Nerds On Site full-year 2019 revenue up 6% year-over-year

Nerds On Site Inc (CSE:NERD) (OTCMKTS:NOSUF) announced Wednesday that its full-year 2019 revenue increased 6% year-over-year. 

In a statement, the Canada-based mobile IT solutions company said revenue rose to $8.9 million in 2019 from $8.4 million the prior year. 

Nerds On Site also said it has begun to see results and is generating revenue from US customers. It also noted that it incurred significant one-time costs in 2019 to successfully penetrate the US market.

READ: Nerds On Site thwarts ransomware attack on multinational company

For the year, 4% of total revenue was derived from the US, and the company said it anticipates future growth as it expands its proven business model. Nerds On Site currently operates in Florida. 

“The company has had a very eventful year, highlighted by the fact that NERDS is now a publicly traded company,” said CEO Charles Regan.

“Our overall revenues are up by 6% year-over-year, but since taking the company public our team has been focused on accelerating expansion into the USA, and applying our resources to scaling up service areas such as cybersecurity, both of which are significant growth areas that will be reflected in future results.”

Other financial highlights for 2019, which ended May 31, include:

• Successfully converted $2.83 million out of the $2.86 million of convertible debentures issued in 2017 and bearing interest at the rate of 10% per annum into equity;
• Repaid all balloon loans having high-interest rates; and
• Successfully completed its IPO for gross proceeds of $4.7 million and net proceeds of $3.9 million in November 2018;

Nerds On Site, based in London, Ontario, serves small and medium-sized enterprises as well as corporate and residential users.

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Story by ProactiveInvestors