# 2022 Year-end Shareholder Update  | Sonatafy Technology

- Canonical URL: https://wefunder.com/feed/160824
- Entity ID: wefunder:feed_item:160824
- Published at: 2023-01-26 19:16:48 UTC
- Updated at: 2025-07-09 03:22:51 UTC

## Author
Steve Taplin

## Subject
Sonatafy Technology

## Content
Dear Shareholders:I’m pleased to have this opportunity to share this company update and highlight our success in 2022. As part of our commitment to quarterly communication on company performance, this update is a summary of 2022 financial performance and key milestones.Summary of 2022:&nbsp;&nbsp;&nbsp;We ended 2022 with 37 clients, up from 22 at the year-end of 2021.Our revenue for 2022 Q4 and full year was $2.7M and $8.1M, compared to the quarter and full year in 2021 of $1.4M and $3.6M, respectively.This represents a year-on-year increase for the quarter of 93.8% and the year of 124.0%.&nbsp; 2022 Gross Profit was $2.9M or a Gross Margin of 35.0%, compared to $1.3M or 35.4% in 2021. Net Income increased to $788k, and EBITDA to $866K for an EBITDA Margin of 10.9%. This compares to a Net Income of $34k, EBITDA of $75k, and an EBITDA Margin of just 2.4% in 2021. We billed 103 software developers and engineers in December; and concluded the year with an additional 20 team members in non-billable SG&A functions. 6 of the 20 perform functional leadership and professional positions from the USA. In comparison, the other 14 team members provide HR and management support to the production staff and are based in Mexico.In addition to our continued growth in Mexico, during 2022, we expanded our LATAM efforts with new hires in Colombia, Brazil, and Argentina, allowing us to benefit from additional technical solid labor markets. Earlier in the year, we successfully secured a CFO with significant public and private company experience to aid us in corporate governance and our next chapter of growth. Early contributions have led to improved accounting, cost controls, financial reporting, and modeling; and, most recently, have assisted us in our conversion to a Delaware C Corp.&nbsp; The conversion to a Corporation, effective January 1, 2023, enables us to take advantage of the lower Corporate tax rates, benefit from the precedence of Delaware law, and aligns us with our strategy.Looking ahead, we remain optimistic about our prospects for continued growth. We continue to cultivate a sizable pipeline of client prospects and software developers. We expect our 2023 Revenue to exceed $11 million and our earnings to be north of $1 million. &nbsp;In summary, I am very pleased with our progress, fiscally and operationally. 2022 performed better than the budget and set new highs for the company. We generated positive cash flow and strong operating and net income. I remain optimistic about the outlook for the near and mid-term. &nbsp;Respectfully, Steve Taplin, Chief Executive OfficerSonatafy Technology, Inc. (Sonatafy.com)&nbsp;&nbsp;