SilverSun Technologies Reports Third Quarter 2023 Results - Seite 2

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "We remain on pace for a record year in 2023 for our operations. This third quarter was the best revenue quarter in the Company's history, which is the fourth quarter in a row where we were able to make that statement. We are receiving positive contributions across the board from nearly every department within the organization. We were able to continue to execute on our plan to increase our market share of our software products, as evidenced by our 14.8% increase in software revenues this quarter, and a 20.2% increase during the first nine months of the year. Similarly, our services revenue grew by 22.8% during the first 9 months of the year versus the same period in 2022. We anticipate continued growth as our sales and project pipeline remains strong."

"Our operating margins continue to improve as our business scales. Operating margin was 3.2% for the third quarter, and 3.1% for the first nine months of the year, respectively. Our general and administrative expenses, as a percentage of revenue, decreased from 20.6% in Q3 2022 to 18.6% in Q3 2023. Similarly, general and administrative expenses decreased in the first nine months of the year from 21.4% in 2022 to 18.7% in 2023. This is despite the high inflation rate increasing our costs of doing business. We should be able to continue to improve our operating margins in the upcoming quarters as the business continues to scale."

Meller then stated, "We terminated our merger agreement with Rhodium Enterprises on October 13, 2023. As a result, the Company was forced to take a charge to earnings equal to the accrued transaction expenses of roughly $3 million. This is a one-time charge, and will not hamper the Company's ability to continue to fund its growth."

Meller concluded, "We believe that we are well positioned for continued growth and success as we have a strong team, experienced resources, and a strong financial position to support our initiatives. We look forward to delivering positive operating results in the coming quarters and years."

About SilverSun Technologies, Inc.

We are a business application, technology and consulting company providing software and IT solutions to meet our clients' information, technology and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the "cloud". As a value-added reseller of business application software, we offer solutions for accounting and business management, financial reporting, Enterprise Resource Planning ("ERP"), Warehouse Management Systems ("WMS"), Customer Relationship Management ("CRM"), Business Intelligence ("BI") and other business applications. Our value-added services focus on consulting and professional services, specialized programming, training, and technical support. We have a dedicated network managed services practice that provides cybersecurity, application hosting, disaster recovery, business continuity, cloud and other services. Our customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Chicago, Arizona, Southern California, North Carolina, Washington and Oregon.