# EDGAR Filing Document

**Accession Number:** 0001320760
**File Stem:** 0001654954-26-004536
**Filing Date:** 2026-5
**Character Count:** 20961
**Document Hash:** 71d5b195e4630bfa51ce0327a2702361
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-26-004536.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001654954-26-004536

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260507

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TSS, Inc.
- **CENTRAL INDEX KEY:** 0001320760
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 202027651
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33627
- **FILM NUMBER:** 26953878

**BUSINESS ADDRESS:**
- **STREET 1:** 110 E. OLD SETTLERS ROAD
- **STREET 2:** SUITE 100
- **CITY:** ROUND ROCK
- **STATE:** TX
- **ZIP:** 78664
- **BUSINESS PHONE:** (512) 310-1000

**MAIL ADDRESS:**
- **STREET 1:** 110 E. OLD SETTLERS ROAD
- **STREET 2:** SUITE 100
- **CITY:** ROUND ROCK
- **STATE:** TX
- **ZIP:** 78664

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fortress International Group, Inc.
- **DATE OF NAME CHANGE:** 20130814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TSS, Inc.
- **DATE OF NAME CHANGE:** 20130607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fortress International Group, Inc.
- **DATE OF NAME CHANGE:** 20070131

?xml version='1.0' encoding='ASCII'? tssi_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**May 7, 2026**

Date of Report (Date of earliest event reported)

---

| |
|:---|
| **TSS, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33627** | **20-2027651** |
| (State or other jurisdiction of <br>incorporation) | (Commission <br>File Number) | (I.R.S. Employer <br>Identification No.) |

---

**<u>1800 Aviation Drive, Suite 100, Georgetown Texas 78628</u>**

(Address of principal executive offices and zip code)

 **<u>(512) 310-1000</u>**

(Registrant's telephone number, including area code)

**<u>Not applicable</u>**

(Former Name or Former Address, if changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Ticker Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.0001 Par Value | TSSI | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial condition.**

On Thursday, May 7, 2026, TSS, Inc. (the "Company"), issued a press release reporting certain financial results of the Company for the three months ended March 31, 2026. A copy of the press release is being furnished herewith as Exhibit 99.1.

The Company's press release contains non-GAAP financial measures. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Disclosure regarding definitions of these measures used by the Company and why the Company's management believes the measures provide useful information to investors is also included in the press release.

The Company will conduct a conference call to discuss its financial results on Thursday, May 7, 2026, at 5:00 p.m. Eastern Time.

The information under Item 2.02 of this Report, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

This report may contain "forward-looking statements" – that is, statements related to future – not past – events, plans, and prospects. In this context, forward-looking statements may address matters such as our expected future business and financial performance, and often contain words such as "guidance," "prospects," "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect the Company's future results include: we may not have sufficient resources to fund our business and may need to issue debt or equity to obtain additional funding; our reliance on a significant portion of our revenues from a limited number of customers and our ability to diversify our customer base; risks relating to operating in a highly competitive industry; risks relating to supply chain challenges; risk related to changes in labor market conditions; risks related to the implementation of a new enterprise resource IT system; risk related to the development of our procurement and reseller services business; risks relating to rapid technological, structural, and competitive changes affecting the industries we serve; risks involved in properly managing complex projects; risks relating to the possible cancellation of customer contracts on short notice; risks relating our ability to continue to implement our strategy, including having sufficient financial resources to carry out that strategy; and other risks and uncertainties disclosed in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| [99.1](tssi_ex991.htm) | [Press Release, dated May 7, 2026](tssi_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **TSS, INC.** | **TSS, INC.** |
| Date: May 7, 2026 | By: | */s/ Daniel M. Chism* |
|  |  | Daniel M. Chism |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 99.1**

![](tssi_ex991img1.jpg)

**TSS Reports First Quarter 2026 Financial Results** 

*Total Revenue of $55.3 Million*

*Systems Integration Revenue Increased 88% Year-Over-Year*

 *Refines Full-Year 2026 Outlook; Now Expects Adjusted EBITDA Toward High End of $20 to $22 Million Range*

**GEORGETOWN, TEXAS – May 7, 2026** – TSS, Inc. (Nasdaq: TSSI), a data center services company that integrates AI and other high-performance computing infrastructure and software and provides related data center services, today reported results for its first quarter ended March 31, 2026*.*

"We delivered strong growth in our higher margin Systems Integration business in the first quarter, with revenue increasing 88% year over year, driven by strong customer demand and solid operational execution with growth particularly high in our AI activities," said Darryll Dewan, CEO of TSS, Inc. "Total revenue comparisons were affected by record high volumes in the first quarter of last year in our lower-margin Procurement business, which can vary from quarter to quarter. Importantly, our first quarter results were in line with our expectations, underscore the strength of our core business and reinforce our confidence in achieving our outlook for the full year.

"Our Georgetown, Texas AI rack integration facility has been running at increasing scale for six months. As a result, our quarterly EBITDA levels have grown and will continue to grow along with AI rack volumes. We are working to expand the markets we serve in terms of both customers and service offering. We have strengthened our leadership team with the addition of a chief strategy officer and a chief technology officer, whose deep industry expertise, proven leadership and extensive global networks position us to accelerate both organic expansion and strategic growth initiatives within our current customer base as well as opportunities to expand beyond our current customers."

**<u>First Quarter 2026 Financial Highlights</u>**<u>:</u>

(All comparisons are to First Quarter 2025)

· Revenues of $55.3 million, down 44%

o Procurement revenues of $40.0 million, down 56%

o Systems Integration revenues of $14.1 million, up 88%

o Facilities Management revenues of $1.3 million, down 1%

· Gross profit of $8.8 million, down 4%

o Reflects current year $0.9 million allocation of depreciation to COGS

· Net income of $2.3 million, down 24%

o Reflects full impact of income taxes following removal of valuation allowance on deferred tax asset in Q4 2025

· Diluted EPS of $0.08 compared to $0.12

· Adjusted EBITDA of $5.3 million, up 1%, reflecting a shift in total revenues to higher margin systems integration

**2026 Outlook**

Dewan concluded, "We maintain our outlook for Adjusted EBITDA in the range of $20 million to $22 million for 2026 with performance expected toward the higher end of the range. Our forecast reflects a prudent view on component availability, with total integration demand continuing to exceed the volume incorporated into our outlook."

**Conference Call Details**

The Company will conduct a conference call at 5:00 p.m. Eastern time today. To participate on the conference call, please dial 888-506-0062 toll free from the U.S. or Canada. Other international callers may access the call at 1-973-528-0011. The event ID number is 804808. Investors may also access a live audio webcast of this conference call and replay the call for one year following the webcast, at https://www.webcaster5.com/Webcast/Page/2294/53895.

**About Non-GAAP Financial Measures** 

Adjusted EBITDA is a supplemental financial measure not defined under Generally Accepted Accounting Principles (GAAP). We define Adjusted EBITDA as net income (loss) before net interest expense and bank factoring costs, income taxes, depreciation and amortization, impairment loss on goodwill and other intangibles, stock-based compensation, and certain extraordinary items. We present Adjusted EBITDA because we believe this supplemental measure of operating performance is helpful in comparing our operating results across reporting periods on a consistent basis by excluding items that may or could have a disproportionately positive or negative impact on our results of operations in any particular period. We also use Adjusted EBITDA as a factor in evaluating the performance of certain management personnel when determining incentive compensation.

Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, while providing useful information, should not be considered in isolation or as an alternative to net income or cash flows as determined under GAAP. Consistent with Regulation G under the U.S. federal securities laws, Adjusted EBITDA has been reconciled to the nearest GAAP measure; this reconciliation is located under the heading "Adjusted EBITDA Reconciliation" following the Consolidated Statements of Operations included in this press release. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA to GAAP net income because certain reconciling items are outside the Company's control or cannot be reasonably predicted without unreasonable efforts. These items may include stock-based compensation expense, fluctuations in prevailing interest rates and the resulting impacts on bank factoring fees, interest expense and interest income, and other adjustments that may be material.

**About TSS, Inc.** 

TSS specializes in simplifying the complex. The TSS mission is to streamline the integration and deployment of high-performance computing infrastructure and software, ensuring that end users quickly receive and efficiently utilize the necessary technology. Known for flexibility, the company builds, integrates, and deploys custom, high-volume solutions that empower data centers and catalyze the digital transformation of generative AI and other leading-edge technologies essential for modern computing, data, and business needs. TSS' reputation is built on passion and experience, quality, and fast time to value. As trusted partners of the world's leading data center technology providers, the company manages and deploys billions of dollars in technology each year. For more information, visit www.tssiusa.com.

**Forward Looking Statements** 

This press release may contain "forward-looking statements" -- that is, statements related to future -- not past -- events, plans, and prospects. In this context, forward-looking statements may address matters such as our expected future business and financial performance, and often contain words such as "guidance," "forecast," "prospects," "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect our future results include: we may not have sufficient resources to fund our business and may need to issue debt or equity to obtain additional funding; our reliance on a significant portion of our revenues from a limited number of customers and our ability to diversify our customer base; risks relating to operating in a highly competitive industry; risks relating to supply chain challenges; risk related to changes in labor market conditions; risks related to the implementation of a new enterprise resource IT system; risks related to the development of our procurement services business; risks relating to rapid technological, structural, and competitive changes affecting the industries we serve; risks involved in properly managing complex projects; risks relating to the possible cancellation of customer contracts on short notice; risks relating to our ability to continue to implement our strategy, including having sufficient financial resources to carry out that strategy; and other risks and uncertainties disclosed in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

---

| | |
|:---|:---|
| **<u>Contacts:</u>** |  |
| <u>Hayden IR</u> | <u>TSS, Inc.</u> |
| James Carbonara (646) 755-7412 | Danny Chism, CFO |
| Brett Maas (646) 536-7331 | (512) 310-4908 |
| tssi@haydenir.com | dchism@tssiusa.com |

---

**-- Tables Follow –**

**TSS, Inc.**

**Condensed Consolidated Balance Sheets**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2026** <br> **(Unaudited)** | **December 31,**<br> **2025** |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $65973 | $85510 |
| &nbsp;&nbsp;&nbsp; Contract and other receivables, net | 10582 | 12501 |
| &nbsp;&nbsp;&nbsp; Costs and estimated earnings in excess of billings on uncompleted contracts | 363 | 3011 |
| &nbsp;&nbsp;&nbsp; Inventories, net | 8091 | 15966 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 1811 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 1886 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 88706 | 118630 |
| Property and equipment, net | 37498 | 38076 |
| Lease right-of-use asset | 14919 | 15294 |
| Goodwill | 780 | 780 |
| Deferred tax asset, net of valuation allowance | 7601 | 7917 |
| Other assets | 4073 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $153577 | $184935 |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $23287 | $46362 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 8879 | 6273 |
| &nbsp;&nbsp;&nbsp; Deferred revenues, current | 2307 | 13928 |
| &nbsp;&nbsp;&nbsp; Long-term debt, current | 4084 | 4010 |
| &nbsp;&nbsp;&nbsp; Lease liabilities, current | 2049 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 40606 | 72567 |
| Non-current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, non-current | 12959 | 14004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, non-current | 21100 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues, non-current | 134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 102 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 34295 | 35733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 74901 | 108300 |
| Commitments and Contingencies |  |  |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 121607 | 121842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (42934) | (45210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 78676 | 76635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $153577 | $184935 |

---

**TSS, Inc.**

**Consolidated Statements of Operations**

**(Unaudited, In thousands except per-share values)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026**  | **2025**  |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procurement | $39980 | $90177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities management | 1290 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Systems integration | 14076 | 7484 |
| Total revenues | 55346 | 98959 |
| Cost of revenues | 45604 | 89749 |
| Cost of revenues - depreciation | 936 | - |
| Total cost of revenues | 46540 | 89749 |
| Gross profit | 8806 | 9210 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 5522 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 306 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank factoring fees | 704 | 1468 |
| Total operating expenses | 6532 | 6565 |
| Income from operations | 2274 | 2645 |
| Interest expense | 333 |  |
| Interest income | (725) | (383) |
| Other expense (income) | (1) | - |
| Pre-tax income | 2667 | 3028 |
| Income tax expense | 391 | 49 |
| Net income | $2276 | $2979 |
| Earnings per common share - Basic  | $0.08 | $0.13 |
| Earnings per common share - Diluted  | $0.08 | $0.12 |

---

 **TSS, Inc.**

**Adjusted EBITDA Reconciliation (GAAP to non-GAAP)**

**(Unaudited, In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026**  | **2025**  |
| Net income | $2276 | $2979 |
| Interest expense | 333 |  |
| Bank factoring fees | 704 | 1468 |
| Interest income | (725) | (383) |
| Depreciation and amortization  | 1242 | 210 |
| Income tax expense | 391 | 49 |
| EBITDA | $4221 | $4323 |
| Stock based compensation  | 1050 | 921 |
| Adjusted EBITDA | $**5271** | $**5244** |

---