Sonasoft (SSFT) Reports Q1 2019 Revenue of $1.95M, an Increase of 673% vs. Q4 2018 and 891% vs. Q1 2018
July 01 2019 - 7:53AM
InvestorsHub NewsWire
Sonasoft (SSFT) Reports Q1 2019 Revenue of $1.95M, an Increase of
673% vs. Q4 2018 and 891% vs. Q1 2018
SAN JOSE, CA -- July 1, 2019 -- InvestorsHub NewsWire
-- Sonasoft Corp. (OTCQB: SSFT), a leader in innovative
artificial intelligence (AI) and data management solutions, is
pleased to report its financial results for its first quarter (Q1)
in fiscal year 2019.
Sonasoft Corp. Q1, 2019 revenue was $1,955,286, an
increase of $1,664,642, or 673 percent over the previous quarter
and $1,735,769 or 891 percent over the Q1, 2018. The revenue
increase is a result of the Company’s announced acquisition and
integration of Cornerstone Technologies, Inc. as part of its
strategic business expansion initiative. Cornerstone Technologies'
related revenue in Q1 was $1,829,505. The Company also announced
that it expects Q2, 2019 revenues to be approximately $3.3 million
and issues its revenue guidance of $13 million for fiscal year
2019.
Sonasoft’s major accomplishments during Q1 2019 included:
- A letter of intent and definitive purchase agreement to acquire
Hotify Inc., an artificial intelligence (AI) company; (This
acquisition was completed in Q2 of this year)
- Letters of intent (LOI) to acquire AI companies, E-Connect
Software, Inc. and OPtimAIze, Inc.; (The E-Connect Software, Inc.
acquisition was completed in Q2 of this year)
- A leadership transition with Frank Velasquez, former CEO of
Cornerstone Technologies, taking over as CEO of Sonasoft
- Strategic partnerships with Globanet (OEM) and Trusted Data
Solutions
- Several large sales wins with six-digit contracts
- The groundwork was laid down to expand SonaVault to archive
over 40 different data sources including social media, chat, file
share applications, SharePoint, documents, etc. in addition to
email
- Initial work started to update and re-introduce Sonasoft’s
first product, SonaSQL, a Microsoft SQL Server backup, recovery,
replication, and migration solution
“This is the first quarter that the revenues from both Sonasoft
and Cornerstone Technologies are consolidated,” said Mike Khanna,
President of Sonasoft. “The merger is complete, and we are on
track to meet if not exceed our revenue guidance of $13 million for
fiscal year 2019. Historically, revenue bookings for these
businesses in the first quarter of the year are the smallest, with
a steady ramp up over the course of the year to the fourth quarter,
when revenue bookings are the largest. We also anticipate that our
just acquired artificial intelligence assets will begin to
contribute revenue in the coming quarters. Our expansion
strategy and pivot to more strategic, higher value-added solutions
are in their early stages and already delivering results. 2019 will
be a year of growth for Sonasoft across many dimensions.”
Sonasoft’s full 1Q, 2019 quarterly report is
available here:
https://backend.otcmarkets.com/otcapi/company/financial-report/224208/content
About Sonasoft
Based in Silicon Valley since 2003 Sonasoft is a public company
(SSFT) providing solutions that create significant competitive
advantages from data, the most valuable corporate asset in the
digital economy. Our artificial intelligence platform and
software capabilities harness data to enable businesses to
accelerate and improve decision making, increase operational
efficiency, and automate critical processes.
For more information, please visit:
https://www.sonasoft.com
For investor-specific information, please visit:
https://www.sonasoft.com/investors/
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company’s financing plans;
(ii) trends affecting the Company’s financial condition or results
of operations; (iii) the Company’s growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,”
“believe,” “intend,” and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company’s ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
Investor Contact:
Mike Khanna, President
Sonasoft Corporation
Phone: (408) 708-4000
Sonasoft (CE) (USOTC:SSFT)
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