Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update

Rhea-AI Summary

Onfolio Holdings (NASDAQ: ONFO) reported its Q4 and full-year 2024 financial results, marking its first positive net income as a public company. Q4 2024 highlights include:

• Revenue up 96% to $2.49M vs Q4 2023
• Gross profit increased 56% to $1.32M
• Net income of $136,000
• EPS improved to $0.01 from -$0.37

Full-year 2024 performance showed:

• Revenue growth of 49% to $7.82M
• Gross profit up 39% to $4.5M
• Operating expenses reduced 44% to $7.05M
• Net loss improved 77% to $2.15M

The company completed the acquisition of Eastern Standard, a digital web agency, in October 2024. Cash position stood at $0.48M as of December 31, 2024.

Positive

• First-ever quarterly net profit as a public company ($136,000 in Q4 2024)
• Q4 revenue growth of 96% year-over-year to $2.49M
• Q4 gross profit increase of 56% to $1.32M
• Full-year operating expenses reduced by 44%
• Net loss improved by 77% year-over-year

Negative

• Cash position declined 51% year-over-year to $0.48M
• Still operating at an annual net loss of $2.15M
• Operating expenses increased 20% in Q4 vs prior year

Insights

Financial Analyst

Onfolio's Q4 results mark a significant inflection point with the company's first-ever quarter of positive net income as a public entity. The 96% year-over-year revenue growth to $2.49M demonstrates strong execution of their acquisition strategy, with their October purchase of Eastern Standard contributing to accelerated growth from Q3 ($2.01M).

The dramatic improvement in bottom-line performance is particularly noteworthy. Net income swung from a $0.9M loss in Q4 2023 to a $0.14M profit, representing a over 100% improvement. This profitability breakthrough validates management's efforts to create a sustainable business model.

For the full year, Onfolio made substantial progress in operational efficiency, cutting operating expenses by 44% year-over-year while still growing revenue by 49%. This combination resulted in narrowing the annual net loss from $9.43M to $2.15M, a 77% improvement.

The declining cash position ($0.48M versus $0.98M) remains a concern, particularly for a growth-oriented acquisition company. However, management is addressing this through non-dilutive capital raises, including the new Reg D offering launched in February 2025 for their Series A Preferred Shares.

The inflection to profitability in Q4, combined with substantial revenue growth and expense discipline, suggests Onfolio has found a sustainable path forward in its strategy of acquiring and optimizing online businesses.

WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: 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 fourth quarter and full year ended December 31, 2024. The Company's Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC's website at www.sec.gov.

Recent Corporate Highlights

• Recorded $136,000 net income for Q4 2024
• Completed the acquisition of Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.

Fourth Quarter and Year End 2024 Financial Highlights

• Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year period and vs. $2.01M in 3Q24
• Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior year period and vs. $1.20M in 3Q24
• Fourth quarter total operating expenses increased 20% to $2.01M vs. $1.67M in the prior year period and vs. $1.69M in 3Q24
• Fourth quarter net profit to common shareholders improved by over $1M to a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a $0.57M loss in 3Q24
• Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
• Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
• Gross profit grew 39% to $4.5M vs $3.24M in 2023
• Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
• Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
• 2024 EPS grew 77% YOY to -$0.41 from -$1.84
• Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23

"The 4^th Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments," commented Onfolio CEO Dominic Wells.

"We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4," Wells continued.

"Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even."

"Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals.”

"We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have."

"As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025.”

"We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025.”

“As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability,” 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 1A "Risk Factors" in our most recent Form 10-K; 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:  
investors@onfolio.com   

Onfolio Holdings, Inc.
Consolidated Balance Sheets
	December 31				December 31
	2024				2023
Assets
Current Assets:
Cash	$	476,874			$	982,261
Accounts receivable, net		755,804				90,070
Inventory		65,876				92,637
Prepaids and other current assets		138,007				111,097
Total Current Assets		1,436,561				1,276,065
Intangible assets		3,323,211				1,675,480
Goodwill		4,210,557				1,596,673
Fixed Assets		5,135				-
Due from related party		126,530				150,971
Investment in unconsolidated joint ventures, cost method		213,007				154,007
Investment in unconsolidated joint ventures, equity method		268,231				273,042
Other assets		9,465				-
Total Assets	$	9,592,697			$	5,126,238
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable and other current liabilities	$	969,068			$	493,816
Dividends payable		100,797				68,011
Notes payable, current		702,634				17,323
Notes Payable - Related Party, current		850,000				-
Contingent consideration		981,591				60,000
Deferred revenue		589,913				149,965
Total Current Liabilities		4,194,003				789,115
Notes payable		450,000				-
Notes payable - related parties		599,000				-
Due to joint ventures - long term		-				-
Total Liabilities		5,243,003				789,115
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, 134,460 and 92,260 issued and outstanding at December 31, 2024 and 2023		134				93
Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at December 31, 2024 and 2023		5,128				5,108
Additional paid-in capital		22,316,751				21,107,311
Accumulated other comprehensive income		68,105				182,465
Accumulated deficit		(19,078,287	)			(16,957,854	)
Total Onfolio Inc. stockholders equity		3,311,831				4,337,123
Non-Controlling Interests		1,037,863				-
Total Stockholders' Equity		4,349,694				4,337,123
Total Liabilities and Stockholders' Equity	$	9,592,697			$	5,126,238
The accompanying notes are an integral part of these consolidated financial statements

Onfolio Holdings, Inc.
Consolidated Statements of Operations
		For the Three Months Ended Dec 31,								For the Years Ended Dec 31,
		2024				2023				2024				2023
Revenue, services		$	2,024,308			$	374,397			$	4,660,069			$	1,496,038
Revenue, product sales			512,496				890,501				3,202,008				3,743,948
Total Revenue			2,536,804				1,264,898				7,862,077				5,239,986
Cost of revenue, services			1,059,161				186,039				2,609,061				837,888
Cost of revenue, product sales			118,208				242,527				708,139				1,159,267
Total cost of revenue			1,177,369				428,566				3,317,200				1,997,155
Gross profit			1,359,435				836,332				4,544,877				3,242,831
Operating expenses
Selling, general and administrative			1,402,154				1,257,244				5,718,243				5,981,601
Professional fees			353,695				316,500				948,751				1,160,410
Acquisition costs			142,465				41,367				264,731				326,899
Impairement of goodwill and intangible assets			116,322				1,064,249				121,000				5,016,765
Total operating expenses			2,014,636				2,679,360				7,052,725				12,485,675
Loss from operations			(655,201	)			(1,843,028	)			(2,507,848	)			(9,242,844	)
Other income (expense)
Equity method income (loss)			748				(1,731	)			(4,812	)			13,190
Dividend income			6,313				-				12,157				1,610
Interest income (expense), net			(41,103	)			6,052				(101,667	)			75,041
Other income			3,249				-				6,183				2,937
Gain on change in fair value of contingent consideration			368,464				-				368,464				-
Impairment of investments			-				-				-				-
Gain on sale of business			453,581				-				453,581				-
Total other income			791,252				4,321				733,906				92,778
Loss before income taxes			136,051				(1,838,707	)			(1,773,942	)			(9,150,066	)
Income tax (provision) benefit			-				-				-				-
Net loss			136,051				(1,838,707	)			(1,773,942	)			(9,150,066	)
Net loss attributable to noncontrolling interest			(2,224	)			-				7,737				-
Net loss attributable to Onfolio Holdings Inc.			133,827				(1,838,707	)			(1,766,205	)			(9,150,066	)
Preferred Dividends			(100,395	)			(54,231	)			(354,228	)			(227,298	)
Net loss to common shareholders		$	33,432			$	(1,892,938	)		$	(2,120,433	)		$	(9,377,364	)
Net loss per common shareholder
Basic and diluted		$	0.01			$	(0.37	)		$	(0.41	)		$	(1.84	)
Weighted average shares outstanding
Basic and diluted			5,127,395				5,110,195				5,117,941				5,107,395
The accompanying notes are an integral part of these consolidated financial statements

Onfolio Holdings, Inc.
Consolidated Statements of Stockholders' Equity
For the Years Ended December 31, 2024 and 2023
	Preferred Stock, $0.001 Par value					Common Stock, $0.001 Par Value					Additional			Accumulated				Accumulated Other			Non				Stockholders'
	Shares		Amount			Shares		Amount			Paid-In Capital			Deficit				Comprehensive Income			Controlling Interest				Equity
Balance, December 31, 2022	69,660		$	70		5,107,395		$	5,108		$	19,950,776		$	(7,580,490	)		$	96,971		$	-			$	12,472,435
						-			-						-				-			-				-
Sale of preferred stock for cash	22,600			23		-			-			564,977			-				-			-				565,000
Stock-based compensation	-			-		-			-			591,558			-				-			-				591,558
Preferred dividends	-			-		-			-			-			(227,298	)			-			-				(227,298	)
Foreign currency translation	-			-		-			-			-			-				85,494			-				85,494
Net loss (restated)	-			-		-			-			-			(9,150,066	)			-							(9,150,066	)
Balance, December 31, 2023 (as restated)	92,260			93		5,107,395			5,108			21,107,311			(16,957,854	)			182,465			-				4,337,123
						-			-						-				-			-				-
Acquisition of Business	41,400			41		-			-			1,094,959			-				-			1,066,000				2,161,000
Sale of preferred stock for cash	800			-		-			-			20,000			-				-			-				20,000
Stock-based compensation	-			-		-			-			56,887			-				-			-				56,887
Partner Contributions												24,654														24,654
Common stock issued for exercise of options	-			-		20,000			20			12,940			-				-			-				12,960
Preferred dividends	-			-		-			-			-			(354,228	)			-			-				(354,228	)
Foreign currency translation	-			-		-			-			-			-				-							-
Distribution to non-controlling interest																						(20,400	)			(20,400	)
Net loss	-			-		-			-			-			(1,766,205	)			-			(7,737	)			(1,773,942	)
Balance, December 31, 2024	134,460		$	134		5,127,395		$	5,128		$	22,316,751		$	(19,078,287	)		$	182,465		$	1,037,863			$	4,464,054
The accompanying notes are an integral part of these consolidated financial statements

Onfolio Holdings, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2024 and 2023
	2024				2023
Cash Flows from Operating Activities
Net loss	$	(1,773,942	)		$	(9,150,066	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense		56,887				591,558
Equity method loss (income)		4,812				(13,190	)
Dividends received from equity method investment		-				20,474
Amortization of intangible assets		906,737				680,693
Impairment of intangible assets		121,000				5,016,765
Gain on sale of subsidiary		(453,581	)			-
Change in FV of contingent consideration		(368,464	)			-
Net change in:
Accounts receivable		(282,002	)			47,528
Inventory		26,761				12,492
Prepaids and other current assets		4,891				101,083
Accounts payable and other current liabilities		477,247				(56,638	)
Due to joint ventures		24,441				(39,251	)
Deferred revenue		86,850				36,714
Due to related parties		-				-
Net cash used in operating activities		(1,168,363	)			(2,751,838	)
Cash Flows from Investing Activities
Cash paid to acquire businesses		(255,000	)			(850,000	)
Cash received for sale of subisiary		780,000				-
Investments in joint ventures		(59,000	)			-
Investment in cryptocurrency		(15,000	)			-
Net cash used in investing activities		451,000				(850,000	)
Cash Flows from Financing Activities
Proceeds from sale of Series A preferred stock		20,000				565,000
Proceeds from exercise of stock options		12,960				-
Payments of preferred dividends		(321,442	)			(213,691	)
Distributions to non-controlling interest holders		(20,400	)			-
Proceeds from notes payable		881,650				-
Payments on note payables		(386,339	)			(68,959	)
Payments on acquisition note payables		-				(2,439,000	)
Proceeds from notes payable - related parties		200,000				-
Payments on note payables - related parties		(1,000	)			-
Payments on contigent consideration		(59,093	)			-
Net cash provided by financing activities		326,336				(2,156,650	)
Effect of foreign currency translation		(114,360	)			39,627
Net Change in Cash		(505,387	)			(5,718,861	)
Cash, Beginning of Period		982,261				6,701,122
Cash, End of Period		476,874			$	982,261
Cash Paid For:
Income Taxes	$	-			$	-
Interest	$	101,667			$	68,938
Non-cash transactions:
Notes payable issued for asset acquisitions	$	1,490,000			$	-
Preferred stock issued for acquisitions	$	1,035,000			$	-
Contingent consideration issued for acquisitions	$	986,000			$	-
Common stock options issued for acquisitions	$	60,000			$	-
Non-controlling interest issued for acquisitions	$	1,066,000			$	-
The accompanying notes are an integral part of these consolidated financial statements

FAQ

What were Onfolio Holdings (ONFO) Q4 2024 earnings?

Onfolio reported its first positive net income of $136,000 in Q4 2024, with EPS of $0.01 compared to -$0.37 in Q4 2023.

How much did Onfolio's (ONFO) revenue grow in Q4 2024?

Q4 2024 revenue grew 96% to $2.49M compared to $1.27M in Q4 2023.

What acquisition did Onfolio (ONFO) complete in Q4 2024?

Onfolio acquired Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.

How did Onfolio (ONFO) perform in full-year 2024?

In 2024, revenue grew 49% to $7.82M, gross profit increased 39% to $4.5M, and net loss improved 77% to $2.15M compared to 2023.

What is Onfolio's (ONFO) current cash position?

Onfolio's cash position was $0.48M as of December 31, 2024, compared to $0.98M at the end of 2023.