DSS Inc

dssworld.com

What Do They Do?

Makes custom folding cartons, consumer-product packaging and security printing for pharmaceutical, consumer-goods and other business customers.

How Do They Make Money?

Printed-products customers pay for shipped packaging and printing products, or when services are completed and accepted. Rental income comes from leases; securities commissions arise on each customer trade, lending earns interest and management fees on managed loans, and biotechnology revenue comes from Celios product sales.

revenue

Segment	Share	How money arrives
Printed Products Sold outright	87% FY2022: 63%	Sold outright
Rental Income Recurring	6.0%	Recurring
Commercial Lending	0.2%
Commission Usage-based	6.5%	Usage-based
Biotechnology Sold outright	0.2%	Sold outright

Who Are Their Customers?

Packaging customers include companies in healthcare, consumer goods, food and beverage; the division also serves end users with security printing. Securities and investment management serves retail and institutional investors.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 35% from two customers

Do Revenues Turn Into Profits?

No. It lost $23.9M in FY2025.

Operating income, FY2025

−70% of revenue

▼ −66% (Loss) vs FY2024 (−$42.6M, −223%)

Net income, FY2025

−115% of revenue

▼ −49% (Loss) vs FY2024 (−$46.9M, −246%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −32%; vs $5.3M in Q2 FY2025
Net income: ▲ +123% (Loss); vs −$2.2M in Q2 FY2025

Printed Products share of revenue vs 80.8% in Q2 FY2025

Flat. Revenue was $20.8M in FY2025, about the same as the $20.3M of FY2021.

Biotechnology focus The older report described biotechnology as investing in or acquiring BioHealth and BioMedical companies and advancing disease and airborne-defense programs. The latest report centers on research and intellectual property in therapeutic drugs, a sugar substitute and fragrance, with partner commercialization.

Lending focus The older description emphasized buying equity stakes in banks and related financial companies alongside broad financial services. The latest presents APF as a commercial lender offering business credit, land development, inventory and equipment financing, and loan servicing.

Revenue over time

Printed Products Rental Income Commercial Lending Commission Biotechnology Management Fee Income Net Investment Income Direct Marketing Commission Revenue Net Investment Revenue Income Management Revenue Fee Income Rental Revenue Income

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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