Core Viewpoint - Vaso Corporation reported record first quarter revenue of $19.5 million for the three months ended March 31, 2025, marking a 3.9% increase year-over-year, with improvements in gross profit and a narrowed net loss [2][3][6]. Financial Performance - Revenue for the first quarter of 2025 was $19.5 million, up from $18.7 million in the same period of 2024, driven by increases in the IT and professional sales service segments [3]. - Gross profit increased by $440 thousand, or 4.0%, to $11.4 million compared to $10.9 million in the first quarter of 2024, attributed to higher revenues [4]. - Selling, general and administrative (SG&A) expenses rose by $332 thousand, or 2.8%, to $12.4 million, mainly due to higher personnel costs in IT and professional sales services [5]. - Operating loss for the first quarter was $1.2 million, an improvement from a loss of $1.5 million in the same quarter of 2024 [6]. - Net loss narrowed to $1.1 million from $1.2 million year-over-year [6]. - Adjusted EBITDA was negative $1.1 million, an improvement from negative $1.3 million in the first quarter of 2024 [7]. Balance Sheet and Cash Flow - As of March 31, 2025, the company had $25.3 million in cash and cash equivalents, with total deferred revenue growing to $35.4 million, a 12.7% increase from the previous year [2][8]. - Net cash used in operating activities improved to $566 thousand from $1.1 million in the first quarter of 2024 [8]. - Total current assets were $45.981 million, while total assets were $77.914 million as of March 31, 2025 [15].