SilverSun Technologies FY23 EPS $(0.20) Vs $(0.05) YoY; Revenue $54,516,941
Portfolio Pulse from Happy Mohamed
SilverSun Technologies reported a fiscal year 2023 EPS of $(0.20), a decrease from $(0.05) in 2022, despite a 21.2% increase in revenue to $54,516,941. The company saw a gross profit increase of 20.3% to $21,613,809 and a significant rise in EBITDA to $2,716,154. However, a $2,986,107 expense from a terminated merger with Rhodium Enterprises impacted earnings. As of December 31, 2023, cash on hand was $6,143,298 with $1,241,383 in long-term liabilities.
March 14, 2024 | 7:25 pm
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NEGATIVE IMPACT
SilverSun Technologies reported a decrease in EPS to $(0.20) for FY23, despite higher revenues and gross profit, due to costs from a terminated merger agreement with Rhodium Enterprises.
The decrease in EPS for SilverSun Technologies, despite an increase in revenue and gross profit, indicates operational challenges, potentially affecting investor confidence. The expense from the terminated merger with Rhodium Enterprises significantly impacted the net earnings, likely leading to a negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100