OneSoft Solutions Inc. Reports Q2 2023 Results for Fiscal 2023

Revenue for Q2 and Year to Date Increased 87% and 80%, Net loss reduced by 43% and 41%, respectively, Year over Year

EDMONTON, AB / ACCESSWIRE / August 17, 2023 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSXV:OSS)(OTCQB:OSSIF), a North American developer of cloud-based business solutions, announces its financial results for the three and six months ended June 30, 2023. OneSoft Solutions will host a webcast to discuss the financial results today at 11:00am ET (8:00am PT). Registration details below.

Please refer to the interim unaudited condensed Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2023 filed on www.sedarplus.ca for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.

FINANCIAL RESULTS

Foto: Accesswire

Financial Highlights

• Revenue in Q2 Fiscal 2023 was $2.5 million, an increase of 87% or $1.2 million over Q2 Fiscal 2022 revenue of $1.3 million.
• Annual recurring revenue increased quarter over quarter by $733,051 or 59% due to greater CIM use by existing customers and the inclusion of IM Operations software maintenance revenue.
• Gross profit increased 109% to $1.9 million in Q2 2023 from $0.9 million in Q2 2022.
• Gross profit as a percentage of sales was 75.9% in Q2 2023, an improvement over the 68.0% gross profit percentage reported in Q2 2022.
• The net loss was $0.6 million in Q2 2023, an improvement from Q2 2022's loss of $1.0 million.
• Adjusted EBITDA, a Non-GAAP measure reconciled to the net loss in the MD&A filed on SEDAR+, improved from a loss of $0.7 million in Q2 2022 to a loss of $0.2 million in Q2 2023.
• Liquid assets increased by $1.0 million to total $5.7 million at June 30, 2023 ($4.7 million as at December 31, 2022), comprised of cash and cash equivalents of $5.0 million and accounts receivable of $0.7 million.

Quarterly Revenue

The chart below shows revenue for the past twenty-eight quarters (7 years), equating to a compounded annual growth rate of 73.8%. Quarterly revenue increased as a result of the expanded use of CIM by existing customers, continued addition of new customers, and the acquisition of IM Operations' customers acquired June 30, 2022. Management's objective is to continue to increase revenues to drive cash flow and profitability which we believe will increase future Company value for shareholders.