Business
Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2022 Financial Results and Provides Corporate Update
WILMINGTON, Del., April 12, 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., April 12, 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 fourth quarter and full year ended December 31, 2022. The Company’s Annual Report Form 10-K was filed with the Securities and Exchange Commission on April 10, 2023 and is available on the SEC’s website at www.sec.gov. Recent Corporate Highlights Completed the acquisition of Contentellect, a provider of software that allows SMBs to scale their content with blog writing and link building, in February 2023Completed the acquisition of BWPS (Prevent Direct Access and Password Protect WordPress), a developer of security plugins that allow bloggers, creators, agencies, and SMBs to protect their digital assets, products, and content, in October 2022Completed the acquisition of Proofread Anywhere, a provider of extensive online resources in the form of courses, workshops, and blog posts for readers looking to train and become professional proofreaders, in October 2022Completed the acquisition of SEOButler Ltd, a provider of extensive services within the SEO niche, including content, guest posting, social signals, and citations, in October 2022 Fourth Quarter and Year End 2022 Financial Highlights Fourth quarter revenue grew 159% to $1.12M vs. $0.43M in the prior year period and vs. $0.35M in 3Q22Fourth quarter gross profit grew 340% to $0.75M vs. $0.17M in the prior year period and vs. $0.14M in 3Q22Fourth quarter total operating expenses increased 99% to $1.91M vs. $0.96M in the prior year period and vs. $1.12M in 3Q22Fourth quarter net loss to common shareholders expanded to $1.31M vs. $0.81M in the prior year period and vs. $1.02M in 3Q22Revenue grew 23% YOY to $2.22M in 2022 vs. $1.81M in 2021Gross profit grew 63% to $1.20M in 2022 vs. $0.74M in 2021Total operating expenses grew 98% to $5.31M vs. $2.69M in 2021Net loss to common shareholders grew 121% to $4.43M vs. a net loss of $2.01M in 2021Cash at 12/31/22 was $6.70M vs. $1.71M at 12/31/21 “In many respects, the fourth quarter of 2022 marked a transition from what we might consider Onfolio 1.0 to Onfolio 2.0. In our view, Onfolio 1.0 was marked by the roughly two dozen initial acquisitions that comp...