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
Financial Highlights
Quarterly Revenue Historical Growth
The chart below shows revenue for the past thirty quarters (7.5 years). Quarterly revenue increased as a result of continued addition of new customers, expanded use of CIM by existing customers and augmented by the acquisition of IM Operations' customers acquired June 30, 2022. Management's objective is to continue to increase revenues to drive cash flow and profitability which we believe will increase future Company value for shareholders.
Fiscal 2023 Operational Update
1: The revenue per mile (Cdn $) for revenue generating miles includes CIM revenue only and excludes IM Operations revenue.
FISCAL 2024 outlook
Fiscal 2023 was a pivotal year for OneSoft, with the Company achieving its key objectives of: (a) exceeding $10 million revenue; (b) achieving near zero Adjusted EBITDA for the year; and (c) gaining more traction to become the next generation data management and analytics platform for the O&G pipeline industry. Management believes the Company has securely crossed the new technology adoption chasm wherein its technology and solutions have been strongly validated by industry innovators and visionary early adopters. The Company's 2024 objectives include completing the new functionality modules currently under development, integrating them into the CIM platform and advancing its role as the sole SaaS vendor to fulfill customers' functionality requirements regarding data management and analytics. Recent new customer acquisitions confirm that the Company has successfully progressed to attract pragmatic customers, who are generally more conservative in their adoption of new technology and represent the majority of opportunities in the marketplace.
We reiterate our Fiscal 2024 revenue guidance of $15 million to $16 million, as published in our February 20, 2024 news release, representing a 44% to 54% increase, respectively, over Fiscal 2023 revenue. Most of 2024 revenue is expected to come from increased use of our SaaS solutions due to existing and new customers onboarding more pipeline miles and commercialization of some of the new modules that are under development. The Company intends to invest in sales and marketing to pursue new customers in South America and Europe in 2024, as well as seek relationships with industry partners who can assist us to broaden the adoption of our solutions world-wide.
The Company is also investigating alternatives to accelerate revenue growth and business development, potentially through synergistic M&A activities. Management is optimistic that OneSoft is well positioned to capitalize on its first mover technology advantage to deliver enhanced benefits to customers and increase value for shareholders.
Given the current business and operational plans for fiscal 2024, management does not anticipate raising additional capital to execute its current business plan.
WEBCAST: FISCAL 2023 FINANCIAL RESULTS CONFERENCE CALL:
When: | APRIL 2, 2024 9:00 AM Mountain Time |
Webcast URL: | https://www.webcaster4.com/Webcast/Page/3031/50264 |
Participant Numbers: | Toll Free: 888-506-0062 Participants will be greeted by an operator and asked for the access code. If a caller does not have the code, they can reference the company name. Use of the access code speeds entry into the call. |
Duration: | 60 Minutes |
Callers should dial in 5 - 10 min prior to the scheduled start time.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premises licensed software applications to operate on the Microsoft Azure Cloud Platform. Our business strategy is to seek opportunities to incorporate Data Science and Machine Learning, business intelligence and predictive analytics to create cost-efficient, subscription-based software-as-a-service solutions. Visit www.onesoft.ca for more information.
OneSoft's wholly owned subsidiaries, OneBridge Solutions Canada Inc. and OneBridge Solutions, Inc., develop and market revolutionary new SaaS solutions that use advanced Data Sciences and Machine Learning to analyze big data using predictive analytics to assist Oil & Gas pipeline operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs, and address regulatory compliance requirements. Visit www.onebridgesolutions.com for more information.
OneSoft Shares held by OneSoft's Investor Relations Advisor.
Sophic Capital Inc., OneSoft's Investor relations advisor, holds 144,000 shares of OneSoft Solutions.
For more information, please contact.
OneSoft Solutions Inc. Dwayne Kushniruk, CEO dkushniruk@onesoft.ca 587-416-6787 | Sean Peasgood, Investor Relations Sean@SophicCapital.com 647-494-7710 |
Forward-looking Statements
This news release contains forward-looking statements relating to the future operations and profitability of OneSoft Solutions Inc. (the "Company") and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements, the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: the impact of Covid-19 on the business operations of the Company and its current and prospective customers; the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally and which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: OneSoft Solutions Inc.