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Gain: $15.6 million, up 13% year over year.
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Revenue from software solutions: $5.9 million, up 25% year over year.
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Service revenue: $8 million, up 6% year over year.
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Product yields: $1.8 million, up 9% year over year.
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Consolidated gross margin: 61%, consistent with the previous year.
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Gross margin of software solutions: 71%, consistent with the previous year.
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Gross margin telecom services: 55%, consistent with the previous year.
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Net income: $148,000, or 1 per share of common stock.
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Non-GAAP net income: $1.7 million, or 6 per common and diluted common share.
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EVENTS: $1 million, compared to $1.2 million last year.
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Adjusted EBITDA: $1.7 million, compared to $2.1 million last year.
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Cash and cash equivalents: $15.5 million as of September 30, 2024.
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Cash provided by operating activities: $4.1 million for the nine-month period.
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Telecom backlog: $77.4 million, up 22% from Q3 2023.
Release date: November 6, 2024
For the full earnings call transcript, please refer to the full earnings call transcript.
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Crexendo Inc (NASDAQ:CXDO) reported a 13% year-over-year increase in consolidated revenue, driven by 25% growth in its software division.
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The company maintained GAAP profitability for the fifth consecutive quarter and non-GAAP net income for the 24th consecutive quarter.
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Crexendo Inc (NASDAQ:CXDO) increased its cash and cash equivalents to $15.5 million from $10.3 million at the end of 2023.
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The company has successfully added eight new logos and five extensions of existing licenses in the software solutions segment.
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Crexendo Inc (NASDAQ:CXDO) is experiencing strong international growth, with new successes in Australia and Africa, and an average of more than 100,000 new users are added to the platform every month.
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Operating expenses increased 15% to $15.5 million due to investments in workforce, Oracle Cloud infrastructure and accounting systems implementation.
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Net income fell to $148,000 for the quarter compared to $1.7 million last year, partly due to the lack of profit from the sale of a corporate office building.
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Product margins fell to 40% from 45% in the third quarter of last year.
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The company faces challenges in maintaining high margins and is working to improve them.
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Crexendo Inc (NASDAQ:CXDO) expects future acquisitions could impact GAAP profitability due to intangible costs.
Q: How many new logos and extensions has Crexendo had this quarter? A: Doug Gaylor, President and COO, stated that Crexendo added eight new logos and made five extensions to existing licenses this quarter, marking a significant achievement in their software solutions segment.
