Silversun Technologies Reports Second Quarter 2022 Results - Seite 2

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "Despite a challenging economic environment during the first half of the year, we were able to continue to execute on our plan to increase our market share of our software products, as evidenced by our 57.9% increase in software revenues this quarter, and a 43.2% increase during the first half of the year. We anticipate continued growth as our sales pipeline remains very strong. Our customers and prospects seem to feel confident about their economic outlook, both in the short and long term, and continue to invest in their systems and infrastructure for the future."

"Our challenge has been retaining and recruiting personnel to accommodate our growth. Our costs have been impacted by higher costs associated with increasing pay and benefits to employees to retain and recruit their services, and to address inflationary pressures in the overall economy. In addition, we incurred additional expenses associated with the training of new employees, who were hired to accommodate our growth, and who are not as yet as billable as our more experienced team. These issues appear to be prevalent throughout our industry, but we believe the worst is behind us. We now have the team we want, and we believe that we will be successful in attracting and maintaining qualified personnel going forward."

"Our application hosting practice continues to grow, and we expect that to continue. As of May 1, 2022, our service is now a participant in the Sage Partner Cloud initiative undertaken by our partner, Sage Software. As a result, we anticipate that many more business partners in the Sage channel will now direct their customers to our platform. We have already seen substantial progress and momentum on that front, and believe that we will be the number one hosting platform within that program by year's end."

"Our operating expenses rose as a result of inflation increasing our costs of doing business. In addition, we continue to invest in our sales and marketing efforts, with great success. Our team is doing much more traveling than during the pandemic, and is attending and sponsoring more in-person conferences and trade shows, which contribute to our growth. We expect that we will be able to improve our operating margins in the upcoming quarters as we aggressively scale our business."