TSS, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TSS, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

TSS, Inc. (TSSI) filed a Annual Report (10-K) with the SEC on March 29, 2024. TSS, Inc. reported its fiscal year 2023 results on March 29, 2024. The company's fiscal year ended on December 31, 2023. TSS, Inc. is incorporated in Delaware and headquartered in Round Rock, Texas. The company previously operated under the names Fortress International Group, Inc. and TSS, Inc. The filing is a 10-K annual report.

Why It Matters

For investors and stakeholders tracking TSS, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TSS, Inc.'s financial health, operational segments, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical name changes and incorporation details helps in tracing its corporate evolution and potential strategic shifts over time.

Risk Assessment

Risk Level: — TSS, Inc. shows moderate risk based on this filing. The filing is a standard 10-K report, indicating routine disclosure of financial information rather than an event-driven filing that might signal immediate risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand TSS, Inc.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 83 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• TSS, Inc. (company) — Filer name
• Fortress International Group, Inc. (company) — Former company name
• Round Rock, Texas (location) — Business address city and state
• DE (location) — State of incorporation

FAQ

Industry Context

TSS, Inc. operates within the management consulting services industry (SIC 8742).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review the business description and risk factors for operational insights.
3. Examine executive compensation details if available in the full filing.

Year-Over-Year Comparison

This is a 10-K filing for the fiscal year ended December 31, 2023, representing the company's annual disclosure.

Filing Documents

• tssi20231231_10k.htm (10-K) — 1201KB
• ex_643821.htm (EX-10.34) — 106KB
• ex_643822.htm (EX-10.35) — 31KB
• ex_637587.htm (EX-21.1) — 4KB
• ex_637588.htm (EX-23.1) — 2KB
• ex_637590.htm (EX-31.1) — 12KB
• ex_637592.htm (EX-31.2) — 12KB
• ex_637596.htm (EX-32.1) — 6KB
• ex_637597.htm (EX-32.2) — 5KB
• 0001437749-24-009879.txt (&nbsp;) — 6928KB
• tssi-20231231.xsd (EX-101.SCH) — 56KB
• tssi-20231231_def.xml (EX-101.DEF) — 395KB
• tssi-20231231_lab.xml (EX-101.LAB) — 350KB
• tssi-20231231_pre.xml (EX-101.PRE) — 433KB
• tssi-20231231_cal.xml (EX-101.CAL) — 50KB
• tssi20231231_10k_htm.xml (XML) — 1188KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 11 Item IC. Cybersecurity 11 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6.

Selected Financial Data

Selected Financial Data 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 14 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A.

Controls and Procedures

Controls and Procedures Item 9B. Other Information PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 Item 13. Certain Relationships and Related Transactions and Director Independence 45 Item 14. Principal Accounting Fees and Services 45 PART IV Item 15. Exhibits, Financial Statement Schedules 46 Item 16. Form 10-K summary 51 "SAFE HARBOR " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 From time to time, we make oral and written statements that may constitute "forward looking statements" (rather than historical facts) as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (the "SEC") in its rules, regulations and releases, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We desire to take advantage of the "safe harbor" provisions in the Private Securities Litigation Reform Act of 1995 for forward-looking statements made from time to time, including, but not limited to, the forward-looking statements made in this Annual Report on Form 10-K (this "Annual Report"), as well as those made in other filings with the SEC. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "may," "will," "continue," "forecast," "foresee" or other similar words. Such forward-looking statements are based on our management's current plans and expectations and are subject to risks, uncertainties and changes in plans that could cause actual results to differ materially from those described in the forward-looking statements. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, those described under "Risk Factors" set forth in Item 1A of this Annual Report. We expressly discla

Business

Business Company Overview TSS, Inc. provides a broad and specialized range of integration technology services that enable enterprises and users to successfully implement, operate, and maintain their Information Technology systems. As a provider of technology services built on a platform of experienced program management, we have expertise in delivering complex, end-to-end IT technology solutions cost-effectively. These IT solutions can be deployed in various physical settings such as data centers, co-location facilities, server rooms, modular or edge-based solutions, security operations, and communications facilities. Our services include rack and systems integration, configuration services, data center and modular data center facility management integration, deployment and maintenance services, strategic procurement services, project management and technology consulting, and design and engineering services. TSS was incorporated in Delaware in December 2004. Our headquarters and our systems integration and configuration services facility are located in Round Rock, Texas. We support a broad range of enterprise customers who utilize our services to deploy solutions in their own data centers, in modular data centers (MDC), in colocation facilities or at the edge of the network. This market remains highly competitive and is subject to constant evolution as new computing technologies or applications drive continued demand for more computing and storage capacity. In 2023 these enterprises shifted their investment priorities towards artificial intelligence (AI) and accelerated computing infrastructure initiatives. Enterprises and data center operators face immense pressure to integrate and deploy the latest AI equipment and graphic processing units (GPUs). They must adopt these next-generation servers and custom rack-scale architectures to compete in the market successfully and quickly. Ensuring adequate power and thermal management systems are implemented to support

View Full Filing

View this 10-K filing on SEC EDGAR