Business
Digerati Technologies Reports 116% Revenue Growth to $8.2 Million for Fourth Quarter FY2022 Resulting in $32.8 Million Annual Revenue Run-Rate
Digerati Technologies Reports 116% Revenue Growth to $8.2 Million for Fourth Quarter FY2022 Resulting in $32.8 Million Annual Revenue Run-Rate.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - FY2022 Non-GAAP Operating EBITDA of $3.6 Million -- FY2022 Gross Profit of $14.8 Million - - FY2022 Gross Margin Improvement to 61.3% - SAN ANTONIO, Nov. 01, 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 and twelve months ended July 31, 2022, the Company’s fourth quarter and annual year end for its Fiscal Year 2022. Key Financial Highlights for the Fiscal Year 2022 (Ended July 31, 2022) Revenue increased by 95% to $24.2 million compared to $12.4 million for FY2021.Gross profit increased 103% to $14.8 million compared to $7.3 million for FY2021.Gross margin improved 270 basis points to 61.3% compared to 58.6% for FY2021.Non-GAAP Adjusted EBITDA income increased by 90% to $2.2 million for FY2022, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $1.1 million for FY2021.Non-GAAP Operating EBITDA (OPCO EBITDA) income increased by 64% to $3.6 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $2.2 million for FY2021. Key Financial Highlights for the Fourth Quarter Fiscal Year 2022 (Ended July 31, 2022) Revenue increased by 116% to $8.2 million compared to $3.8 million for Q4 FY2021.Gross profit increased 114% to $5.1 million compared to $2.4 million for Q4 FY2021.Gross margin remained strong at 61.6% compared to 62.3% for Q4 FY2021.Non-GAAP Adjusted EBITDA income decreased by 40% to $0.3 million for Q4 FY2022, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.5 million for Q4 FY2021.Non-GAAP Operating EBITDA (OPCO EBITDA) income increased by 44% to $1.3 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $0.9 million for Q4 FY2021. Arthur L. Smith, CEO of Digerati, commented, “Our fiscal year 2022 was highly successful as we closed two additional acquisitions, SkyNet Telecom and NextLevel Internet, and continued to execute on our acquisition playbook that improves operating efficiencies through integration while growing organically as demonstrated by our 4% increase in annualized rev...