SilverSun Technologies reported a 10% increase in revenues to $14.4 million for the first quarter of 2024 compared to $13.1 million in the same period of 2023. The growth was primarily driven by an increase in professional consulting revenues, software revenue, and subscription income. Despite the revenue growth, net income from operations decreased to $227,686 from $369,537 year-over-year, attributed to increased operating expenses, including selling, marketing, and general administrative costs. The company's gross profit also saw a rise of 5.6% to $5.7 million, although the gross profit percentage decreased slightly due to lower margins on third-party software. SilverSun continues to focus on expanding its customer base and services, leveraging its expertise in ERP software and IT managed services. The company's strategy includes organic growth...Show More

SilverSun Technologies reported a 10% increase in revenues to $14.4 million for the first quarter of 2024 compared to $13.1 million in the same period of 2023. The growth was primarily driven by an increase in professional consulting revenues, software revenue, and subscription income. Despite the revenue growth, net income from operations decreased to $227,686 from $369,537 year-over-year, attributed to increased operating expenses, including selling, marketing, and general administrative costs. The company's gross profit also saw a rise of 5.6% to $5.7 million, although the gross profit percentage decreased slightly due to lower margins on third-party software. SilverSun continues to focus on expanding its customer base and services, leveraging its expertise in ERP software and IT managed services. The company's strategy includes organic growth and acquisitions, aiming to enhance its national presence and recurring revenue streams. SilverSun also announced an amended investment agreement with JPE, which will result in a significant equity investment of $1 billion and a cash dividend to shareholders, while retaining its existing operations. Looking ahead, SilverSun anticipates continued growth and has adequate liquidity to fund operations for at least the next twelve months, despite economic uncertainties and inflationary pressures.