Summary by Moomoo AI
SilverSun Technologies, a provider of business management applications and consulting services, reported a 21.2% increase in annual revenues, reaching $54.5 million for the year ended December 31, 2023, up from $45 million in the previous year. The growth was primarily driven by professional consulting services and software sales, with ERP software sales for Acumatica and Sage Intacct being notably strong. Despite the revenue increase, the company experienced a net loss of $1.07 million, compared to a net loss of $282,219 in the previous year, largely due to a $2.99 million expense related to the termination of a merger agreement. Gross profit rose by 20.3% to $21.6 million, with a slight decrease in gross profit percentage from 39.9% to 39.6%. Operating expenses increased, with selling and marketing expenses up by 14.3% and general and...Show More