Company Highlights:
- Revenue Growth:
Nerds On Site had revenue growth this year, reporting$10,525,920 for the fiscal year endedMay 31, 2023 , compared to$9,629,945 for the previous year. This represents an increase of$895,975 or 9.3% over the prior year. - Consistent Gross Margin: The company maintained a strong gross margin, with 26% for the fiscal year 2023, consistent with the 26% reported for 2022.
- Cost Efficiency: Selling, general, and administrative expenses decreased by
$25,585 , amounting to$3,444,217 for the fiscal year 2023, compared to$3,469,802 for 2022. These expenses represented 32.7% of revenue for 2023, down from 36% in 2022, reflectingNerds On Site's commitment to cost management. - Improved Cash Flow: Cash used in operating activities decreased significantly to
$429,236 for the fiscal year 2023, compared to$825,504 for 2022. This improvement was driven by the reduction in net loss, which decreased to$743,552 in 2023 from$932,829 in 2022, as well as changes in working capital, which contributed$214,448 in 2023 compared to$106,623 in 2022. - Reduced Net Loss:
Nerds On Site achieved a notable reduction in net loss, reporting$743,552 for the fiscal year endedMay 31, 2023 , compared to$932,829 for the prior year. This 20% decrease aligns with the company's strategic focus on revenue enhancement and cost optimization.
About
A leading provider of cyber security and IT services to SME and corporate Clients across North America. Established in 1995 and serving Clients across the
https://www.nerdsonsite.com
Caution regarding Forward Looking Information:
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. Additionally, there are known and unknown risk factors that could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to the impact of general business, economic, competitive, political, regulatory and social uncertainties; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.
Contact;
ronnie@vewpr.com
Source:
2023 GlobeNewswire, Inc., source