Nerds On Site Announces Q1 Growth and New Initiatives for the Remainder of 2024

Rhea-AI Summary

Nerds On Site Inc. (CSE: NERD) (OTC: NOSUF) reported an 8.6% revenue increase to $2,666,279 for Q1 2024 (ended August 31, 2024) compared to $2,456,166 in Q1 2023. The company's gross profit reached $669,305 with a 25% margin, slightly down from 26.5% last year. The company announced several new initiatives including: a new investor site launch on November 4, 2024, a national marketing campaign for their Project Program, the introduction of Nerds On Line for remote support services in mid-November, and the launch of NOS Technical Services Inc. division.

Positive

• Revenue increased 8.6% YoY to $2.67M in Q1 2024
• Project Program achieved 150% growth last year
• New NOS Technical Services division exceeding client placement expectations

Negative

• Gross margin decreased from 26.5% to 25% YoY
• SG&A expenses increased 8% YoY to $907,856
• Operating costs increased due to higher office and administrative expenses

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Nerds On Site Inc. (CSE: NERD) (OTC: NOSUF), a leading provider of cybersecurity and IT solutions for small and medium-sized enterprises (SMEs) across North America, reports meaningful growth and new strategic developments that keep the Company on track for future success.

The company has recorded a revenue increase of 8.6% for the three-month period ended August 31, 2024, compared to the same timeframe last year. This growth shows increasing demand for outsourced IT and cybersecurity solutions, along with the company’s ability to stay agile and innovate in a rapidly changing market.

Nerds On Site is also preparing to launch a range of new initiatives aimed at further solidifying its leadership in the IT services industry. Charles Regan, CEO of Nerds On Site Inc., emphasized the company's momentum:

"Our focus and ability to sustain growth while strategically expanding service offerings shows the trust our Clients place in us. These new initiatives will allow us to provide even more value to both our Clients and stakeholders."

Strategic Launches and Milestones

The following developments highlight the company's continued progress and future roadmap:

• New Investor Site Launch: Scheduled for November 4, 2024, the new investor site is designed to give stakeholders deeper insights and greater transparency into the company’s financial health and strategic direction.
• National Project Program Marketing Initiative: Following last year’s 150% growth of this niche enterprise offering, Nerds On Site is launching its first Canada/USA-wide marketing campaign to expand the program, boost brand awareness, and drive further Client acquisition.
• Introduction of Nerds On Line: Set to launch mid-November, this year, Nerds On Line will provide unlimited remote support services tailored for home and SOHO Clients.
• Launch of NOS Technical Services Inc.: This new division, launched this month, has already exceeded expectations for Client IT placement projects through December 2024.

These new initiatives align with Nerds On Site’s strategy to enhance service offerings, boost operational efficiency, and create long-term growth opportunities across its markets.

Regan added, “Our Clients continue to rely on us as a trusted partner, and our new offerings demonstrate our commitment to being a leader in IT solutions. These developments will help us exceed expectations and unlock new growth opportunities.”

COMPANY Q1 HIGHLIGHTS

Revenue for the three-month period ending August 31, 2024, was $2,666,279, compared to $2,456,166 for the prior period ending August 31, 2023, an increase of $210,113 or 8.6%.

Gross profit for the period ended August 31, 2024, was $669,305 as compared to $651,169 for the prior period ended August 31, 2023. Gross margin for the current period as a percentage of revenue was 25% as compared to 26.5% in prior period.

Selling, general and administrative expenses for the three-month period ended August 31, 2024 was $907,856 as compared to $840,427 for prior period ended August 31, 2023. The increase in expenses of $67,429 or 8% is a result of the Company’s increased costs on office and administrative expense for the current period.

About Nerds On Site Inc. (NERD)

Founded in 1995, Nerds On Site Inc. provides cutting-edge cybersecurity and IT services to small and medium-sized enterprises across North America. Known for delivering secure and cost-effective technology solutions, the company serves over 12,000 clients annually with a stellar Client satisfaction rate of 96.7%, with more than 97,675 5-star ratings. Nerds On Site offers on-site and outsourced IT services and is recognized for its industry-leading Client support and commitment to innovation while maintaining a reputation for reliability and expertise across North America.

For more information, visit www.nerdsonsite.com and https://reviews.nerdsonsite.com/,

email: IR@nerdsonsite.com

Forward-Looking Statements

Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint- ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What was Nerds On Site (NOSUF) revenue growth in Q1 2024?

Nerds On Site reported revenue growth of 8.6%, reaching $2,666,279 for Q1 2024 (ended August 31, 2024) compared to $2,456,166 in the same period last year.

What new initiatives is Nerds On Site (NOSUF) launching in 2024?

Nerds On Site is launching a new investor site (November 4), Nerds On Line for remote support services (mid-November), a national marketing campaign for their Project Program, and has launched NOS Technical Services Inc. division.

What was Nerds On Site (NOSUF) gross margin in Q1 2024?

Nerds On Site's gross margin was 25% in Q1 2024, down from 26.5% in the same period last year.