DSS Inc 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 Commission file number 001-32146 DSS, INC.(Exact name of registrant as specified in its charter) 275 Wiregrass PkwyHenrietta, New York 14586(Address of principal executive offices) Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. YES☐NO☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerginggrowth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act Accelerated Filer☐Smaller Reporting Company☒Emerging growth company☐ Large Accelerated Filer☐Non-Accelerated Filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.Yes☐No☒ Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant computed by reference to the price at which the common stock waslast sold, as reported on the NYSE American LLC exchange on June 30, 2025 was $2,767,603. The number of shares of the registrant’s common stock outstanding as of March 12, 2026, was 9,992,518. DOCUMENTS INCORPORATED BY REFERENCE DSS, INC. & SUBSIDIARIESTable of Contents PART IITEM 1BUSINESS3ITEM 1ARISK FACTORS11ITEM 1BUNRESOLVED STAFF COMMENTS18ITEM 1CCYBERSECURITY18ITEM 2PROPERTIES19ITEM 3LEGAL PROCEEDINGS19ITEM 4MINE SAFETY DISCLOSURES19PART IIITEM 5MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OFEQUITY SECURITIES20ITEM 6SELECTED FINANCIAL DATA20ITEM 7MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS21ITEM 7AQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK27ITEM 8FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA28ITEM 9CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE59ITEM 9ACONTROLS AND PROCEDURES59ITEM 9BOTHER INFORMATION60PART IIIITEM 10DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE61ITEM 11EXECUTIVE COMPENSATION69ITEM 12SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS72ITEM 13CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE73ITEM 14PRINCIPAL ACCOUNTANT FEES AND SERVICES75PART IVITEM 15EXHIBITS AND FINANCIAL STATEMENT SCHEDULES76ITEM 16FORM 10-K SUMMARY78SIGNATURES792 ITEM 1 - BUSINESS Overview DSS, Inc. together with its consolidated subsidiaries (unless the context otherwise requires), referred to herein as “DSS,” “we,” “us,” “our” or the “Company”,currently operates four distinct business lines operate around the globe with primary operations in North America and Asia. The four divisions are: 1.Product Packaging,2.Biotechnology,3.Commercial Lending,4.Securities and Investment Management