Hi, Tim. Still here. Hi, Rose. Yeah. Danny is jumping on right now, Mike said. Okay. Danny's here. Okay, great. Now, Rose, are you going to be doing the presentation part, or is Danny going to be? Hi, Danny. Can't hear you. Hi, Danny. We can't hear you, but you're not on mute. Maybe check the mic. Rose, are you going to be doing the page swiping for the presentation, or is Danny doing that? Danny will do that. I don't have the copy. Oh, you don't have the. Okay. Yes. So- The rest of them, I don't have the copy. Okay. Do you want to try to log on with your phone, Danny? Is that what you were doing or? Okay. Let me see if Mike can help you, if Mike is there. Danny, I see that you mute yourself or not really muted, you take these sounds, because it says X. Yeah. We see it. It's X. The mic is disabled. Yeah, we can't hear you. We can't hear you. Let me Try to call Mike, Tim, please. I did. Thanks. Can you guys hear me now? Yes, we hear you now. We hear you now. Perfect. Oh, I think you turned it off again. It had a picture of your phone on it before. Was your phone maybe working before? Rose, is there a phone number where he can call in? I don't have the phone number. Okay. Let me see if I can find it. Let me try to check as well. I believe we sent you the phone number, Tim, via email. Okay. There, let me see. There it is. Okay. Danny, looks like the phone number. Can you hear me? Oh, I can hear you now. You have me now? Yeah. Hey, finally. Yeah. Okay, good. All right. Let me introduce you quickly. We're going to put this on our webpage, or our YouTube page, rather. Great Thank you everyone for joining us today. We have Danny Chism, the Chief Financial Officer of TSS, Inc. TSS, Inc. engages in the planning, design, deployment, maintenance, and refresh of end user and enterprise systems in the U.S. Danny, I'll throw it over to you for the presentation. Great. Appreciate it. Can you just confirm you can see my screen? Yes. It looks great. So much. Very unique. Thanks. Perfect. Thank you. Appreciate everybody joining for this, sorry for the technological issues there, we finally got through. A quick look to the forward-looking disclaimers. Same stuff that's in all our public stuff, you can read that at your leisure, very exciting stuff. What does TSS do? Number one, thanks to Singular Research for the invitation, thanks for all of you for coming. TSS, we do a lot with data centers, we don't run data centers. We don't own them, we don't operate them. We do a lot of what you can describe as picks and shovels, people, a lot of work around enabling data centers. Number one is rack and systems integration. If you think about in data centers, everything that goes in there is computer racks. If I go back to the front slide, each of those, they look like refrigerators to me. Each of those individually is a rack that goes in a data center. We put those together. Somebody else sends us all the Lego pieces, we put together the Lego set. Then we will plug it in and run it for anywhere from six to 36 hours. Test every connection, every fiber optic cable, every chip, every GPU. If we can't break it, we ship it off to a data center, and by the time it shows up there, because we do all that work in our factory, it's generating revenue typically for the end customer within about six hours of being in the data center. Very different to some of the competitors out there that do on-site rack integration. We'll get into that a little bit more. Procurement business is we are typically buying from one large OEM computer company that, I don't name them, you would absolutely recognize their name. Many of you are probably watching on their laptops right now. We do a lot of work with them. They will have us buy typically servers from them, then maybe load a software image or put their server in a ruggedized box. Whatever their end customer needs, we're behind the scenes actually doing that work. We'll buy that from our customer, buy that server from our customer, do the work to it, then ship it off to their end customer, which very often is the federal government, whether that be military or three-letter agencies, or other arms of the government. Not all government, most of that business is. Deployment and configuration management and modular data center kind of go together. Modular data centers, think of them as basically a 40-foot shipping container with computer racks inside it, anywhere from two to eight or 10 computer racks. We don't typically sell the computer racks themselves. Those are, again, coming from our customer. We will put in that container all the battery backup, air filtration, power connections, everything to sustain the environment for that. It can be air-cooled, direct liquid-cooled, doesn't matter to us. We can do that in those modular data centers. Those can get deployed either in a data center, as basically little self-contained data centers, or even out in a field. There's some in the oil fields running systems out in a field. Pretty cool stuff. Strengths, I won't walk through each of those, but really one of the keys that we have found success in is being flexible and speed. The time to value for our customers tends to be very quick. It's one of the things we pride ourselves on. From investment thesis, what are all the things going for why you should invest in TSS? We'll hit a slide here in a minute that I won't walk you through all the details, but basically the TAM is huge. AI boom, that has just really lit us up. We already were doing rack integration for the traditional server racks, network racks, storage racks, and then when the AI boom was hitting a couple of years ago, our largest customer asked us to take on their AI rack integration as well, and we said we'd love to. That's been a big tailwind for us last couple of years, and continues to be. Marquee end customers. Again, I can't name them, but you would absolutely recognize many of the customers where our racks that we end up integrating end up in their data centers. You, without a doubt, would recognize their names. Many of them in the headlines every day. High demand for the offering. Systems integration, there aren't a ton of us doing it the way that we do it. Many of them do it in data center. Our customer prefers to do that, or have us do it on our site, largely because then it's plugged in and earning revenue for the data center within six hours of showing up, rather than two to three weeks with some of their competitors doing that on-site rack integration. Multiple levers for growth. We raised a little bit of capital this last August, about $55 million, earmarked that for growth, whether that be organic or inorganic, and are actively looking at not only how do we diversify beyond the one primary customer that we've got today, but also new service offerings. The attractive economics, you'll see pretty much everything is up and to the right. Again, this is the one I was saying I wouldn't walk you through all the details, but the TAM is massive in this. This again is another look at the three lines of business procurement that I mentioned a minute ago. It won't all show up on our income statement because anything where we are just a, what we call a net deal, where we never touch the merchandise, but we arrange for the purchase and sale of it, then we will just record our agency fee as revenue, which then comes with 100% margin. Most of what we do there, we are actually transforming the product somehow. That's what we call gross deals. We'll bring those into the factory, do something to it, and then sell it back to our customer, who has sold not just a server, but they have sold a solution to their customer. We provide the rest of that solution. They're just providing the server. When I ignore whether from an accounting perspective, we have to record that as gross deal or net deal, the gross value of deals done, in 2025 was almost $280 million. In Q1 especially was just huge. You'll see that in comparison a minute ago. Systems Integration we've touched on. Facilities Management really is the modular data centers I talked about a second ago. This is just sharing some of the outsized revenue contribution from Procurement. Again, that's relatively thin margins. Let me see if I can hide this little thing. Hopefully, you guys aren't seeing that. The procurement is huge revenue, but the margins are smaller than the other lines of business. It makes up a smaller portion of the gross profit or the pre-tax income, where the others make up more. Still very good contribution from it. We love it. The other two are more profit rich. Revenue trends across segment. Any of you who may have looked at our results may have seen that the total revenues were down in Q1. When you look at this along the three segments, Facilities Management was actually about on par with this quarter last year at $1.3 million over on the far right. Systems Integration almost doubled, at a little over $14 million versus $7.5 million this quarter last year. What really kind of, I guess, surprised people, it probably shouldn't have, was the lower Procurement volume at $40 million versus $90 million in Q1 of 2025. The next highest quarter we've ever had in Procurement was, I think, around $62 million or $63 million. The $90 million was just ridiculously high, and it had some in there that were at a very attractive margin that quarter. That weighed on the overall results, but really it was not a fair comparison to Q1 last year because that was just off-the-charts results in Procurement. Strategy. Kind of what you'd expect, right? Expand the ability to drive demand. We're trying to co-sell with our customer. They typically are making the end sale to customers, and we're along for the ride, although we haven't been very active in the actual selling of it, trying to get a little more involved there and put folks in place to help with that. Maintain an intense customer focus, always. Delivering operational excellence, again, keeping this customer happy and expanding business with them while also looking for other opportunities to expand vertically in the value chain, which we're in now, as well as expanding to other customers. That leads us to the fourth one, which is pursuing strategic partnerships. That can be through M&A activity, it can be through JVs, exploring a lot of different things there right now to figure out how do we continue to diversify the revenue stream and the customer base. Kind of as I mentioned before, everything from a total revenue standpoint up and to the right. Again, 2025, remember that was heavily influenced by the $90 million of Procurement in Q1. When you look at financial performance, they're also still good, strong performance, growing year-over-year. You can see the diluted EPS, adjusted EBITDA, you can see the trend. We've not guided to revenue, operating income, or EPS. We did guide to adjusted EBITDA. You can see last year we did $18.6 million, up, I think it was 83% or something over 2024. We have forecast next year to be at $20 million-$22 million. In our latest quarter, we revised that to guide towards the upper end of that. Continued good growth. Few of the things in our history that are driving that, in October 2024, when we were asked to first start doing the AI rack integration, we knew at that point we would need to move to a larger facility, more specifically one with more power, which we did. At that point, we had a really good partner in our primary customer who understood we needed to take on a multi-year lease, we needed to put in about $40 million of CapEx into that, and we needed to employ a lot of people. And so, they were agreeable to signing a multi-year agreement where we had the comfort that we would recapture all of those costs plus a margin, so that we could rest assured that we're not making a bunch of investments and would end up holding the bag. November 2024, we up-listed on the NASDAQ. Overnight, trading volume increased about tenfold and just took off from there. We were OTC prior. In May 2025, relocated and expanded our factory, we more than doubled our square footage. More importantly, we moved from 2.7 MW- 15 MW. The city power has committed to providing up to 40 MW if and when we need it. That's significant. While we don't run data centers, we do use a lot of power whenever we plug in and test the racks before they go get deployed in customer sites, and that takes a lot of electricity to run those and then also to cool them. One unique thing we do in cooling is we use a closed loop system. We don't use water to cool. Closed loop, there's no evaporation. One of the big knocks in the industry is the use of water. Yes, we're a heavy user of power. We are not a heavy user of water. We use it for drinking water and flushing toilets. In December 2025, the multi-year agreement that we signed in October 2024, we amended that agreement, taking into account some additional CapEx that we had spent on a request of our customer, and then also extending that agreement out a couple more years and recognizing the incremental investments we've made in power as well. Though if I flip back a couple of slides, you'll see the systems integration in the middle there, all of a sudden in Q4 2025 jumped to about $14 million per quarter, where we're running at a run rate of about $9 million per quarter, a little more. That's reflective of that new agreement and taking into account the fact that we were incurring incremental power costs and incremental CapEx that we had made. You're now seeing that reflected in those numbers. Coincidentally, this last quarter in our earnings announcement, we announced that we were investing another $17 million at our customer's request to be ready for the next generation of Nvidia chips, which is Vera Rubin. That one also, once we start producing with that, I expect that will further drive the systems integration revenue and profitability higher. Couple of new adds we just recently added. I mentioned we were getting a little more interested in M&A activity. Matt Wallace comes out of Dell with a long history of M&A activity strategy. Came on as our Chief Strategy Officer. Has already hit the ground running. He consulted with us for a couple of months before we talked him into joining us. David Hull also came out of Dell, spent, I think he said something, 26, 27 years. Oh, there it is right there. 29 years with Dell. Helped design the AI racks whenever Dell was first putting those out. Helped design modular data centers when those were first going out. David comes with a great history there. As we look to expand our ability and potentially expand beyond our one primary customer, David comes with a huge amount of knowledge to be able to help us do that technologically. Couple of years ago also, we were recognized as their best deployment partner. That was while we were getting started with the AI rack integration. It's a great honor there out of all their providers. Couple of good-looking bald guys there and some ugly guy kind of in the middle, the rest of our executive team, who's not pictured here is Janet Morrison, our Chief People Officer. Daryl and Todd both joined about three and a half years ago now, I think. Three and a half years ago. Really turned the company around. They knew they needed to fix the factory. It was not kept as neatly as it needed to be. Really got in, got execution in place. Todd came out of both working with Flextronics, a lot of other electronics companies, and kind of surprisingly to me, employed some of the things that he learned in the automotive manufacturing process to our process. Some creative thinking from both of them coming into the business. Quick look at the balance sheet. We remain with a very strong balance sheet. Again, we raised a little bit of money last August. The cash on the surface might be concerning, looking at it going from $85 million at the end of the year to $66 million into this last quarter. I encourage you to look down a few lines. The total current liabilities also went from $72 million down to $41 million. Both of those are reflective of the timing of our procurement business. Typically, we're getting paid for our procurement activities before we have to pay the vendors. Really what you saw in Q1 was the paydown on a lot of those payables And then also light debt. Long-term debt, you can see at $13 million. There's actually about $18 million or $19 million, I think it's about $18 million of total debt. A small piece that is in the current liabilities. Again, the strong investment thesis, same points that I walked through before, but just wanted to flash at it again. Over towards the right, you can see we've guided towards the upper end of our $20 million-$22 million guidance that we put out before, hoping to ink some more deals and be able to continue to bump that up further. With that, I'd open it up for any questions if you got some. Yes, Danny. I do have some questions here. Great presentation. Let's see. What percentage of the current backlog is tied to AI infrastructure projects versus traditional data center work? Great question. Most of the volume we see coming through continues to be AI. We have seen more of a spike in that recently. A lot of it, if you think about what goes into an AI data center, is not just the AI racks, but they also need the network racks. They also need storage racks, right? Think of storage as memory. All of the AI activity going on out there chews up a ton of memory. A lot of these data centers have to continue to add that storage as well. The majority of the backlog continues to be AI related. Okay. With the concentration with the one customer, should investors think about the risk of a major customer reducing spending, or do you have pretty good visibility for the next couple of years? Great question. The specific rack counts, we don't necessarily have great visibility of, Timothy, beyond a quarter or so. Really, we're dependent on our primary customer to give that to us. However, if I go back to what they agreed to, they recognized the fact that we were a relatively small company, in relation to them anyway, and would need to be able to have that comfort that we would be getting sufficient revenue to cover our costs, even in periods of lull or periods of supply chain challenges. All of our fixed costs are covered every month, and our arrangement with them is largely a take or pay arrangement, where we intentionally aligned it to where we and they both make more money when we actually build racks. Even in periods where there may be supply chain challenges or demand challenges for them, they are still paying at least at a certain minimum quantity that they committed to, which is the same level to which we have staffed. That way, we don't have a bunch of employees sitting around on the payroll and not getting paid for them. That was a multiyear commitment, right? It's much more of a comfort level that we know we've at least put in a floor where we should remain profitable. Great. Next question. What risks concern you and the management team most over the next couple of years? What risks could come up, and what are you most worried about? Yeah. So, I think like many people looking at the AI space, the biggest question is: how long is that run, and is it like you would normally see in a data center, where every few years, those companies are going to have to refresh all that merchandise? Personally, I believe, yes, if they don't do that every kind of three, four, five years, they will likely get obsoleted. So as expensive as it is, I think a lot of the cutting-edge technology that's being purchased today won't be retired three to five years from now, but likely will be repurposed. And they'll probably need to replace that with the latest, greatest new stuff. So I think we've got a perpetual cycle here that's not going to end anytime soon. Great, and final question. How difficult would it be for a competitor to come in and replicate what you're doing and grab business away from you? I think it'd be pretty tough. If it were easy, you probably would've seen it already. Number one, we have a very strong partnership with our current customer, and have had some interest from other customers in doing the same thing. Obviously, we wouldn't want to go do it to enable one of our customer's direct competitors, but if it's a similar service that's not competing with them, I don't think they'd have any issue with that. But no, from a competitor standpoint, if you think about we ended up having to put a little over $40 million into our new facility. The knowhow of how to do that is not the easiest thing in the world. While we kind of joke about we're not building the technology, we're more picks and shovels, or our CEO jokes about being knuckle draggers. We're out there putting the stuff together and sending it out. It sounds simplistic, but there are a lot of things you really need to know and get right in order for it to be successful. I think that's some of the hardest part to replicate. I would say, if it were easy, there would be more people out there. Right now, our competition is Dell itself. They have a similar integration facility just outside Boston, and it was part of their EMC acquisition years ago, where they do AI rack integration there as well. Their approach is never to have one facility or one service provider to do anything. I don't think that's going away. They've been very happy with what we've been doing. I think it'd be pretty tough for somebody to replicate it. Right. Okay, great. Thanks, Danny. That's a wonderful presentation and we look forward to seeing you soon. Appreciate it. Thanks.