Onfolio Holdings Inc. announced its financial results for the third quarter ended September 30, 2024, on November 15, 2024, reporting significant progress towards profitability. Quarterly revenue increased by 53% year-over-year and 16.5% quarter-over-quarter, demonstrating robust top-line growth.
The company's total loss from operations decreased substantially to $485,478, a significant improvement from $4,740,623 in Q3 2023 and $759,119 in Q2 2024. This reduction was attributed to operational improvements and cost savings implemented earlier in Q2, with impacts most noticeable in August and September 2024.
September 2024 marked a milestone for Onfolio, with monthly revenues exceeding $700,000 for the first time. While the net loss for September was $352,714, non-cash expenses such as amortization accounted for $346,801 of this loss, resulting in a cash loss of less than $6,000 for the month. The Eastern Standard acquisition is expected to further contribute to Q4 consolidated results and profitability.
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