Financial Performance - Third quarter revenue reached $70.1 million, an increase of 689% year-over-year[2] - Net income surged 1,166% to $2.6 million, with diluted EPS rising to $0.10 from $0.01[6] - Procurement revenues alone were $60.5 million, up 1,016% compared to the same quarter last year[6] - Year-to-date total revenues for 2024 reached $98 million, more than three times the amount from the same period last year[5] - Gross profit for the third quarter was $7.9 million, up 179%, driven by higher margin services[6] - Adjusted EBITDA for the third quarter was $4.3 million, an increase of 358%[6] - Net income for Q3 2024 reached $2,646 million, a significant increase from $209 million in Q3 2023[20] - EBITDA for Q3 2024 was $4,002 million, compared to $787 million in Q3 2023, reflecting strong operational performance[20] - Adjusted EBITDA for the nine months ended September 2024 was $6,748 million, up from $1,726 million in the same period of 2023[20] - The company reported an increase in adjusted EBITDA margin, indicating improved profitability metrics[20] - For the nine months ended September 2024, net income was $4,063 million, a recovery from a loss of $262 million in the same period of 2023[20] Operational Developments - The company signed a multi-year agreement with a major customer for AI rack integration, enhancing future earnings visibility[4] - The company plans to relocate to a larger facility in early 2025 to meet increasing demand for AI-enabled technologies[4] - TSS, Inc. uplisted to the Nasdaq Capital Market, enhancing market presence and visibility[4] - The company expects revenue and profit trajectories to remain strong through the first half of 2025[5] Cost and Expense Management - Interest expense, net, increased to $1,128 million in Q3 2024 from $482 million in Q3 2023, indicating higher borrowing costs[20] - Depreciation and amortization expenses rose to $208 million in Q3 2024, compared to $72 million in Q3 2023, suggesting increased asset utilization[20] - Stock-based compensation for Q3 2024 was $299 million, up from $153 million in Q3 2023, reflecting changes in compensation strategy[20] - Income tax expense for Q3 2024 was $20 million, slightly down from $24 million in Q3 2023, indicating effective tax management[20] Future Outlook - Future outlook remains positive with expectations of continued revenue growth and operational efficiency improvements[20]
TSS Inc(TSSI) - 2024 Q3 - Quarterly Results