SilverSun Technologies Reports 2023 Year End Results

EAST HANOVER, NJ / ACCESSWIRE / March 14, 2024 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business technology solutions and services, today announced its financial and operating results for the fiscal year ended December 31, 2023.

Fiscal 2023 Financial Highlights

• Total revenue was $54,516,941, compared with $44,985,276 in 2021, an increase of 21.2%.
• Gross profit was $21,613,809, compared with $17,960,736 in 2021, an increase of 20.3%.
• Earnings before interest, taxes, depreciation, and amortization (EBITDA) plus share-based compensation, were $2,716,154, compared with earnings before interest, taxes, depreciation and amortization plus share-based compensation of $914,280 in 2022, an increase of $1,801,874.
• The Company incurred an expense of $2,986,107 related to the terminated merger agreement with Rhodium Enterprises.
• Net loss per share in 2023 (on a diluted basis) was ($0.20), compared to net loss per share of ($0.05) in 2022.
• As of December 31, 2023, cash totaled $6,143,298, and the Company had $1,241,383 in long term liabilities.

For more detailed information about SilverSun's 2022 financial results, please refer to the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (www.sec.gov) on Friday, March 15, 2024.

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "2023 was a record year for the Company. We were able to successfully execute on our growth plan, as evidenced by our 19.8% increase in software revenue and our 21.7% increase in service revenue in 2023 versus 2022. We remain hopeful that we can continue to scale at an even more rapid pace in 2024. Our customers and prospects seem to feel confident about their economic outlook and continue to invest in their systems and infrastructure for the future."

Meller continued, "Our expenses have been impacted by the higher costs associated with increasing pay and benefits to retain and recruit employees. These issues appear to be prevalent throughout our industry, but we have been successful in attracting and retaining qualified personnel, and believe we can sustain our needed level of recruiting under any reasonable circumstances. "

"In addition, our non-payroll operating expenses rose as a result of inflation increasing our costs of doing business. But we have and will continue to increase our investment in our sales and marketing efforts, which has led to our increased sales volume."