TSS Q1 revenue jumps 142% to $15.9M; net income turns positive

TSS, Inc.

2024-Q1 EPS reported $0.00 revenue$15,892,000

Revenue $15.9M vs $6.6M YoY; procurement revenue surged to $11.6M from $1.7M.
Operating income of $253K vs a loss of $665K; net income $15K ($0.00 EPS) vs net loss of $786K.
Adjusted EBITDA improved to $475K from a loss of $436K in Q1 2023.
CEO cites demand for Generative AI computing solutions driving growth; production capacity increased.
Gross profit up 61% YoY; the company expects continued revenue and profit growth in 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TSS, Inc. reported first quarter ended March 31, 2024 results: revenue $15.9 million, net income $15,000 or $0.00 per share, EPS $0.00 per share.

Period: first quarter ended March 31, 2024
Revenue: $15.9 million
Net income: $15,000 or $0.00 per share
EPS: $0.00 per share
Result: reported results

Exact text from the filing

first quarter 2024 revenue of $15.9 million compared with $6.6 million in the first quarter of 2023. Procurement revenues were $11.6 million in the first quarter of 2024 compared to $1.7 million in the first quarter of 2023. ● Increased gross profits by $1 million or 61% compared to the first quarter of 2023 ● Improved Operating income by $918,000 to income of $253,000 in the first quarter of 2024 compared to an operating loss of $665,000 in the first quarter of 2023. ● Net income of $15,000 or $0.00 per share in the first quarter of 2024 compared to a net loss of $786,000 or $(0.04) per share in the first quarter of 2023.

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Source: SEC EDGAR

accession 0001437749-24-016608

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