OneSoft Solutions Reports Robust Financial Growth in Q4 and Annual Results for Fiscal 2023

OneSoft Solutions Inc., a North American developer of cloud-based business solutions, showcased significant revenue growth in its financial results for Fiscal 2023. The company announced a 51% increase in annual revenue, amounting to $10.4 million, and a 33% increase in Q4 2023 revenue, reaching $2.9 million compared to the corresponding periods in the previous year.

The gross profit for the year rose by 60% to $7.8 million, with the gross margin increasing to 75% from 71%. The Q4 2023 gross profit saw a 44% increase, enhancing the gross margin to 77%. These improvements contributed to a significant reduction in net loss, with the annual net loss dropping by $1.6 million to $1.4 million and the Q4 net loss decreasing to $0.3 million.

Positive cash flow dynamics were reported, with cash and cash equivalents rising by $0.5 million to $4.9 million. Adjusted EBITDA showcased a substantial improvement, moving from a loss of $2.0 million in Fiscal 2022 to nearly breaking even at a loss of $0.1 million in Fiscal 2023.

The operational updates revealed continuous strengthening in customer relationships and a notable adoption of the Company's Cognitive Integrity Management (CIM) SaaS platform by oil and gas industry players, covering approximately 20% of the piggable pipeline infrastructure in the U.S.

Looking ahead, OneSoft reiterates its Fiscal 2024 revenue guidance of $15 million to $16 million, indicating an optimistic outlook for continued revenue growth and technological advancements in its SaaS offerings. The company also highlighted its intentions to expand its market reach into South America and Europe in the coming year.