Revenue growth has decelerated to a 12.6% year-over-year decline in 2026Q1, compounded by a structural deficit that resulted in a -126.7% operating margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 20.14M | 20.76M | 19.1M | 25.93M | 28.38M | 20.27M | 15.37M | 15.55M | 18.52M | 18.66M | 19.18M | 17.51M | 18.29M | 17.45M | 17.12M | 13.38M | 13.38M | 9.91M | 6.64M | 5.99M | 4.31M | 1.27M | 1.59M | 1.28M | 679.52K | 0 | 0 | 0 | 0 | 25.95K |
| Revenue Growth % | -0.22% | 8.69% | -26.36% | -8.63% | 39.99% | 31.95% | -1.18% | -16.01% | -0.79% | -2.69% | 9.55% | -4.28% | 4.78% | 1.97% | 27.88% | 0.02% | 35.01% | 49.2% | 10.88% | 39.06% | 240.21% | -20.59% | 24.13% | 89.07% | - | - | - | - | -100% | - |
| Cost of Goods Sold | 23.27M | 22.93M | 23.54M | 25.39M | 32.99M | 16.82M | 11.01M | 10.34M | 11.85M | 11.01M | 11.12M | 10.67M | 11.69M | 10.46M | 10.98M | 9.21M | 9.7M | 6.26M | 3.03M | 2.86M | 2.32M | 643.18K | 936.68K | 597.16K | 230.84K | 0 | 0 | 0 | 30K | 428.48K |
| COGS % of Revenue | - | 110.45% | 123.26% | 97.91% | 116.24% | 82.98% | 71.65% | 66.51% | 64.02% | 58.99% | 57.98% | 60.93% | 63.92% | 59.92% | 64.14% | 68.83% | 72.46% | 63.12% | 45.6% | 47.8% | 53.89% | 50.79% | 58.73% | 46.48% | 33.97% | - | - | - | - | 1651.44% |
| Gross Profit | -3.14M | -2.17M | -4.44M | 543K | -4.61M | 3.45M | 4.36M | 5.21M | 6.66M | 7.65M | 8.06M | 6.84M | 6.6M | 6.99M | 6.14M | 4.17M | 3.69M | 3.66M | 3.61M | 3.13M | 1.99M | 623.21K | 658.08K | 687.58K | 448.68K | 0 | -1.06M | 0 | -30K | -402.54K |
| Gross Margin % | -15.58% | -10.45% | -23.26% | 2.09% | -16.24% | 17.02% | 28.35% | 33.49% | 35.98% | 41.01% | 42.02% | 39.07% | 36.08% | 40.08% | 35.86% | 31.17% | 27.54% | 36.88% | 54.4% | 52.2% | 46.11% | 49.21% | 41.27% | 53.52% | 66.03% | - | - | - | - | -1551.44% |
| Gross Profit Growth % | - | 51.17% | -918.05% | 111.78% | -233.56% | -20.79% | -16.34% | -21.82% | -12.95% | -5.02% | 17.8% | 3.67% | -5.67% | 13.96% | 47.12% | 13.2% | 0.82% | 1.15% | 15.56% | 57.42% | 218.77% | -5.3% | -4.29% | 53.25% | - | 100% | - | 100% | 92.55% | - |
| Operating Expenses | 13.06M | 12.27M | 16.49M | 24.14M | 25.37M | 26.98M | 15.79M | 7.83M | 8.37M | 7.88M | 8.72M | 20.92M | 53.08M | 15.15M | 9.91M | 7.65M | 7.58M | 7.37M | 10.63M | 10.15M | 6.75M | 3.31M | 2.38M | 2.12M | 548.07K | 170.36K | 1.09M | 34.87K | 39.34K | 52.03K |
| OpEx % of Revenue | - | 59.09% | 86.34% | 93.07% | 89.38% | 133.07% | 102.73% | 50.32% | 45.21% | 42.22% | 45.46% | 119.53% | 290.23% | 86.8% | 57.91% | 57.13% | 56.66% | 74.33% | 160.07% | 169.39% | 156.75% | 261.18% | 149.35% | 164.77% | 80.66% | - | - | - | - | 200.52% |
| Selling, General & Admin | 10.98M | 10.18M | 10.37M | 11.98M | 20.07M | 22.4M | 13.47M | 6.89M | 6.84M | 6.47M | 7.33M | 9.27M | 10.77M | 11.67M | 9.07M | 7.08M | 6.14M | 5.73M | 7.43M | 7.97M | 5.38M | 2.46M | 1.86M | 1.78M | 239.85K | 170.36K | 34.73K | 34.87K | 39.34K | 54.03K |
| SG&A % of Revenue | - | 49.06% | 54.3% | 46.19% | 70.7% | 110.5% | 87.64% | 44.33% | 36.94% | 34.64% | 38.2% | 52.96% | 58.88% | 66.84% | 52.97% | 52.87% | 45.86% | 57.85% | 111.87% | 133.1% | 124.76% | 193.92% | 116.7% | 138.55% | 35.3% | - | - | - | - | 208.22% |
| Research & Development | 0 | 340K | 278K | 1.69M | 1.26M | 1.08M | 210K | -12K | 146K | 0 | 0 | 0 | 462K | 254K | 491.4K | 285.45K | 265.36K | 291.54K | 432.55K | 420.06K | 352.8K | 313.66K | 421.72K | 231.72K | 42.23K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.64% | 1.46% | 6.5% | 4.43% | 5.33% | 1.37% | -0.08% | 0.79% | - | - | - | 2.53% | 1.46% | 2.87% | 2.13% | 1.98% | 2.94% | 6.51% | 7.01% | 8.19% | 24.77% | 26.44% | 18.04% | 6.21% | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1.74M | 5.84M | 10.47M | 4.05M | 3.5M | 2.11M | 943K | 1.39M | 1.41M | 1.39M | 11.65M | 41.85M | 3.23M | 353.74K | 284.72K | 1.18M | 1.34M | 2.77M | 1.75M | 1.03M | 538.11K | 99.01K | 105.14K | 265.99K | 0 | 1.06M | 0 | 0 | -2K |
| Operating Income | -16.2M | -14.43M | -20.93M | -23.59M | -29.98M | -23.53M | -11.43M | -2.62M | -1.71M | -225.86K | -660.06K | -14.08M | -46.48M | -8.15M | -3.77M | -3.47M | -3.9M | -3.71M | -7.02M | -7.02M | -4.77M | -2.68M | -1.72M | -1.43M | -99.39K | -170K | -1.09M | -34.87K | -69.34K | -454.56K |
| Operating Margin % | -80.44% | -69.54% | -109.6% | -90.98% | -105.62% | -116.04% | -74.37% | -16.83% | -9.23% | -1.21% | -3.44% | -80.45% | -254.16% | -46.72% | -22.05% | -25.96% | -29.12% | -37.45% | -105.67% | -117.19% | -110.64% | -211.97% | -108.09% | -111.25% | -14.63% | - | - | - | - | -1751.95% |
| Operating Income Growth % | - | 31.04% | 11.29% | 21.3% | -27.41% | -105.88% | -336.68% | -53.16% | -656.5% | 65.78% | 95.31% | 69.7% | -469.98% | -116.07% | -8.63% | 10.83% | -4.95% | 47.11% | 0.02% | -47.28% | -77.59% | -55.73% | -20.6% | -1338.11% | 41.54% | 84.45% | -3035.62% | 49.71% | 84.75% | - |
| EBITDA | -14.06M | -10.9M | -17.95M | -18.39M | -17.8M | -19.21M | -10.36M | -1.47M | -427.03K | 1.19M | 731.76K | -12.52M | -41.2M | -5.19M | -2.93M | -2.71M | -2.64M | -2.05M | -4.73M | -5.08M | -3.53M | -1.96M | -1.6M | -1.32M | -71.19K | -148.44K | -34.73K | -34.87K | -69.34K | -454.56K |
| EBITDA Margin % | -69.81% | -52.53% | -93.97% | -70.91% | -62.73% | -94.73% | -67.42% | -9.43% | -2.31% | 6.37% | 3.82% | -71.55% | -225.32% | -29.73% | -17.11% | -20.23% | -19.69% | -20.69% | -71.22% | -84.72% | -82.03% | -155.07% | -100.07% | -103.07% | -10.48% | - | - | - | - | -1751.95% |
| EBITDA Growth % | 19.45% | 39.24% | 2.4% | -3.27% | 7.29% | -85.39% | -606.68% | -243.3% | -135.95% | 62.35% | 105.84% | 69.6% | -694.22% | -77.14% | -8.19% | -2.74% | -28.49% | 56.66% | 6.79% | -43.63% | -79.97% | -23.05% | -20.52% | -1759.99% | 52.04% | -327.42% | 0.4% | 49.71% | 84.75% | - |
| D&A (Non-Cash Add-back) | 3.01M | 3.53M | 2.98M | 5.21M | 12.17M | 4.32M | 1.07M | 1.15M | 1.28M | 1.41M | 1.39M | 1.56M | 5.27M | 2.97M | 845.14K | 766.98K | 1.26M | 1.66M | 2.29M | 1.95M | 1.23M | 720.6K | 127.89K | 105.14K | 28.2K | 21.57K | 1.06M | 0 | 0 | 0 |
| EBIT | -28.29M | -27.22M | -53.41M | -73.49M | -42.61M | -40.01M | 469K | -2.6M | 1.63M | -375.8K | -691.21K | -13.95M | -46.53M | -8.11M | -4.03M | -3.11M | -4.29M | -3.71M | -8.13M | -7.02M | -4.77M | -2.68M | -1.72M | -1.43M | -99.39K | -170K | -34.73K | -34.87K | 0 | -454.56K |
| Net Interest Income | -222K | -215K | 57K | 736K | 503K | 4.36M | -122K | -103K | -182.44K | -373.25K | -279K | -335K | -317K | -246K | -228K | -259K | -290K | -241K | -136K | 93.4K | 59.98K | 85.6K | 55.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 50K | 51K | 340K | 1.29M | 629K | 4.56M | 69K | 25K | 8.63K | 4.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.14K | 658 | 93.4K | 59.98K | 85.6K | 55.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 272K | 266K | 283K | 553K | 126K | 196K | 191K | 128K | 191.07K | 377.46K | 279K | 335K | 317K | 246K | 228K | 259.14K | 290.09K | 258.92K | 136.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.33M | -13.05M | -32.77M | -50.45M | -12.76M | -16.67M | 11.71M | -103K | 3.19M | -373.25K | -279.21K | -204K | -366.8K | -200.92K | -487.95K | 101.78K | -688.8K | -258.8K | -1.25M | 64.77K | 41.51K | 81.27K | 26.75K | -22.92K | -8.96K | -59.21K | 0 | 0 | 0 | 0 |
| Pretax Income | -28.52M | -27.49M | -53.7M | -74.04M | -42.74M | -40.2M | 286K | -2.72M | 1.48M | -599.12K | -939.27K | -14.29M | -46.85M | -8.36M | -4.26M | -3.37M | -4.58M | -3.97M | -8.27M | -6.96M | -4.73M | -2.6M | -1.7M | -1.45M | -108.35K | -230K | -1.09M | -34.87K | -69.34K | -454.56K |
| Pretax Margin % | -141.66% | -132.43% | -281.19% | -285.5% | -150.57% | -198.28% | 1.86% | -17.49% | 8% | -3.21% | -4.9% | -81.62% | -256.16% | -47.87% | -24.9% | -25.2% | -34.26% | -40.06% | -124.43% | -116.11% | -109.68% | -205.55% | -106.41% | -113.03% | -15.94% | - | - | - | - | -1751.95% |
| Income Tax | -468K | 0 | 8K | 4K | 172K | -4.03M | -1.77M | -125K | 16.59K | -20.96K | 10.73K | 22.18K | -988.63K | -10.95M | 18.95K | -150.18K | -1.12M | 18.95K | 18.96K | 19K | 0 | 0 | 6.89K | 0 | 0 | 8.68K | 500 | 2K | 2K | 2K |
| Effective Tax Rate % | 1.64% | 0% | -0.01% | -0.01% | -0.4% | 10.03% | -620.28% | 4.6% | 1.12% | 3.5% | -1.14% | -0.16% | 2.11% | 131.04% | -0.44% | 4.45% | 24.47% | -0.48% | -0.23% | -0.27% | 0% | 0% | -0.41% | 0% | 0% | -3.78% | -0.05% | -5.74% | -2.88% | -0.44% |
| Net Income | -25.02M | -23.93M | -46.9M | -60.63M | -59.84M | -33.12M | 1.9M | -2.89M | 1.46M | -578.16K | -950K | -14.31M | -41.16M | 2.59M | -4.28M | -3.22M | -3.46M | -3.99M | -8.29M | -6.99M | -4.83M | -2.84M | -1.7M | -1.45M | -108.35K | -238K | -1.09M | -36.87K | -71.34K | -456.56K |
| Net Margin % | -124.24% | -115.28% | -245.57% | -233.78% | -210.83% | -163.35% | 12.36% | -18.58% | 7.91% | -3.1% | -4.95% | -81.74% | -225.06% | 14.86% | -25.01% | -24.08% | -25.88% | -40.26% | -124.72% | -116.62% | -112.16% | -224.48% | -106.84% | -113.03% | -15.94% | - | - | - | - | -1759.66% |
| Net Income Growth % | 47.45% | 48.97% | 22.65% | -1.32% | -80.68% | -1844.02% | 165.73% | -297.21% | 353.39% | 39.14% | 93.36% | 65.23% | -1686.91% | 160.58% | -32.86% | 6.95% | 13.21% | 51.84% | -18.58% | -44.58% | -69.99% | -66.84% | -17.33% | -1240.31% | 54.48% | 78.24% | -2866.8% | 48.32% | 84.38% | - |
| Net Income (Continuing) | -28.06M | -27.49M | -53.71M | -74.04M | -42.91M | -36.17M | 2.06M | -2.6M | 1.46M | -578.16K | -950K | -14.31M | -45.86M | 2.59M | -4.28M | -3.22M | -3.46M | -3.99M | -8.29M | -6.98M | -4.73M | -2.6M | -1.7M | -1.45M | -108.35K | -238K | -1.09M | -36.87K | -71.34K | -456.56K |
| Discontinued Operations | 0 | 0 | 0 | -3.48M | -26.75M | 2.13M | -641K | -294K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.56K | -106.82K | -239.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.17M | 9.55M | 12.48M | 19.29M | 31.12M | 36.41M | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.59 | -2.66 | -6.63 | -8.67 | -10.73 | -13.60 | 8.40 | -68.00 | 2.60 | -24.00 | -42.00 | -720.01 | -117.30 | 192.00 | -24.66 | -19.88 | -31.12 | -32.57 | -71.01 | -61.51 | -888.01 | -28.40 | -384.00 | -384.00 | -48.00 | -27.72 | -135.51 | -0.15 | -0.30 | -0.06 |
| EPS Growth % | 59% | 59.88% | 23.53% | 19.2% | 21.1% | -261.9% | 112.35% | -2715.38% | 110.83% | 42.86% | 94.17% | -513.82% | -161.09% | 878.59% | -24.04% | 36.12% | 4.45% | 54.13% | -15.44% | 93.07% | -3026.8% | 92.6% | 0% | -700% | -73.16% | 79.54% | -90240% | 50% | -421.74% | - |
| EPS (Basic) | - | -2.66 | -6.63 | -8.67 | -10.73 | -13.22 | 14.40 | -61169.59 | 2.63 | -24.00 | -42.00 | -720.01 | -2352.02 | 192.00 | -25.20 | -19.88 | -31.12 | -32.57 | -71.01 | -61.51 | -888.01 | -576.01 | -384.00 | -384.00 | -1.41 | -27.72 | -135.51 | -0.15 | -0.30 | -0.06 |
| Diluted Shares Outstanding | 9.65M | 8.99M | 7.07M | 7M | 5.58M | 2.58M | 300.96K | 47 | 564.35K | 480.81K | 435.61K | 397.99K | 350.88K | 265.32K | 173.57K | 162.12K | 147.96K | 122.5K | 116.68K | 113.58K | 107.43K | 100.09K | 90.8K | 77.84K | 76.96K | 8.6K | 8.07K | 240K | 240K | 7.95M |
| Basic Shares Outstanding | 9.65M | 8.99M | 7.07M | 7M | 5.58M | 2.58M | 177.42K | 42.51K | 557.47K | 480.81K | 435.61K | 397.99K | 350.88K | 265.32K | 169.87K | 162.12K | 147.96K | 122.5K | 116.68K | 113.58K | 107.43K | 100.09K | 90.8K | 77.84K | 76.96K | 8.6K | 8.07K | 240K | 240K | 7.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Structural negative gross margins
As reported in recent financial filings, DSS experienced a 12.6% year-over-year revenue decline in 2026Q1, highlighting the volatility inherent in its diversified holding company model where disparate segments struggle to generate consistent, scalable top-line growth across its various fintech, biotech, and packaging business units.
The revenue trajectory appears highly erratic, suggesting that the company's transition into a conglomerate has not yet yielded a cohesive growth engine. Investors should monitor whether the reliance on project-based biotech and cyclical lending segments will continue to produce such inconsistent quarterly results.
Based on the company's reported figures, the gross margin plummeted to -27.8% in 2026Q1, indicating that the direct costs of production and service delivery consistently exceed the revenue generated by its fragmented portfolio of industrial and speculative business operations.
This persistent negative gross margin suggests a fundamental inability to achieve economies of scale or pricing power within its core packaging and marketing segments. Such a cost structure implies that the business model may be fundamentally broken at the unit-economic level, requiring significant rationalization.
According to historical income statements, the company's operating margin of -126.7% in 2026Q1 demonstrates that administrative and overhead expenses are significantly outstripping gross profit, leaving no room for operational leverage as the firm attempts to manage a complex, multi-industry corporate infrastructure.
The lack of operating leverage appears to be a direct consequence of maintaining a high fixed-cost base across unrelated sectors. Without a substantial increase in revenue scale, the current SG&A burden will likely continue to exacerbate net losses, regardless of any potential improvements in individual subsidiary performance.
As evidenced by the consistent net losses and negative margins, the company's incubator strategy faces severe scrutiny, as the administrative costs of managing diverse, loss-making subsidiaries appear to permanently outweigh the potential long-term value of its minority equity stakes in various biotech and fintech startups.
Short-sellers would likely focus on the company's inability to generate positive cash flow from its core operations, which necessitates constant reliance on external capital. The complexity of the consolidated financial statements may mask the true extent of the cash burn occurring within its speculative business units.
Quick answers to the most common questions about buying DSS stock.
For fiscal year 2025, DSS, Inc. (DSS) reported total revenue of $20.8M. This represents a 79900.8% increase compared to $0.0M in 1997.
DSS, Inc. (DSS) reported a net loss of $23.9M for the fiscal year ending 2025.
DSS, Inc. (DSS) reported an operating income of $-14.4M, resulting in an operating profit margin of -69.5%. This margin reflects the operational efficiency of the business before interest and taxes.
DSS, Inc. (DSS) generated $-2.2M in gross profit for the year, representing a gross profit margin of -10.4%. This demonstrates the company's core pricing power and production efficiency.