Nerds On Site Inc (CSE:NERD) (OTCMKTS:NOSUF) revealed Thursday that it posted record fiscal first-quarter financial results as the company's cybersecurity services and US expansion lifted revenue by 41.7%, compared to the same period a year earlier.
For the three months ended August 31, the Toronto-based mobile IT solutions company posted a 41.7% jump in revenue to $2.931 million, compared to revenue of $2.068 million for the same period a year earlier.
The company pointed out that nearly 39.1% of the increase could be chalked up to service revenue, and a 44.7% bump in product revenue.
In a statement accompanying the Canadian company’s latest numbers, Nerds On Site CEO Charles Regan said: "The NERDS team have demonstrated tremendous commitment, implementing our strategy led by cybersecurity services and US expansion to deliver record first quarter revenues."
Regan also said momentum is building as the company capitalizes on its overall growth strategy, expanding its proven model to new markets and “targeting the enormous cybersecurity market” as a central feature of the company’s IT solutions business model.
Nerds On Site said gross profit rose by $164,000 to $732,000 in the quarter and loss per share remained essentially flat at $0.068 despite higher revenue. The company explained that this was due to a rise in admin costs by $588,000 due to expansion into the US market.
Enormous cybersecurity opportunity
"As we have previously indicated, we have had some big wins in the cybersecurity space during the quarter. The cybersecurity market is a substantial growth area for NERDS, and it will continue to grow rapidly," said Regan.
Nerds On Site services over 12,000 clients per year with a 96.5% customer satisfaction rating.
"NERDS is uniquely positioned to support the most vulnerable targets of cybercrime, small and medium sized businesses that do not have the resources to weather downtime or be faced with ransom payments,” said Regan.
“Cybersecurity solutions can open doors for our NERDS team to deliver comprehensive IT solutions that not only protect our customers, but also delivers best practices leading to greater efficiency of everyday operations," he added.
Nerds On Site operates in 10 cities across Canada as well as several Florida locations. The Canadian company offers more than a dozen services, including network installation and support, PC setup, tailored software services, website design and hosting, and wireless networking.
It also provides round-the-clock network security and device monitoring, on-site and remote support, and IT-asset management, among other services.
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