Business
Crexendo Announces First Quarter 2022 Results
PHOENIX, AZ / ACCESSWIRE / May 12, 2022 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS),
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / May 12, 2022 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services designed to provide enterprise-class cloud communication solutions to any size business through our business partners, software licensees, agents and direct channels. Our solutions currently support over 2.4 million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States. We provide our services through two divisions, our Telecommunications Division and our Software Division. Today, the Company reported financial results for the first quarter ended March 31, 2022.First Quarter Financial highlights:Total revenue increased 81% year-over-year to $8.2 million.Service revenue increased 6% year-over-year to $4.4 million.GAAP net loss of $(1,220,000) or a $(0.05) loss per basic and diluted common share.Non-GAAP net income of $405,000 or $0.02 per basic and diluted common share.Financial Results for the First Quarter of 2022Consolidated total revenue for the first quarter of 2022 increased 81% to $8.2 million compared to $4.5 million for the first quarter of 2021.Consolidated service revenue for the first quarter of 2022 increased 6% to $4.4 million compared to $4.1 million for the first quarter of 2021.Consolidated software solutions revenue for the first quarter of 2022 of $3.3 million compared to $0 for the first quarter of 2021.Consolidated product revenue for the first quarter of 2022 increased 34% to $492,000 compared to $368,000 for the first quarter of 2021.Consolidated operating expenses for the first quarter of 2022 increased 79% to $9.6 million compared to $5.3 million for the first quarter of 2021.The Company reported net loss of $(1,220,000) for the first quarter of 2022, or a $(0.05) loss per basic and diluted common share, compared to net loss of $(715,000), or $(0.04) loss per basic and diluted common share for the first quarter of 2021.Non-GAAP net income of $405,000 for the first quarter of 2022, or $0.02 per basic and diluted common share, compared to non-GAAP net income of $308,000 or $0.02 per basic and diluted common share for the first quarter of 2021.EBITDA for the first quarter of 2022 decreased to a $(774,0...