SilverSun Technologies Reports 2022 Year End Results

EAST HANOVER, NJ / ACCESSWIRE / February 28, 2023 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business technology solutions and services, today announced its financial and operating results for the fiscal year ended December 31, 2022.

Fiscal 2022 Financial Highlights

• Total revenue was $44,985,276, compared with $41,701,380 in 2021, an increase of 7.9%.
• Gross profit was $17,960,736, compared with $17,208,058 in 2021, an increase of 4.4%.
• Earnings before interest, taxes, depreciation, and amortization (EBITDA) plus share-based compensation, were $914,280, compared with earnings before interest, taxes, depreciation and amortization plus share-based compensation of $1,087,628 in 2021, a decrease of $173,348.
• Net loss per share in 2022 (on a diluted basis) was ($0.05), compared to net loss per share of ($0.03) in 2021.
• As of December 31, 20221, cash totaled $8,008,633, and the Company had $1,132,684 in long term liabilities.

For more detailed information about SilverSun's 2022 financial results, please refer to the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (www.sec.gov) on Tuesday, February 28, 2023.

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "The economic environment was challenging for the Company in 2022. Our principal challenge was and continues to be the retention and recruitment of personnel to accommodate our growth."

"Despite these challenges, we were able to continue to execute on our growth plan, as evidenced by our 49.8% increase in software revenues in 2022 versus 2021. We remain hopeful that we can continue to scale at an even more rapid pace in 2023. This is all dependent, however, on the U.S. economy not entering into a recession. Our customers and prospects seem to feel confident about their economic outlook, and continue to invest in their systems and infrastructure for the future, but this could all rapidly change in the event we do in fact enter a recession."

Meller continued, "Our expenses have been impacted by the higher costs associated with increasing pay and benefits to retain and recruit employees. These issues appear to be prevalent throughout our industry, but we believe that we will continue to be successful in attracting and maintaining qualified personnel going forward under any reasonable circumstances. "

"In addition, our non-payroll operating expenses rose as a result of inflation increasing our costs of doing business. We have and will continue to invest in our sales and marketing efforts, which has led to our increased sales volume. Furthermore, our team is doing much more traveling than during the pandemic, and is attending and sponsoring more in-person conferences and trade shows, which contribute to our growth but also add to our expenses."

"In September 2022, we announced our planned merger with Rhodium Enterprises, Inc., an industrial bitcoin mining company. The proposed business combination is subject to the receipt of applicable regulatory approvals, the approval of SilverSun's and Rhodium's respective stockholders, and other customary closing conditions. We are currently awaiting clearance from the regulatory agencies to move forward with the transaction."

Meller concluded, "We are pleased with the growth we achieved in 2022. We will continue to focus on rationalizing our cost structure and increasing profitability. We believe that we are well positioned for continued growth and success as we have a strong team, experienced resources, and a strong financial position to support our initiatives. We look forward to delivering even more positive results in the coming quarters and years."

About SilverSun Technologies, Inc.

We are a business application, technology and consulting company providing software and IT solutions to meet our clients' information, technology and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the "cloud". As a value-added reseller of business application software, we offer solutions for accounting and business management, financial reporting, Enterprise Resource Planning ("ERP"), Warehouse Management Systems ("WMS"), Customer Relationship Management ("CRM"), Business Intelligence ("BI") and other business applications. Our value-added services focus on consulting and professional services, specialized programming, training, and technical support. We have a dedicated network managed services practice that provides cybersecurity, application hosting, disaster recovery, business continuity, cloud and other services. Our customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Chicago, Arizona, Southern California, Connecticut, North Carolina, Washington and Oregon.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

Contact:

Corporate
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com

SOURCE: SilverSun Technologies, Inc.