Business
Crexendo Announces Second Quarter 2023 Results
PHOENIX, AZ / ACCESSWIRE / August 10, 2023 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communication platform and services,
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / August 10, 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 second quarter ended June 30, 2023.Second Quarter Financial highlights:Total revenue increased 43% year-over-year to $12.7 millionGAAP net loss of $(545,000), or $(0.02) per basic and diluted common shareNon-GAAP net income of $1.1 million, or $0.04 per basic and diluted common shareFinancial Results for the Second Quarter of 2023 (in thousands, except per share data)Consolidated total revenue for the second quarter of 2023 increased 43%, or $3,824, to $12,670 compared to $8,846 for the second quarter of 2022.Consolidated service revenue for the second quarter of 2023 increased 60%, or $2,752, to $7,308 compared to $4,556 for the second quarter of 2022.Consolidated software solutions revenue for the second quarter of 2023 increased 9%, or $332, to $3,930 compared to $3,598 for the second quarter of 2022.Consolidated product revenue for the second quarter of 2023 increased 107%, or $740, to $1,432 compared to $692 for the second quarter of 2022.Consolidated operating expenses for the second quarter of 2023 increased 36%, or $3,489, to $13,187 compared to $9,698 for the second quarter of 2022.The Company reported net loss of $(545) for the second quarter of 2023, or a $(0.02), loss per basic and diluted common share, compared to net loss of $(896), or $(0.04) loss per basic and diluted common share for the second quarter of 2022.Non-GAAP net income of $1,102 for the second quarter of 2023, or $0.04 per basic and diluted common share, compared to non-GAAP net income of $512 or $0.02 per basic and diluted common share, for the second quarter of 2022.EBITDA for the second quarter of 2023 of $383 compared to a loss of $(232) for the second quarter of 2022. Adjusted EBITDA for the second quarter of 2023 of $1,238 compared to $626 for the second quarter of 2022.Financial Results for the six months ended June 30, 2023 (in thousands, except per share data)Consolidated total revenue for the six months ended June 30, 2023 increased 48%, or $8,157, to $25,161 compared to $17,004 for the six months ended June 30, 2022.Consolidated s...