Business
Crexendo Announces Third Quarter 2021 Results
PHOENIX, AZ / ACCESSWIRE / November 9, 2021 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / November 9, 2021 / 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, agents, and direct channels. Our solutions currently support over two million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States. Today, the Company reported financial results for the third quarter ended September 30, 2021.Third Quarter Financial highlights:Total revenue increased 113% year-over-year to $8.8 million.Non-GAAP net income of $800,000 and GAAP net loss of $(125,000).Financial Results for the Third Quarter of 2021Consolidated total revenue for the third quarter of 2021 increased 113% to $8.8 million compared to $4.1 million for the third quarter of 2020.Consolidated service revenue for the third quarter of 2021 increased 18% to $4.3 million compared to $3.7 million for the third quarter of 2020.Consolidated software solutions revenue for the third quarter of 2021 of $3.8 million compared to $0 for the third quarter of 2020.Consolidated product revenue for the third quarter of 2021 increased 43% to $701,000 compared to $489,000 for the third quarter of 2020.Consolidated operating expenses for the third quarter of 2021 increased 120% to $8.8 million compared to $4.0 million for the third quarter of 2020. Acquisitions contributed $3.5 million of the additional operating expenses.The Company reported net loss of $(125,000) for the third quarter of 2021, or $(0.01) loss per basic and diluted common share, compared to $131,000 of net income, or $0.01 per basic and diluted common share for the third quarter of 2020.Non-GAAP net income of $800,000 for the third quarter of 2021, or $0.04 per basic common share and $0.03 per diluted common share, compared to a non-GAAP net income of $290,000 or $0.02 per basic and diluted common share for the third quarter of 2020.EBITDA for the third quarter of 2021 increased to $622,000, compared to $212,000 for the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 increased to $1.04 million, compared to $348,000 for the third quarter of 2020....