Nerds On Site (CSE:NERD, OTCQB:NOSUF) Inc. has reported stable full-year revenue for the fiscal year 2021 despite the impact of the coronavirus (COVID-19) pandemic on its customers.
The mobile IT solutions company that services small and medium-sized enterprises in Canada and the US said it banked revenue of C$10,121,480 for the year to May 31, 2021, compared to C$10,143,336 a year earlier. Gross profit was also stable at C$2,627,954, from C$2,639,410 previously, as it maintained a gross margin of 26%.
READ: Nerds On Site partners with Staples Canada to launch Nerds On Site for Business to support small businesses with IT and cybersecurity services
Other financial highlights for the year include:
- Cash used in operating activities was C$289,860, compared to C$1,605,328, reflecting an improvement in cash used in operations of $1,315,468.
- Reduced net loss to C$1,387,768, compared to C$$2,034,711 in fiscal 2020, a narrowing of 32%.
“The COVID-19 pandemic has established an unprecedented environment for business, particularly small- and medium-sized businesses that are the primary customers of Nerds,” CEO Charlie Regan said in a statement.
“We are extremely pleased with having maintained our revenue level while increasing our business activities on the online security and technology field, that we expect will play a highly important role in the new enterprise normal,” he added.
The company also noted its exclusive partnership with Staples Canada, announced on March 1, 2021, to launch Nerds On Site (CSE:NERD, OTCQB:NOSUF) for Business, which will support small business customers with IT and cyber security services as they continue to navigate the new way of working. With data, cyber security, and managed IT services in demand more than ever before, it said one of the key services that Nerds On Site (CSE:NERD, OTCQB:NOSUF) for Business will provide to SME customers is a no-commitment, no-obligation cyber security assessment scorecard of their business, with custom solutions to combat any findings.
“We are looking forward to ramping up our business operations and expansion into the US in the upcoming year,” Regan concluded.
Contact the author at stephen.gunnion@proactiveinvestors.com