SilverSun Technologies Reports Third Quarter 2023 Results

EAST HANOVER, NJ / ACCESSWIRE / November 14, 2023 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business technology solutions and services, today announced its third quarter results for the three and nine months ended September 30, 2023.

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

• Total revenue was $13,423,254 compared with $10,917,159, an increase of 23.0%.
• Software revenues were $2,850,462, compared with $2,482,488, an increase of 14.8%.
• Service revenues totaled $10,572,792, compared with $8,434,671, a decrease of 25.3%.
• Income from operations was $427,455, compared with a loss from operations of $117,610.
• The Company incurred a non-operating expense of $2,986,107 related to the terminated merger agreement with Rhodium Enterprises.
• Net loss was $2,110,178, or $0.40 loss per basic and diluted share, compared to net loss of $134,237, or $0.03 per basic and diluted share.

Financial Highlights for the Nine Months Ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022:

• Total revenues rose 22.2% to $39,808,263 from $32,579,076.
• Software revenues were $9,470,811, compared with $7,875,531, an increase of 20.3%.
• Service revenues totaled $30,337,452, compared with $24,703,545, a decrease of 22.8%.
• Income from operations was $1,253,256 compared with a loss from operations of $216,572.
• The Company incurred a non-operating expense of $2,986,107 related to the terminated merger agreement with Rhodium Enterprises.
• Net loss was $1,489,326, or $0.28 loss per basic and diluted share, compared to net loss of $262,659, or $0.05 loss per basic and diluted share.
• As of September 30, 2023, the Company had $6,879,520in cash and cash equivalents; $2,694,969 in accounts receivable; long term debt of $652,733 (excluding the impact of operating lease liabilities), and total stockholders' equity of $7,053,379.

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