Business
Digerati Technologies Reports 118% Revenue Growth to $8.163 Million for Third Quarter FY2022, Highest Quarterly Revenue in Company History
Digerati Technologies Reports 118% Revenue Growth to $8.163 Million for Third Quarter FY2022, Highest Quarterly Revenue in Company History.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Non-GAAP Operating EBITDA of $0.969 Million -- Gross Profit of $5.002 Million -- Strong Gross Margin Improvement to 61.3% - SAN ANTONIO, Texas, June 21, 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 April 30, 2022, the Company’s third quarter for its Fiscal Year 2022. Key Financial Highlights for the Third Quarter Fiscal Year 2022 (Ended April 30, 2022) Revenue increased by 118% to $8.163 million compared to $3.751 million for Q3 FY2021.Gross profit increased 125% to $5.002 million compared to $2.225 million for Q3 FY2021.Gross margin increased to 61.3% compared to 59.3% for Q3 FY2021.Non-GAAP Adjusted EBITDA income was $0.557 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.321 million for Q3 FY2021.Non-GAAP operating EBITDA (OPCO EBITDA) improved to income of $0.969 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $0.619 million for Q3 FY2022. Arthur L. Smith, CEO of Digerati, commented, “We are extremely pleased with the operating and financial results for our third quarter fiscal year 2022, which include our recent acquisitions of SkyNet Telecom and NextLevel Internet. Our cloud communications and broadband solutions have an expanded footprint in Texas and are now on the west coast in California, serving our target market of small to medium-sized businesses.” Smith continued, “As we build scale and increase our footprint through the continued implementation of our acquisition strategy, our team delivers on outstanding execution in identifying redundancies and cost savings and integrating operations to improve our efficiencies. Our 3rd quarter financial results do not yet reflect most of the cost synergies from our integration playbook for our most recent acquisitions of Skynet Telecom and NextLevel Internet.   We anticipate realizing these synergies in subsequent quarters that we expect will result in improved operating profitability. We continue to prove ...