Q2 2024 OneSoft Solutions Inc Earnings Call Transcript
Key Points
- Revenue in Q2 2024 increased by 24% compared to Q2 2023, driven by new and existing customers.
- Gross profit increased by 25%, maintaining a gross margin of 76%, identical to last year.
- The company generated $942,000 in cash during the first half of 2024, increasing cash balances to $5.75 million.
- No customer churn was reported in 2024, indicating strong customer retention.
- The pending sale to Earth represents a significant premium, with a 49% and 42% premium to the OSS market cap and share price, respectively.
- Net loss for Q2 2024 was $615,000, higher than the $558,000 loss in Q2 2023.
- Operating expenses increased by $329,000 due to new staff and cost of living adjustments.
- Other expenses rose by $203,000, primarily due to increased share-based compensation.
- Revenue from the IM operations group decreased by $263,000, attributed to timing differences in project completions.
- The company expects to achieve profitability in the second half of 2024, contingent on meeting sales forecasts, which introduces uncertainty.
Good morning, and thank you for joining us for OneSoft Solutions financial conference call to discuss its financial results for the second fiscal quarter of 2024 ended June 30, 2024. On the call today, we have OneSoft's CEO, Dwayne Kushniruk; and CFO, Paul Johnston. (Operator Instructions)
Please be advised that this conference is being recorded. Before management discusses the results, I'd like to remind everyone that certain statements on this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements.
For caveats about forward-looking statements and risk factors, please see OneSoft's MD&A for the year ended December 31, 2023, and Q2 ended June 30, 2024, which can be accessed on the company's profile on SEDAR+ and on the company's website. I will now pass the call over to OneSoft's President and COO, Brandon Taylor.
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