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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Press Contact:
Veronica Welch
VEW Media
ronnie@vewpr.com
SOURCE: Nerds On Site Inc.
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