ONAR (OTCQB:RELT) outlined significant financial and operational milestones as the company advances its vision of becoming a $100 million revenue business and uplisting to Nasdaq.
The shareholder letter offers a comprehensive overview of ONAR (OTCQB:RELT)'s financial progress for the nine months ending September 2024, marking the first consolidated results since its reverse merger in Q2.
ONAR (OTCQB:RELT) reported strong financial performance for Q3, with consolidated revenue climbing 57% year-over-year, fueled by the reverse merger and ongoing expansion initiatives. The company also achieved greater cost efficiency, reducing the cost of revenues by nearly $250,000 compared to the same period in 2023, which improved operational margins. Additionally, cash reserves grew by $500,000 since the end of 2023, supported by $1.8 million in net financing activities, providing the company with increased liquidity to drive its growth strategy.
ONAR (OTCQB:RELT)’s sector performance highlighted steady recurring revenues in its digital marketing segment, with net operating income reaching approximately 5% of sales. The company expects further growth in this area through new contracts and the impact of recent sales hires. Meanwhile, the healthcare marketing segment demonstrated strong profitability, with net operating income representing nearly 44% of sales.
CEO Claude Zdanow emphasized the company’s strategic direction in a shareholder letter.
“We are pleased to report that our strategic initiatives are progressing according to plan, delivering strong results across key performance indicators,” Zdanow wrote.
“This positive momentum reinforces our confidence in the company's ability to achieve sustained growth.”
The company detailed its roadmap for achieving its ambitious goals, which include targeted acquisitions over the next 18 to 24 months and the development of an independent board of directors by Q1 2025. A strategic partnership with iQSTEL, Inc. (iQSTEL Inc (OTCQX:IQST)) aims to enhance technology sharing and market expansion.