Business
Onfolio Holdings Inc. Announces First Quarter 2023 Financial Results and Provides Corporate Update
WILMINGTON, Del., May 15, 2023 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (“Onfolio” or the “Company”), a holding company that acquires
About this update from Onfolio Holdings Inc.
[{"type":"text","content":"WILMINGTON, Del., May 15, 2023 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (“Onfolio” or the “Company”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the first quarter of 2023. Recent Corporate Highlights Completed the acquisition of Contentellect, a provider of software that allows small and midsize businesses to scale their content with blog writing and link building, in February 2023Appointed: Ravi Jayagopal as CEO of WPFolio, a WordPress plugin development companyTanya Vaughn as CEO of Proofread Anywhere, an online provider of resources for those looking to become professional proofreaders First Quarter 2023 Financial Highlights First quarter 2023 revenue grew 250% year-over-year to $1.35 million vs. $0.39 million in the first quarter of 2022First quarter 2023 gross profit grew 361% to $0.74 million (representing gross margin of 55.0%) vs. $0.16 million in the prior year period (representing gross margin of 41.8%)First quarter 2023 total operating expenses increased 128% to $2.09 million vs. $0.92 million in the prior year periodFirst quarter 2023 net loss to common shareholders expanded to $1.34 million vs. $0.79 million in the prior year periodCash at 3/31/23 was $4.66 million vs. $6.70 million at 12/31/22 “In the first quarter of 2023, we continued to integrate our three acquisitions from October 2022 – BWPS, Proofread Anywhere, and SEOButler Ltd – and continued with our Onfolio 2.0 strategy with the additional acquisition and early integration of Contentellect,” commented Onfolio CEO, Dominic Wells. “Collectively, these acquisitions bring several favorable attributes that should help build a stronger foundation for the Company. As previously announced, we are deliberately moving away from smaller content websites and towards more service businesses, agencies, online education, and digital products that are less subject to changes in the Google search ranking algorithm. These businesses also bring higher revenues and a higher recurring revenue stream than many of our previous Onfolio 1.0 acquisitions and managed websites. “Combined with our decision last fall to decentralize our organizational structure, we believe we are in a much stronger position to grow sustainably over the coming years, e...