Business
Onfolio Holdings Inc. Announces Second Quarter 2023 Financial Results and Provides Corporate Update
WILMINGTON, Del., Aug. 14, 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., Aug. 14, 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 second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Second quarter 2023 revenue grew 266% year-over-year to $1.31 million compared to $0.36 million in the second quarter of 2022Second quarter 2023 gross profit grew 445% to $0.82 million (representing gross margin of 62.3%) vs. $0.15 million in the prior year period (representing gross margin of 41.8%)Second quarter 2023 total operating expenses increased 56% to $2.12 million vs. $1.36 million in the prior year periodSecond quarter 2023 net loss to common shareholders expanded to $1.29 million vs. net $1.26 million net loss in the prior year periodCash at June 30, 2023 was $4.05 million vs. $6.70 million at December 31, 2022 “We made significant progress in reducing our sequential cash burn in the second quarter by 35%, as cash burn improved from approximately $940,000 in the first quarter, excluding one-time costs related to the Contentellect acquisition, to approximately $600,000 in the second quarter,” commented Onfolio CEO Dominic Wells. “There were cross-trends in some line items on the income statement that may mask this trend, along with a $189,000 impairment charge for a write-down in some of our smaller assets, but this is the main takeaway from our second quarter financial performance. This is consistent with comments from the first quarter regarding some one-time items and carryover expenses from 2022 being absent in subsequent quarters. “Revenue stabilized sequentially and was rather flat, but we believe some of the AI tools we are developing will be incremental to our revenue base. Additionally, we believe previously announced new leadership at WPFolio and Proofread Anywhere will help us optimize revenue performance from these cornerstone acquisitions last fall. “We continue to explore options for growth capital to make additional acquisitions. Meanwhile, we will continue to focus on reducing our cash burn and optimizing our organic revenue opportunities. We also continue to develop AI tools that we believe could have a significant impact on business development...