CORRECTION BY SOURCE: Silversun Technologies Reports Third Quarter 2023 Results

Correcting errors in the financial highlights portion of the Press Release

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, an increase 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, an increase 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.

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."