Crexendo Announces First Quarter 2023 Results

About this update from Crexendo, Inc.

[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / May 9, 2023 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business, today announced financial results for the first quarter ended March 31, 2023.First Quarter Financial highlights:Total revenue increased 53% year-over-year to $12.5 millionGAAP net loss of $(1.6) million, or $(0.06) per basic and diluted common shareNon-GAAP net income of $625,000, or $0.02 per basic and diluted common shareFinancial Results for the First Quarter of 2023Consolidated total revenue for the first quarter of 2023 increased 53%, or $4.3 million, to $12.5 million compared to $8.2 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $3.1 million to the consolidated total revenue in the first quarter of 2023.Consolidated service revenue for the first quarter of 2023 increased 63%, or $2.8 million, to $7.2 million compared to $4.4 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $2.6 million to the consolidated service revenue in the first quarter of 2023.Consolidated software solutions revenue for the first quarter of 2023 increased 26%, or $840,000, to $4.1 million compared to $3.3 million for the first quarter of 2022.Consolidated product revenue for the first quarter of 2023 increased 149%, or $733,000, to $1.2 million compared to $492,000 for the first quarter of 2022. The Allegiant Networks business acquisition contributed $526,000 to the consolidated operating expenses in the first quarter of 2023.Consolidated operating expenses for the first quarter of 2023 increased 47%, or $4.5 million, to $14.1 million compared to $9.6 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $3.4 million to the consolidated product revenue in the first quarter of 2023.The Company reported net loss of $(1.6) million for the first quarter of 2023, or a $(0.06), loss per basic and diluted common share, compared to net loss of $(1.2) million, or $(0.05) loss per basic and diluted common share for the first quarter of 2022.Non-GAAP net income of $625,000 for the first quarter of 2023, or $0.02 per basic and diluted common share, compared to non...

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