Crexendo(US:CXDO)2024-11-06 21:00Revenue Performance - Total revenue for Q3 2024 was $15.6 million, a 13% increase year-over-year from $13.9 million in Q3 2023[1] - Service revenue increased by 6% to $8.0 million, while software solutions revenue surged by 25% to $5.9 million compared to Q3 2023[2][3] - Total revenue for the nine months ended September 30, 2024, was $44.6 million, a 14% increase from $39.0 million in the same period of 2023[6] - Total revenue for the three months ended September 2024 was $15,627,000, an increase of 12.6% compared to $13,874,000 for the same period in 2023[22] - Cloud telecommunications services revenue for the three months ended September 30, 2024, was $9,767,000, up 6.4% from $9,183,000 in the same period of 2023[26] - Consolidated revenue for the nine months ended September 30, 2024, reached $44,598,000, a 14.5% increase from $39,035,000 in the same period of 2023[26] Income and Profitability - Net income for Q3 2024 was $0.1 million, or $0.01 per basic common share, a decrease from $1.7 million, or $0.07 per basic common share in Q3 2023[4] - Non-GAAP net income for Q3 2024 was $1.6 million, down from $3.3 million in Q3 2023[5] - EBITDA for Q3 2024 was $1.0 million, compared to $1.2 million in Q3 2023, while adjusted EBITDA decreased to $1.7 million from $2.1 million[6] - Net income for the three months ended September 2024 was $148,000, a decrease from $1,704,000 in the prior year[23] - Non-GAAP net income for the three months ended September 30, 2024, was $1,684,000, compared to $3,340,000 in the same period of 2023, reflecting a decrease of 49.7%[32] - The company reported a U.S. GAAP net income of $148,000 for the three months ended September 30, 2024, compared to $1,704,000 in the same period of 2023[33] Expenses and Operating Performance - Total operating expenses for the three months ended September 2024 were $15,492,000, compared to $13,510,000 in the same period last year, representing a 14.6% increase[23] - Operating loss from cloud telecommunications services was $38,000 for the three months ended September 30, 2024, compared to an operating income of $73,000 in the same period of 2023[26] - Total operating income for the three months ended September 30, 2024, was $135,000, down from $364,000 in the same period of 2023[26] Cash and Assets - Cash and cash equivalents at September 30, 2024, were $15.5 million, up from $10.3 million at December 31, 2023[12] - Cash and cash equivalents at the end of the period were $15,451,000, up from $7,737,000 at the end of September 2023[25] - Net cash provided by operating activities for the nine months ended September 2024 was $4,107,000, compared to $887,000 for the same period in 2023[24] - Total assets increased to $62,252,000 as of September 30, 2024, from $56,160,000 at the end of 2023[21] - Stockholders' equity rose to $49,469,000, up from $44,613,000 year-over-year[21] - Total liabilities increased to $12,783,000, compared to $11,547,000 in the previous year[21] Future Outlook and Investments - The company is investing in Oracle Cloud Infrastructure (OCI) to enhance competitive advantage, particularly in Europe[15] - The recent User Group Meeting showcased applications leveraging AI, with many set to be available to licensees, enhancing offerings and revenue-sharing opportunities[15] - The company anticipates continued double-digit growth through Q4 2024 and into 2025[15]