WILMINGTON, DE — Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) has reported significant financial improvements for the third quarter ending September 30, 2024. The company’s revenue surged by 53% from the same period last year, reaching $2.01 million, and marking a notable increase from $1.73 million in the second quarter of this year.
Gross profit also saw a robust rise, growing 42% to $1.2 million compared to $0.85 million in the prior year, and up from $0.975 million in the previous quarter. Notably, Onfolio achieved a dramatic 70% reduction in total operating expenses, bringing them down to $1.69 million from $5.6 million last year.
CEO Dominic Wells highlighted the strategic moves contributing to these results, stating, “In Q3, we saw further gains towards profitability, through increased organic revenue growth, expense reduction, and an acquisition (Eastern Standard).” The acquisition of Eastern Standard, which generated $3.3 million in revenue and $600,000 in net income over the first nine months of 2024, will be integrated into Onfolio’s consolidated financials starting in the fourth quarter.
Wells also emphasized the operational efficiencies achieved, noting, “Operational improvements made earlier in Q2 within several portfolio companies yielded substantial cost savings, with impacts most noticeable in August and September 2024.” He pointed to September as a milestone month, with revenues surpassing $700,000, and minimal cash losses of under $6,000, largely due to non-cash expenses like amortization.
Looking ahead, Wells is optimistic about further progress, saying, “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.” He reaffirmed the company’s commitment to exploring organic growth and additional acquisitions, supported by the Onfolio Agency SPV model and joint-venture investors.
Wells concluded on a positive note, “We made good progress towards [achieving profitability] and finished Q3 not far off from that goal. 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.”
With these strategic steps, Onfolio Holdings is poised to continue its trajectory towards profitability, leveraging both organic growth and strategic acquisitions.
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