Business
Digerati Technologies Reports 31% Revenue Growth to $31.6 Million for Fiscal Year 2023
Digerati Technologies Reports 31% Revenue Growth to $31.6 Million for Fiscal Year 2023.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Non-GAAP Adjusted Operating EBITDA of $4.774 Million -- Gross Profit of $20.337 Million -- Strong Gross Margin Improvement to 64.3% - SAN ANTONIO, Nov. 27, 2023 (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 twelve months ended July 31, 2023, the Company’s Fiscal Year 2023. Key Financial Highlights for the Twelve Months Ended July 31, 2023 (Compared to the Twelve Months Ended July 31, 2022) Revenue increased by 31% to $31.623 million compared to $24.154 million.Gross profit increased 37% to $20.337 million compared to $14.808 million.Gross margin increased to 64.3% compared to 61.3%.Non-GAAP Adjusted EBITDA income increased by 50% to $3.245 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $2.167 million.Net loss attributable to Digerati’s common shareholders increased by 3% to $8.299 million, compared to a Net Loss attributable to Digerati’s common shareholders of $8.032 million.Non-GAAP operating EBITDA (“Non-GAAP Adjusted EBITDA - OPCO) income increased 34% to $4.774 million, excluding corporate expenses, all non-cash items, and one-time transactional expenses, compared to a Non-GAAP Adjusted EBITDA - OPCO of $3.552 million. Craig K. Clement, Executive Chairman and interim CEO of Digerati, commented, “The strength of our financial performance for our fiscal year ended July 31, 2023, validates the successful integration and streamlining of operations of our previous acquisitions. We continue to experience improved gross margins and improved operating efficiencies which have led to increased Adjusted EBITDA at the OPCO level to $4.774 million. We now serve nearly 4,700 business customers and approximately 50,000 users, predominantly in Florida, Texas, and California.” Clement continued, “We have worked diligently during the fiscal year to stabilize and simplify our platform by consolidating our subsidiaries into a single operating entity known as Verve Cloud, Inc. The successful combination of systems, processes, and people, supported by our highly experienced leader...