Core Viewpoint Onfolio Holdings Inc. reported strong financial growth in the second quarter of 2024, with significant increases in revenue and gross profit, while also achieving a notable reduction in operating expenses and net loss compared to the previous year. Financial Performance - Second quarter revenue increased by 32% to 1.31 million in the same period last year and 0.975 million, up from 1 million in the previous quarter [2] - Total operating expenses decreased by 18% to 2.12 million in the prior year and 0.86 million, compared to 0.63 million in the first quarter of 2024 [2] Cash Flow and Operations - Cash used in operations for the quarter was 534,000 during the same period in 2023 and 0.31 million, down from $0.98 million at the end of 2023 [2] Acquisition Strategy - The company completed one new acquisition in June 2024, DDS Rank, funded by a Special Purpose Vehicle (SPV), allowing for minimal cash usage [3] - Onfolio maintains an active acquisition pipeline and expects the SPV model to facilitate future acquisitions [4] - Discussions with lenders regarding debt financing are ongoing to enhance cash reserves and extend operational runway [4] Profitability Outlook - Internal modeling suggests that Onfolio may achieve profitability without further acquisitions, as margin improvements continue [5]
Onfolio Holdings Inc. Announces Second Quarter 2024 Financial Results and Provides Corporate Update