The following is a summary of the TSS, Inc. (TSSI) Q1 2024 Earnings Call Transcript:
Financial Performance:
TSS, Inc. reported a significant increase in Q1 2024 overall revenue to $15.9 million, compared to $6.6 million in Q1 2023.
They noted a substantial rise in procurement revenues, reaching $11.6 million from $1.7 million in Q1 2023.
There was an improvement in gross profits, up by 61% or $1 million, compared to Q1 '23.
Operational income made a turn-around, from an operating loss of $665,000 in Q1 2023 to an operational income of $253,000 in Q1 2024.
A major achievement in net income was noted, from a net loss of $786,000 in Q1 2023 to a net gain of $15,000 in Q1 2024.
Adjusted EBITDA also saw a turnaround, from a loss of $436,000 in Q1 2023 to a positive $475,000 in Q1 2024.
Business Progress:
Operational excellence has been a focus, with team expansion, business execution improvements, and partner relationship development contributing to revenue growth.
The company notes increased demand for their rack integration services, mainly driven by AI computing solutions.
To accommodate market demand shifts, TSS expanded production capacity in association with customers, offering fast response, flexibility, and high-quality integration-related services.
The launch of a new cybersecurity-in-a-box solution expands their product offering, providing top-grade cybersecurity solutions to customers.
TSS projects further financial improvement in 2024 and beyond, with operational enhancements and growth investments as key drivers. They plan to scale the integration business and multiply their rack integration capacity tenfold from the current volume.
More details: TSS INC IR
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