Business
Digerati Technologies Reports 115% Revenue Growth to $8.1 Million for First Quarter FY2023
Digerati Technologies Reports 115% Revenue Growth to $8.1 Million for First Quarter FY2023.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Non-GAAP Adjusted Operating EBITDA of $1.3 Million -- Merger with MEOA SPAC Targeted to Close in First Quarter Calendar 2023 - SAN ANTONIO, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Digerati Technologies, Inc. (OTCQB: DTGI) (\"Digerati\" or the \"Company\"), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, announced today financial results for the three months ended October 31, 2022, the Company’s first quarter for its Fiscal Year 2023. Key Financial Highlights for the First Quarter Fiscal Year 2023 (Ended October 31, 2022) Revenue increased by 115% to $8.1 million compared to $3.8 million for Q1 FY2022.Gross profit increased 131% to $5.3 million compared to $2.3 million for Q1 FY2022.Gross margin increased to 64.9% compared to 60.6% for Q1 FY2022.Non-GAAP Adjusted EBITDA income increased by 161% to $0.8 million, excluding all non-cash items and one-time transactional expenses, compared to $0.3 million for Q1 FY2022.Non-GAAP Adjusted Operating EBITDA (OPCO EBITDA) income increased by 86% to $1.3 million, excluding corporate expenses, non-cash items and one-time transactional expenses, compared to $0.7 million for Q1 FY2022. Key Business Highlights for the First Quarter Fiscal Year 2023 (Ended October 31, 2022) Announced business combination with Minority Equality Opportunities Acquisition Inc. (MEOA).Appointed Derek Gietzen to President.NextLevel Internet named one of the Fortune top 100 best small & medium workplaces for 2022. Update on Plan to List on NASDAQ via Business Combination with Minority Equality Opportunities Acquisition Inc. The Company and MEOA have made significant progress since the business combination agreement was executed on August 30, 2022. Key accomplishments include: MEOA’s filing of the S-4 registration statement for the business combination on November 30, 2022.Filing by MEOA of its Charter Amendment approved by the shareholders of MEOA on November 29, 2022. The transaction results in a $105 million enterprise valuation for Digerati and has been approved by the board of directors of both Digerati and MEOA, with an expected closing in the first quarter of CY 2023, subject to shareholder, U.S. Securities and Exchange Commission (“SEC”) and NASDAQ approval. ...