DSS, INC.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
DSS$0.49+6.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023374
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 49 previous paragraphs and 49 current paragraphs.
30 unchanged; 18 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Cash Flow from Operating Activities
Removed paragraphs (1)
Previous report
Cash Flow from Continuing Operating Activities
Reworded paragraphs (18)
Previous wording
Results of operations for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024.
Current wording
Results of operations for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024.
Previous wording
For the six months ended June 30 2025, total revenue increased 27% as compared to the six months ended June 30, 2024. The increase in Printed Product revenue of approximately 25% is driven by new customer orders as well as existing customer orders exceeding their forecasts. The increases in Securities revenue of approximately 45% is driven by an increase in rental income by new tenants at AMRE LifeCare Pittsburgh facility beginning to making rental payments in the second half of 2024. The decreases in Commercial lending revenue of approximating 79% is due to a number of loans made going on non-accrual as borrowers have struggled to make expect payments. Biotechnology revenue is driven by sales of the Company’s air purification Celios brand.
Current wording
For the nine months ended September 30 2025, total revenue increased 22% as compared to the nine months ended September 30, 2024. The increase in Printed Product revenue of approximately 16% is driven by new customer orders as well as existing customer orders exceeding their forecasts. The increases in Securities revenue of approximately 61% is driven by an increase in rental income by new tenants at AMRE LifeCare Pittsburgh facility beginning to making rental payments in the second half of 2024. The decreases in Net investment income approximating 80% is due to a number of loans made going on non-accrual as borrowers have struggled to make expect payments. Biotechnology revenue is driven by sales of the Company’s air purification Celios brand.
Previous wording
Costs of revenue includes all direct costs of the Company’s printed products, including its packaging and printing sales and its direct marketing sales, materials, direct labor, transportation, and manufacturing facility costs. In addition, this category includes all direct costs associated with the Company’s technology sales, services and licensing including hardware and software that are resold, third-party fees, and fees paid to inventors or others because of technology licenses or settlements, if any. Cost of revenue for our REIT line of business includes all direct cost associated with the maintenance and upkeep of the related facilities, depreciation, amortization and the costs to acquire the facilities. Our Commercial Lending operating segment has costs of revenue associated with the impairment of notes receivable for those amounts at risk of collection. Total costs of revenue remained flat for the six months ended June 30, 2025 as compared to June 30, 2024. Cost of revenue increased at our Printed products business line driven by an increase in revenue which was offset by decrease in cost of revenue within our REIT business driven by the sale of the Plano, Tx facility as well as new tenants at our Pittsburgh, PA facility paying related cost previously paid for by the Company.
Current wording
Costs of revenue includes all direct costs of the Company’s printed products, including its packaging and printing sales and its direct marketing sales, materials, direct labor, transportation, and manufacturing facility costs. In addition, this category includes all direct costs associated with the Company’s technology sales, services and licensing including hardware and software that are resold, third-party fees, and fees paid to inventors or others because of technology licenses or settlements, if any. Cost of revenue for our REIT line of business includes all direct cost associated with the maintenance and upkeep of the related facilities, depreciation, amortization and the costs to acquire the facilities. Our Commercial Lending operating segment has costs of revenue associated with the impairment of notes receivable for those amounts at risk of collection. Total costs of revenue decreased for the nine months ended September 30, 2025 as compared to September 30, 2024 by approximately 3%. Cost of revenue increased at our Printed products business line driven by an increase in revenue which was offset by decrease in cost of revenue within our REIT business driven by the sale of the Plano, Tx facility as well as new tenants at our Pittsburgh, PA facility paying related cost previously paid for by the Company as well as decreases in our Commercial lending business unit driven by decreases on loans reserved for year over year.
Previous wording
Sales, general and administrative compensation costs, excluding stock-based compensation, increased 30% for six months ended Jun 30, 2025 as compared to 2024 is primarily due to bonus awarded to Heng Fai Holdings Limited (“HFHL”), a Hong Kong Company, which is beneficially owned by Mr. Heng Fai Ambrose Chan, Director of DSS, Inc., for services rendered. The issuance was approved by the board of directors on January 31, 2025.
Current wording
Sales, general and administrative compensation costs, excluding stock-based compensation, increased 21% for nine months ended September 30, 2025 as compared to 2024 is primarily due to bonus awarded to Heng Fai Holdings Limited (“HFHL”), a Hong Kong Company, which is beneficially owned by Mr. Heng Fai Ambrose Chan, Director of DSS, Inc., for services rendered. The issuance was approved by the board of directors on January 31, 2025.
Previous wording
Professional fees decreased 13% for six months ended June 30, 2025 as compared to 2024 due primarily to efforts taken to decrease these costs as the Company continues to drive savings in non-essential areas.
Current wording
Professional fees increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 due to cost incurred associated with the resignation of the Company’s position as the registered investment advisor for the AmericanFirst Funds as well as recruiting costs incurred to expand the sales force at Premier Packaging. Professional fees increased for the nine months ended September 30, 2025 as compared to 2024 due primarily to efforts taken to control these costs as the Company continues to drive savings in non-essential areas.
Previous wording
Sales and marketing which include internet and trade publication advertising, travel and entertainment costs, sales-broker commissions, and trade show participation expenses. Sales and marketing decreased 13% during the six months ended June 30, 2025 as compared to 2024 due to decreases in marketing, and travel costs within our Printed Products division.
Current wording
Sales and marketing which include internet and trade publication advertising, travel and entertainment costs, sales-broker commissions, and trade show participation expenses. Sales and marketing decreased 21% during the nine months ended September 30, 2025 as compared to 2024 due to decreases in marketing, and travel costs within our Printed Products division.
Previous wording
Rent and utilities decreased 39% during the six months ended June 30, 2025 as compared to 2024 primarily due to end of the lease in office space in California for the Company’s DSS Wealth Management subsidiary.
Current wording
Rent and utilities decreased 29% during the nine months ended September 30, 2025 as compared to 2024 primarily due to end of the lease in office space in California for the Company’s DSS Wealth Management subsidiary.
Previous wording
Research and development costs represent costs consisting primarily of independent, third-party testing of the various properties of each technology the Company owns possesses as well as research on new technologies. These costs decreased 41% the six months ended June 30, 2025 as compared to June 30, 2024, due primarily to decreased efforts in this area post Impact Bio’s IPO in September 2024.
Current wording
Research and development costs represent costs consisting primarily of independent, third-party testing of the various properties of each technology the Company owns possesses as well as research on new technologies. These costs increased for the three and nine months ended September 30, 2025 as compared to September 30, 2024, due cost incurred to file, perfect or update existing and potential patents on technologies owned by Impact BioMedical.
Previous wording
Other operating expenses consist primarily of equipment maintenance and repairs, office supplies, IT support, and insurance costs. These costs decreased approximately 29% during the six months ended June 30, 2025 as compared to June 30, 2024, primarily due to collections of previously written-off of accounts receivable associated with our AMRE LifeCare facilities of approximately $600,000.
Current wording
Other operating expenses consist primarily of equipment maintenance and repairs, office supplies, IT support, and insurance costs. These costs decreased approximately 20% during the nine months ended September 30, 2025 as compared to September 30, 2024, primarily due to collections of previously written-off of accounts receivable associated with our AMRE LifeCare facilities of approximately $600,000.
Previous wording
Other income for the six months ended June 30, 2025 as compared to 2024 decreased 76% due primarily to income incurred in 2024 regarding the Company’s distribution agreement with BioMed Technologies that did not reoccur in 2025.
Current wording
Other income for the nine months ended September 30, 2025 as compared to 2024 decreased 74% due primarily to income incurred in 2024 regarding the Company’s distribution agreement with BioMed Technologies that did not reoccur in 2025.
Previous wording
Interest expenses decreased 18% during the six months ended June 30, 2025, as compared to the same period in 2024, due to decreasing debt balances.
Current wording
Interest expenses decreased 20% during the nine months ended September 30, 2025, as compared to the same period in 2024, due to decreasing debt balances driven by the sale of the Company’s Plano, Texas facility.
Previous wording
Loss on equity method investmentis the Company’s prorated portion of earnings on its investments treated under the equity method of account for the six months ended June 30, 2025 as compared to 2024.
Current wording
Loss on equity method investmentis the Company’s prorated portion of earnings on its investments treated under the equity method of account for the nine months ended September 30, 2025 as compared to 2024.
Previous wording
Gain (loss)on investments consists of net realized losses on marketable securities which are recognized as the difference between the purchase price and sale price of the common stock investment, and net unrealized losses on marketable securities which are recognized on the change in fair market value on our common stock investment. The decrease in loss on investment for the six months ended June 30, 2025 as compared to 2024 is driven by the performance of our stock portfolio, driven by the sale of Impact Bio stock acquired at the time of its IPO (see Note 12).
Current wording
Gain (loss)on investments consists of net realized losses on marketable securities which are recognized as the difference between the purchase price and sale price of the common stock investment, and net unrealized losses on marketable securities which are recognized on the change in fair market value on our common stock investment. The decrease in loss on investment for the nine months ended September 30, 2025 as compared to 2024 is driven by the performance of our stock portfolio.
Previous wording
Provision for loan losses represents a reserve put against certain notes receivable deemed uncollectible. During the six months ended June 30, 2025, the Company reviewed the entire loan portfolio and determined no additional provisions for loan losses was necessary.
Current wording
Provision for loan losses represents a reserve put against certain notes receivable deemed uncollectible. During the nine months ended September 30, 2025, the Company reviewed the entire loan portfolio and determined no additional provisions for loan losses was necessary.
Previous wording
For the six months ended June 30, 2025 the Company recorded net losses of $7,902,000 as compared to net losses of $10,603,000 for the same period in 2024. The decrease in net loss is driven increases in revenue at our Printed products and Securities divisions of approximately $1,654,000 and $589,000 respectively. The Company also saw a gain in our investments of approximately $1,662,000 during this time frame. This is offset by the bonus paid to Heng Fai Holdings Limited of approximately $871,000 during the first quarter of 2025 as well as an approximate loss of $727,000 on the sale of the Company’s Plano, Tx facility.
Current wording
For the nine months ended September 30, 2025 the Company recorded net losses of $10,088,000 as compared to net losses of $15,762,000 for the same period in 2024. The decrease in net loss is driven increases in revenue at our Printed products and Securities divisions of approximately $1,820,000 and $1,242,000 respectively. The Company also saw a gain in our investments of approximately $2,126,000 during this time frame. This is offset by the bonus paid to Heng Fai Holdings Limited of approximately $871,000 during the first quarter of 2025 as well as an approximate loss of $727,000 on the sale of the Company’s Plano, Tx facility.
Previous wording
Net cash provided by operating activities was $430,000 for the six months ended June 30, 2025 as compared to cash used of $5,574,000 for six months ended June 30, 2024. This fluctuation is driven by decreases in net loss, after reconciling items, approximating $5,149,000.
Current wording
Net cash used by operating activities was $7,576,000 for the nine months ended September 30, 2025 as compared to cash used of $5,889,000 for nine months ended September 30, 2024. This fluctuation is driven by decreases in net loss, after reconciling items, approximating $2,808,000, offset by increases in accounts receivable by approximately $3,227,000
Previous wording
Net cash provided by investing activities was $10,135,000 for the six months ended June 30, 2025 as compared to net cash provided by investing activities of $8,776,000 for the six months ended June 30, 2024. This fluctuation is driven by the sale of real estate approximating $9,500,000, the sale of marketable securities of approximately $116,000, and the sale of related party investments of approximately $1,500,000, offset by the purchase of marketable securities of approximately $1,000,000 during 2025 versus a sale of marketable securities of $0 during 2024. This is offset by receipts on Notes receivable of $4,044,000 in 2024 versus $163,000 in 2025.
Current wording
Net cash provided by investing activities was $12,080,000 for the nine months ended September 30, 2025 as compared to net cash provided by investing activities of $9,916,000 for the nine months ended September 30, 2024. This fluctuation is driven by the sale of real estate approximating $9,023,000, the sale of marketable securities of approximately $3,438,000, and the sale of related party investments of approximately $2,414,000, offset by the purchase of marketable securities of approximately $2,794,000 during 2025 versus a sale of marketable securities of $0 during 2024. This is offset by receipts on Notes receivable of $4,039,000 in 2024 versus $225,000 in 2025.
Previous wording
Net cash used by financing activities was $12,511,000 for the six months ended June 30, 2025 as compared to net cash provided by financing activities of $902,000 for the six months ended June 30, 2024. This variance is driven by payments toward long term debt of $9,443,000 and payments on margin loans of $3,117,000 in 2025 versus payments toward long term debt of $1,269,000 in 2024 and no payments on margin loans during 2024.
Current wording
Net cash used by financing activities was $8,816,000 for the nine months ended September 30, 2025 as compared to net cash provided by financing activities of $989,000 for the nine months ended September 30, 2024. This variance is driven by payments toward long term debt of $11,492,000, payments on margin loans of $943,000 offset by borrowings of long-term debt of $3,250,00 in 2025 versus payments toward long term debt of $1,492,000 in 2024, no payments on margin loans during 2024, offset by issuance of common stock of a subsidiary of $2,227,000.