WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) ("Onfolio" or the "Company"), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the fourth quarter and full year ended December 31, 2024. The Company's Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC's website at www.sec.gov.
Recent Corporate Highlights
Recorded $136,000 net income for Q4 2024
Completed the acquisition of Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.
Fourth Quarter and Year End 2024 Financial Highlights
Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year period and vs. $2.01M in 3Q24
Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior year period and vs. $1.20M in 3Q24
Fourth quarter total operating expenses increased 20% to $2.01M vs. $1.67M in the prior year period and vs. $1.69M in 3Q24
Fourth quarter net profit to common shareholders improved by over $1M to a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a $0.57M loss in 3Q24
Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
Gross profit grew 39% to $4.5M vs $3.24M in 2023
Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
2024 EPS grew 77% YOY to -$0.41 from -$1.84
Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23
"The 4th Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments," commented Onfolio CEO Dominic Wells.
"We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4," Wells continued.
"Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even."
"Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals.”
"We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have."
"As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025.”
"We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025.”
“As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability,” concluded Wells.
About Onfolio Holdings
Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.
Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may" "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1A "Risk Factors" in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
