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OneSoft Solutions (TSXV:OSS, OTCQB:OSSIF) held its Annual General and Special Meeting (AGSM) on May 28, 2024, achieving a quorum with 108 shareholders present or represented by proxy, amounting to 57.39% of shares. Key resolutions from the Management Information Circular were approved. Post-meeting, 800,000 stock options were awarded to Directors, Officers, and senior executives, each priced at $0.70, with a five-year expiration and vesting 50% on the grant and anniversary dates.
OneSoft Solutions Inc. reported a 32% increase in Q1 2024 revenue compared to Q1 2023. Gross profit grew by 40%, and gross margin improved to 74.8%. The company's net loss rose by $77,000 due to higher costs. Adjusted EBITDA increased by $135,000. Cash reserves surged by 65% to $8 million.
The company expanded its cloud-based CIM platform, launching new modules and hiring key personnel. Despite administrative delays in signing new contracts, the company expects to meet its 2024 revenue guidance of $15-$16 million. Management remains optimistic about ongoing projects and future customer acquisitions.
OneSoft attended industry events, increasing its market presence and continuing business development efforts, including M&A activities. No changes have been made to the fiscal 2024 guidance despite some Q1 revenue shortfalls.
