Business
Crexendo Delivers Strong Second Quarter Results
PHOENIX, AZ / ACCESSWIRE / August 6, 2024 / 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 6, 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 second quarter ended June 30, 2024.Financial highlights:Revenue of $14.7 million, up 16% year-over-yearNet income of $0.6 million, up 220% year-over-yearNon-GAAP net income of $2.1 million, up 91% year-over-yearEPS of $0.02 per basic and diluted common share, up 200% year-over-yearNon-GAAP EPS of $0.08 per basic and $0.07 per diluted common share, up 100% and 75%, respectively year-over year.Financial Results for the Second quarter of 2024Total Revenue: Consolidated total revenue for the second quarter of 2024 increased 16%, or $2.0 million, to $14.7 million compared to $12.7 million for the second quarter of 2023.Service Revenue: Consolidated service revenue for the second quarter of 2024 increased 10%, or $0.8 million, to $8.1 million compared to $7.3 million for the second quarter of 2023.Software Solutions Revenue: Consolidated software solutions revenue for the second quarter of 2024 increased 35%, or $1.4 million, to $5.3 million compared to $3.9 million for the second quarter of 2023.Product Revenue: Consolidated product revenue for the second quarter of 2024 decreased 10%, or $(0.1) million, to $1.3 million compared to $1.4 million for the second quarter of 2023.Operating Expenses: Consolidated operating expenses for the second quarter of 2024 increased 7%, or $0.9 million, to $14.1 million compared to $13.2 million for the second quarter of 2023.Net Income/(Loss): The Company reported net income of $0.6 million for the second quarter of 2024, or $0.02 per basic and diluted common share, compared to net loss of $(0.5) million, or $(0.02) loss per basic and diluted common share for the second quarter of 2023.Non-GAAP: Non-GAAP net income of $2.1 million for the second quarter of 2024, or $0.08 per basic common share and $0.07 per diluted common share, compared to non-GAAP net income of $1.1 million or $0.04 per basic and diluted common share for the second quarter of 2023.EBITDA and Adjusted EBITDA: EBITDA for the second quarter of 2024 of $1.4 million compared to $0.4 million for the second quarter of 2023. Adju...