Onfolio reports Q1 EPS (14c) vs. (26c) last year

Reports Q1 revenue $1.6M vs. $1.4M last year. “The first quarter of 2024 saw our revenue improve, gross margins improve, and net loss decrease significantly. Our cash used in operations for the quarter was $431,007, the lowest use of cash for operating activities since our IPO, compared to cash used in operations of $1,021,969 during the three months ended March 31, 2023,” commented Onfolio Holdings CEO Dominic Wells. “The year-on-year improvements are most noticeable in the net loss, which roughly halved in 2024 vs 2023 from $1,284,075 during the three months ended March 31, 2023 decreasing to a net loss of $630,497 for the three months ended March 31, 2024. This was also a quarter-on-quarter improvement down from $833,462 in the three months ended December 31, 2023. Based upon our historical financial statements, the first quarter is often the weakest performing quarter of the year, so we are eager to see the results for the remainder of the year. A significant factor in our improvement is the decrease in costs that we implemented, which we have been discussing for several quarters. Additionally, the acquisition of RevenueZen in January 2024 has been a valuable addition to our portfolio. From both qualitative and quantitative perspectives, it has shown promising results. These operational improvements are significant and facilitate our path to overall profitability. As we pursue additional cash flowing acquisitions, our enhanced operational efficiency will continue to contribute positively while maintaining our focus on accretive acquisitions. In the earnings release for our 10-K, dated April 2. 2024, we discussed launching a private raise for “Onfolio Agency SPV” – a joint venture with retail investors that would essentially allow ONFO to acquire companies without putting any cash into the deals ourselves. We have negotiated several acquisitions which we hope to close in the coming weeks where Onfolio will acquire 60-90% of various profitable marketing companies, while using outside investor capital to fund the cash component of the acquisitions. If we close on these acquisitions as anticipated, we expect to add additional profits to our bottom line and bridge the gap to profitability in the near term. Based on the deals currently in our pipeline, we believe that if Onfolio Agency SPV raises approximately $1M to $1.5M and we close on these acquisitions, then Onfolio Holdings could reach profitability in the near term. To date, Onfolio Agency SPV has raised approximately $1M. This gives us optimism that we can become profitable within the coming months, as acquisitions start to complete.”