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Analogy 1: Like a small-cap IAC (InterActiveCorp), but instead of internet brands, it owns a diverse portfolio of companies spanning digital assets, biotech, and real estate.

Analogy 2: A miniature SoftBank, operating as a holding company with a diverse, often speculative, portfolio of businesses in areas like digital assets, biotech, and real estate.

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• Healthcare and Biotechnology Products: Research, development, and commercialization of health and wellness products, including nutraceuticals and medical technologies.
• Healthcare Real Estate Investments: Acquisition, development, and management of medical-related real estate properties.
• Intellectual Property Licensing: Management and monetization of a portfolio of patents and intellectual property across various technology sectors.
• Renewable Energy Project Development: Development and management of sustainable energy solutions, primarily focused on solar power projects.
• Digital Marketing and Brand Management Services: Provides comprehensive marketing and branding strategies to enhance customer engagement and brand visibility.

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DSS Inc. (NYSE American: DSS) is a diversified holding company with various business segments, including Direct Marketing, Digital Transformation, Commercial Lending & Fintech, Biotechnology, Real Estate, and Renewable Energy. Due to the varied nature of its operations across these segments, no single major customer (representing 10% or more of its consolidated revenue) is disclosed by name in its public filings with the U.S. Securities and Exchange Commission (such as its annual 10-K reports).

However, DSS serves a broad range of customers, primarily other companies and organizations, with a component also serving individuals through one of its segments. Based on its business descriptions, the major categories of customers it serves include:

Primarily Business-to-Business (B2B) Customers:

• Financial Institutions: DSS's Direct Marketing segment provides services to banks, credit unions, and other financial entities.

• Utilities and Governmental Entities: The Direct Marketing segment also serves public utility providers and various governmental organizations.

• General Enterprises and Businesses: Across its diverse portfolio, DSS subsidiaries serve a wide array of businesses. This includes enterprises utilizing its Digital Transformation segment's cloud and data services, businesses seeking alternative financing through its Commercial Lending & Fintech segment, companies in the pharmaceutical or healthcare sectors for its Biotechnology initiatives, and commercial tenants for its Real Estate segment, as well as utilities or large industrial clients for its Renewable Energy projects.

Business-to-Consumer (B2C) Customers:

• Individual Users: The Digital Transformation segment, while also serving enterprises, explicitly targets individual users for its secure cloud-based data storage and other digital services.

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Jason Grady, Interim Chief Executive Officer

Jason Grady was appointed Interim Chief Executive Officer of DSS, Inc. on August 23, 2024. He previously served as the company's Chief Operating Officer since 2019. Mr. Grady's career spans over 25 years, demonstrating extensive experience in business development and executive leadership across various sectors including packaging, pharmaceutical, biomedical, and nutraceutical industries. His past leadership roles include serving as President at Premier Packaging Corporation, CEO and Director of DSS Biohealth Holdings, and Chief Business Officer at Impact Biomedical, Inc. He holds an MBA and an undergraduate degree in Marketing and Design with a concentration in human biology from the Rochester Institute of Technology.

Todd Macko, Chief Financial Officer

Todd Macko has served as the Chief Financial Officer for DSS, Inc. since October 27, 2020.

Tung Moe Chan, President

Tung Moe Chan was appointed President of DSS, Inc. on September 21, 2020, and also serves as a Director.

Travis Heuszel, General Counsel

Travis Heuszel holds the titles of General Counsel and Legal & Corporate Affairs Manager at DSS, Inc., with his appointment as General Counsel occurring on April 30, 2022.

Heng Fai Chan, Executive Chairman of the Board

Heng Fai Chan serves as the Executive Chairman of the Board for DSS, Inc.

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The public company DSS (NYSE American: DSS) faces several significant risks to its business, primarily centered around its financial stability and operational execution across its diverse business segments.

1. Weak Financial Health and Going Concern Risk: DSS has demonstrated prolonged financial difficulties, with its overall financial health rated as "WEAK." The company experienced a significant revenue decline of 17.4% over the last twelve months to $25.02 million as of Q3 2024, and analysts anticipate further sales declines. This is compounded by negative gross profit and a substantial operating income margin of -79.73%, indicating weak gross profit margins. The stock price has also reflected these challenges, hitting 52-week lows and experiencing a significant decrease in value over the past year. Most critically, DSS explicitly flagged "going concern risk" in its Q3 2025 reports, highlighting substantial doubt about its ability to continue as a viable entity.

2. History of Accounting Errors and Financial Restatements: The company has recently restated its financial results for the year ended December 31, 2023. This restatement was a consequence of identified errors in the original report, specifically inaccuracies in the accounting of a transaction involving approximately 280 million shares of Sharing Service Global Corporation (SHRG), which led to an overstated loss of about $23.5 million. Such restatements can undermine investor confidence and suggest weaknesses in internal financial controls and reporting accuracy.

3. Challenges in Managing Diverse and Evolving Business Lines: DSS operates multiple distinct business lines, including product packaging, biotechnology, commercial lending, and federal services, among others. While diversification can spread risk, managing such a wide array of businesses, many of which are in different stages of development, growth, and income generation, presents considerable operational complexity. The company is undergoing strategic initiatives, including cost reductions, focusing on expanding specific segments like Premier Packaging, and enhancing R&D. The recent spin-off of Impact BioMedical in September 2024 further illustrates a strategy of divesting or reorganizing parts of its portfolio, indicating ongoing efforts to find a sustainable and profitable business model amidst its financial struggles.

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The increasingly sophisticated and agile direct-to-consumer (D2C) e-commerce landscape poses a clear emerging threat to DSS's branded commerce and direct marketing segments. New D2C brands leverage advanced data analytics, hyper-targeted digital marketing (including social media and influencer marketing), and lean supply chain strategies to rapidly capture niche markets and consumer attention. This paradigm, characterized by rapid product iteration, personalized customer engagement, and lower overheads, challenges companies relying on traditional direct marketing approaches and less agile e-commerce models to maintain market share and profitability.

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DSS, Inc. (NYSE American: DSS) operates across a diversified portfolio of businesses. The addressable market sizes for its main products and services are identified as follows:

• Digital Health / Healthcare IT: The global digital health market size was estimated at USD 288.55 billion in 2024 and is projected to reach USD 946.04 billion by 2030, growing at a compound annual growth rate (CAGR) of 22.2% from 2025 to 2030. North America dominated the global market in 2024 with a revenue share of 37.7%. Another estimate places the global digital health market at USD 287.8 billion in 2024, expected to reach USD 2,190.0 billion by 2034, growing at a CAGR of 22.5% from 2025 to 2034. The global digital health services market size was valued at USD 204.47 billion in 2024 and is projected to grow to USD 804.25 billion in 2032, at a CAGR of 19.5% during the forecast period. North America held a market share of 44.73% in the digital health services market in 2024.
• Direct Marketing: The global direct marketing market size was valued at USD 212.94 billion in 2024 and is expected to reach USD 349.79 billion by 2032, growing at a CAGR of 6.4% during the forecast period. North America dominated the direct marketing market with a share of 23.8% in 2024. Another report estimates the global direct marketing market size at USD 191.23 billion in 2024, projected to grow to USD 261.96 billion in 2029 at a CAGR of 6.5%. The global direct marketing services market was valued at USD 6.19 billion in 2024 and is projected to reach USD 7.66 billion by 2033, with a CAGR of 2.4% from 2025 to 2033.
• Blockchain Security: The global blockchain security market size was valued at USD 4.3 billion in 2024 and is expected to be worth around USD 877.1 billion by 2034, growing at a CAGR of 70.2% during the forecast period from 2025 to 2034. North America held a dominant market position in 2024, capturing more than a 37.1% share with USD 1.5 billion revenue. Another report indicates the global blockchain security market size was valued at USD 3.80 billion in 2024 and is projected to grow to USD 538.00 billion by 2034, exhibiting a CAGR of 64.1% during 2025–2034.
• Brand Protection (Authentication and Brand Protection): The global authentication and brand protection market size was valued at USD 3.04 billion in 2022 and is projected to reach USD 6.7 billion by 2030, growing at a CAGR of 10.1% from 2023 to 2030. North America accounted for the highest share, with over 32.9% of the global revenue in 2022. Another estimate values the market at USD 3.7 billion in 2025, likely to cross USD 8.84 billion by 2035, expanding at more than 9.1% CAGR during 2026-2035.
• Intellectual Property Management Software: The global intellectual property management software market size was valued at USD 10.45 billion in 2024 and is projected to grow from USD 11.83 billion in 2025 to reach USD 31.89 billion by 2033, growing at a CAGR of 13.20% during the forecast period (2025-2033). In 2024, the intellectual property management software market size was USD 10.45 billion. Asia-Pacific dominated this market in 2024. Another source indicates the global intellectual property management software market size was valued at USD 8.8 billion in 2023 and is poised to grow from USD 9.98 billion in 2024 to USD 27.29 billion by 2032, growing at a CAGR of 13.4%. The market is also valued at USD 13.61 billion in 2025 and is projected to reach USD 24.82 billion by 2030, registering a 12.91% CAGR.
• Impact Investing: The global impact investing market size was estimated at USD 87.53 billion in 2024 and is projected to reach USD 253.95 billion by 2030, growing at a CAGR of 20.0% from 2025 to 2030. North America held a significant share in 2024. Another source reports the impact investing market size to grow to USD 1.27 trillion in 2029 at a CAGR of 19.4%. The market is also projected to grow at a 14.76% CAGR, reaching USD 6,939.44 billion by 2035.

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DSS Inc. (NYSE American: DSS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its diverse business segments:

1. Growth in Printed Product Sales: The company's Product Packaging segment, led by Premier Packaging Corporation, has demonstrated strong performance, with printed product sales increasing by 30% in Q1 2025. This growth is fueled by consistent sales in packaging, ID cards, and security printing, including increasing shipments to its largest customer and success in its event badge business within the plastic card segment. Management is strategically focusing on higher-value product areas to further enhance this segment's contribution to revenue.
2. Expansion of Real Estate Rental Income: DSS has shown a significant increase in its real estate rental income. In the first quarter of 2025, rental income nearly doubled, growing by 78.5% from $400,000 to $714,000, underscoring a strategic emphasis on leveraging its real estate assets for enhanced revenue generation.
3. Advancement of the Biotechnology Segment: Although the Biotechnology segment did not report significant revenue for the fiscal year 2024, it experienced a substantial 650% growth in Q1 2025. The successful initial public offering (IPO) of its subsidiary, Impact BioMedical, Inc., in 2024, along with a subsequent $1.5 million equity capital raise in Q1 2025, positions this segment for future expansion in drug discovery and healthcare solutions. DSS is committed to advancing research and development in biomedical technologies.
4. Strategic Partnerships and Market Expansion: DSS is actively pursuing growth by cultivating strategic partnerships with key industry players to accelerate the market introduction of innovative products and solutions. Additionally, the company is focused on expanding its market presence for technologies like AuthentiGuard, with efforts to enhance sales in the U.S. and establish a business presence in Asia to capture international market share.
5. Focus on High-Potential Business Units and Operational Optimization: Under new leadership, DSS is implementing a financial realignment strategy with a renewed focus on high-potential business units. This involves streamlining operations, optimizing cost structures, and investing in initiatives that are expected to drive long-term value and sustained growth by allocating resources to its most promising ventures.

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Share Repurchases

• DSS, Inc. did not purchase or repurchase any of its securities in the fiscal year ended December 31, 2024.

Share Issuance

• In February 2025, DSS, Inc. awarded one million shares to Heng Fai Holdings Limited, a firm beneficially owned by a DSS director, as compensation for services rendered, under the company's 2020 Employee, Director and Consultant Equity Incentive Plan.
• On December 28, 2023, DSS Chairman Heng Fai Ambrose Chan acquired an additional 672,173 shares of DSS, Inc. in an open market transaction. On December 10, 2024, he further purchased 205,149 shares.
• DSS completed the spin-off of its subsidiary, Impact BioMedical Inc., in September 2024. As part of this, DSS distributed four shares of Impact BioMedical Inc. for every one share of DSS stock held by shareholders of record on July 10, 2023. Impact BioMedical Inc. subsequently completed its IPO on September 16, 2024, offering 1,500,000 shares at $3.00 per share.

Outbound Investments

• Between 2020 and 2024, DSS accelerated its diversification strategy through numerous acquisitions and investments across sectors including direct marketing, fintech, healthcare, and renewable energy.
• In September 2021, DSS purchased SBG Technology Solutions to expand its service footprint in federal markets, particularly in IT modernization and artificial intelligence platforms.
• In March 2021, DSS, through its subsidiary DSS BioMedical International, Inc., entered into a Stock Purchase Agreement with Vivacitas Oncology Inc. Additionally, in February 2021, DSS Securities acquired a 7.5% equity interest in WestPark Capital, Inc., and 24.9% of BMI Capital International LLC.

Capital Expenditures

• DSS's strategic focus for upcoming periods includes enhancing research and development initiatives, particularly in biomedical technologies and sustainable packaging solutions.