Business
Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021
Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Non-GAAP Operating EBITDA of $0.910 Million -- Gross Profit of $2.360 Million -- Strong Gross Margin Improvement to 62.3% - SAN ANTONIO, Texas, Oct. 27, 2021 (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, 2021, the Company’s fourth quarter and annual year end for its Fiscal Year 2021. Key Financial Highlights for the Fourth Quarter Fiscal Year 2021 (Ended July 31, 2021) Revenue increased by 142% to $3.787 million compared to $1.567 million for Q4 FY2020.Gross profit increased 170% to $2.360 million compared to $0.875 million for Q4 FY2020.Gross margin increased to 62.3% compared to 55.8% for Q4 FY2020.Non-GAAP Adjusted EBITDA income improved to $0.525 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.062 million for Q4 FY2020.Non-GAAP operating EBITDA (OPCO EBITDA) improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $0.342 million for Q4 FY2020. Arthur L. Smith, CEO of Digerati, commented, “We enjoyed a very productive and successful fiscal year 2021, highlighted by the closing of our acquisitions of Nexogy and ActivePBX. We accomplished key objectives related to these acquisitions during FY2021 and now have a strong and significant platform in Florida and Texas that serves as a foundation for continued growth. We will remain focused on targeting annual organic growth of 10% that is complemented by accretive acquisitions as we seek to increase our profitability and enhance shareholder value. With an acquisition financing partner, Post Road Group, that shares our vision for strategic acquisitive growth, we will seek to capitalize on the opportunities in a very fragmented market that has created a healthy pipeline of prospective acquisitions.” Antonio Estrada, CFO of Digerati, stated, “We exited our fiscal year end July 31, 2021 in a much-improved financial position with annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GA...