Nerds On Site Records $2.8 M Revenue in Q3 2021
Nerds On Site Inc. (CSE: NERD, OTCQB: NOSUF) announced financial results for the quarter ended February 28, 2021, reporting a record $2.8 million in revenue, up from $2.7 million in Q3 2020. The company reduced its net loss to $(76,839) from $(206,947) year-over-year and cut operating expenses to $(822,749) from $(1,054,051). CEO Charlie Regan highlighted a new partnership with Staples Canada and anticipated profitability in the latter half of 2021. The company serves over 12,000 clients annually with a customer satisfaction rating of 96.5%.
- Record revenue of $2.8 million in Q3 2021, up from $2.7 million in Q3 2020.
- Reduced net loss to $(76,839) from $(206,947) year-over-year.
- Decreased operating expenses to $(822,749) compared to $(1,054,051) in the previous year.
- New partnership with Staples Canada expands market reach.
- None.
TORONTO, April 29, 2021 /PRNewswire/ - Nerds On Site Inc. (CSE: NERD) (OTCQB: NOSUF) ("NERD" or the "Company"), a mobile IT solutions company servicing Small and Medium-Sized Enterprise (SME) marketplaces in Canada and the USA, is pleased to announce its financial results and operating highlights for the three-month and nine-month periods ended February 28, 2021, highlighted by a record
Q3 2021 Financial Highlights:
- Slightly increased total Revenue of
$2.8 M compared to$2.7 M during the same period in 2020. - Reduced Net Loss to
$(76,839) compared to$(206,947) during the same period in 2020. - Reduced Operating Expenses to
$(822,749) compared to$(1,054,051) during the same period in 2020.
Charlie Regan, Co-Founder and CEO of NERD, comments: "We have been building NERD from the ground-up with our franchise model delivering consistent and stable revenues in each quarter. Our strategy of providing IT solutions to small business owners and residential clients has proven so successful that we recently signed a country-wide partnership with Staples Canada. We believe that 2021 is a breakthrough year for the Company as we are well on the path towards profitability in the second half of the year."
The Company's complete financial results are available in its Consolidated Financial Statements and Management's Discussion and Analysis for the quarter ended February 28, 2021, each filed with Canadian securities regulators at www.sedar.com.
About Nerds On Site Inc.
Nerds On Site Inc., a company founded in 1995 in London, Ontario, specializes in providing cost-effective, leading-edge solutions to Small and Medium-Sized Enterprises (SME), serving as the complete SME IT solution specialist. NERD currently has annual revenues of approximately
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.
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SOURCE Nerds On Site Inc.
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