Dss, Inc.DSS

DSS Inc. burned $5.8 million in net loss for the quarter to 31 March 2026 , according to the 10-Q it lodged with the SEC on 15 May 2026, while booking just $4.3 million in revenue. That cash-burn math sits on page 4 of the filing, not in a footnote or a ‘pro-forma’ annex, so it’s hard to spin into a growth narrative. The company’s own cash at quarter-end was $4.9 million, a figure that looks healthier than it feels once you notice operating cash flow was negative $133k, capex was $226k, and net income was negative $5.8 million.

DSS calls itself a ‘global provider of integrated solutions’ on its website, but the 10-Q quietly reveals stockholders’ equity of only $3.4 million-barely enough to keep the doors open if the revenue engine stalls. The company’s inventory fell $175k to $1.8 million, which could be lean management or a sign that customers are buying less and the warehouse is thinning faster than the runway. The company’s 8-K on 25 June 2026 trumpets a $1 million warrant deal with Alset Inc., netting $1 million in fresh paper, but the cash impact is back-loaded and the warrants dilute tomorrow’s share count faster than a CFO can say ‘accelerated vesting’.

The latest 10-Q shows revenue of $4.3 million for the three months to 31 March 2026, net loss of $5.8 million, operating loss of $5.5 million, assets of $71.3 million, liabilities of $58.7 million, stockholders’ equity of $3.4 million, cash and equivalents of $4.9 million, operating cash flow of negative $133k, capex of $226k, R&D expense of $340k for the year to 31 December 2025, and inventory of $1.8 million (down $175k). Weighted average diluted shares were 9.6 million. All figures are taken from the 10-Q filed 15 May 2026 unless otherwise stated.

The company’s DEF 14C filed 14 May 2026 points readers to the annual report on its website-www.dssworld.com-as the definitive source, so if you’re hunting for glossy investor materials you’ll have to make do with the PDF. The 13D/A filed 9 July 2026 shows a beneficial owner holding 9.6 million diluted shares, making the ‘buyback optics’ slide a bit harder to sell to anyone who reads the footnotes.

For a company that markets itself as a global platform play, the SEC filings read like a small-cap survival guide: revenue flat, losses deepening, cash tight, and dilution just a warrant away. The warrants and equity raises keep the story alive in the short run, but the balance sheet tells a quieter tale-one of thin equity, negative operating cash flow, and a shareholder base whose weight could tilt the management desks faster than the next funding round.