Business
Onfolio Holdings Inc. Provides Corporate Updates and Reports Third Quarter 2022 Financial Results
Three Previously Announced Acquisitions Expected to Bolster Financial Condition for Fiscal Year 2022 WILMINGTON, Del., Nov. 14, 2022 (GLOBE NEWSWIRE) --
About this update from Onfolio Holdings Inc.
[{"type":"text","content":"Three Previously Announced Acquisitions Expected to Bolster Financial Condition for Fiscal Year 2022 WILMINGTON, Del., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the “Company” or “Onfolio”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, reported recent corporate updates and financial results for the third quarter ended September 30, 2022. Management Commentary “In the third quarter, we became a publicly traded company and advanced our strategy of acquiring and managing a diversified portfolio of online businesses,” said Dominic Wells, CEO of Onfolio. “Consistent with our strategy, the proceeds from our IPO in August are being allocated towards our growth initiatives. We’re excited about our entrance to the public markets and believe our strategy will deliver growth and value creation for our shareholders. “Following the close of the third quarter, we announced three acquisitions – SEOButler, BWPS, and Proofread Anywhere – each of which we expect to be high-quality, cash flow generating businesses. We believe each acquisition possesses long-term growth opportunities, and we look forward to demonstrating the results of our strategy in our fourth quarter earnings, which will be our first full earnings period as a publicly listed company. SEOButler, BWPS and Proofread Anywhere have proven to have stable revenue and operating income in the past, and we believe their contributions will help lead us to profitability in the future.” Third Quarter Summary vs Year-Ago Period Third quarter revenue was $352.3 thousand, compared to $390.4 thousand a year ago;Third quarter net loss was $(969.7) thousand, or $(0.31) per diluted share, compared to net loss of $(575.8) thousand, or $(0.30) per diluted share, a year ago; andCash used in operating activities in the third quarter was $(2.4) million, compared to cash used in operating activities of $(459.9) thousand a year ago. Recent Corporate Highlights October 17 - completed acquisition of SEOButler, a provider of extensive products within the SEO niche including content, guest posting, social signals, and citations SEOButler has generated approximately $200 thousand and $50 thousand of revenue and operating income, respectively, per quarter October 17 - completed acquisition of Proof...