Cybersecurity service revenue up 16% through November 2023
TORONTO, ON / ACCESSWIRE / January 29, 2024 / Nerds On Site Inc. (CSE:NERD), a cybersecurity and mobile IT solutions company servicing the small and medium enterprise (SME) marketplace in Canada and the U.S., announced the following financial results for the three-month period ending on November 30, 2023. Revenue in that period was $2,794,252 as compared to $2,404,557 for the same period ended on November 30, 2022, representing an increase of $389,695 or 16%. In addition, gross profit for that three-month period was $798,802 as compared to $656,020 for the previous year's three-month period ended on November 30, 2022, an increase of $142,782 or 22%.
The company also experienced a reduction in selling, general and administrative expenses for the three-month period, going to $800,897, down from $936,021 the previous year's period ended on November 30, 2022. This is the direct result of the Company's reduced costs on programming and related costs and legal expenses. Net losses also decreased by 94% over this same period, dropping to $16,930 from $283,197. This can be attributed primarily to the increase in the current period gross margin on sales by $142,782 and the reduction in selling, general and administrative expenses by $135,124.
"This is a solid improvement over last year's Q2 results," said Charlie Regan, CEO of Nerds On Site. "We are excited about the growth trend we are experiencing and expect to carry this through the fiscal and calendar year of 2024."
As these strong financials exhibit, Nerds On Site has solidified itself as a force in cybersecurity services and a prominent leader throughout the industry. With Nerds On Site's ability to leverage the latest and most innovative technologies in the field, they look to maintain and even further their position within the cybersecurity sector and look forward to surpassing even more financial benchmarks.
About Nerds On Site Inc. (NERD):
A leading provider of cyber security and IT services to SME and corporate Clients in North America. Established in 1995 and serving Clients across the USA and Canada for decades, Nerds On Site stands out as one of the most highly regarded and reputable IT service organizations of its kind. The NERDs team is a collegial network of cyber security and technology experts and strategic partners across North America. Their ability to liberate Clients with technology solutions that optimize organizations and exceed expectations is the stand-out results Nerds On Site regularly delivers, as Client testimonials reflect - (reviews.nerdsonsite.com)
https://www.nerdsonsite.com/cybersecurity/sme-edge/
Forward-Looking Statements
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Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances, and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "predicts," "intends," "targets," "aims," "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties, and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise, and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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Press Contact:
Veronica Welch
VEW Media
ronnie@vewpr.com
SOURCE: Nerds On Site Inc.
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