Business
Digerati Technologies Reports 50% Year-to-Date Revenue Growth to $23.908 Million Through Third Quarter FY2023
Digerati Technologies Reports 50% Year-to-Date Revenue Growth to $23.908 Million Through Third Quarter FY2023.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Strong Gross Margin Improvement to 63.6% - - Operations from Multiple Operating Units Fully Integrated in May 2023 - SAN ANTONIO, June 16, 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 three months ended April 30, 2023, the Company’s third quarter for its Fiscal Year 2023, and nine months ended April 30, 2023. Key Financial Highlights for the Nine Months Ended April 30, 2023 (Compared to the Nine Months Ended April 30, 2022) Revenue increased by 50% to $23.908 million compared to $15.959 million.Gross profit increased 56% to $15.210 million compared to $9.756 million.Gross margin increased to 63.6% compared to 61.1%.Non-GAAP Adjusted EBITDA income increased by 25% to $2.249 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $1.794 million.Net loss increased by 48% to $7.012 million, compared to a net loss of $4.726 million.Non-GAAP operating EBITDA (OPCO EBITDA) income increased 47% to $3.292 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $2.451 million. Key Financial Highlights for the Third Quarter Fiscal Year 2023 Ended April 30, 2023 (Compared to Third Quarter Fiscal Year 2022 Ended April 30, 2022) Revenue decreased by 4% to $7.837 million compared to $8.163 million.Gross profit remained relatively flat at $4.958 million compared to $5.002 million.Gross margin increased to 63.3% compared to 61.3%.Non-GAAP Adjusted EBITDA income decreased by 23% to $0.621 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.804 million.Net loss increased by 158% to $2.244 million, compared to a net income of $3.902 million.Non-GAAP operating EBITDA (OPCO EBITDA) income decreased 6% to $0.999 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $1.059 million. Arthur L. Smith, CEO of Digerati, commented, “Our nine months year-to-date results were strong...