Nerds On Site Announces Q1 Growth and New Initiatives for the
Remainder of 2024
TORONTO, Canada -- October 31, 2024 --
InvestorsHub 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",
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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.
