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Crexendo(CXDO) - 2024 Q4 - Annual Results
CXDOCrexendo(CXDO)2025-03-04 21:03

Revenue Growth - Total revenue for Q4 2024 increased by 15%, or 2.0million,to2.0 million, to 16.2 million compared to Q4 2023[2] - Total revenue for the full year 2024 increased by 14%, or 7.6million,to7.6 million, to 60.8 million compared to 2023[7] - Total revenue for 2024 reached 60,838million,a14.460,838 million, a 14.4% increase from 53,199 million in 2023[28] Software Solutions Performance - Software solutions revenue for Q4 2024 increased by 32%, or 1.7million,to1.7 million, to 7.0 million compared to Q4 2023[3] - Software solutions revenue for the full year 2024 increased by 30%, or 5.4million,to5.4 million, to 23.4 million compared to 2023[8] - Software solutions revenue grew by 29.8% to 23,374millionfrom23,374 million from 18,047 million in 2023[28] - The company is experiencing strong growth in its software solutions segment, driven by opportunities created by competitors not focusing on that part of their business[15] Net Income and Earnings - Net income for Q4 2024 was 0.5million,or0.5 million, or 0.02 per share, compared to net income of 0.1millionforQ42023[4]−Netincomeforthefullyear2024was0.1 million for Q4 2023[4] - Net income for the full year 2024 was 1.7 million, compared to a net loss of (0.3)millionfor2023[11]−Netincomefor2024was(0.3) million for 2023[11] - Net income for 2024 was 1,677 million, compared to a net loss of 362millionin2023[29]−Basicearningspershareimprovedto362 million in 2023[29] - Basic earnings per share improved to 0.06 in 2024 from a loss of 0.01in2023[29]CashandCashEquivalents−CashandcashequivalentsatDecember31,2024,were0.01 in 2023[29] Cash and Cash Equivalents - Cash and cash equivalents at December 31, 2024, were 18.2 million, up from 10.3millionatDecember31,2023[13]−Thecompanyreportedanetincreaseincashandcashequivalentsof10.3 million at December 31, 2023[13] - The company reported a net increase in cash and cash equivalents of 7,846 million, ending the year with 18,193million[32]OperatingPerformance−EBITDAforthefullyear2024was18,193 million[32] Operating Performance - EBITDA for the full year 2024 was 5.2 million, compared to 1.9millionfor2023[13]−AdjustedEBITDAfor2024was1.9 million for 2023[13] - Adjusted EBITDA for 2024 was 8,157 million, compared to 5,734millionin2023,reflectinga42.35,734 million in 2023, reflecting a 42.3% increase[40] - Cash provided by operating activities was 6,284 million, up from 3,499millionin2023[31]OperatingExpenses−Operatingexpensestotaled3,499 million in 2023[31] Operating Expenses - Operating expenses totaled 59,014 million, an increase of 7.3% from 54,888millionin2023[28]−Researchanddevelopmentexpensesroseto54,888 million in 2023[28] - Research and development expenses rose to 5,552 million, up from 4,860millionin2023,indicatingafocusoninnovation[28]ServiceRevenue−Servicerevenueincreasedto4,860 million in 2023, indicating a focus on innovation[28] Service Revenue - Service revenue increased to 31,849 million, up 7.4% from $29,668 million in 2023[28]