7 million compared with $12.8 million in 2021. Reseller revenues were $5.6 million in 2022 compared to $3.0 million in 2021. ● Gross margin of 36% in 2022 and 2021. ● Operating income of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- Executive change
  Darryll Dewan was appointed as Director at TSS, Inc..
  - Action: appointed
  - Role: Director
  source text: Mr. Dewan has also been appointed to the Company’s board of directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- Executive change
  Anthony Angelini resigned as Director at TSS, Inc..
  - Action: resigned
  - Role: Director
  source text: Mr. Angelini has agreed to tender his resignation from the Company’s board of directors effective the earlier of December 31, 2022, or the date he ceases providing transition services to the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- Executive change
  Anthony Angelini resigned as Chief Executive Officer at TSS, Inc..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: On November 14, 2022, the Company issued a press release announcing the appointment of Darryll Dewan as President and Chief Executive Officer of the Company, effective November 14, 2022, succeeding Anthony Angelini.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm
- Executive change
  Darryll Dewan was appointed as President and Chief Executive Officer at TSS, Inc..
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: On November 14, 2022, the Company issued a press release announcing the appointment of Darryll Dewan as President and Chief Executive Officer of the Company, effective November 14, 2022, succeeding Anthony Angelini.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320760/000143774922027256/0001437749-22-027256-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.