Skip to main content

OneSoft Solutions Inc. Reports Annual Results for Fiscal 2021; Fourth Quarter Revenue Increased 24.4% Year over Year

EDMONTON, AB / ACCESSWIRE / March 31, 2022 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSXV:OSS)(OTCQB:OSSIF), a North American developer of cloud-based business solutions, announces its financial results for the year ended December 31, 2021 ("Fiscal 2021") and provides a business update.

Please refer to the Audited Consolidated Financial Statements, Management's Discussion and Analysis ("MD&A") and the Annual Information Form for the year ended December 31, 2021, filed on SEDAR at for more information. The MD&A contains a complete analysis of Fiscal 2021, the financial quarter ended December 31, 2021 and other information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.


Three months ended Year ended
(in C$,000, per share in C$)
December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020





1,201 966 4,442 4,056
Gross profit
880 776 3,317 3,135
Net loss
(1,059) (939) (3,889) (3,256)
Exchange gain (loss) on translation of foreign operations
14 (5) 28 (23)
Comprehensive loss
(1,045) (944) (3,861) (3,279)
Weighted average common shares
outstanding - basic and fully diluted (000)'s
118,398 115,342 116,930 114,522
Net loss per share
(0.01) (0.01) (0.03) (0.03)

Cash and short-term investments
5,509 7,223 5,509 7,223
Working capital
4,154 6,226 4,154 6,226


  • The Company signed seven new customers to multi-year SaaS agreements in Fiscal 2021, including the largest U.S. company based on miles of pipeline operated.
  • In 2021, new and existing customers generated $1.85 million in revenue. Revenue from other customers declined by $1.22 million , primarily due to one customer that loaded a large number of pipeline logs in Fiscal 2020 resulting in a one-time, unusually high CIM consumption in Fiscal 2020.
  • Fourth quarter Revenue and Gross Profit were respectively 24.3% and 13.5% higher versus Q4 2020, due primarily to new customers.
  • Comprehensive loss increased by $0.58 million due to higher reinvestment of resources for product development and operational growth, which Management believes will help increase revenue, gross profit, cash flow and overall business value in future periods.
  • As at December 31, 2021, deferred revenue was $1.18 million, $0.77 million higher than as at December 31, 2020.
  • Cashflow used in operating activities decreased by $1.75 million in Fiscal 2021, from $3.57 million in Fiscal 2020 to $1.82 million in Fiscal 2021, primarily due to the generation of more cash from deferred revenue this year.
  • At December 31, 2021, cash totaled $5.51 million ($7.22 million at December 31, 2020). Assuming no significant changes in current business strategies and cash consumption, Management believes the Company has sufficient cash on hand to fund its business and growth strategies as envisioned.


OneSoft had a very productive year by more than doubling its client base in Fiscal 2021. Most of our clients are high-profile industry leaders that have entered into multi-year SaaS agreements who collectively operate approximately 150,000 miles of pipelines, of which approximately 100,000 miles are piggable.

During Fiscal 2021 the Company enhanced its solutions with 11 application releases and 43 cumulative machine learning algorithm updates. Approximately 8,000 pipeline inline inspection assessments have been ingested into the Company's Cognitive Integrity Management solution ("CIM") to date, resulting in the Company's algorithms now having capability to detect and report on approximately 300 pipeline threat conditions and excavation criteria, inclusive of both regulatory and operator best practices. More than 70 million features, across all data, have been analyzed by CIM to date. Management believes that CIM has the largest single aggregation of normalized and aligned data for oil and gas pipeline operations, which enables our machine learning algorithms to extract knowledge from this data and share such learnings across all our customers, without sharing any of their confidential data.

In September 2021, the Company signed a multi-year CIM use agreement with the largest North American O&G pipeline operator (and continues to grow through acquisitions) who currently operates over 100,000 miles of pipeline (half of which are estimated to be piggable) in aggregate. This client, with its highly committed staff, required 6 months to transition the disparate integrity management processes of more than 30 divisions to CIM Core, which attests to the efficiency of our solutions and new onboarding tools.

Our first mover advantage, strong validation of our technology and products and ideal positioning of CIM to act as the foundational data-hub for digital transformation collectively create a strong foundation upon which OneSoft can build the market leading company envisioned by Management. We anticipate that the client relationships we've developed will remain strong for years into the future, providing we continue to deliver technologically advanced solutions that assist operators to reduce pipeline failures, realize cost savings and unlock trapped value from unused and underutilized data.

Although the long sales cycles with our Fortune 500/100 clients have been challenging to date, they are now advantageous, since they represent a significant barrier to entry for potential competitors. We know of no other CIM-like, competing solution that has been commercialized to date. While this does not mean competitive solutions are not in development, we believe any future competitors will need to successfully navigate through all the technology and product validation steps that OneSoft has encountered during the past six years. We expect our new modules currently under development and new tools to scale on-boarding of new clients will continue to advance the Company's market position and increase future recurring revenue opportunities.

Management believes that our solutions align with several disruptive technology trends that enhance future opportunity and value creation, including the following:

  • Customers must keep pace with the digital world - real time, on demand and data driven. OneSoft's "as-a-service" technology model drives cost-effective efficiencies for operations.
  • Our machine learning platform captures and leverages data to drive actionable analytics and replaces legacy systems and processes. Adoption of new CIM-type technology is no longer optional for customers who want to operate competitively.
  • COVID-19 has changed employment patterns at a fundamental level, which drives more dependence on technologies that enhance automation and efficiencies, particularly because CIM functionality enables less experienced workers to perform tasks that traditionally required deep expertise and more experienced workers to spend their time performing higher value work based on better data analytics.
  • Much of the increasingly specialized services expertise can be automated with CIM technology, rather than hiring additional services personnel to do the work manually and billing on a time and materials basis, as has been done historically.

Market and sales activities are currently underway in the USA, Canada, Australia, and certain countries in Europe and South America, which we anticipate will result in CIM sales in future periods. Innovation Lab and business development initiatives are also underway, including recruiting CIM resellers, investigating joint venture arrangements with synergistic companies and pursuing new potential markets and revenue sources where CIM technology and products can be applied.

Insiders collectively own approximately one third of the Company's shares, who continue to operate the Company with the objective of increasing all stakeholders' value over the long term. We have judiciously used the proceeds from our last financing in 2019 to fund business growth, prioritizing increasing our technology lead and competitive moat and engaging new clients. The Company's Fiscal 2022 business and financial plans will continue to pursue these priorities. We believe that maximizing reinvestment of cash and resources to grow the business will maximize shareholder value.

Given the Company's strong balance sheet with $5.5 million of cash at Fiscal 2021 year end, no debt, budgeted cash burn rate and anticipated revenue for Fiscal 2022, Management believes the Company is sufficiently funded to execute its Fiscal 2022 business plans as currently envisioned without requirement to raise additional capital.


During the Annual General Meeting of the Shareholders, and after the formal portion of the Meeting, Management will review the Fiscal 2021 results and answer shareholder questions. The Meeting will be held May 3, 2022 at 1:00 pm Mountain time and may be attended by clicking this linkor by telephone access at 888-816-4438 using access code 811-593-254.


Douglas Thomson

For more information, please contact

Dwayne Kushniruk, CEO
Sean Peasgood, Investor Relations

Forward-looking Statements

This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.

In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: the impact of Covid-19 on the business operations of the Company and its current and prospective customers, the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.

Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: OneSoft Solutions Inc.

View source version on

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.