This is a purely administrative filing with no changes to financials. Monitor the next 10-Q for any updates on the remediation of the material weakness in internal controls and for trends in procurement revenue, which management expects to return to $30-40M in Q3 2026.
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Executive Summary
TSS, Inc. filed an Amendment No. 1 to its Form 10-Q for the quarter ended June 30, 2026, solely to complete previously omitted iXBRL tagging. No changes were made to the financial statements or any other disclosures. The underlying Q2 results show total revenues declined 21% YoY to $34.9M, driven by a 45% drop in procurement revenue, partially offset by 46% growth in systems integration and 84% growth in facilities management. Net income was essentially flat at $1.43M vs $1.48M, with diluted EPS of $0.05. The filing is administrative and has no trading implications.
Key Facts
- Amendment solely to complete iXBRL tagging omitted from original filing; no substantive changes to financials.
- Q2 2026 total revenues $34.9M, down 21% YoY from $44.0M.
- Procurement revenue fell 45% to $18.2M; systems integration rose 46% to $13.9M; facilities management rose 84% to $2.7M.
- Net income $1.43M vs $1.48M YoY; diluted EPS $0.05 vs $0.06.
- Cash and cash equivalents $67.7M at June 30, 2026, down from $85.5M at Dec 31, 2025.
- Remaining performance obligations and deferred revenue of $115M as of June 30, 2026.
- Material weakness in internal controls over financial reporting continues to exist.
Financial Impact
No financial impact from the amendment itself. Underlying Q2 results show net income of $1.43M on $35.1M revenue.
Risk Factors
- Continued material weakness in internal control over financial reporting.
- Extreme customer concentration: one US-based IT OEM customer represents 99% of revenue and 100% of accounts receivable.
- High leverage with $16.4M in debt and $22.7M in lease liabilities; debt service coverage ratio covenant of 1.25x.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-Q/A Filing (Primary) | 0001654954-26-007668 |
| Document: tssi_ex311.htm | 0001654954-26-007668 |
| Document: tssi_ex312.htm | 0001654954-26-007668 |
| Document: tssi_ex321.htm | 0001654954-26-007668 |
| Document: tssi_ex322.htm | 0001654954-26-007668 |
| Document: 0001654954-26-007668-index-headers.html | 0001654954-26-007668 |
| Document: 0001654954-26-007668-index.html | 0001654954-26-007668 |
| Document: 0001654954-26-007668.txt | 0001654954-26-007668 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 10w ago | 10-Q/A | $9.48 $8.16 | ▼ −13.92% | ▼ −11.95% | $6.90 (−27.22%) |
Jun 11, 2026 19w ago | Institutional Cluster | $12.26 $11.43 | ▼ −6.77% | ▼ −8.66% | $6.90 (−43.72%) |
May 6, 2026 24w ago | 144 | $15.84 $13.93 | ▼ −12.06% | ▼ −15.19% | $6.90 (−56.44%) |
Apr 23, 2026 26w ago | DEFA14A | $15.75 $11.59 | ▼ −26.41% | ▼ −30.44% | $6.90 (−56.19%) |
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