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TSS, a data center services company, reported its Q1 2024 results showing significant growth. Revenue surged by 142% to $15.9 million compared to Q1 2023's $6.6 million. Procurement revenues soared to $11.6 million, up from $1.7 million. Gross profits increased by 61%, and operating income improved by $918,000, reaching $253,000 from a prior loss of $665,000. Net income was $15,000, translating to $0.00 per share, a recovery from a loss of $786,000 or $(0.04) per share. Adjusted EBITDA saw a 209% rise to $475,000 from a loss of $436,000 last year.
CEO Darryll Dewan attributes the gains to strategic growth initiatives and increased production capacity to meet the rising demand for Generative AI computing solutions. TSS expects continued financial improvements in 2024. A conference call to discuss these results is scheduled for May 14, 2024, at 4:30 PM Eastern.
TSS, Inc. will report financial results for its first quarter 2024 on May 14th, 2024. The company specializes in data center services, integrating high-performance computing infrastructure and software. Investors can participate in the conference call by dialing 1-888-596-4144 (U.S.) or 1-646-968-2525 (international) with event ID 1261274. An audio webcast will be available on the company's website, with replays accessible for a time.