Silversun Technologies Reports Second Quarter 2022 Results

EAST HANOVER, NJ / ACCESSWIRE / August 12, 2022 / 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, 2022.

Financial Highlights for Three Months Ended June 30, 2022 As Compared to Three Months Ended June 30, 2021:

• Total revenue was $10,638,073, compared with $10,229,209, an increase of 4.0%.
• Software revenues were $2,782,081, compared with $1,761,485, an increase of 57.9%.
• Service revenues totaled $7,855,992, compared with $8,467,724, a decrease of 7.2%.
• Earnings before taxes, interest, depreciation, and amortization ("EBITDA"), plus share-based compensation, were $249,646, compared with earnings before taxes, interest, depreciation and amortization, plus share-based compensation, of $463,661, a decrease of $214,015.
• Net loss was $87,766, or $0.02 loss per basic and diluted share, compared to net income of $130,289, or $0.03 per basic and diluted share.

Financial Highlights for the Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021:

• Total revenues rose 2.6% to $21,661,917 from $21,108,667.
• Software revenues were $5,393,043, compared with $3,765,496, an increase of 43.2%.
• Service revenues totaled $16,268,874, compared with $17,343,181, a decrease of 6.2%.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") plus share-based compensation were $564,757, compared with earnings before taxes, interest, depreciation and amortization, plus share-based compensation, of $1,156,467 a decrease of $591,710.
• Net loss was $128,422, or $0.03 loss per basic and diluted share, compared to net income of $484,968, or $0.10 per basic and diluted share.
• As of June 30, 2022, the Company had $5,873,674in cash and cash equivalents; $2,246,166 in accounts receivable; long term debt of $1,601,940 (excluding the impact of operating lease liabilities), and total stockholders' equity of $9,320,291.

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.