OneSoft Rockets on Hard Year-End Figures

OneSoft Rockets on Hard Year-End Figures

By: Tomas Ronolski - News

Thursday, March 26, 2020

Edmonton-based OneSoft Solutions Inc. (TSX-Venture:OSS), a developer of cloud-based business solutions, trotted out its year-end financial results Thursday. 

Total revenue in Fiscal 2019 was $2.7 million, of which $2.5 million was annual recurring revenue, more than double the $1.1 million annual recurring revenue generated in the 10 months ended December 2018. Comprehensive loss was $3.5 million, compared to a gain of $292,000 in the prior-year. 

Said CEO Dwayne Kushniruk. "Recurring revenue more than doubled this year, we on-boarded four new clients, enhanced our IP, and strengthened our balance sheet significantly. Client satisfaction with our solutions is high, sales processes with potential new customers are actively underway and our sales funnel continues to grow. We have aggregated what we believe to be the industry's widest and most integrated pool of integrity data coupled with vendor and technology-agnostic inline inspection results."

OSS shares went skyward 5.5 cents, or 33%, to 20 cents, on volume of 140,000.

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