DSS, Inc. (DSS): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand the mechanics behind DSS, Inc., and honestly, it's not a simple one-trick pony; this is a complex, diversified holding company actively reshaping its balance sheet right now. We're talking about a firm that just monetized a $9.5 million facility, aggressively paid down over $8 million in debt in Q1 2025, all while generating $714,000 in rental income that same quarter, leading to a TTM revenue of $22.05 million as of Q3 2025. If you want to see how this strategic asset shuffle-from Health IT with the VA to biomedical R&D-actually fits together across all nine building blocks, you need to see the canvas below.

DSS, Inc. (DSS) - Canvas Business Model: Key Partnerships

The Key Partnerships block for DSS, Inc. (DSS) centers on strategic alliances and regulatory milestones that unlock specific revenue streams and facilitate portfolio value realization.

The relationship with the Department of Veterans Affairs (VA) remains foundational, dating back to 1994. Every VA Medical Center utilizes at least 9 DSS, Inc. solutions across clinical and business service lines.

Specific, recent contract values with the VA include:

Contract/Service Description	Awarding Entity	Value (Firm-Fixed-Price)	Period of Performance End Date
Enterprise Licenses for CLC Resident Assessment Instrument Caribou Suite	VA Technology Acquisition Center	$23,911,579.00	April 27, 2029
DSS DOCMANAGER SERVICES for clinical documentation	VA VISN 22	$167,075.46	December 31, 2028
Software Maintenance Support (VistA, CPRS, VxDocManager)	Department of Veterans Affairs (VA)	$187,339.30	Not specified

The strategic exit/monetization path for the biohealth segment involved Impact BioMedical, Inc., a subsidiary. This led to a definitive merger agreement with Dr. Ashleys Limited, announced on June 24, 2025. Following the reverse merger, DSS retains an equity interest representing 4.80% of the combined company's total outstanding shares at closing in the new NYSE American-listed entity, "Dr Ashleys Limited." This transaction was preceded by financial maneuvers including the conversion of Impact's Series A Preferred Stock and the exercise of DSS's debt-to-equity rights under its promissory note. In Q1 2025, DSS raised $1.5 million in new equity capital through partner company Impact BioMedical.

The financial services arm, Sentinel Brokers Company, Inc., achieved a critical regulatory partnership milestone. As of April 24, 2025, Sentinel received approval from the Financial Industry Regulatory Authority (FINRA) to act as an underwriter and selling group member for corporate securities offerings. This expands its role beyond institutional bond brokerage and equity market making, which it expanded into in 2021.

The overall financial context as of mid-2025 shows DSS, Inc. with a market capitalization of $8.64 million (as of June 24, 2025) and a debt-to-equity ratio of 3.14x (as of June 2025). The Q1 2025 results showed a reduction of over $8 million in total debt.

Key operational capabilities tied to partnerships include:

• VA partnership enables deployment of solutions across all VA Medical Centers.
• Merger with Dr. Ashleys Limited provides access to global pharmaceutical manufacturing capabilities.
• FINRA approval allows participation in Initial Public Offerings (IPOs) and follow-on offerings.
• The company raised $1.5 million in new equity capital via the Impact BioMedical relationship in Q1 2025.

You should track the closing conditions and final equity stake realization from the Dr. Ashleys Limited transaction.

DSS, Inc. (DSS) - Canvas Business Model: Key Activities

You're looking at the core actions DSS, Inc. (DSS) is taking to reshape its operations and financial footing as of late 2025. It's a mix of selling off non-core assets, aggressively cleaning up the balance sheet, and pushing forward on technology contracts. Honestly, the numbers from Q1 2025 really tell the story of this transition period.

Strategic Asset Monetization

A major activity has been turning physical assets into cash to fuel debt reduction. The sale of the Plano, TX facility was a key moment in this strategy. This wasn't just a small transaction; it was a significant cash infusion directly supporting the balance sheet overhaul. The company is actively managing its asset base to raise capital.

The balance sheet reflects this shift in focus:

• Assets held for sale on the balance sheet stood at $35,440,000 as of March 31, 2025, down from $45,158,000 at the end of 2024.
• The sale of the Plano, TX facility generated $9.5 million in cash proceeds.
• This single sale contributed to a total of $12.88 million generated from investing activities during the first quarter of 2025.

Operational Streamlining and Debt Reduction

The focus on financial discipline is evident in the debt paydown activity. This is about making the company leaner and less reliant on high leverage. They are using the proceeds from asset sales to execute this deleveraging. Here's the quick math on the operational improvement seen in Q1 2025 compared to the prior year's quarter:

Metric	Q1 2024 Value	Q1 2025 Value
Total Debt Reduction	N/A	Over $8 million paid down
Net Cash Used in Operations	$2.15 million	$1.64 million
New Equity Capital Raised (via Impact BioMedical)	N/A	$1.5 million

Furthermore, as of February 2025, the plan included a target to reduce overall costs by 15-20% in the upcoming fiscal year. If onboarding takes 14+ days, churn risk rises, and similarly, if cost-cutting impacts service quality, the revenue growth seen in Q1 might stall.

Developing and Integrating Health IT Solutions

A core ongoing activity is supporting the Department of Veterans Affairs (VA) with its massive electronic health record (EHR) modernization. DSS, Inc. is positioning its VistA-as-a-Service (VaaS) as the managed, cloud-based solution to maintain legacy VistA systems during the shift to Oracle Health Millennium. This activity is supported by deep existing integration.

Key Health IT activity indicators include:

• DSS owns intellectual property for 49% VistA APIs and the Document Knowledgebase.
• The company holds 9 National VHA Contracts covering areas like Revenue Cycle Management and Medical Records Management.
• DSS supports over 70+ Commercial Applications across VHA Health and Corporate portfolios.
• Major contract activity includes a firm fixed-price definitive contract valued at $89,066,521.94 for VIRR (VistA Integration, Reporting and Revenue) support services.
• Another significant contract delivered a HICBA VistA Integration, Revenue, and Reporting software solution valued at $68,001,975.37.
• VaaS is designed to help reduce the need for over 900+ VA FTEs currently dedicated to maintaining legacy VistA systems.

Research and Development (R&D) in Biomedical and Sustainable Packaging

DSS, Inc. is actively directing R&D efforts into two specific high-potential areas: biomedical technologies and sustainable packaging. While specific R&D dollar amounts for DSS in these areas aren't public, the market context shows the importance of this focus. In sustainable packaging, paper and board materials currently hold roughly 40% of the market share, while bio-based plastics are expanding at nearly 10% annually.

Executing Mergers and Acquisitions (M&A) for Portfolio Growth

The company is clearly executing on its strategy to grow the portfolio through transactions, both buying and selling to streamline focus. This M&A activity is a critical key activity for portfolio management in 2025.

Notable M&A and related corporate actions in 2025 include:

• On June 24, 2025, DSS subsidiary Impact BioMedical Inc. announced a strategic merger with Dr. Ashleys Limited.
• On February 26, 2025, DSS announced the sale of its Celios® asset to Impact BioMedical to streamline its portfolio.
• On April 24, 2025, subsidiary Sentinel Brokers Company, Inc. received FINRA approval to act as an underwriter.
• As of August 2025, DSS made a critical acquisition of a European logistics company.

Finance: draft 13-week cash view by Friday.

DSS, Inc. (DSS) - Canvas Business Model: Key Resources

You're looking at the core assets that power DSS, Inc.'s operations as of late 2025. Honestly, it's a collection of distinct businesses, which is both a strength and a complexity to track. Here's the breakdown of what they rely on to generate revenue and pursue growth.

Diversified Portfolio and Subsidiary Structure

DSS, Inc. maintains a structure built on developing high-growth subsidiaries, aiming to unlock value through strategic exits like Initial Public Offerings (IPOs). As of mid-2025, the company operates across several distinct business lines, though only five are currently included in their segmental financial reporting. You can see the structure below, which highlights the breadth of their resource base.

Business Line/Segment	Key Subsidiary/Holding Company	Operational Status/Focus
Product Packaging	Premier Packaging Corporation, Inc.	Consumer packaging and security printing markets.
Biotechnology/Biohealth	DSS BioHealth Security, Inc.	Focus on innovation, with recent merger activity involving Impact BioMedical Inc.
Securities and Investment Management	DSS Securities, Inc.	Includes broker-dealer operations and wealth management interests.
Commercial Lending	American Pacific Bancorp, Inc. (APB)	Banking and financing business line, shifting focus to specialized lending.
Real Estate	American Home REIT, Inc. (Implied)	Generates rental income from owned property assets.

The strategy to unlock value is evident in the recent merger of subsidiary Impact BioMedical Inc. with Dr. Ashleys Limited. Following this transaction, DSS, Inc. extended its equity interest to a 4.80% stake in the newly formed combined public entity (PubCo) at closing. Plus, the company raised $1.5 million in new equity capital through Impact BioMedical during Q1 2025 to help strengthen the capital structure.

Specialized Intellectual Property (IP) in Biohealth and Anti-Counterfeiting

The biohealth and security assets are housed under the holding company, DSS BioHealth Security, Inc. This group has subsidiaries operating in Houston, TX, and Rochester, NY, plus a research facility in Winter Haven, Florida. While the company noted key patent awards and positive study results in 2024, specific financial metrics tied directly to the IP portfolio for 2025 aren't broken out separately from the broader segment reporting. Still, the existence of this dedicated IP structure is a key intangible resource.

Real Estate Holdings That Generate Rental Income

The real estate segment is a tangible asset base providing consistent, growing income. For the first quarter of 2025, DSS, Inc. reported rental income of $714,000. That's a significant jump, as it was only $400,000 in Q1 2024. This segment also saw strategic monetization; the company sold its Plano, TX facility in Q1 2025 for $9.5 million. This asset sale contributed to paying down over $8 million in total debt during that same quarter, showing how these resources are used for balance sheet optimization.

Expertise in Federal Health IT and VistA System Modernization

DSS, Inc.'s deep expertise in Federal Health IT, particularly with the Department of Veterans Affairs (VA) and the Veterans Health Information Systems and Technology Architecture (VistA) system, represents a critical, contract-backed resource. This isn't just theoretical knowledge; it's cemented by massive, multi-year contracts.

• Every VA Medical Center uses at least 9 DSS, Inc. solutions across clinical and business service lines.
• The company holds a definitive contract valued at $212,629,052.82 for Health Information Coding, Billing, and Auditing (HICBA) VistA Integration, with options extending through May 2030.
• Another firm-fixed-price contract is valued at $89,066,521.94 for VistA Integration, Reporting and Revenue (VIRR) software solution and support.

This history and these contract values show a high barrier to entry for competitors in this specific government IT space.

FINRA-Approved Broker-Dealer Subsidiary, Sentinel Brokers Company

The Securities and Investment Management group is bolstered by Sentinel Brokers Company, Inc. This subsidiary is a FINRA-registered broker-dealer that specializes in institutional bond brokerage and equity market making, having expanded into equity market making in 2021. A major resource enhancement occurred in April 2025 when Sentinel received approval from FINRA to act as an underwriter and selling group member for corporate securities offerings. This regulatory milestone significantly expands its capabilities in capital markets, allowing participation in IPOs and follow-on offerings.

The Securities segment reported revenues of $2,764,000 in the fiscal year ending December 31, 2024. This resource is key for future capital formation activities.

Finance: draft 13-week cash view by Friday.

DSS, Inc. (DSS) - Canvas Business Model: Value Propositions

Unlocking shareholder value through a distribution sharing system (spin-offs).

• DSS shareholders of record on July 10, 2023, received 4 shares of Impact Biomedical, Inc. for every 1 share of DSS held, distributed on August 8, 2023.
• DSS announced the sale of Celios® to Impact BioMedical on February 26, 2025.

Improving patient care and compliance for Federal Health agencies.

Metric	Value
National VHA Contracts for Supply Chain Management, Revenue Cycle Management, etc.	9
Commercial Applications across VHA Health and Corporate portfolios	70+

Providing innovative, sustainable, and anti-counterfeiting product packaging.

• Printed product sales increased by 30% in Q1 2025 year-over-year.
• The global anti-counterfeit pharmaceutical packaging market value in 2025 is projected at USD 127.5 billion.
• The U.S. Anti-Counterfeit Packaging Market is projected to be valued at USD 66.3 billion in 2025.

Offering integrated financial services, including commercial lending.

• American Pacific Bancorp, Inc. (APB) issued over \$14 million in new loans during 2023.
• American Pacific Bancorp, Inc. (APB) issued over \$4 million in renewal loans during 2023.

Accelerating biomedical R&D and market introduction of new therapies.

• DSS raised \$1.5 million in new equity capital through its partner company Impact BioMedical during Q1 2025.

Key Financial Performance Indicators (Q1 2025)

Financial Metric	Q1 2025 Value	Change/Context
Year-Over-Year Revenue Growth	28%	Total revenues rose sharply.
Rental Income (Q1 2025)	\$714,000	Grew from \$400,000 in Q1 2024.
Plano, TX Facility Sale Proceeds	\$9.5 million	Completed asset monetization.
Total Debt Paid Down	Over \$8 million	Using proceeds from asset sales and investments.
Net Cash Used in Operations	\$1.64 million	Improved from \$2.15 million in Q1 2024.
Total Revenue (Last Twelve Months as of Q3 2025)	\$22.05 million	Up 6.53% year-over-year.

DSS, Inc. (DSS) - Canvas Business Model: Customer Relationships

You're looking at how DSS, Inc. (DSS) manages its connections with different customer groups; it's not one-size-fits-all, that's for sure.

Dedicated, long-term relationships with key government clients (e.g., VA)

DSS, Inc. acts as a solutions provider, integrator, and services contractor for the Department of Veterans Affairs (VA). This relationship focuses on supporting enterprise modernization, improving access to services, and enhancing clinician and patient experience across VA medical centers. DSS, Inc. is on the path to achieving FedRAMP High impact level certification, which is critical for maintaining trust and compliance with federal health systems. The company's focus remains on advancing Veteran care as they look toward the federal fiscal year 2026 priorities. The company serves Federal Health, Behavioral Health, Public Health, and Acute Care facilities. As of May 12, 2025, DSS, Inc. had 9,092,518 shares of common stock outstanding.

Transactional sales for printed products and direct marketing goods

For certain segments, the relationship is more about the transaction, like the Product Packaging division, which includes document security printing. For the fiscal year ended December 31, 2024, this segment reported revenues of $16,107,000. The Direct Marketing segment provides services for the peer-to-peer decentralized sharing marketplaces and sells nutritional and personal care products across North America, Asia Pacific, the Middle East, and Eastern Europe. The Commercial Lending division, operating through American Pacific Financial, reported revenues of $226,000 for the same fiscal year.

The revenue breakdown for the segments reported in the annual 10-K filing dated March 31, 2025, is summarized below:

Business Line	Reported Revenue (FY Ended 12/31/2024)
Product Packaging	$16,107,000
Commercial Lending	$226,000
Biotechnology Segment	Did not report significant revenue

Strategic, equity-based relationship with shareholders via spin-off shares

DSS, Inc. develops assets to enrich shareholder value through calculated spin-offs. This strategy creates an equity-based relationship where shareholders receive shares in the spun-off entity. For example, in August 2023, DSS, Inc. completed the spin-off of a 12.55278% stake in Impact BioMedical Inc., distributing four shares of Impact Biomedical for every one share of DSS held by shareholders of record as of July 10, 2023. Following that distribution, DSS, Inc. retained approximately 87% ownership interest in Impact BioMedical. More recently, a subsidiary, Impact BioMedical, entered a definitive merger agreement in June 2025, where its shares would convert to represent 4.80% of the new combined company's total outstanding shares at closing. The company carries a debt-to-equity ratio of 3.14x as of the June 2025 announcement, which is a factor in these monetization strategies. The overall revenue for DSS, Inc. is generally estimated to be in the range of $500M to $1B.

The history of equity distribution includes:

• Spin-off of 74.5% stake in Sharing Services Global Corporation completed in May 2023.
• Distribution of four shares in Impact Biomedical for every one share of DSS in August 2023.
• Impact BioMedical merger agreement in June 2025 resulting in a 4.80% stake in the new entity.

Professional services model for Health IT consulting and integration

The Health IT consulting and integration services operate on a professional services model, focusing on digital transformation for healthcare providers. DSS, Inc. offers services including electronic health record (EHR) modernization, cloud solutions, and professional services to enhance provider performance. Key solution areas that define these service relationships include:

• Case Management and Order Tracking Management.
• Electronic Prescribing (ePrescribing) and Supply Chain Management.
• Support for the federal EHR rollout and clinician productivity tools.
• Solutions for Infection Control & Surveillance and Revenue Cycle Management.

The company is committed to providing innovative, efficient, secure, and quality healthcare technology and services.

Finance: draft 13-week cash view by Friday.

DSS, Inc. (DSS) - Canvas Business Model: Channels

You're looking at how DSS, Inc. (DSS) gets its offerings to the customer base as of late 2025. The channels are quite distinct across its diversified operations, moving from direct government contracting to subsidiary-driven product distribution and financial services access.

Direct contracts and professional services for Federal Health IT are primarily executed through direct engagement with federal agencies, most notably the Department of Veterans Affairs (VA). DSS acts as a solutions provider, solutions integrator, and services contractor, using established contract vehicles to secure work. These channels deliver services like EHR modernization, cloud solutions, and professional services to enhance clinical workflows and fiscal performance for entities like the VA. Key contract vehicles supporting this channel include the GSA MAS IT 47QTCA23D005Q and supplier agreements with SEWP Vendors. The company continues to support major VA programs such as the VistA Integration, Revenue, and Reporting (VIRR) support services contract.

For subsidiary sales forces and distribution networks for product packaging, the channel relies on its wholly-owned subsidiary, Premier Packaging Corporation. This distribution network moves consumer product packaging and document security printing solutions. The segment showed strong momentum into 2025, with printed product sales increasing by 30% year-over-year in the first quarter of 2025. This segment reported revenues of $16,107,000 for the full fiscal year 2024.

Here's a quick look at the reported financial contribution from the primary revenue-generating channels based on the latest full-year and quarterly data available:

Channel/Segment	Latest Reported Revenue Figure	Period End Date	Notes
Product Packaging (Subsidiary Sales)	$16,107,000	December 31, 2024	Reported revenue for the Product Packaging segment.
Commercial Lending (Broker-Dealer Related)	$226,000	December 31, 2024	Revenue from American Pacific Financial.
Printed Product Sales Growth (Within Packaging Channel)	30%	Q1 2025	Year-over-year revenue increase in printed product sales.

The broker-dealer subsidiary for securities and investment management services provides access to capital markets activities. Sentinel Brokers Company, Inc., a subsidiary, secured FINRA approval in April 2025 to function as an Underwriter and Selling Group Member for corporate securities offerings, establishing a formal channel for such services. This is separate from the Commercial Lending division, which generated $226,000 in revenue in fiscal year 2024.

Regarding direct marketing channels for air and surface purification products, this channel has effectively been transferred. DSS, Inc. announced the sale of its Celios® air purification asset to Impact BioMedical Inc. in February 2025. The transaction was an all-equity deal valued at approximately $1.15 million. This divestiture aligns with the strategy to concentrate on core growth areas, meaning direct sales efforts for this specific product line are no longer a primary DSS channel.

The company's overall revenue for the trailing twelve months (TTM) as of September 30, 2025, was $22.05M, showing 6.53% year-over-year growth. The Q2 2025 quarterly revenue was reported at $5.285M.

• Federal Health IT channels utilize GSA Schedule and teaming agreements.
• The packaging channel relies on established customer relationships, including a contract extension worth a minimum of $12 Million over three years.
• The securities channel gained formal underwriting capability in Q2 2025.
• The air purification product channel was exited via an equity sale valued at $1.15 million.

Finance: draft 13-week cash view by Friday.

DSS, Inc. (DSS) - Canvas Business Model: Customer Segments

US Federal Health agencies, primarily the Department of Veterans Affairs.

DSS, Inc. is a trusted partner and advisor to the Department of Veterans Affairs (VA), deploying health IT solutions across clinical and business service lines.

VA Contract/Metric	Value/Quantity	Date/Period
Enterprise Licenses for Community Living Center Resident Assessment Instrument Caribou Suite (Contract 36C10B24C0014)	$23,911,579.00	Awarded; performance through April 27, 2029
Software Provision (Contract 36C25524C0021)	$104,882.84	Awarded June 1, 2025; completion February 28, 2028
Firm Fixed Price Delivery Order (GS35F0485N-36C25019F0133)	$380,802.75	Recent award
Software Maintenance Support (Purchase Order HHSH258201600002A)	$187,339.30	Recent award
National VHA Contracts Held	9	Current
DSS Solutions Used Per VA Medical Center	At least 9	Current

The VA's Decision Support System (DSS) functions as the Managerial Cost Accounting (MCA) System for the Department of Veterans Affairs. DSS, Inc. announced the renewal of the VA license for the Mental Health Suite (MHS).

Commercial clients needing specialized product packaging and printing.

• Printed product sales increased by 30% year-over-year in Q1 2025.

Businesses requiring commercial lending and financial services.

The Securities and Investment Management segment involves real estate investment, digital securities, and wealth management solutions. DSS AmericaFirst Funds is positioned for growth in assets under management.

Acute care, behavioral health, and public health facilities.

DSS, Inc. empowers these facilities with best-of-breed solutions under the Commercial Health Care segment.

Shareholders benefiting from the distribution sharing system model.

The Direct Marketing segment provides services to assist companies in the peer-to-peer decentralized sharing marketplaces business model.

• Shares of common stock outstanding as of March 24, 2025: 9,092,518.
• Aggregate market value of common stock held by non-affiliates as of June 30, 2024: $3,185,799.
• New equity capital raised through partner company Impact BioMedical in Q1 2025: $1.5 million.

DSS, Inc. (DSS) - Canvas Business Model: Cost Structure

You're looking at the costs DSS, Inc. (DSS) is managing across its varied operations, which definitely shows up in the financial statements. The printed product sales segment, a key revenue driver, carries a naturally high Cost of Goods Sold (COGS) burden. For context, looking at the full fiscal year ending December 31, 2024, the reported Cost of Revenue was $23.54 million.

Here's a quick look at some of the key financial figures that define the cost side of the DSS business model, primarily drawing from the most recent detailed reports available:

Financial Metric	Amount (USD)	Period/Context
Net Cash Used in Operations	$1.64 million	Q1 2025
Net Cash Used in Operations (Prior Year)	$2.15 million	Q1 2024
Total Debt Reduction	Over $8 million	Q1 2025
Interest Expense (Annualized Context)	$0.283 million	Fiscal Year Ended 2024-12-31
Operating Expenses (Annual)	$61.69 million	Fiscal Year Ended 2024-12-31
Asset Sale Proceeds (Plano Facility)	$9.5 million	Q1 2025

The need for biomedical and technology innovation means there's significant Research and Development (R&D) expenditure, though specific 2025 R&D figures aren't immediately clear from the Q1 data release. Still, the overall cost base is spread across multiple, diverse business units. As of the March 31, 2025, filing, the company identified operations across five segments: Product Packaging, Biotechnology, Commercial Lending, Securities and Investment Management, and Direct Marketing. Managing this diversity requires substantial corporate overhead to keep everything aligned.

Interest and debt servicing costs are a factor, but the company made a clear move to address this in early 2025. They prioritized balance sheet optimization, using proceeds from asset sales, like the $9.5 million sale of the Plano, TX facility, to pay down over $8 million in total debt during the first quarter. This action is defintely aimed at lowering future interest expense.

The operational efficiency is showing a positive trend in cash usage. Net cash used in operations improved significantly, moving from $2.15 million in Q1 2024 down to $1.64 million in Q1 2025. While this still represents a cash burn, the trajectory shows early operational efficiencies taking hold as the company streamlines.

The primary cost drivers you need to watch include:

• The inherent cost structure of the printed product sales segment.
• The ongoing investment required for biomedical and technology R&D.
• The overhead associated with managing five distinct business lines.
• The impact of interest expense on the remaining debt load.

DSS, Inc. (DSS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving DSS, Inc.'s top line as of late 2025. The revenue streams show a company actively realigning its focus, with some legacy areas still contributing while newer tech efforts mature.

The Trailing Twelve Months (TTM) revenue was $22.05 million as of the quarter ending September 30, 2025. This represents a year-over-year growth of 6.53% for that TTM period. The most recent reported quarterly revenue, for the period ending June 30, 2025, was $5.285 million.

The core revenue drivers, based on the most recent reported quarterly performance, include:

• Printed product sales, which saw a 30% increase in Q1 2025.
• Rental income from real estate holdings, which grew to $714,000 in Q1 2025.

The growth in rental income was substantial, rising from $400,000 in Q1 2024 to $714,000 in Q1 2025, marking a 78.5% increase for that segment.

DSS, Inc. segments its operations across several distinct areas, which contribute to the overall revenue picture. Here is a breakdown of the reported revenue streams from the most recent full fiscal year filing available, which gives context to the current revenue mix:

Revenue Stream Segment	Reported Revenue (Fiscal Year 2024)	Notes
Product Packaging (Printed Product Sales Context)	$16,107,000	Led by Premier Packaging Corporation.
Securities and Investment Management (Rental Income Context)	$2,764,000	Includes real estate investment trusts and broker-dealer operations.
Commercial Lending (Financial Services)	$226,000	Provided through American Pacific Financial.
Biotechnology	Not reported as significant revenue	Focus on drug discovery and healthcare solutions.
Direct Marketing	$0	Did not generate revenue in 2024 due to strategic shift.

Regarding the Health IT component, DSS, Inc. operates as a health information technology (HIT) software development and systems integration company. While specific 2025 licensing and service fee amounts aren't explicitly broken out in the latest reports, the business model involves:

• Sales of advanced healthcare software and integration services, particularly supporting federal health systems like the VA.
• Revenue opportunities from custom software development, cloud computing, and digital transformation consulting for healthcare clients.
• Leveraging intellectual property through licensing and enforcement, including the AuthentiGuard technology.

The financial services revenue streams, encompassing commercial lending and investment management fees, are part of the company's diversified approach. The 2024 figures show the relative size of these fee-based components:

Securities and Investment Management generated $2,764,000 in 2024 revenue, and Commercial Lending generated $226,000 in 2024 revenue. You'll want to track the Q1 2025 rental income of $714,000 against the 2024 Securities and Investment Management total to see the real estate component's current contribution.