Onfolio Holdings Inc. Announces Third Quarter 2024 Financial Results and Provides Corporate Update

Core Viewpoint - Onfolio Holdings Inc. reported significant financial improvements in Q3 2024, with a 53% increase in revenue year-over-year, indicating progress towards profitability through organic growth and cost reductions [2][3]. Financial Performance - Q3 2024 revenue reached $2.01 million, up from$1.31 million in Q3 2023 and $1.73 million in Q2 2024, marking a 53$1.2 million, a 42% increase from $0.85 million in the prior year period [2]. - Total operating expenses decreased by 70$1.69 million compared to $5.6 million in Q3 2023 [2]. - The net loss attributable to common shareholders decreased by 728$0.57 million from $4.78 million in the prior year period [2][3]. Operational Highlights - The company achieved monthly revenues exceeding$700,000 for the first time in September 2024, with a net loss of $352,714 for the month, primarily due to non-cash expenses [3]. - Operational improvements in Q2 2024 led to substantial cost savings, with every month in Q3 showing improvement over the previous month [3]. - The acquisition of Eastern Standard, which had revenues of$3.3 million and net income of $600,000 in the first nine months of the year, is expected to enhance consolidated results starting Q4 2024 [2][3]. Cash Position - As of September 30, 2024, cash reserves were$0.36 million, down from $0.98 million at the end of 2023 [2][3]. - The company reported a significant reduction in cash burn, indicating improved cash management [3]. Future Outlook - Onfolio continues to explore organic growth opportunities and further acquisitions, supported by its Onfolio Agency SPV model and joint-venture investors [3]. - The company is optimistic about achieving profitability without relying solely on acquisitions, having made substantial progress towards this goal [3].