OneSoft Solutions Inc. Reports Third Quarter Fiscal 2023 Financial Results

Revenue for Q3 and Year to Date Increased 33% and 59% Respectively

EDMONTON, AB / ACCESSWIRE / November 16, 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 nine months ended September 30, 2023. OneSoft Solutions will host a webcast to discuss the financial results today at 11:00am ET (8:00am PT). Registration details are posted below.

Please refer to the interim unaudited condensed Consolidated Financial Statements and Management's Discussion and Analysis (" MD&A ") for the three and nine months ended September 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 Q3 Fiscal 2023 was $2.8 million, an increase of 33% or $0.7 million over Q3 Fiscal 2022 revenue of $2.1 million.
• Annual recurring revenue increased quarter over quarter by $645,698 or 41.3% due to greater CIM use by new and existing customers and the inclusion of IM Operations software maintenance revenue.
• Gross profit increased 38.3% to $2.1 million in Q3 Fiscal 2023 from $1.5 million in Q3 Fiscal 2022.
• Gross profit as a percentage of sales was 76.9% in Q3 Fiscal 2023, an improvement over the 73.9% gross profit percentage reported in Q3 Fiscal 2022.
• Net income in Q3 Fiscal 2023 was $118,892, an improvement of $418,785 or 139.6% from a loss of $299,893 in Q3 Fiscal 2022, driven by the increase in revenue and gross profit.
• Adjusted EBITDA, a Non-GAAP measure reconciled to net income (loss) in the MD&A filed on SEDAR+, improved from a loss of $0.1 million in Q3 Fiscal 2022 to a positive $0.3 million in Q3 Fiscal 2023.
• Liquid assets increased to $6.7 million at September 30, 2023 ($4.7 million as at December 31, 2022), comprised of cash and cash equivalents of $4.3 million and accounts receivable of $2.4 million. The Company has $238,364 of debt outstanding from its June 2022 acquisition of Bass Engineering's Integrity Management business operations.

Quarterly Revenue