Significant Revenue Growth
Total revenue for the three months ended March 31, 2025 was $5.5 million, compared to $0.3 million for the same period in 2024. This represents a substantial increase primarily driven by new revenue streams as a result of the acquisition of NTS.
Positive Net Income
Net income for the three months ended March 31, 2025 was $0.8 million, compared to a net loss of $0.5 million for the same period in 2024. This includes a tax benefit of $2.1 million.
Strong Balance Sheet
The company ended the quarter with $9.7 million in cash and cash equivalents and no long-term debt, providing a solid foundation for future growth.
Strategic Acquisition
Completed the acquisition of Newtek Technologies Solutions, Inc. (NTS), focusing the business on the growing cloud infrastructure and cybersecurity sectors.
Stock Repurchase Plan
The Board of Directors approved a stock repurchase plan for up to $400,000 of the company’s outstanding common stock.