OneSoft Solutions Inc. Reports Results for First Quarter Ended March 31, 2024

EDMONTON, AB / ACCESSWIRE / May 23, 2024 / OneSoft Solutions Inc., a developer of cloud-based business solutions, announced financial results for Q1 2024. Revenue increased by 32% compared to Q1 2023, and cash reserves rose 65% to $8 million from the end of 2023. Gross profit saw a 40% increase, and gross margin improved to 74.8% from 70.5%. The company's net loss increased by $77,000 due to higher costs, offset by an adjusted EBITDA improvement of $135,000.

New modules were developed for the CIM platform, including External Corrosion Management and Crack Management. Expanded use by existing customers contributed to revenue growth. Administrative delays affected new contracts but are expected to be signed later in the fiscal year.

OneSoft participated in industry events in Houston and Berlin, gathering interest from prospective clients. The employee roster increased by eight since Q1 2023, maintaining high retention. Despite some delays, the company maintains its fiscal 2024 revenue guidance of $15-$16 million.