Sonasoft Reports 100 Percent Jump in Quarterly Revenues

Sonasoft (OTCQB:SSFT), artificial intelligence (AI) company principally engaged in data management and analytics announced a 100 percent increase in unaudited quarterly revenues since the previous quarter. Quarterly revenue figures reached US$4.3 million. During the quarter, AI revenue generated over US$419,000 while Sonasoft acquired AI firms Hotify and E-Connect Software.

As quoted in the press release:

Sonasoft Corp. Q2, 2019 unaudited revenue was $4,329,164, an increase of $2,375,422, or above 100 percent over the previous quarter, which exceeded guidance by 30 percent.  The company’s operating loss was $880,212, versus $605,377 in the previous calendar quarter and $117,573 for Q2 2018. The increase is due in part to a significant acquisition, integration, and legal expenses from its four acquisitions over the previous eight months, where the acquisition costs in Q2 for Hotify, Inc. alone came to $453,429.

The Q2 revenue from the Company’s SonaVault enterprise information archiving and SonaSQL business continuity software division was $116,142. This amount was flat versus Q2 2018 and decreased by 14.4 percent from the previous calendar quarter because of the Company’s redirection to emphasize data engineering and AI services.

Revenue from the Company’s professional services engagements that involved data engineering and data migrations was significant at $881,330 for Q2 2019. This marked a nearly 100 percent increase from the previous calendar quarter, due to the acquisition of E-Connect Software.

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