Business
Digerati Technologies Reports Revenue of $7.430 Million for Third Quarter Fiscal Year 2024
Digerati Technologies Reports Revenue of $7.430 Million for Third Quarter Fiscal Year 2024.
About this update from Digerati Technologies, Inc.
[{"type":"text","content":"\n - Non-GAAP Adjusted EBITDA – OPCO(1) of $0.784 Million – SAN ANTONIO, June 17, 2024 (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 nine months ended April 30, 2024, the Company’s third quarter for its Fiscal Year 2024. Key Financial Highlights for the Three Months Ended April 30, 2024 (Compared to Three Months Ended April 30, 2023) Revenue decreased 5% to $7.430 million compared to $7.837 million.Gross profit decreased 9% to $4.518 million compared to $4.958 million.Gross margin decreased to 60.8% compared to 63.3%.Non-GAAP EBITDA from income, as adjusted (“Adjusted EBITDA – Income”)(1), decreased 42% to $0.358 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA - Income of $0.621 million.Net loss attributable to Digerati’s common shareholders increased 102% to $4.529 million, compared to a net loss attributable to Digerati’s common shareholders of $2.244 million.Non-GAAP EBITDA from operations, as adjusted (“Adjusted EBITDA - OPCO”), decreased 22% to $0.784 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA - OPCO of $0.999 million. Craig K. Clement, Executive Chairman and interim CEO of Digerati, commented, “Although it was a challenging quarter for the Company, our operations remain strong as we continue to operate a platform with a solid base of nearly 4,500 active customers and approximately 50,000 business users. Going forward, our primary focus is to increase our customer base and related recurring revenue while continuing to build the Verve brand with an emphasis on exceptional customer support.” Three Months ended April 30, 2024, Compared to Three Months ended April 30, 2023 Revenue for the three months ended April 30, 2024, was $7.430 million, a decrease of $0.407 million, or 5%, compared to $7.837 million for the three months ended April 30, 2023. The decrease in cloud-based hosted service revenue was primarily attributable to the decrease in total customers, w...