OneSoft Solutions Reports Q4 and Annual Results for Fiscal 2023 and Reiterates Fiscal 2024 Guidance

Q4 and Fiscal 2023 Revenues Increased 33% and 51%, Respectively, Year over Year

EDMONTON, AB / ACCESSWIRE / April 1, 2024 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSX-V:OSS)(OTCQB:OSSIF), a North American developer of cloud-based business solutions, announces its financial results for the year ended December 31, 2023 ("Fiscal 2023").

Please refer to the Audited Consolidated Financial Statements, Management's Discussion and Analysis ("MD&A") and the Annual Information Form for the year ended December 31, 2023, filed on SEDAR+ for more information. The MD&A contains a comprehensive analysis of Fiscal 2023, the financial quarter ended December 31, 2023 ("Q4 2023") and other information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.

Management will host an investor call (details below) on April 2, 2024 at 11am ET / 9am MT to discuss the financial results and answer investor questions.

Financial Results

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Financial Highlights

• Revenue for Fiscal 2023 was $10.4 million, a 51% or $3.5 million increase over Fiscal 2022. Revenue in Q4 2023 was $2.9 million, a 33% increase over Q4 2022.
• Gross profit for Fiscal 2023 increased 60% from $4.9 million to $7.8 million. Gross margin for Fiscal 2023 increased to 75% from 71% as is explained later in this report. Gross profit for Q4 2023 increased 44% or $0.7 million, from $1.6 million in Q4 2022 to $2.3 million in Q4 2023. Gross margin improved quarter over quarter from 71% to 77%.
• The Fiscal 2023 net loss improved by $1.6 million, from $3.0 million in Fiscal 2022 to $1.4 million in Fiscal 2023. The net loss in Q4 2023 improved by $0.3 million from $0.6 million in Q4 2022 to $0.3 million in Q4 2023.
• Cash and cash equivalents increased by $0.5 million to $4.9 million in Fiscal 2023, an improvement from Fiscal 2022 where these assets decreased by $1.2 million from the previous year.
• Adjusted EBITDA, a Non-GAAP measure, improved from a loss of $2.0 million in Fiscal 2022 to a near-breakeven loss of $0.1 million in Fiscal 2023. In Q4 2023, Adjusted EBITDA improved by $0.5 million from a loss of $0.4 million in Q4 2022 to positive $0.2 million. The following table is a reconciliation of Adjusted EBITDA to net loss for each of the periods presented.

Foto: Accesswire

Quarterly Revenue Historical Growth