OneSoft Solutions Inc. Reports Third Quarter Fiscal 2023 Financial Results - Seite 2

The chart below shows revenue for the past twenty-nine quarters (7.25 years). 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.

Foto: Accesswire

REITERATING FISCAL 2023 GUIDANCE

Further to the Company's Fiscal 2023 guidance stated in a news release issued on January 24, 2023 , the Company advises its progress for the first nine months of Fiscal 2023 as follows.

Foto: Accesswire

• Revenue was $7.5 million year-to-date September 30, 2023 and Management is not changing its revenue guidance for forecasted Fiscal 2023 revenue at this time.
• Management reiterates its gross profit guidance of $7.6 million in Fiscal 2023 as forecasted.
• Fiscal 2023 operating expenses, net of costs capitalized, were forecasted at $7.7 million and Other expenses were forecasted at $1.2 million. At September 30, 2023, operating expenses for 9 months were $75,200 higher and other expenses were lower than projected by $310,000. The Company has increased its software development and customer service teams, resulting in increased forecasted expenses in the second half of 2023. Net changes to forecasted expenses for the balance of Fiscal 2023 may be negatively impacted; however, the additional expense is partly being offset by lower contingency expenses that were budgeted in our original guidance.
• The following table states forecasted cash and deferred revenue balances as at December 31, 2023 and actual values as at September 30, 2023. Management believes the Fiscal 2023 guidance figures will be achieved.

Foto: Accesswire

CIM Use and Revenue Generating Data-Miles

The following table estimates the miles of customers' pipelines operated, miles that are subject to multi-year SaaS agreements and miles of pipeline data ingested into CIM for which revenue was earned ("data-miles").

^{Note 1:} The revenue per mile for revenue generating miles includes CIM revenue only and excludes IM Operations revenue. Quarterly figures are annualized.

Foto: Accesswire

BUSINESS UPDATE

We achieved positive net income in Q3 Fiscal 2023, the first profitable quarter since fiscal year ended December 31, 2018. Since then, the Company's priority has been to enhance our CIM solution and increase our revenue, competitive moat and customer loyalty, which although resulting in operational losses, serves to increase future opportunities and shareholder value. We increased resources again in 2023 to further advance our technological leadership and strengthen our competitive moat, as was discussed in the Business Update section of our last MD&A for Q2 2023 . The additional costs resulting from recruiting additional employees will not materially increase expenses projected in the Company's Fiscal 2023 financial guidance in January 2023, as some of the previously anticipated expenses will not materialize and higher revenue diminishes the impact of higher technology development expenses.