TSSI — what changed in the latest 10-Q
A section-by-section comparison of TSSI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −45 | ~17 | 6 |
| Market risk (Item 3) | Text added/removed | +1 | −2 | 0 | 0 |
| Controls & procedures | Text added/removed | +3 | −4 | ~3 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
In April 2026, we signed an agreement with our largest customer to use our idle Round Rock, Texas facility to provide warehousing, fulfillment and transportation services, primarily for inventory parts that are integral to the AI rack integration services we provide to that same customer. The agreem…
Unless otherwise noted, all comparisons in this section are between the three-month period ended March 31, 2026 (the “current quarter” or “this quarter”) and the three-month period ended March 31, 2025 (the “prior year quarter” or “this quarter last year”).
Total revenues in the current quarter decreased 44% to $55.3 million. Procurement revenues decreased by $50.2 million (56%) in comparison to an unusually large volume of procurement activity in the prior year quarter and facilities management revenues decreased by $0.1 million (1%). These decreases …
The $6.6 million (88%) increase in systems integration revenues was due primarily to the continued growth in integration of AI-enabled computer racks, which began with significant volume in June 2024, and an increase in certain fixed monthly fees as we amended our long-term agreement with our main c…
The prior year quarter included an unusually high level of sales to our largest customer for both governmental and private enterprise end users. As much of our procurement business is ultimately related to federal government buying, we believe this can contribute to some variability of these revenue…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
Unless otherwise noted, all comparisons in this section are between the three-month period ended September 30, 2025 (the “current quarter” or “this quarter”) and the three-month period ended September 30, 2024 (the “prior year quarter” or “this quarter last year”).
Total revenues in the current quarter decreased 40% to $41.9 million. Procurement revenues decreased by $29.4 million (49%) in comparison to an unusually large volume of procurement activity in the prior year period and facilities management revenues decreased by $0.4 million (19%). These decreases …
The $1.6 million (20%) increase in systems integration revenues was due primarily to the continued growth in integration of AI-enabled computer racks, which began with significant volume in June 2024, and an increase in certain fixed monthly fees as we became fully operational in our new Georgetown …
To meet our customers’ evolving requirements for more powerful racks and greater cooling capabilities, we invested more in our facility than initially estimated and have increased the electrical power now available in our facility, which substantially increased minimum monthly charges from the local…
The decrease in procurement revenues was driven primarily by a decrease in purchases from the federal government, when compared with the large volume in the prior year quarter. Declines were noted in both the gross and net procurement revenue deals as ongoing projects were shifted into the fourth qu…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
There have been no material changes in the Company’s exposure to market risk since the disclosures set forth in Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. We continue to be exposed to movements in short-term interest rates, as they affect both the facto…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
Our debt, with an outstanding principal balance of $24.4 million at September 30, 2025, bears a variable interest rate that fluctuates with prevailing 1-month SOFR (Secured Overnight Financing Rate). We cannot accurately predict whether effective rates will increase or decrease, or by what degree. H…
The rates we pay to factor the gross value of the majority of our accounts receivable are also based on prevailing SOFR and increases or decreases in prevailing SOFR will increase or decrease the related factoring costs, recorded as interest expense. Assuming a hypothetical gross value of accounts f…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-07
Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our C…
During the audit of the Annual Report on Form 10-K for the year ended December 31, 2024, we identified a material weakness in our controls relating to the ineffective design of certain management review controls across the Company’s financial statements, leading to adjustments that were and could ha…
To formally remediate controls, companies must not only update or put into place controls such that they are designed and operate effectively, but such effective operation must be evaluated and verified over a period of time before we determine the control deficiencies that led to the material weakn…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
Due to its inherent limitations, any system of internal control over financial reporting, no matter how well defined, may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate bec…
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation, as of the end of the period covered by this report, of the effectiveness of our disclosure controls and procedures, as such term is defined in Exchange Act Rule 13a-15(e). …
In the Annual Report on Form 10-K for the year ended December 31, 2024, we identified a material weakness in our internal control over financial reporting relating to the ineffective design of certain management review controls across a portion of the Company’s financial statements, leading to adjus…
To formally remediate controls, companies must not only update or put into place controls such that they are designed and operate effectively, but such effective operation must be evaluated and verified over a period of time before we determine the control deficiencies that led to the material weakn…
Other information
Text removed vs the prior filing · source: 10-Q · 2025-11-13
On September 12, 2025, Todd Marrott, Chief Operating Officer of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of the Company’s common stock, subject to certain conditions, for a total of up to 80,089 shares. The trading arrangement was entered into during an open trading period…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice