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• Content META

  Title	Onfolio Holdings Inc. Announces Third Quarter 2024 Financial Results and Provides Corporate Update
  ID	4415878
  External ID	7304907971
  Author	Unknown
  Published Date	Nov. 15, 2024, 8:30 a.m.
  Summary	WILMINGTON, Del., Nov. 15, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTCQB: ONFOP) ("Onfolio" or the "Company"), a holding company that acquires and manages a diversified p
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  URL	https://www.manilatimes.net/2024/11/15/tmt-newswire/globenewswire/onfolio-holdings-inc-announces-third-quarter-2024-financial-results-and-provides-corporate-update/2005502
  Sentiment	Negative: 0.17512    Neutral: 0.01991    Positive: 0.80497
  Relevance	0.03398

• Content Details

  Content ID	2633353
  Key	a1436230-5f9e-4255-a7c5-5c35b8aff949
  Content	WILMINGTON, Del., Nov. 15, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTCQB: ONFOP) ("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 third quarter ended September 30, 2024. Financial Highlights Third quarter revenue grew 53% to $2.01M vs. $1.31M in the prior year period and vs. $1.73M in 2Q24 Third quarter gross profit grew 42% to $1.2M vs. $0.85M in the prior year period and vs. $0.975M in 2Q24 Third quarter total operating expenses decreased 70% to $1.69M vs. $5.6M in the prior year period and vs. $1.73M in 2Q24 Third quarter net loss to common shareholders decreased 728% to $0.57M vs. $4.78M in the prior year period and vs. $0.86M in 2Q24 Cash at 9/30/24 was $0.36M vs. $0.98M at 12/31/23 "In Q3, we saw further gains towards profitability, through increased organic revenue growth, expense reduction, and an acquisition (Eastern Standard). Eastern Standard had revenues of $3.3M and net income of $600K, on an unaudited basis, the first 9 months of the year and will be part of our consolidated financials from Q4 onwards,” commented Onfolio CEO Dominic Wells. "Quarterly revenue rose 53% year-over-year, and 16.5% quarter-over-quarter, while total loss from operations decreased to $485,478, down from $4,740,623 in Q3 2023 and $759,119 in Q2 2024.” "Operational improvements made earlier in Q2 within several portfolio companies yielded substantial cost savings, with impacts most noticeable in August and September 2024. Every month of the quarter improved upon the previous, which should bode well for Q4.” "September marked a milestone with monthly revenues exceeding $700,000 for the first time, and while the net loss for the month was $352,714, non-cash expenses such as amortization made up $346,801 of this loss, meaning we lost less than $6,000 in cash for the month of the quarter which typically has the highest expenses.” "Moving into Q4, the acquisition of Eastern Standard will contribute to our consolidated results and is expected to add more profit to the bottom-line.” "What's more, we continue to explore organic growth opportunities, operational efficiencies, and further accretive acquisitions assisted by our Onfolio Agency SPV model and joint-venture investors.” "We mentioned in the previous quarter's earnings release that we might achieve profitability without closing on additional acquisitions. We made good progress towards that end and finished Q3 not far off from that goal. We also secured another profitable acquisition on the final day of the quarter, further closing the gap. As we head into Q4, we believe we still have more organic growth to unlock, we have additional acquisitions in our pipeline, and our cash burn has slowed significantly,” concluded Wells. About Onfolio Holdings Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www onfolio.com for more information. Forward-Looking Statements The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may" "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K and Form 10-Q; other risks to which our company is subject; other factors beyond the company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. For investor inquiries: Current Assets: Cash Accounts receivable, net Inventory Prepaids and other current assets Total Current Assets Intangible assets Goodwill Due from related party Investment in unconsolidated joint ventures, cost method Investment in unconsolidated joint ventures, equity method Other assets Total Assets Current Liabilities: Accounts payable and other current liabilities Dividends payable Notes payable, current Contingent consideration Deferred revenue Total Current Liabilities Notes payable Notes payable - related parties Due to joint ventures - long term Total Liabilities Commitments and Contingencies Stockholders' Equity: Preferred stock, $0.001 per value, 5,000,000 shares authorized Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 118,060 and 92,260 issued and outstanding at September 30, 2024 and December 31, 2023 Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at September 30, 2024 and December 31, 2023 Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Onfolio Inc. stockholders equity Non-Controlling Interests Total Stockholders' Equity Total Liabilities and Stockholders' Equity Revenue, services Revenue, product sales Total Revenue Cost of revenue, services Cost of revenue, product sales
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• Publisher

  Publisher Name	Manila Times
  Publisher URL	https://www.manilatimes.net
  Description	None
  Trust Flow Score	24
  Citation Flow Score	33

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  Data Source Name	Quantexa News
  Data Source Type	news
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