Silversun Technologies Reports Second Quarter 2023 Results

Company Declares a $0.20 Per Share Special Dividend

EAST HANOVER, NJ / ACCESSWIRE / August 8, 2023 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business technology solutions and services, today announced its second quarter results for the three and six months ended June 30, 2023.

Financial Highlights for Three Months Ended June 30, 2023 As Compared to Three Months Ended June 30, 2022:

• Total revenue was $13,257,271, compared with $10,638,073, an increase of 24.6%.
• Software revenues were $3,298,020, compared with $2,782,081, an increase of 18.5%.
• Service revenues totaled $9,959,251, compared with $7,855,992, an increase of 26.8%.
• Earnings before taxes, interest, depreciation, and amortization ("EBITDA"), plus share-based compensation, were $703,754, compared with earnings before taxes, interest, depreciation and amortization, plus share-based compensation, of $249,646, an increase of $454,108.
• Net income was $343,361, or $0.07 income per basic and diluted share, compared to net loss of $87,766, or $0.03 per basic and diluted share.

Financial Highlights for the Six Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022:

• Total revenues rose 21.8% to $26,385,009 from $21,661,917.
• Software revenues were $6,620,349, compared with $5,393,043, an increase of 22.8%.
• Service revenues totaled $19,764,660, compared with $16,268,874, an increase of 21.5%.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") plus share-based compensation were $1,369,290, compared with earnings before taxes, interest, depreciation and amortization, plus share-based compensation, of $564,757, an increase of $804,533.
• Net income was $620,852, or $0.12 income per basic and diluted share, compared to net loss of $128,422, or $0.03 loss per basic and diluted share.
• As of June 30, 2023, the Company had $7,129,782in cash and cash equivalents; $2,227,541 in accounts receivable; long term debt of $756,909 (excluding the impact of operating lease liabilities), and total stockholders' equity of $10,214,813.

For more details on SilverSun's second quarter and six months results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.