DSS, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. For the third quarter of 2024, the company achieved revenue of $5,599,000, a 34% increase from $4,182,000 in the same quarter of 2023. This growth was primarily driven by a 46% rise in printed products revenue, which reached $4,828,000, and a 110% increase in rental income to $496,000, attributed to new tenants at the AMRE LifeCare facility. However, for the nine months ended September 30, 2024, total revenue decreased by 28% to $13,681,000, down from $18,920,000 in the prior year.
Total costs and expenses for the third quarter rose to $10,270,000, an 11% increase from $9,285,000 in 2023. For the nine-month period, costs decreased to $27,968,000 from $34,487,000, reflecting a 19% reduction. The operating loss for the third quarter improved to $(4,671,000) from $(5,103,000) in 2023, while the nine-month operating loss also decreased to $(14,287,000) from $(15,567,000). The net loss for the third quarter was $(5,701,000), a 15% improvement from $(6,681,000) in the prior year, and for the nine months, the net loss was $(15,762,000), down 52% from $(33,061,000).
DSS, Inc. has undertaken strategic changes, including the discontinuation of its Direct Marketing segment, which saw a 100% revenue decline due to a shift in business strategy. The company also deconsolidated Sharing Services Global Corporation (SHRG) in May 2023, resulting in an impairment of assets of approximately $6,220,000. The company’s cash position improved, with cash and cash equivalents at $11,631,000 as of September 30, 2024, compared to $6,897,000 a year earlier.
The company has focused on reducing expenses across its operations, leading to a decrease in net cash used by operating activities to $(9,181,000) from $(21,035,000) in the previous year. Additionally, net cash provided by financing activities increased to $4,281,000, compared to a net cash used of $(3,243,000) in 2023. Despite ongoing challenges, DSS, Inc. believes it has sufficient cash to meet its operational needs for at least the next 12 months.
About DSS, INC.
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