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TSS (TSSI) investor relations material
TSS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Year-to-date revenue reached $185 million, an 88% increase year-over-year, driven by procurement and systems integration growth for AI infrastructure.
Q3 2025 revenues were $41.9 million, down 40% year-over-year, mainly due to a sharp drop in procurement revenues and operational ramp-up delays.
Adjusted EBITDA for the first nine months rose 59% to $10.7 million, while Q3 Adjusted EBITDA fell 66% to $1.5 million.
Net income for the first nine months was $3.0 million, down from $4.1 million prior year; Q3 saw a net loss of $1.5 million versus net income of $2.6 million in Q3 2024.
Strategic investments in new facilities and capabilities position the company for continued growth in AI and high-performance computing infrastructure.
Financial highlights
Q3 2025 consolidated revenue was $41.9 million (down 40% YoY); nine months YTD: $185 million (up 88% YoY).
Q3 procurement revenues dropped 49% to $31.1 million; systems integration revenues rose 20% to $9.2 million; facilities management revenues declined 19% to $1.6 million.
Q3 consolidated gross margin was 11.1%, nearly flat year-over-year; procurement margin improved to 8.3%, facilities management to 55%, but systems integration dropped to 13%.
Q3 operating loss was $0.9 million; net loss was $1.5 million; adjusted EBITDA at $1.5 million.
Cash and equivalents at quarter-end: $70.7 million unrestricted, $5 million restricted; total cash, cash equivalents, and restricted cash at September 30, 2025: $75.7 million.
Outlook and guidance
Full-year 2025 Adjusted EBITDA expected to grow 50–75% over 2024, with a strong Q4 rebound anticipated from higher rack volumes.
Initial 2026 guidance projects 40–50% organic EBITDA growth year-over-year, building on a record 2025.
Q4 is expected to see a rebound in procurement, systems integration, and facilities management, though a government shutdown could impact order closings.
Strategic acquisitions, partnerships, and portfolio expansion in AI, edge computing, and modular are being actively explored.
When will new facility costs be fully offset by revenue?
What is the plan if the key OEM reduces volume?
What is the impact of the material weakness on reporting?
Q3 factory costs vs. revenue mismatch impact
Systems Integration Q4 ramp-up sustainability
Government shutdown impact on Procurement Q4
Q3 SI operational issues and Q4 volume recovery
New customer base and market expansion strategy
Georgetown facility capacity and 2026 growth drivers
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Frequently asked questions
TSS Inc. is a technology services company that provides infrastructure and data center solutions. The company specializes in the design, deployment, and management of data centers, as well as offering consulting services related to IT infrastructure, energy efficiency, and system integration. TSS serves clients across various industries, including telecommunications, financial services, and government, helping them optimize their data center operations and IT environments for enhanced performance and reliability. The company is headquartered in Round Rock, Texas, USA, and its shares are listed on the OTCQB.
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