INFINITE GROUP INC SEC 10-Q Report
INFINITE GROUP INC, a company specializing in managed support services, cybersecurity projects, and software solutions, has released its Form 10-Q report for the third quarter of 2023. The report provides a comprehensive overview of the company's financial and operational performance, highlighting key metrics and future outlooks.
Financial Highlights
Total Revenue: $1.71 million, decreased by 0.3% compared to the same period in 2022 due to the termination of smaller projects.
Gross Profit: $0.70 million, increased by 7.9% from the same period in 2022, driven by a decrease in payroll and benefits of salaried employees.
Operating Loss: $(0.58) million, improved by $8,445 compared to the same period in 2022, primarily due to increased sales and reduced general and administrative expenses.
Net Loss: $(0.85) million, improved by 21.5% compared to the same period in 2022, attributed to less sales compensation and initial recording of default interest in 2022.
Net Loss Per Share - Basic: $(1.65), improved by $0.76 compared to the same period in 2022.
Business Highlights
Revenue Segments: The company's revenue is divided into three major services: Managed Support Services, Cybersecurity Projects, and Software. Managed Support Services accounted for approximately 66% of sales in the three months ended September 30, 2023, and 64% for the nine months ended September 30, 2023. Software sales showed a 9% increase in the three months ended September 30, 2023, compared to the same period in 2022.
New Product Launches: The company continues to develop and market its Nodeware® solution, a patented SaaS product that automates network asset identification and cybersecurity vulnerability management. Nodeware is a key focus for the company, with significant sales and marketing resources allocated to its promotion.
Future Outlook: The company plans to continue focusing on its Nodeware solution and expects significant growth in this segment. It aims to differentiate itself in the cybersecurity market by combining customized software and professional services. The company is also exploring strategic acquisitions to expand its cybersecurity offerings.
SEC Filing: INFINITE GROUP INC [ IMCI ] - 10-Q - Oct. 31, 2025