TSS: Business Improved, Same Core Problem

2026-05-12 09:45:18 ET

Investment thesis

Note: This is an update to my previous article .

TSS ( TSSI ) reported a quarter that initially looked disastrous, with revenue falling 44% year-over-year and the stock collapsing more than 25% after earnings. However, beneath the headline numbers, the business actually improved in several important ways. Higher-margin revenue grew 88%, gross margins nearly doubled, and the adjusted EBITDA outlook remained stable despite the sharp decline in sales....

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