Business
Crexendo Announces Fourth Quarter and Fiscal Year 2023 Record Results
PHOENIX, AZ / ACCESSWIRE / March 5, 2024 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communication platform and services, video
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / March 5, 2024 / 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 fourth quarter and fiscal year ended December 31, 2023.Financial highlights:Total revenue for the year increased 42% year-over-year to $53.2 million.GAAP net loss for the year of $(0.4) million and non-GAAP net income for the year of $6.6 million.Fourth quarter revenue increased 24% year-over-year to $14.2 million.Fourth quarter GAAP net income of $0.1 million and fourth quarter non-GAAP net income of $1.6 million.Financial Results for the Fourth Quarter of 2023Total Revenue: Consolidated total revenue for the fourth quarter of 2023 increased 24%, or $2.7 million, to $14.2 million compared to $11.4 million for the fourth quarter of 2022.Service Revenue: Consolidated service revenue for the fourth quarter of 2023 increased 26%, or $1.6 million, to $7.7 million compared to $6.1 million for the fourth quarter of 2022.Software Solutions Revenue: Consolidated software solutions revenue for the fourth quarter of 2023 increased 21%, or $0.9 million, to $5.3 million compared to $4.4 million for the fourth quarter of 2022.Product Revenue: Consolidated product revenue for the fourth quarter of 2023 increased 23%, or $0.2 million, to $1.2 million compared to $0.9 million for the fourth quarter of 2022.Operating Expenses: Consolidated operating expenses for the fourth quarter of 2023 decreased 69%, or $(31.9) million, to $14.1 million compared to $46.0 million for the fourth quarter of 2022. Goodwill and long-lived asset impairment contributed $32.7 million of the operating expenses in 2022.Net Income/(Loss): The Company reported net income of $0.1 million for the fourth quarter of 2023, or $0.00 per basic and diluted common share, compared to net loss of $(32.6) million, or $(1.33) loss per basic and diluted common share for the fourth quarter of 2022.Non-GAAP: Non-GAAP net income of $1.6 million for the fourth quarter of 2023, or $0.06 per basic and diluted common share, compared to non-GAAP net income of $2.5 million or $0.10 per basic common share and $0.09 per diluted common share, for the fourth quarter of 2022.EBITDA and Adju...