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OneSoft Solutions
OneSoft Solutions (OSS) investor relations material
OneSoft Solutions has been acquired
OneSoft Solutions Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary28 Aug, 2024
Executive summary
Q2 2024 revenue increased 24% year-over-year to $3.1M, driven by CIM-related growth, despite a decrease in IM operations revenue.
Gross profit rose 25% to $2.4M with a stable gross margin of 76%, but higher staff and non-cash expenses led to a net loss of $615K for the quarter.
Adjusted EBITDA loss improved to $17K from $203K in Q2 2023.
The company announced a pending sale to Irth Solutions at $0.88 per share, representing a 49% premium to market cap and a 42% premium to share price.
The sale price equates to a 10.5x trailing revenue multiple and 7.3x 2024 forecasted revenue, above typical SaaS company multiples.
Financial highlights
Six-month revenue increased 28% year-over-year to $6M, with new customers contributing CAD 941,000 and existing customers CAD 732,000 in additional revenue.
Gross margin for the six months improved to 76% from 73%.
Net loss for the six months increased by CAD 133,000, mainly due to higher operating and non-cash expenses.
Adjusted EBITDA loss for H1 2024 was $261K, a $321K improvement year-over-year.
Cash and cash equivalents stood at $5.7M as of June 30, 2024; cash flow from operations generated CAD 942,000 in the first half.
Outlook and guidance
Management maintains revenue, net loss, and Adjusted EBITDA guidance for 2024, expecting profitability in the second half if sales forecasts are met.
Fiscal 2024 revenue guidance maintained at $15M–$16M, a 44–54% increase over 2023.
Delays in new customer signings are seen as temporary, with expectations for increased revenue in the second half.
Business to operate as usual until Irth transaction closes; focus remains on new modules and customer growth.
Why was sale preferred over capital raise for growth?
How does AI influence future tech roadmap needs?
Why not raise prices to fund accelerated growth?
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OneSoft Solutions
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Frequently asked questions
OneSoft Solutions Inc. is a technology company specializing in the development and provision of advanced software solutions, specifically targeting the oil and gas pipeline industry across Canada, Australia, and the United States. The company's flagship product, Cognitive Integrity Management, is a sophisticated software-as-a-service (SaaS) offering designed to streamline and enhance the integrity management processes of oil and gas pipelines. This solution facilitates various critical functions such as assessment planning, integrity compliance, dig management, threat monitoring, data management, and dataset analysis. Utilizing data science and proprietary machine learning algorithms, OneSoft's ILI Management software module offers automatic normalization, ingestion, alignment, and analysis of pipeline in-line inspection data files. The company is headquartered in Edmonton, Canada, and its shares are listed on the TSX.
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